MIRA INFORM REPORT

Report Date :

16.06.2011

Name :	DUNELM (SOFT FURNISHINGS) LTD
Formerly Known As :	DUNELM SOFT-FURNISHINGS LIMITED
Registered Office :	Fosse Way Syston Leicester LE7 1NF
Country :	United Kingdom
Financials (as on) :	03.07.2010
Date of Incorporation :	08.05.1987
Com. Reg. No.:	02129238
Legal Form :	Private limited with Share Capital
Line of Business :	Retail Sale of Textiles

RATING & COMMENTS

MIRA’s Rating :

A

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 :	£3,950,000
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Summary

Top of Form

Company Name	DUNELM (SOFT FURNISHINGS) LTD	Company Number	02129238
Registered Address	FOSSE WAY	Trading Address	Luton Road Dunstable Bedfordshire LU5 4JN
	SYSTON
	LEICESTER
	LE7 1NF
Website Address	http://www.dunelm-mill.co.uk
Telephone Number	01642676688	Fax Number
TPS	No	FPS	No
Incorporation Date	08/05/1987	Company Status	Active - Accounts Filed
Previous Name	DUNELM SOFT-FURNISHINGS LIMITED	Type	Private limited with Share Capital
		Filing Date of Accounts	15/12/2010
Date of Change	05/01/2005	Share Capital	£2,000,000
Sic Code	5241	Currency	GBP
Sic Description	RETAIL SALE OF TEXTILES
Principal Activity	Retail of soft furnishings.

Accounts Due Date 30/03/2012

Credit Rating & Limit

Todays Limit

£3,950,000

Commentary

Multiple CCJ's recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has risen 2.6% in comparison to the previously suggested credit limit.
The previous 12 month trading period saw a rise in Sales of 16.3%.
In the previous 12 month trading period Net Worth increased by 36.8%.
A 4.5% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits increased by 48% in the previous 12 month trading period.
The company saw an decrease in their Cash Balance of 36% in the previous 12 month trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 24 years ago.

Last 3 Years Credit Limit

Date	Limit
31/12/2010	£3,850,000
31/12/2009	£1,900,000
31/12/2008	£2,000,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
03/07/2010	£492,839,000	£77,245,000	£65,230,000	6085
04/07/2009	£423,783,000	£52,181,000	£49,712,000	5409
28/06/2008	£391,795,000	£49,156,000	£32,327,000	5231

CCJ

Total Number of Exact CCJs -	4	Total Value of Exact CCJs -	£2,143
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 -	0

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
11/05/2010	NORTHAMPTON CCBC	£69	Judgement	0QT44391	-
22/04/2010	NORTHAMPTON CCBC	£135	Judgement	0QT39879	-
29/05/2009	DARTFORD	£1,045	Judgement	9DA02335	-
29/07/2008	BOURNEMOUTH	£894	Judgement	8BH02809	-

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	9

Total Current Directors	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	14

Current Directors

Name	Nicholas Barry Edward Wharton	Date of Birth	26/08/1966
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	16/12/2010
Address	Fosse Way,  Syston,  Leicester,  LE7 1NF
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	James Rowell	Date of Birth	02/07/1973
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	05/04/2002
Address	42 Forest Rise,  Kirdy Muxloe,  Leicester,  LE9 2HQ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Steven Barton	Date of Birth	14/07/1965
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	02/07/2004
Address	The Hermitage,  42 Swingbridge Street Foxton,  Market Harborough,  LE16 7RH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Anthony Stead	Date of Birth	22/03/1958
Officers Title	Mr	Nationality	British
Present Appointments	12	Function	Director
Appointment Date	15/09/2003
Address	Chantry House,  Corkhill Lane,  Southwell,  NG25 0PR
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	William Lester Adderley	Date of Birth	04/03/1972
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	01/05/1995
Address	The Paddocks,  Main Street,  Burton Overy Leicester,  LE8 9DL
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	David Anthony Stead	Date of Birth	22/03/1958
Officers Title	Mr	Nationality	British
Present Appointments	12	Function	Company Secretary
Appointment Date	26/11/2007
Address	Chantry House,  Corkhill Lane,  Southwell,  NG25 0PR
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
DUNELM GROUP PLC	2,000,000 ORDINARY GBP 1.00

Profit & Loss

Date Of Accounts	03/07/10	(%)	04/07/09	(%)	28/06/08	(%)	30/06/07	(%)	30/06/06
Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£492,839,000	16.3%	£423,783,000	8.2%	£391,795,000	10.5%	£354,721,000	12.5%	£315,187,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£262,253,000	12.3%	£233,628,000	7.7%	£217,018,000	-27.9%	£301,023,000	14.2%	£263,546,000
Gross Profit	£230,586,000	21.3%	£190,155,000	8.8%	£174,777,000	225.5%	£53,698,000	4%	£51,641,000
Wages & Salaries	£64,766,000	14.7%	£56,466,000	13.6%	£49,701,000	11.6%	£44,550,000	13.4%	£39,302,000
Directors Emoluments	£392,000	41.5%	£277,000	1.5%	£273,000	-36.8%	£432,000	27.4%	£339,000
Operating Profit	£76,118,000	46.5%	£51,946,000	5%	£49,481,000	18.6%	£41,729,000	2.2%	£40,819,000
Depreciation	£8,760,000	18.2%	£7,410,000	9%	£6,799,000	-7.7%	£7,367,000	-9.2%	£8,109,000
Audit Fees	£51,000	2%	£50,000	-	£50,000	-5.7%	£53,000	-10.2%	£59,000
Interest Payments	£2,451,000	-25%	£3,267,000	3.3%	£3,163,000	-24.1%	£4,165,000	73%	£2,407,000
Pre Tax Profit	£77,245,000	48%	£52,181,000	6.2%	£49,156,000	23.7%	£39,752,000	-0.5%	£39,946,000
Taxation	-£22,336,000	-45.7%	-£15,327,000	0.4%	-£15,395,000	-25.7%	-£12,243,000	0.8%	-£12,345,000
Profit After Tax	£54,909,000	49%	£36,854,000	9.2%	£33,761,000	22.7%	£27,509,000	-0.3%	£27,601,000
Dividends Payable	£20,000	100%	£10,000	-100%	£20,000,000	-	£20,000,000	-	-
Retained Profit	£54,889,000	49%	£36,844,000	167.7%	£13,761,000	83.3%	£7,509,000	-72.8%	£27,601,000

Balance Sheet

Date Of Accounts	03/07/10	(%)	04/07/09	(%)	28/06/08	(%)	30/06/07	(%)	30/06/06
Tangible Assets	£56,976,000	22.4%	£46,542,000	12.8%	£41,247,000	14.4%	£36,044,000	-2.9%	£37,114,000
Intangible Assets	£5,202,000	-11%	£5,843,000	178.6%	£2,097,000	-42.8%	£3,668,000	0.1%	£3,665,000
Total Fixed Assets	£62,178,000	18.7%	£52,385,000	20.9%	£43,344,000	9.1%	£39,712,000	-2.6%	£40,779,000
Stock	£62,583,000	8.1%	£57,895,000	-4.6%	£60,710,000	0.1%	£60,657,000	7.7%	£56,346,000
Trade Debtors	£119,000	-74.1%	£460,000	219.4%	£144,000	-12.2%	£164,000	141.2%	£68,000
Cash	£15,369,000	-36%	£24,016,000	741.8%	£2,853,000	-83.6%	£17,368,000	485.8%	£2,965,000
Other Debtors	£55,083,000	5.7%	£52,127,000	11%	£46,951,000	10.3%	£42,577,000	345.8%	£9,551,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-100%	£5,998,000
Total Current Assets	£133,154,000	-1%	£134,498,000	21.5%	£110,658,000	-8.4%	£120,766,000	61.2%	£74,928,000
Trade Creditors	£32,391,000	23%	£26,337,000	15.1%	£22,875,000	2.4%	£22,343,000	-7.6%	£24,184,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£48,349,000	-24.5%	£64,009,000	-0.5%	£64,306,000	-27.1%	£88,187,000	61.6%	£54,587,000
Miscellaneous Current Liabilities	£48,592,000	4.5%	£46,506,000	37.5%	£33,825,000	37.5%	£24,596,000	31.9%	£18,647,000
Total Current Liabilities	£129,332,000	-5.5%	£136,852,000	13.1%	£121,006,000	-10.4%	£135,126,000	38.7%	£97,418,000
Bank Loans & Overdrafts and LTL	£770,000	141.4%	£319,000	-52.3%	£669,000	-	0	-100%	£601,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£770,000	141.4%	£319,000	-52.3%	£669,000	-	0	-100%	£601,000

Capital & Reserves

Date Of Accounts	03/07/10	(%)	04/07/09	(%)	28/06/08	(%)	30/06/07	(%)	30/06/06
Called Up Share Capital	£2,000,000	-	£2,000,000	-	£2,000,000	-	£2,000,000	-	£2,000,000
P & L Account Reserve	£63,622,000	33.3%	£47,712,000	57.3%	£30,327,000	30.8%	£23,189,000	47.8%	£15,688,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-£392,000	-	-	-	-	-100%	£163,000	-	-
Shareholder Funds	£65,230,000	31.2%	£49,712,000	53.8%	£32,327,000	27.5%	£25,352,000	43.3%	£17,688,000

Other Financial Items

Date Of Accounts	03/07/10	(%)	04/07/09	(%)	28/06/08	(%)	30/06/07	(%)	30/06/06
Net Worth	£60,028,000	36.8%	£43,869,000	45.1%	£30,230,000	39.4%	£21,684,000	54.6%	£14,023,000
Working Capital	£3,822,000	262.4%	-£2,354,000	77.3%	-£10,348,000	27.9%	-£14,360,000	36.1%	-£22,490,000
Total Assets	£195,332,000	4.5%	£186,883,000	21.4%	£154,002,000	-4%	£160,478,000	38.7%	£115,707,000
Total Liabilities	£130,102,000	-5.2%	£137,171,000	12.7%	£121,675,000	-10%	£135,126,000	37.9%	£98,019,000
Net Assets	£65,230,000	31.2%	£49,712,000	53.8%	£32,327,000	27.5%	£25,352,000	43.3%	£17,688,000

Cash Flow

Date Of Accounts	03/07/10	(%)	04/07/09	(%)	28/06/08	(%)	30/06/07	(%)	30/06/06
Net Cashflow from Operations	£51,507,000	-13.4%	£59,473,000	234%	£17,808,000	-	-	-	-
Net Cashflow before Financing	£31,065,000	-23.2%	£40,446,000	632.3%	£5,523,000	-	-	-	-
Net Cashflow from Financing	-£40,000,000	-100%	-£20,000,000	-	-£20,000,000	-	-	-	-
Increase in Cash	-£8,935,000	-143.7%	£20,446,000	241.2%	-£14,477,000	-	-	-	-

Miscellaneous

Date Of Accounts	03/07/10	(%)	04/07/09	(%)	28/06/08	(%)	30/06/07	(%)	30/06/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£66,000,000	31.9%	£50,031,000	51.6%	£32,996,000	30.2%	£25,352,000	38.6%	£18,289,000
Number of Employees	6085	12.5%	5409	3.4%	5231	47.8%	3539	-27.5%	4880
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-07-71

Ratios

Date Of Accounts	03/07/10	04/07/09	28/06/08	30/06/07	30/06/06
Pre-tax profit margin %	15.67	12.31	12.55	11.21	12.67
Current ratio	1.03	0.98	0.91	0.89	0.77
Sales/Net Working Capital	128.95	-180.03	-37.86	-24.70	-
Gearing %	1.20	0.60	2.10	0	3.40
Equity in %	34.30	27.50	21.30	16.20	15.80
Creditor Days	23.92	23.05	21.25	22.93	28.01
Debtor Days	0.08	0.40	0.13	0.17	0.08
Liquidity/Acid Test	0.54	0.55	0.41	0.44	0.19
Return On Capital Employed %	117.03	104.29	148.97	156.80	218.42
Return On Total Assets Employed %	39.54	27.92	31.91	24.77	34.52
Current Debt Ratio	1.98	2.75	3.74	5.32	5.51
Total Debt Ratio	1.99	2.75	3.76	5.32	5.54
Stock Turnover Ratio %	12.69	13.66	15.49	17.10	17.88
Return on Net Assets Employed %	118.41	104.96	152.05	156.80	225.84

Status History

No Status History found

Event History

Date	Description
05/01/2011	New Board Member Mr N.B. Wharton appointed
27/12/2010	New Board Member Mr N.B. Wharton appointed
20/12/2010	New Accounts Filed
20/12/2010	New Accounts Filed
15/12/2010	Annual Returns
02/03/2010	New Accounts Filed
02/03/2010	New Accounts Filed
26/01/2010	Annual Returns
15/02/2009	Annual Returns
30/12/2008	New Accounts Filed
07/01/2008	New Accounts Filed
02/01/2008	Annual Returns
05/06/2007	IAN MCMILLAN has left the board
17/11/2006	New Accounts Filed
11/05/2006	New Accounts Filed

Limit History

Date	Limit
22/03/2011	£3,950,000
20/12/2010	£3,850,000
04/11/2010	£3,300,000
13/05/2010	£2,800,000
02/03/2010	£3,300,000
26/01/2010	£2,000,000
02/06/2009	£1,900,000
20/02/2009	£2,700,000
30/12/2008	£2,000,000
01/08/2008	£1,500,000

Previous Company Names

Date	Previous Name	Companies House Documents
05/01/2005	DUNELM SOFT-FURNISHINGS LIMITED

Group Structure Summary

Company Name	DUNELM (SOFT FURNISHINGS) LTD	Company Number	02129238
Holding Company	DUNELM GROUP PLC	Ownership Status	Wholly Owned
Ultimate Holding Company	DUNELM GROUP PLC	Companies in group	5

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
DUNELM GROUP PLC	UK04355230	04708277	03.07.2010	Y	96	£1,450,000	£492,839,000
DUNELM (SOFT FURNISHINGS) LTD	UK01793584	02129238	03.07.2010	N	95	£3,950,000	£492,839,000
DUNELM ESTATES LIMITED	UK04355222	04708269	03.07.2010	N	92	£15,000	£3,226,000
DUNELM LIMITED	UK04691826	05045977	03.07.2010	N	N/R	-
DUNELM CARD SERVICES LIMITED	UK05002261	05357374	03.07.2010	N	N/R	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.68
UK Pound	1	Rs.73.04
Euro	1	Rs.64.29

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.