MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Correct Name :	JACQUES VERT GROUP LIMITED
Formerly Known As :	JACQUES VERT PLC
Registered Office :	46 Colebrooke Row , London , N1 8af
Country :	United Kingdom
Financials (as on) :	28.04.2012
Date of Incorporation :	09.10.1972
Com. Reg. No.:	01075752
Legal Form :	Private limited with Share Capital
Line of Business :	Retail sale of clothing in specialised stores
No. of Employees :	1089

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
United Kingdom	A1	A1

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. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. 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, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining 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; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. 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 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. 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

REGISTERED NAME & COMPANY SUMMARY

Company Name	JACQUES VERT GROUP LIMITED	Company Number	01075752
Registered Address	46 COLEBROOKE ROW	Trading Address	22 Plumbers Row London E1 1EZ
	LONDON
	N1 8AF
Website Address	www.jacques-vert-plc.co.uk	Customer Services Department	Jacques Vert Group, Webber Pavilion, Seaham Grange Industrial Estate, Seaham, County Durham, SR7 0PZ
Telephone Number	08700345688	Fax Number
TPS	No	FPS	No
Incorporation Date	09/10/1972	Company Status	Active - Accounts Filed
Previous Name	JACQUES VERT PLC	Type	Private limited with Share Capital
Date of Change	12/09/2012	Filing Date of Accounts	25/10/2012
		Share Capital	£19,338,344
SIC03	5242	Currency	GBP
SIC03 Description	RETAIL SALE OF CLOTHING
SIC07	47710
SIC07 Description	RETAIL SALE OF CLOTHING IN SPECIALISED STORES
Principal Activity	A group engaged in design and retail sale of ladies' fashion wear.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	33

Current Directors

Name	Ian Paul Johnson	Date of Birth	17/05/1960
Officers Title	Mr	Nationality	British
Present Appointments	78	Function	Director
Appointment Date	01/12/2003
Address	46 Colebrooke Row, London, N1 8AF
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Teresa Tideman	Date of Birth	10/02/1960
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	11/03/2013
Address	46 Colebrooke Row, London, N1 8AF
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Sarah Morris	Date of Birth	05/10/1964
Officers Title	Ms	Nationality	British
Present Appointments	46	Function	Director
Appointment Date	01/01/2013
Address	46 Colebrooke Row, London, N1 8AF
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Ian Johnson	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/01/2011
Address	46 Colebrooke Row, London, N1 8AF

NEGATIVE INFORMATION

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 -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	11
Satisfied	10

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
MINERVA BIDCO LIMITED	GBP	193,383,443	ORDINARY	0.1

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
28/04/2012	£116,238,000	-£561,000	£23,704,000	1089
30/04/2011	£118,371,000	£5,278,000	£25,528,000	1203
24/04/2010	£115,320,000	£5,119,000	£23,410,000	1214

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

5	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company Click Here

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	45 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	MINERVA BIDCO LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	MINERVA HOLDCO LIMITED

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	28/04/12	(%)	30/04/11	(%)	24/04/10	(%)	25/04/09	(%)	26/04/08
	Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
	Turnover	£116,238,000	-1.8%	£118,371,000	2.6%	£115,320,000	4%	£110,884,000	-3.5%	£114,935,000
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	£46,138,000	4.9%	£44,003,000	5.2%	£41,815,000	-2%	£42,652,000	0.3%	£42,535,000
	Gross Profit	£70,100,000	-5.7%	£74,368,000	1.2%	£73,505,000	7.7%	£68,232,000	-5.8%	£72,400,000
	Wages & Salaries	£25,000,000	0.9%	£24,788,000	1.4%	£24,452,000	3.1%	£23,722,000	-1.8%	£24,155,000
	Directors Emoluments	£1,042,000	-1.5%	£1,058,000	-8.5%	£1,156,000	6.3%	£1,087,000	13.6%	£957,000
	Operating Profit	-£538,000	-110%	£5,384,000	0.7%	£5,347,000	309.2%	-£2,556,000	-150.9%	£5,021,000
	Depreciation	£1,641,000	8.5%	£1,512,000	-10.2%	£1,683,000	1.4%	£1,660,000	-0.5%	£1,668,000
	Audit Fees	£80,000	-	£80,000	5.3%	£76,000	-5%	£80,000	-23.1%	£104,000
	Interest Payments	£82,000	-63.4%	£224,000	-9.3%	£247,000	-24.9%	£329,000	-54.2%	£718,000
	Pre Tax Profit	-£561,000	-110.6%	£5,278,000	3.1%	£5,119,000	279.1%	-£2,858,000	-166.2%	£4,320,000
	Taxation	-£390,000	-38.8%	-£281,000	-87.3%	-£150,000	83.8%	-£928,000	-19.9%	-£774,000
	Profit After Tax	-£951,000	-119%	£4,997,000	0.6%	£4,969,000	231.2%	-£3,786,000	-206.8%	£3,546,000
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-£951,000	-119%	£4,997,000	0.6%	£4,969,000	231.2%	-£3,786,000	-330.9%	£1,640,000

Balance Sheet

	Date Of Accounts	28/04/12	(%)	30/04/11	(%)	24/04/10	(%)	25/04/09	(%)	26/04/08
	Tangible Assets	£8,931,000	27.8%	£6,987,000	37.7%	£5,075,000	-9.4%	£5,603,000	-20.9%	£7,082,000
	Intangible Assets	£2,431,000	-	£2,431,000	-	£2,431,000	-	£2,431,000	-	£2,431,000
	Total Fixed Assets	£11,362,000	20.6%	£9,418,000	25.5%	£7,506,000	-6.6%	£8,034,000	-15.5%	£9,513,000
	Stock	£24,741,000	0.7%	£24,580,000	9.3%	£22,489,000	-3.8%	£23,375,000	-6.3%	£24,942,000
	Trade Debtors	£10,220,000	25.2%	£8,161,000	-10%	£9,070,000	15.6%	£7,844,000	-10.9%	£8,799,000
	Cash	£3,761,000	-62.7%	£10,086,000	-20%	£12,602,000	178%	£4,533,000	80.5%	£2,511,000
	Other Debtors	£2,612,000	-2.7%	£2,684,000	10%	£2,440,000	-10.4%	£2,722,000	-9.4%	£3,003,000
	Miscellaneous Current Assets	£124,000	22.8%	£101,000	-88.7%	£894,000	-74.8%	£3,552,000	999.9%	£202,000
	Total Current Assets	£41,458,000	-9.1%	£45,612,000	-4%	£47,495,000	13%	£42,026,000	6.5%	£39,457,000
	Trade Creditors	£13,195,000	-6.5%	£14,111,000	7.2%	£13,159,000	18.7%	£11,089,000	-1.6%	£11,266,000
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£114,000	-88.5%	£993,000	55.2%	£640,000	145.2%	£261,000	999.9%	£10,000
	Miscellaneous Current Liabilities	£10,540,000	25.6%	£8,393,000	-18.8%	£10,341,000	4.2%	£9,923,000	9.2%	£9,087,000
	Total Current Liabilities	£23,849,000	1.5%	£23,497,000	-2.7%	£24,140,000	13.5%	£21,273,000	4.5%	£20,363,000
	Bank Loans & Overdrafts and LTL	£5,267,000	-12.3%	£6,005,000	-19.4%	£7,451,000	-13.8%	£8,646,000	37.2%	£6,302,000
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£5,267,000	-12.3%	£6,005,000	-19.4%	£7,451,000	-13.8%	£8,646,000	37.2%	£6,302,000

Capital & Reserves

	Date Of Accounts	28/04/12	(%)	30/04/11	(%)	24/04/10	(%)	25/04/09	(%)	26/04/08
	Called Up Share Capital	£19,338,000	0.5%	£19,244,000	-	£19,244,000	-	£19,244,000	-	£19,244,000
	P & L Account Reserve	-£1,494,000	-228.9%	£1,159,000	160%	-£1,932,000	72.3%	-£6,973,000	-157.6%	-£2,707,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£5,860,000	14.3%	£5,125,000	-16%	£6,098,000	-22.5%	£7,870,000	36.4%	£5,768,000
	Shareholder Funds	£23,704,000	-7.1%	£25,528,000	9%	£23,410,000	16.2%	£20,141,000	-9.7%	£22,305,000

Other Financial Items

	Date Of Accounts	28/04/12	(%)	30/04/11	(%)	24/04/10	(%)	25/04/09	(%)	26/04/08
	Net Worth	£21,273,000	-7.9%	£23,097,000	10.1%	£20,979,000	18.5%	£17,710,000	-10.9%	£19,874,000
	Working Capital	£17,609,000	-20.4%	£22,115,000	-5.3%	£23,355,000	12.5%	£20,753,000	8.7%	£19,094,000
	Total Assets	£52,820,000	-4%	£55,030,000	0.1%	£55,001,000	9.9%	£50,060,000	2.2%	£48,970,000
	Total Liabilities	£29,116,000	-1.3%	£29,502,000	-6.6%	£31,591,000	5.6%	£29,919,000	12.2%	£26,665,000
	Net Assets	£23,704,000	-7.1%	£25,528,000	9%	£23,410,000	16.2%	£20,141,000	-9.7%	£22,305,000

Cash Flow

	Date Of Accounts	28/04/12	(%)	30/04/11	(%)	24/04/10	(%)	25/04/09	(%)	26/04/08
	Net Cashflow from Operations	-£1,409,000	-151.2%	£2,751,000	-70%	£9,170,000	229.7%	£2,781,000	-34.9%	£4,272,000
	Net Cashflow before Financing	-£5,172,000	-999.9%	-£69,000	-100.9%	£8,111,000	367.5%	£1,735,000	-48.3%	£3,355,000
	Net Cashflow from Financing	-£1,149,000	49%	-£2,251,000	-999.9%	-£63,000	-800%	£9,000	100.2%	-£4,472,000
	Increase in Cash	-£6,321,000	-172.5%	-£2,320,000	-128.8%	£8,048,000	361.5%	£1,744,000	256.1%	-£1,117,000

Miscellaneous

	Date Of Accounts	28/04/12	(%)	30/04/11	(%)	24/04/10	(%)	25/04/09	(%)	26/04/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£28,971,000	-8.1%	£31,533,000	2.2%	£30,861,000	7.2%	£28,787,000	0.6%	£28,607,000
	Number of Employees	1089	-9.5%	1203	-0.9%	1214	-2%	1239	-3.4%	1283
	Auditors	PRICEWATERHOUSECOOPERS LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	HSBC BANK PLC
	Bank Branch Code	40-02-50

Ratios

	Date Of Accounts	28/04/12	30/04/11	24/04/10	25/04/09	26/04/08
	Pre-tax profit margin %	-0.48	4.46	4.44	-2.58	3.76
	Current ratio	1.74	1.94	1.97	1.98	1.94
	Sales/Net Working Capital	6.60	5.35	4.94	5.34	6.02
	Gearing %	22.20	23.50	31.80	42.90	28.30
	Equity in %	47	48.50	44.50	42.30	47.90
	Creditor Days	41.32	44.22	41.53	36.40	35.67
	Debtor Days	32	25.57	28.62	25.74	27.86
	Liquidity/Acid Test	0.70	0.89	1.03	0.87	0.71
	Return On Capital Employed %	-1.93	16.73	16.58	-9.92	15.10
	Return On Total Assets Employed %	-1.06	9.59	9.30	-5.70	8.82
	Current Debt Ratio	1	0.92	1.03	1.05	0.91
	Total Debt Ratio	1.22	1.15	1.34	1.48	1.19
	Stock Turnover Ratio %	21.28	20.76	19.50	21.08	21.70
	Return on Net Assets Employed %	-2.36	20.67	21.86	-14.18	19.36

ADDITIONAL INFORMATION

No exact match CCJs are recorded against the company.
The credit limit on this company has risen 23.1% in comparison to the previously suggested credit limit.
Sales in the latest trading period decreased 1.8% on the previous trading period.
Net Worth decreased by 7.9% during the latest trading period.
A 4% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 110.6% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 62.7% during the latest 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 has changed its registered name recently.
The company was established over 40 years ago.

Event History

Status History

No Status History found

Date	Description
22/03/2013	New Board Member Ms T. Tideman appointed
10/01/2013	Mr P.C. Allen has left the board
10/01/2013	New Board Member Ms S. Morris appointed
06/11/2012	Annual Returns
01/11/2012	New Accounts Filed
01/11/2012	New Accounts Filed
14/09/2012	Change of Name
16/02/2012	Ms J.J. Burley has left the board
16/02/2012	Ms G. Berkmen has left the board
16/02/2012	Mr S.G. Bodger has left the board
16/02/2012	Mr C.J. Baker has left the board
16/11/2011	Annual Returns
03/10/2011	New Accounts Filed
09/09/2011	New Accounts Filed
10/01/2011	Mr N.J. Heard has resigned as company secretary

Previous Company Names

Date	Previous Name
12/09/2012	JACQUES VERT PLC

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.46
UK Pound	1	Rs.83.13
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

MNL

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.