MIRA INFORM REPORT

Report Date :

26.02.2013

IDENTIFICATION DETAILS

Name :	NEXT PLC
Formerly Known As :	NEXT GROUP PLC
Registered Office :	Desford Road Enderby Leicester LE19 4AT
Country :	United Kingdom
Financials (as on) :	28/01/12
Date of Incorporation :	09/04/2002
Com. Reg. No.:	04412362
Legal Form :	Public limited with Share Capital
LINE OF BUSINESS :	HOLDING COMPANIES
No. of Employees :	88467

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 :	Good
Payment Behaviour :	Regular
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 (31.03.2011)	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	NEXT PLC	Company Number	04412362
Registered Address	DESFORD ROAD	Trading Address	40-42 Donegall Place Belfast BT1 5BB
	ENDERBY
	LEICESTER
	LE19 4AT
Website Address	http://www.nextplc.co.uk
Telephone Number	08448448888	Fax Number	01162848998
TPS	No	FPS	Yes
Incorporation Date	09/04/2002	Company Status	Active - Accounts Filed
Previous Name	NEXT GROUP PLC	Type	Public limited with Share Capital
		FTSE Index	FTSE 100 company
Date of Change	22/11/2002	Filing Date of Accounts	11/05/2012
		Share Capital	-
SIC03	7415	Currency
SIC03 Description	HOLDING COMPANIES
SIC07	70100
SIC07 Description	ACTIVITIES OF HEAD OFFICES
Principal Activity	A group engaged in the reatiler exciting, beautyfully designed, excellent quality, footwear, accessories and home products.

DIRECTORS/MANAGEMENT

Total Current Directors	10
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	13

Current Directors

Name	David Wilson Keens	Date of Birth	16/08/1953
Officers Title	Mr	Nationality	British
Present Appointments	19	Function	Director
Appointment Date	09/09/2002
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Francis William Salway	Date of Birth	05/10/1957
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	01/06/2010
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Robert John Orr Barton	Date of Birth	23/08/1944
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	09/09/2002
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jonathan Donald Sherlock Dawson	Date of Birth	29/02/1952
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	13/05/2004
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew John Varley	Date of Birth	27/09/1950
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	09/09/2002
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Simon Adam Lord Wolfson Of Aspley Guise	Date of Birth	27/10/1967
Officers Title	Mr	Nationality	British
Present Appointments	20	Function	Director
Appointment Date	09/09/2002
Address	Next Plc Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Stephen David Barber	Date of Birth	15/03/1952
Officers Title	Mr	Nationality	British
Present Appointments	12	Function	Director
Appointment Date	01/06/2007
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christos Emilios Angelides	Date of Birth	27/03/1963
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	09/09/2002
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christine Cross	Date of Birth	13/06/1951
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	19/01/2005
Address	Desford Road, Enderby, Leicester, LE19 4AT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Caroline Mary Helen Goodall	Date of Birth	22/05/1955
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2013
Address	Desford Road, Enderby, Leicester, LE19 4AT

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	3	Total Value of Exact CCJs -	£4,184
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	3	Total Value of Satisfied CCJs -	£6,566
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
25/11/2012	NORTHAMPTON CCMCC	£1,197	Judgement	2YM71550	-
26/09/2012	NORTHAMPTON CCMCC	£2,190	Judgement	2YL15315	-
02/11/2009	DERBY	£2,269	Satisfied	9DE05164	21/01/2010
13/02/2008	ALTRINCHAM	£797	Judgement	8AL00350	-
24/09/2007	MANCHESTER	£4,180	Satisfied	7MA15472	30/12/2009

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

23	10
Company DBT	UK Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	23 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	NEXT PLC
Ownership Status	Ultimately Owned
Ultimate Holding Company	NEXT PLC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
NEXT PLC	04412362	28.01.2012	Y	£3,441,100,000
NEXT GROUP PLC	00035161	28.01.2012	N	£195,000,000
NEXT DISTRIBUTION LIMITED	03045421	28.01.2012	N	£355,301,000
NEXT SOURCING (UK) LIMITED	05188107	31.01.2012	N
VENTURA NETWORK DISTRIBUTI...	06056341	31.01.2012	N
LIME RETAIL LIMITED	06091748	31.01.2012	N
LIME CLOTHING LIMITED	06091894	31.01.2012	N
BRECON DEBT RECOVERY LIMITED	06482893	31.01.2012	N
AGRATECH LIMITED	07218431	31.01.2012	N
LIPSY LIMITED	05728110	28.01.2012	N	£58,418,000
LIPSY STORES LIMITED	06504978	28.01.2012	N
NEXT BRAND LIMITED	02570797	31.01.2012	N	£1
THE NEXT DIRECTORY LIMITED	02570808	31.01.2012	N
NEXT FINANCIAL SERVICES LI...	02958128	28.01.2012	N
NEXT NEAR EAST LIMITED	00123434	28.01.2012	N
NEXT PENSION TRUSTEES LIMITED	00497131	31.01.2012	N
NEXT PROPERTIES LTD	02570546	31.01.2012	N
NEXT RETAIL LIMITED	04521150	28.01.2012	N	£3,348,150,000
PAIGE GROUP LIMITED(THE)	00452053	28.01.2012	N
PDRS LIMITED	00866802	31.01.2011	N
V.C.S.M. LIMITED	02570801	31.01.2012	N
VENTURA GROUP LIMITED	01210373	31.01.2012	N
CALLSCAN LIMITED	01519462	31.03.2012	N

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
28/01/2012	£3,441,100,000	£579,500,000	£222,700,000	88467
29/01/2011	£3,453,700,000	£551,400,000	£232,400,000	58706
30/01/2010	£3,406,500,000	£505,300,000	£133,400,000	55122

Profit & Loss

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Weeks	52	52	52	52	52
Currency	GBP	GBP	GBP	GBP	GBP
Consolidated A/cs	Y	Y	Y	Y	Y
Turnover	£3,441,100,000	£3,453,700,000	£3,406,500,000	£3,271,500,000	£3,329,100,000
Export	-	-	-	-	£167,500,000
Cost of Sales	£2,395,800,000	£2,445,000,000	£2,409,600,000	£2,363,000,000	-
Gross Profit	£1,045,300,000	£1,008,700,000	£996,900,000	£908,500,000	-
Wages & Salaries	£616,000,000	£675,200,000	£678,200,000	£625,100,000	£663,300,000
Directors Emoluments	£4,460,000	£4,910,000	£4,870,000	£3,000,000	£3,373,000
Operating Profit	£601,800,000	£574,800,000	£529,800,000	£478,300,000	£537,100,000
Depreciation	£118,800,000	£120,700,000	£127,100,000	£116,500,000	£108,400,000
Audit Fees	£190,000	£180,000	£171,000,000	£200,000	£471,000
Interest Payments	£36,200,000	£24,300,000	£25,300,000	£50,800,000	£43,300,000
Pre Tax Profit	£579,500,000	£551,400,000	£505,300,000	£428,800,000	£498,100,000
Taxation	-£145,300,000	-£150,500,000	-£141,300,000	-£126,500,000	-£144,200,000
Profit After Tax	£434,200,000	£400,900,000	£364,000,000	£302,300,000	£353,900,000
Dividends Payable	£135,100,000	£129,600,000	£108,500,000	£106,500,000	£109,200,000
Retained Profit	£339,700,000	£271,300,000	£255,500,000	£195,700,000	£244,900,000

Balance Sheet

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Tangible Assets	£668,700,000	£678,500,000	£604,900,000	£632,100,000	£615,000,000
Intangible Assets	£45,600,000	£46,500,000	£47,400,000	£55,400,000	£36,200,000
Total Fixed Assets	£714,300,000	£725,000,000	£652,300,000	£687,500,000	£651,200,000
Stock	£371,900,000	£368,300,000	£309,000,000	£318,700,000	£319,100,000
Trade Debtors	£597,000,000	£533,300,000	£520,200,000	£492,100,000	£478,800,000
Cash	£56,400,000	£49,300,000	£107,000,000	£47,800,000	£56,000,000
Other Debtors	£102,100,000	£112,300,000	£96,400,000	£146,900,000	£112,700,000
Miscellaneous Current Assets	£12,500,000	£4,100,000	£8,600,000	£84,400,000	£12,600,000
Total Current Assets	£1,139,900,000	£1,067,300,000	£1,041,200,000	£1,089,900,000	£979,200,000
Trade Creditors	£193,100,000	£195,500,000	£175,000,000	£204,800,000	£175,000,000
Bank Loans & Overdrafts	£7,600,000	£10,200,000	£4,700,000	£121,300,000	£242,700,000
Other Short Term Finance	£102,200,000	£169,900,000	£94,000,000	£16,200,000	£400,000
Miscellaneous Current Liabilities	£439,500,000	£457,300,000	£484,400,000	£365,800,000	£624,400,000
Total Current Liabilities	£742,400,000	£832,900,000	£758,100,000	£708,100,000	£1,042,500,000
Bank Loans & Overdrafts and LTL	£896,700,000	£737,200,000	£806,700,000	£1,033,900,000	£909,800,000
Other Long Term Finance	£4,800,000	£473,800,000	£525,300,000	£3,400,000	£541,100,000
Total Long Term Liabilities	£889,100,000	£727,000,000	£802,000,000	£912,600,000	£667,100,000

Capital & Reserves

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Called Up Share Capital	£16,900,000	£18,100,000	£19,100,000	£19,700,000	£20,100,000
P & L Account Reserve	£1,763,400,000	£1,782,600,000	£1,615,200,000	£1,539,300,000	£1,374,900,000
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	-£1,557,600,000	-£1,568,300,000	-£1,500,900,000	-£1,402,300,000	-£1,474,200,000
Shareholder Funds	£222,700,000	£232,400,000	£133,400,000	£156,700,000	-£79,200,000

Other Financial Items

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Net Worth	£177,100,000	£185,900,000	£86,000,000	£101,300,000	-£115,400,000
Working Capital	£397,500,000	£234,400,000	£283,100,000	£381,800,000	-£63,300,000
Total Assets	£1,854,200,000	£1,792,300,000	£1,693,500,000	£1,777,400,000	£1,630,400,000
Total Liabilities	£1,631,500,000	£1,559,900,000	£1,560,100,000	£1,620,700,000	£1,709,600,000
Net Assets	£222,700,000	£232,400,000	£133,400,000	£156,700,000	-£79,200,000

Cash Flow

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Net Cashflow from Operations	£525,900,000	£452,000,000	£571,500,000	£448,800,000	£518,000,000
Net Cashflow before Financing	£455,700,000	£313,900,000	£473,300,000	£314,400,000	-£339,100,000
Net Cashflow from Financing	-£446,100,000	-£377,200,000	-£369,000,000	-£337,000,000	-£430,000,000
Increase in Cash	£9,600,000	-£63,300,000	£104,300,000	-£22,600,000	£90,900,000

Miscellaneous

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Contingent Liability	NO	NO	NO	NO	NO
Capital Employed	£1,111,800,000	£959,400,000	£935,400,000	£1,069,300,000	£587,900,000
Number of Employees	88467	58706	55122	59088	39155
Auditors
Auditor Comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	31/01/08
Pre-tax profit margin %	16.84	15.97	14.83	13.11	14.96
Current ratio	1.54	1.28	1.37	1.54	0.94
Sales/Net Working Capital	8.66	14.73	12.03	8.57	-52.59
Gearing %	402.60	317.20	604.70	659.80	-1148.70
Equity in %	12.30	13.30	8.10	9.10	-5
Creditor Days	20.42	20.60	18.69	22.78	19.19
Debtor Days	63.15	56.20	55.58	54.75	52.50
Liquidity/Acid Test	1.03	0.83	0.96	1.08	0.63
Return On Capital Employed %	52.12	57.47	54.01	40.10	84.73
Return On Total Assets Employed %	31.25	30.76	29.83	24.12	30.55
Current Debt Ratio	3.33	3.58	5.68	4.51	-13.16
Total Debt Ratio	7.32	6.71	11.69	10.34	-21.59
Stock Turnover Ratio %	10.80	10.66	9.07	9.74	9.59
Return on Net Assets Employed %	260.21	237.26	378.78	273.64	-628.91

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

Multiple CCJ's recorded against the company.
There has been no significant change in the company's credit rating.
Sales in the latest trading period decreased 0.4% on the previous trading period.
Net Worth decreased by 4.7% during the latest trading period.
A 3.5% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 5.1% compared to the previous trading period.
The company saw an increase in their Cash Balance of 14.4% 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 was established over 10 years ago.

Current Company Secretary

Name	Andrew John Robert McKinlay	Date of Birth	11/08/1958
Officers Title	Mr	Nationality	British
Present Appointments	29	Function	Company Secretary
Appointment Date	31/10/2003
Address	Desford Road, Enderby, Leicester, LE19 4AT
Other Actions		View Consumer Report	View Trace Report

Status History

No Status History found

Event History

Date	Description
11/01/2013	New Board Member Ms C.M. Goodall appointed
13/07/2012	Annual Returns
21/05/2012	New Accounts Filed
20/04/2012	New Accounts Filed
04/07/2011	Annual Returns
20/05/2011	New Accounts Filed
20/05/2011	New Accounts Filed
01/03/2011	Annual Returns
15/07/2010	Annual Returns
15/07/2010	New Accounts Filed
05/07/2010	New Accounts Filed
22/06/2010	New Board Member Mr F.W. Salway appointed
27/05/2010	Mr N.G. Brookes has left the board
27/05/2010	New Board Member Mr D.W. Keens appointed
26/05/2010	New Board Member Mr N.G. Brookes appointed

Previous Company Names

Date	Previous Name
22/11/2002	NEXT GROUP PLC
11/09/2002	BRONZEJASPER PUBLIC LIMITED COMPANY

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.04
UK Pound	1	Rs.81.80
Euro	1	Rs.71.41

INFORMATION DETAILS

Report Prepared by :

PRL

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.