MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	ARCADIA GROUP BRANDS LTD.
Registered Office :	Colegrave House 70 Berners Street London, W1T 3NL
Country :	United Kingdom
Financials (as on) :	25.08.2012
Date of Incorporation :	30.06.1971
Com. Reg. No.:	01016191
Legal Form :	Private Subsidiary
Line of Business :	Subject is one of the leading privately owned clothing retailers
No. of Employees :	8,621

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

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase

Source : CIA

Company name and address

Arcadia Group Brands Ltd.

Colegrave House
70 Berners Street
London, W1T 3NL
United Kingdom
(Registered Address)
Map
Tel:	0844 561 6161

Employees:	8,621
Company Type:	Private Subsidiary
Corporate Family:	730 Companies
Ultimate Parent:	Taveta Investments Ltd
Quoted Status:	Non-quoted Company
Incorporation Date:	30-Jun-1971
Auditor:	PricewaterhouseCoopers LLP

Fiscal Year End:	25-Aug-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	2,469.7 ^1
Net Income:	267.4
Total Assets:	2,358.8

Business Description

Arcadia Group Brands Ltd. is one of the leading privately owned clothing retailers in the United Kingdom. The company designs, manufactures and supplies menswear, including knitted shirts, waistcoats, pants, trousers, jackets, T-shirts and undergarments. It also stocks and sells various nightwear, swimwear and knitwear. The company offers a range of women’s clothing, including printed tops, skirts and jeans in different sizes and colours. It additionally provides several boxer shorts, designer skirts and dresses in different fabrics. In addition, the company offers a number of leather bags, shoes, boots and jackets.

Industry

Industry	Clothing and Apparel Stores
ANZSIC 2006:	4251 - Clothing Retailing
ISIC Rev 4:	4771 - Retail sale of clothing, footwear and leather articles in specialized stores
NACE Rev 2:	4771 - Retail sale of clothing in specialised stores
NAICS 2012:	448120 - Women's Clothing Stores
UK SIC 2007:	4771 - Retail sale of clothing in specialised stores
US SIC 1987:	5651 - Family Clothing Stores

Key Executives

Name	Title
Aisha L Waldron	Company Secretary
Gurpal Premi	Secretary
Richard Leeroy Burchill	Director
Richard Dedombal	Director
Mary Julia Margaret Geraghty	Director

FinancialSummary

FYE: 25-Aug-2012

USD (mil)

Key Figures
Current Assets	2,228.30
Fixed Assets	130.53
Total Liabilities	364.21
Net Worth	1,938.68

Key Ratios
Current Ratio	6.12
Acid Test	5.64

Key IDSM Number: 44128018

Registered No.(UK): 01016191

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6350821

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6299049

Corporate Overview

Location
Colegrave House
70 Berners Street
London, W1T 3NL
London County
United Kingdom

Tel:	0844 561 6161

Suggest Company URL

Sales GBP(mil):	1,568.5
Assets GBP(mil):	1,485.8
Employees:	8,621
Fiscal Year End:	25-Aug-2012

Industry:

Retail (Apparel)

Registered Address:
Colegrave House
70 Berners Street
London, W1T 3NL
United Kingdom

Incorporation Date:	30-Jun-1971
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Greenhawk Ltd.
Registered No.(UK):	01016191

Company Secretary:

Aisha L Waldron

Industry Codes

ANZSIC 2006 Codes:
4251	-	Clothing Retailing
4279	-	Other Store-Based Retailing Not Elsewhere Classified

ISIC Rev 4 Codes:
4771	-	Retail sale of clothing, footwear and leather articles in specialized stores

NACE Rev 2 Codes:
4771	-	Retail sale of clothing in specialised stores
4772	-	Retail sale of footwear and leather goods in specialised stores

NAICS 2012 Codes:
448120	-	Women's Clothing Stores
448	-	Clothing and Clothing Accessories Stores

US SIC 1987:
5651	-	Family Clothing Stores
59	-	Miscellaneous Retail

UK SIC 2007:
4771	-	Retail sale of clothing in specialised stores
4772	-	Retail sale of footwear and leather goods in specialised stores

Business Description

Arcadia Group Brands Ltd. is one of the leading privately owned clothing retailers in the United Kingdom. The company designs, manufactures and supplies menswear, including knitted shirts, waistcoats, pants, trousers, jackets, T-shirts and undergarments. It also stocks and sells various nightwear, swimwear and knitwear. The company offers a range of women’s clothing, including printed tops, skirts and jeans in different sizes and colours. It additionally provides several boxer shorts, designer skirts and dresses in different fabrics. In addition, the company offers a number of leather bags, shoes, boots and jackets.

More Business Descriptions

Arcadia Group Brands Ltd. is a part of Arcadia Group Ltd. Arcadia Group has more than 2,000 outlets throughout the country and is one of the United Kingdom’s largest clothing retailers. It reaches its customers through approximately eight brands in the United Kingdom and a growing number of international stores, including Burton, Dorothy, Perkins, Evans, Miss Selfridge, Outfit, TOPSHOP, TOPMAN and Wallis. Arcadia Group began in 1900 with £100. Arcadia Group Brands Ltd. has head offices in Bridgwater, Somerset.

Group engaged in the reatil of menswear, womenswear, childrenswear and products for the home through stores, home shopping catalogues and the internet

Brand/Trade Names
Burton Dorothy Perkins Evans Outfit	Miss Selfridge Topshop Topman Wallis

Financial Data

Financials in:	GBP(mil)
Revenue:	1,568.5
Net Income:	169.8
Assets:	1,485.8
Current Assets:	1,403.6
Fixed Assets:	82.2
Long Term Debt:	0.0
Total Liabilities:	229.4
Issued Capital:	NaN
Working Capital:	1,174.2
Net Worth:	1,221.2
Date of Financial Data:	25-Aug-2012

1 Year Growth

1.6%

NA

NA

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP
Auditor History
PricewaterhouseCoopers LLP	25-Aug-2012
PricewaterhouseCoopers LLP	27-Aug-2011
PricewaterhouseCoopers LLP	28-Aug-2010
PricewaterhouseCoopers LLP	29-Aug-2009
PricewaterhouseCoopers LLP	30-Aug-2008

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Taveta Investments Ltd	Parent	London	United Kingdom	Clothing and Apparel Stores	4,340.4	43,368
A & D Pension Services Ltd.	Subsidiary	Bristol	United Kingdom	Banking	0.0	25
Stancepower Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Taveta Investments (No.2) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Arcadia Group Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	209.7	2,044
Wallis Retail Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	263.6	2,623
Wallis Retail Properties Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Wallis Fashion Group Ltd.	UK Branch/Trading address	Edinburgh	United Kingdom	Miscellaneous Store Retailers		175
Wallis (London) Ltd.	Subsidiary	London	United Kingdom
Miss Selfridge Retail Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	222.7	880
Miss Selfridge Properties Ltd.	Subsidiary	Bromley	United Kingdom	Investment Services
Muse Retail Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	1.1	51
Arcadia Group (Hong Kong) Limited	Subsidiary	Kowloon Bay, Kowloon	Hong Kong	Clothing and Apparel Wholesale		40
Zoom.Co.UK Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Telecommunication Services	68.8	30
Gresse Street Ltd.	Subsidiary	London	United Kingdom	Spectator Sports	2,047.0
Redcastle Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction	531.8
Arcadia Group Holdings Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction
Redcastle Property Mortgage Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Outfit Retail Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	24.1
Dorothy Perkins Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction	0.1
Arcadia Group Design And Development Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction	123.3	31
A.G. Fashion Ltd.	Subsidiary	Belfast	United Kingdom		0.0
A.G. Retail Ltd.	Subsidiary	Belfast	United Kingdom	Nonclassifiable Establishments	0.0
B. E. Leasing Ltd.	Subsidiary	London	United Kingdom	Banking
Arcadia Group Fashion Holdings Ltd.	Subsidiary	London	United Kingdom	Holding Companies
Arcadia Group Brands Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	2,469.7	8,621
Burton Retail Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	0.7	175
Evans Ltd.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services	0.6	7
Dorothy Perkins Retail Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	1.2
Collier Finance Ltd.	Subsidiary	London	United Kingdom	Banking
A. G. Fashion Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Evans Retail Properties Ltd.	Subsidiary	London	United Kingdom	Investment Services
Burton / Dorothy Perkins Properties Ltd.	Subsidiary	London	United Kingdom	Investment Services
Tammy (Girlswear) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Matte Card Services Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Dorsub (Dpr) Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	462.2	6,382
Dorsub (Ts/Tm) Ltd.	Subsidiary	Croydon	United Kingdom	Grocery Stores	412.0	4,656
Dorsub (Hrl) Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	367.7	4,575
Barforce Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	285.5	2,346
Dorsub (Tic) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Establishments
Montague Burton Property Investments Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Burton Property Trust Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction
Redcastle (Holdings) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Redcastle Finance Ltd.	Subsidiary	London	United Kingdom	Investment Services
Redcastle (214 Oxford Street) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	29.2
Redcastle Investments Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Caraway Group Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Arcadia Retail Group Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Castle Trustee Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Arcadia Quest Trustee Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Redcastle Properties Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Montague Burton Employees Savings Trustee Ltd.	Subsidiary	London	United Kingdom	Banking
Arcadia Group Pension Trust Ltd.	Subsidiary	London	United Kingdom	Pensions and Funds
Arcadia Group Retail Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Ag Senior Executives Pension Trustee Ltd.	Subsidiary	London	United Kingdom	Pensions and Funds
Svml Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
A.G. Clothing (Holdings) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
A.G. Clothing Ltd.	Subsidiary	Nottingham	United Kingdom	Clothing and Apparel Stores	91.6	7,074
Richards Investments Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Dorsub (Rsh) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Establishments
Montague Burton Properties Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction
Arcadia Stancepower Holdings Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Bhs Group Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Bhs Ltd.	Subsidiary	Belfast	United Kingdom	Grocery Stores	1,485.2	13,557
Bhs Ltd.	Subsidiary	London	United Kingdom	Grocery Stores	1,101.9	12,283
BHS Nottingham	UK Branch/Trading address	Brighton	United Kingdom	Miscellaneous Store Retailers	1,101.9	175
Bhs Ltd.	UK Branch/Trading address	Birmingham	United Kingdom	Grocery Stores	1,101.9	125
BHS Lancaster Ltd.	UK Branch/Trading address	Harrow	United Kingdom	Miscellaneous Store Retailers	1,101.9	100
British Home Store	UK Branch/Trading address	Chichester	United Kingdom	Grocery Stores	1,101.9	90
Bhs Ltd.	UK Branch/Trading address	Oxford	United Kingdom	Grocery Stores	1,101.9	80
Bhs Ltd.	UK Branch/Trading address	Swansea	United Kingdom	Grocery Stores	1,101.9	40
B H S Ltd.	UK Branch/Trading address	Canterbury	United Kingdom	Grocery Stores	1,101.9	30
Lowland Homes Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	3.3
Bhs Services Ltd	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Bhs Pension Trustees Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Bhs Properties Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction	20.3
Davenbush Ltd.	Subsidiary	London	United Kingdom	Residential and Commercial Building Construction	9.0

Executives Report

Board of Directors

Name	Title	Function
Richard Leeroy Burchill	Director	Director/Board Member
Richard Dedombal	Director	Director/Board Member
Mary Julia Margaret Geraghty	Director	Director/Board Member
Gillian Hague	Director	Director/Board Member
Aisha L Waldron	Company Secretary	Director/Board Member
Sally Wightman	Director	Director/Board Member

Executives

Name	Title	Function
Gurpal Premi	Secretary	Company Secretary
Aisha L Waldron	Company Secretary	Company Secretary

Directors and Shareholders Report

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Richard Dedombal	Current	03 Feb 1965	46 Blackmoor Lane, Bardsey, Leeds, West Yorkshire LS17 9DY	01 May 2012	NA	Current:48 Previous:1 Disqualifications:0
Sally Marion Wightman	Current	27 Nov 1968	The Burton Business Park, Hudson Road, Leeds, West Yorkshire LS9 7DN	02 Mar 2011	NA	Current:48 Previous:24 Disqualifications:0
Mary Julia Margaret Geraghty	Current	08 Jul 1973	Colegrave House 70 Berners Street, London , London W1T 3NL	17 Oct 2007	NA	Current:28 Previous:2 Disqualifications:0
Richard Leeroy Burchill	Current	08 Dec 1971	102 Northwood Way, Northwood Hills, Northwood, Middlesex HA6 1RU	16 Aug 2006	NA	Current:52 Previous:3 Disqualifications:0
Gillian Hague	Current	13 Feb 1965	Oak Cottage, The Street, Guildford, Surrey GU4 7TG	14 Sep 2005	NA	Current:52 Previous:6 Disqualifications:0
Colin Peter Duckels	Previous	21 Oct 1953	25 Woodlea Drive, Meanwood, Leeds, West Yorkshire LS6 4SQ	03 Oct 2000	25 Feb 2011	Current:1 Previous:50 Disqualifications:0
David Nigel Brown	Previous	19 Jul 1961	116 Clarence Road, St. Albans, Hertfordshire AL1 4NW	16 Dec 1994	16 Aug 2006	Current:12 Previous:49 Disqualifications:0
Mark Anthony Healey	Previous	03 Feb 1962	Colegrave House 70 Berners Street, London , London W1T 3NL	14 Sep 2005	10 Feb 2012	Current:2 Previous:51 Disqualifications:0
Stephen John Longdon	Previous	23 Jan 1952	Chantry Cliff, Warwicks Bench, Guildford, Surrey GU1 3TG	01 Dec 1993	NA	Current:8 Previous:5 Disqualifications:0
John Hodges	Previous	23 Aug 1952	The Old Orchard Burney Road, Westhumble, Dorking, Surrey RH5 6AU	01 Mar 1993	20 Jan 1998	Current:0 Previous:71 Disqualifications:0
David John Bates	Previous	29 Jun 1934	11 The Laurels, Potten End, Berkhamsted, Hertfordshire HP4 2SP	28 Jun 1992	16 Dec 1994	Current:0 Previous:27 Disqualifications:0
Adam Alexander Goldman	Previous	21 Mar 1966	4 Jenner Way, Clarendon Park, Epsom, Surrey KT19 7LJ	20 Jan 1998	17 Feb 2006	Current:21 Previous:48 Disqualifications:0
Andrew Clive Hind	Previous	16 Apr 1960	14 Princes Avenue, Muswell Hill, Muswell Hill, London N10 3LR	20 Dec 1993	05 May 1994	Current:8 Previous:8 Disqualifications:0
Julie Sook Hein Crossland	Previous	20 Jun 1971	9 Rowallan Road, London , London SW6 6AF	17 Feb 2006	29 May 2007	Current:3 Previous:45 Disqualifications:0
Ian Peter Jackman	Previous	02 Aug 1946	Flat 11 Macready House, 75 Crawford Street, London , London W1H 5LR	28 Jun 1992	14 Sep 2005	Current:12 Previous:86 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Gurpal Premi	Current	NA	Arcadia Group Limited Colegrave House, 70 Berners Street, London , London W1T 3NL	18 Jul 2013	NA	Current:1 Previous:0 Disqualifications:0
John Hodges	Previous	23 Aug 1952	The Old Orchard Burney Road, Westhumble, Dorking, Surrey RH5 6AU	01 Mar 1993	20 Jan 1998	Current:0 Previous:71 Disqualifications:0
Daphne Valerie Cash	Previous	16 Aug 1959	9 Marquis Close, Harpenden, Hertfordshire AL5 5QZ	NA	18 Aug 2000	Current:9 Previous:149 Disqualifications:0
Kimberly Donna Rodie	Previous	NA	34 Doulton Mews, West Hampstead, London , London NW6 1XY	13 Nov 2008	01 Dec 2009	Current:1 Previous:48 Disqualifications:0
Kimberly Donna Rodie	Previous	NA	26 Falcon Grove, London , London SW11 2ST	02 Feb 2010	27 Jun 2011	Current:0 Previous:1 Disqualifications:0
Jayabaduri Bergamin	Previous	18 Sep 1972	12 Newry Road, Twickenham, Middlesex TW1 1PL	04 Apr 2008	13 Nov 2008	Current:2 Previous:49 Disqualifications:0
Michelle Hazel Ball	Previous	NA	154 Eastwood Road North, Leigh-On-Sea, Essex SS9 4LZ	31 Mar 2005	31 Mar 2009	Current:0 Previous:49 Disqualifications:0
Aisha Leah Waldron	Previous	NA	29 Bookerhill Road, High Wycombe, Buckinghamshire HP12 4HA	01 Dec 2009	28 Jun 2013	Current:0 Previous:1 Disqualifications:0
Ian Peter Jackman	Previous	02 Aug 1946	Flat 11 Macready House, 75 Crawford Street, London , London W1H 5LR	18 Aug 2000	05 Sep 2000	Current:12 Previous:86 Disqualifications:0
Beverley Hicks	Previous	NA	7 Westminster Court, King & Queen Wharf Rotherhithe, Rotherhithe, London SE16 5SY	05 Sep 2003	31 Mar 2005	Current:0 Previous:46 Disqualifications:0
Rebecca Jayne Stevenson	Previous	01 Jan 1968	49 Rivulet Road, Tottenham, Tottenham, London N17 7JT	05 Sep 2000	05 Sep 2003	Current:1 Previous:45 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Arcadia Group Fashion Holdings Limited	00266758	100 Ordinary GBP 1.00	Ordinary	100	1.00	100.00	100.00

Annual Profit & Loss

	25-Aug-2012	27-Aug-2011	28-Aug-2010	29-Aug-2009	30-Aug-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.635082	0.624109	0.639819	0.642791	0.502804
Consolidated	No	No	No	No	No
Turnover (UK)	-	-	2,256.6	2,246.5	-
Turnover (Exports)	-	-	171.8	104.0	-
Total Turnover	2,469.7	2,473.0	2,428.4	2,350.5	2,914.7
Cost of Sales	1,993.9	2,087.7	1,919.6	1,876.2	2,396.2
Gross Profit	475.7	385.3	508.8	474.4	518.4
Depreciation	40.0	0.6	38.5	37.8	50.8
Other Expenses	113.6	122.4	116.8	103.1	122.2
Operating Profit	362.1	-	392.1	371.3	396.3
Other Income	0.0	3.2	6.9	0.9	0.1
Interest Paid	0.0	0.0	0.1	0.1	0.1
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	362.1	266.0	398.9	372.1	396.3
Tax Payable / Credit	94.7	74.0	111.8	107.8	113.8
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	267.4	192.0	287.1	264.2	282.5
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Number of Employees	8,621	8,885	21,094	21,391	-
Wages	323.0	330.8	321.3	318.1	409.7
Social Security Costs	21.2	22.8	22.1	21.7	27.8
Pensions	0.0	0.0	0.0	0.0	0.0
Other Pension Costs	5.2	17.0	5.5	5.2	13.3
Employees Remuneration	349.5	370.5	349.0	345.0	450.8
Directors Emoluments	0.0	0.0	0.0	0.0	0.0
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.0	0.0	0.0	0.0	0.0
Highest Paid Director	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	25-Aug-2012	27-Aug-2011	28-Aug-2010	29-Aug-2009	30-Aug-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.629905	0.616295	0.646266	0.613083	0.548261
Consolidated	No	No	No	No	No
Land & Buildings	1.7	1.7	2.1	2.3	4.3
Fixtures & Fittings	123.3	147.0	146.7	152.1	147.7
Plant & Vehicles	0.0	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	125.0	148.8	148.8	154.4	152.0
Intangible Assets	5.6	0.0	0.0	0.0	0.0
Investments	0.0	5.7	8.4	8.9	10.2
Total Fixed Assets	130.5	154.5	157.2	163.3	162.2
Total Stocks Work In Progress	172.8	172.0	144.9	143.4	156.8
Trade Debtors	41.0	42.5	45.2	46.4	45.4
Inter-Company Debtors	1,991.2	1,696.6	1,433.3	1,197.8	1,031.3
Director Loans	0.0	-	-	0.0	0.0
Other Debtors	19.3	14.4	15.5	18.5	24.7
Total Debtors	2,051.5	1,753.5	1,494.0	1,262.7	1,101.4
Cash and Equivalents	4.0	54.6	5.6	8.8	32.8
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	2,228.3	1,980.1	1,644.6	1,414.9	1,291.0
Total Assets	2,358.8	2,134.6	1,801.8	1,578.2	1,453.1
Trade Creditors	188.0	204.9	180.8	171.6	199.7
Bank Overdraft	-	-	-	0.0	0.6
Inter-Company Creditors	0.0	0.0	8.7	9.1	6.9
Accruals/Deferred Income (Current Liability)	60.5	57.2	60.9	68.8	59.2
Social Security/VAT	57.6	58.4	51.8	45.3	59.1
Other Current Liabilities	58.1	54.7	52.8	57.8	63.3
Total Current Liabilities	364.2	375.2	354.9	352.6	388.7
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	50.4	47.8	0.0	0.0	3.7
Total Provisions	50.4	47.8	0.0	0.0	3.7
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	1,944.3	1,711.7	1,446.9	1,225.5	1,060.6
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	1,944.3	1,711.7	1,446.9	1,225.5	1,060.6
Net Worth	1,938.7	1,711.7	1,446.9	1,225.5	1,060.6

Annual Cash Flows

Financials in: USD (mil)

	25-Aug-2012	27-Aug-2011	28-Aug-2010	29-Aug-2009	30-Aug-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.635082	0.624109	0.639819	0.642791	0.502804
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	25-Aug-2012	27-Aug-2011	28-Aug-2010	29-Aug-2009	30-Aug-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.629905	0.616295	0.646266	0.613083	0.548261
Consolidated	No	No	No	No	No
Current Ratio	6.12	5.28	4.63	4.01	3.32
Liquidity Ratio	5.64	4.82	4.23	3.61	2.92
Stock Turnover	1,441.00	1,456.00	1,659.00	1,719.00	1,704.00
Credit Period (Days)	602.00	620.00	687.00	687.00	620.00
Working Capital by Sales	7,486.00%	6,409.00%	5,364.00%	4,311.00%	3,375.00%
Trade Credit by Debtors	458.00	482.00	400.00	370.00	440.00
Return on Capital	1,830.00%	1,531.00%	2,730.00%	3,183.00%	3,414.00%
Return on Assets	1,548.00%	1,262.00%	2,192.00%	2,472.00%	2,501.00%
Profit Margin	1,466.00%	1,076.00%	1,643.00%	1,583.00%	1,360.00%
Return on Shareholders Funds	1,878.00%	1,574.00%	2,730.00%	3,183.00%	3,427.00%
Borrowing Ratio	0.00%	0.00%	60.00%	74.00%	71.00%
Equity Gearing	8,242.00%	8,019.00%	8,030.00%	7,766.00%	7,299.00%
Interest Coverage	-	-	709,014.00	478,342.00	553,486.00
Sales by Tangible Assets	1,993.00	1,683.00	1,616.00	1,596.00	1,759.00
Average Remuneration per Employee	0.0	0.0	0.0	0.0	-
Profit per Employee	0.0	0.0	0.0	0.0	-
Sales per Employee	0.3	0.3	0.1	0.1	-
Capital Employed per Employee	0.2	0.2	0.1	0.1	-
Tangible Assets per Employee	0.0	0.0	0.0	0.0	-
Total Assets per Employee	0.3	0.2	0.1	0.1	-
Employee Remuneration by Sales	1,415.00%	1,498.00%	1,437.00%	1,468.00%	1,547.00%
Creditor Days (Cost of Sales Based)	3,413.00	3,537.00	3,472.00	3,184.00	3,316.00
Creditor Days (Sales Based)	2,756.00	2,986.00	2,745.00	2,541.00	2,726.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

NIS

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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