MIRA INFORM REPORT
|
Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TED BAKER PLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
26.01.2013 |
|
|
|
|
Date of Incorporation : |
23.06.1997 |
|
|
|
|
Com. Reg. No.: |
03393836 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Subject is engaged in the designing, wholesaling and
retailing of menswear, womens wear and related accessories |
|
|
|
|
No. of Employees : |
2,185 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
The
Source
: CIA
Company name and address
|
TED BAKER PLC |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Ted Baker PLC is engaged in the designing, wholesaling and
retailing of menswear, womenswear and related accessories. The Company offers
a range of collections including menswear; womenswear; global; phormal;
endurance; born by ted baker; accessories; lingerie and sleepwear;
childrenswear; fragrance and skinwear; footwear; neckwear; eyewear, and
watches. The Company operates in three segments: retail, wholesale and
licence income. In retail segment it operates stores and concessions across
the |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
4771 - Retail sale of clothing, footwear and leather articles in specialized stores |
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
|
|
|
US SIC 1987: |
Key
Executives
|
Significant
Developments
|
News
|
Financial
Summary
|
Stock Snapshot
|
|
Key IDSM Number: 42354076
Registered No.(
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.62953
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6334177
Corporate Overview
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Sales and Distribution |
|
This changing trend encouraged many retailers to focus on
the new internet savvy customer segment and venture into this growing retail format.
As the company also operates online shopping, it can benefit from market
expansion and expect higher sales from the Internet channel.Global Expansion
PlansTed Baker plans to expand reach by increasing the number of its stores
in different parts of the world. The company has plans to establish two
stores within Gatwick airport, one in the Gatwick North terminal, in June;
and another store in the Gatwick South terminal, by end of the 2013. The
company intends to establish first store in
|
|
Moreover, according to
Internet World Stats as on December 31, 2011, the internet penetration in the
world population stood at 32.7%, compared to 28.7% in 2010 with a growth rate
of more than 528.1% during 2000-2011. This changing trend encouraged many
retailers to focus on the new internet savvy customer segment and venture
into this growing retail format. As the company also operates online
shopping, it can benefit from market expansion and expect higher sales from
the Internet channel.Global Expansion PlansTed Baker plans to expand reach by
increasing the number of its stores in different parts of the world. The
company has plans to establish two stores within Gatwick airport, one in the
Gatwick North terminal, in June; and another store in the Gatwick South
terminal, by end of the 2013. The company intends to establish first store in
|
Strengths/Weaknesses (SWOT)
|
Overview
Ted Baker PLC (Ted Baker) is a British clothing retailer. The company leverages its distribution channel and geographical spread to commercialize choice of products worldwide and drive its growth. Increasing costs and debt obligations are cause of concern for the company to look upon. Nevertheless, it can utilize opportunity arising from growing online shopping trend coupled with expansion strategy to strengthen foothold internationally. However, growing competition, volatile macroeconomics and fast changing fashion trends could pose several challenges to the company’s profitable growth.
Strengths
Ted Baker registered strong revenue margins and return in fiscal year 2013. The company reported 18% increase in total revenue in 2013 compared to that in 2012. The revenue growth resulted in increased gross margin, which increased 62.38% in 2013 compared to 61.31% in 2012. Revenue growth and increased gross margin was complimented by its controlled costs. The company’s operating cost as percentage of sales declined 88.40% in 2013 from 88.75% in 2012. As a result, the company also reported increased returns in 2013 as compared to those in previous years. The company's return on equity (ROE) was 21.84% at the end of fiscal year 2013 compared to 20.61% in 2012. Its return on capital employed was 29.70% in fiscal year ended 2013 compared to 28.02% in 2012. Also, its return on assets, return on fixed assets, and return on working capital were 13.12%, 56.45% and 62.66%, respectively in 2013 compared to 13.19%, 58.83% and 53.52% in 2012. Increasing profitability ratios indicate the company’s sturdy performance and its ability to deliver returns expected by its shareholders. The decreased cost and increased returns led to overall growth of its operating margins. The company’s operating margin increased 11.60% in 2013 from 11.3% in 2012. Its net profit margin increased 8.49% in 2013 from 8.14% in 2012. Increasing margins due decreased operating cost reflect strong operational efficiency of the company.
Ted Baker offers a wide range of products that enable it to meet the needs of a larger customer base and generate significant revenue. The company offers a rich collection of men’s wear, women’s wear, children’s wear and accessories and shoes. Under the men’s wear, the company provides shirts, jackets and coats, knitwear, suits, tops and T-shirts, jeans, trousers, ties and bow ties, underwear and swimwear. Similarly, the women’s wear that the company offers includes dresses, tops and T-shirts, tailoring and formal, knitwear, trousers and shorts, jackets and coats, playsuits and jumpsuits, shirts, skirts, jeans, lingerie and beachwear. The major accessories that the company offers include bags, purses, shoes, wallets, belts, cufflinks, scarves, hats, socks, watches, sunglasses, jewelry, tablet sleeves, and other gift items. For the fiscal year 2013, it registered 46.1% of the total revenue from Menswear and 53.9% from Womenswear. Both the women’s wear and men’s wear categories delivered strong performances during the fiscal year 2013.
Ted Baker enjoys well developed distribution and network channels that widen its reach. The company operates through three main distribution channels, namely Retail, Wholesale and Licensing. The company’s Retail segment operates through corporate-owned and licensed retail outlets and leading department stores. The Wholesale segment operates in the wholesale trade of its products to traditional and wholesale customers. The company operates its License income segment through two types of licenses, namely, territorial and product. Presently, it has territorial licenses covering Middle East (UAE and Kuwait); Far East (Singapore, Malaysia, Indonesia, Taiwan and Thailand); Australia and New Zealand; and the product licenses cover perfume and fragrance, watches, footwear, neck wear, eyewear, children’s wear, lingerie and sleep wear, and Ted’s grooming room. For the fiscal year ended January 2013, the contribution by Retail and Wholesale channel to the total revenue of the company stood at 81.7% and 18.3%, respectively. The company's multi-channel distribution network has enabled it to reach wide market and strengthen foothold in the market.
Geographical diversity bestows the company with wide customer base, strong brand presence and growth opportunities across emerging markets. Ted Baker has spread operations in Europe, the US, Middle East and Asia. Presently, the company has operations in countries such as Australia, New Zealand, France, Greece, Hong Kong, Indonesia, Ireland, Italy, Kuwait, Malaysia, Singapore, Taiwan, Thailand, the UAE, the UK and the US. As of January 2013, the company operated 96 stores, 220 concessions and 10 outlets in the UK and Europe; 16 stores, 33 concessions and four outlets in the US; and 31 stores as well as four concessions in Middle East, Asia and Australasia. Geographically, the company operates its business through three segments, namely, the UK and Europe; the US; and Middle East, Asia and Australasia. For the fiscal year ended January 2013, the UK and Europe accounted for 80.2% of the company's total revenue, followed by the US & Canada with 17.3% and the remaining 2.5% from Middle East, Asia and Australasia. Such wide presence makes the company independent of any particular economy.
Weaknesses
Ted Baker’s revenues increased 18% to £254.5m in 2013 from £215.63m in 2012. However, the company registered an increase in its operating expenses during the year. The distribution cost of the company was £101.4m in 2013 as against £82.4m in 2012, and contributed 39.8% of the total sales. Its administration costs also increased to £33m in 2013, as against £29.6m in 2012, indicating an increase of 11.3%. The increase in the distribution costs of the company was partly due to an increase in the average retail square footage and turnover related property costs. Besides, the company incurred exceptional costs, which include both distribution costs and administration expenses of £2.6m in fiscal year 2013. These expenses relate to the rent of stores that was incurred before commencement of trading. It incurred £0.8m as an impairment charge in respect to retail asset development in the UK, which failed to deliver its potential.
The company reported highly leveraged capital structure, which could affect its expansion and growth plans. Up to the end of fiscal 2013, the company reported total debt obligation of £19.86m, consisting of credit facility and multi-currency revolving credit facility with The Royal Bank of Scotland and Barclays. As of 2013, it has three year borrowing facility of £40m compared to £40m in 2012, which is due to expire on 2015. As a result, the company reported substantially high debt to equity ratio of 20.08% and debt to capital ratio of 0.20% for fiscal year 2013. The company incurred this debt to meet its working capital and capital expenditure needs. Any reduction in revenue and operating cash flows could hinder the company’s ability to repay interest and principal, resulting in default. Hence, such huge debt increases the financial burden on the company, limiting the availability of cash for its growth.
Opportunities
Rising Popularity of Online Shopping
The company can benefit from the rising popularity of the online shopping trend, owing to the ease and convenience offered by online shops. It can utilize the opportunity to market its presence across the world through Internet services, thereby increasing its customer base. According to analysts, the online retail sales in the US are expected to reach $229 billion in 2013. The market is expected to grow at a compound average growth rate (CAGR) of 10% from 2009 to 2013. Moreover, according to Internet World Stats as on December 31, 2011, the internet penetration in the world population stood at 32.7%, compared to 28.7% in 2010 with a growth rate of more than 528.1% during 2000-2011. This changing trend encouraged many retailers to focus on the new internet savvy customer segment and venture into this growing retail format. As the company also operates online shopping, it can benefit from market expansion and expect higher sales from the Internet channel.
Ted Baker plans to expand reach by increasing the number of its stores in different parts of the world. The company has plans to establish two stores within Gatwick airport, one in the Gatwick North terminal, in June; and another store in the Gatwick South terminal, by end of the 2013. The company intends to establish first store in Belgium. In Europe, it has plans to establish concessions in Germany, Spain, France and the Netherlands. In the US, it has plans to commence eight new concessions; and commence first outlet store in Toronto, Canada. The company has plans to launch a new e-commerce platform to support anticipated growth in domestic and international market, including local language sites. In Asia, it has established second store in Shanghai, China; and another concession through a departmental store in Tokyo, Japan. It intends to establish first outlet store in Shanghai and another store by mid-2013. Ted Baker is also exploring opportunities in new territories such as Turkey, Japan, Russia and Korea. Such expansion will offer the company new sources for revenue.
Threats
Ted Baker operates in a highly competitive retail market, which threatens its market position. With large retail chains widening their product offerings to cater to a broader customer segment as well as increase their margins, the competition among specialty retailers increased. Product diversification transformed several specialty retailers into general retailers offering a variety of products, which were once exclusive to a particular retail format. As a result, competition among all the retail formats is at its peak with hard discounters taking the biggest market share. The specialty stores now have to compete with the supermarkets and hypermarkets that began to offer branded premium apparel. Thus, besides domestic supermarkets and apparel specialty stores, Ted Baker faces competition from major retailers such as Marks and Spencer Group plc and Next Plc. among others. Its competitors have larger and substantially greater financial, marketing and other resources than the company, and better access to merchandise and deeper market penetration. To make a mark in the retailing industry, the retailer has to differentiate its product offerings by reducing its price and increase its marketing activities, which could affect profitability. Failure to sustain competition could affect the company’s sales and results of operations adversely.
Ted Baker specializes in commercializing consumer fashion apparel and accessories and could be affected by rapidly changing fashion trends. An inherent characteristic of the fashion industry is the short life cycle of products, dependence on trends, the seasonality of sales and the susceptibility to abnormal changes in weather conditions. Its business depends principally on customer preferences and changing trends. The company has to adapt quickly to these changes to increase or maintain its business in the competitive apparel industry. Usually, Ted Baker takes decisions related to product designs several months in advance and customer acceptance for such designs cannot be measured. The company’s business could be at risk as it manufactures its clothes well in advance and the trend may change by the time the merchandise reach the customers. Currently, all the retail players are facing pricing pressure throughout the supply chain, including the introduction of new or enhanced products at lower price; reduction of wholesale prices on existing products; increase in retailer demands for allowances, incentives and other forms of economic support and control over production and operating expenses. Inability to recruit talented personnel and study the trends in the marketplace could affect the company’s business.
The changing labor laws in its operating markets could limit the company’s ability to find qualified personnel to fill vacant positions at its stores. The company’s business is also subject to various external factors, including the availability of a sufficient number of qualified persons in the local operating markets, unemployment levels within those markets, prevailing wage rates, changing demographics, health and other insurance costs and adoption of new or revised employment and labor laws and regulations. According to the National Minimum Wage in United Kingdom, the workers are entitled to a minimum wage of not less than £6.19 per hour currently. The minimum wage was set to reach £6.31 effective October 2013. In the US, government increased the minimum wage rate from $7.75 per hour in 2010 to $8.5 an hour in December 2012. With its huge employee base, the company is bound to come under pressure due to the pay hikes in different geographies. Failure to pay the wages in time could also lead to labor strikes that might result in huge losses for the company. Any such increases in near future and new or revised labor laws, rules or regulations could impact the company’s profit margins.
Corporate Structure News
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
London |
United Kingdom |
Clothing and Apparel Stores |
404.2 |
2,185 |
|
|
Subsidiary |
London |
United Kingdom |
Clothing and Apparel Wholesale |
317.8 |
1,644 |
|
|
Branch |
Central District, Hong Kong |
Hong Kong |
Road Transportation Services |
261.4 |
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
375 |
|
|
Subsidiary |
London |
United Kingdom |
Clothing and Apparel Manufacturing |
|
300 |
|
|
Subsidiary |
Paris |
France |
Clothing and Apparel Stores |
2.8 |
34 |
|
|
UK Branch/Trading address |
Sheffield |
United Kingdom |
Clothing and Apparel Stores |
404.2 |
20 |
|
|
UK Branch/Trading address |
Glasgow |
United Kingdom |
Clothing and Apparel Stores |
404.2 |
20 |
|
|
UK Branch/Trading address |
London |
United Kingdom |
Clothing and Apparel Stores |
404.2 |
15 |
|
|
Subsidiary |
New York, NY |
United States |
Clothing and Apparel Stores |
|
12 |
|
|
Subsidiary |
London |
United Kingdom |
Clothing and Apparel Stores |
|
|
Competitors Report
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Directors and Shareholders Report
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
11 Dec 1955 |
The Garden Flat 5 Warrington Crescent, Maida Vale, |
23 Jun 1997 |
NA |
Current:15 |
|
|
|
Current |
04 Feb 1966 |
137 Albert Street, |
15 Jun 2010 |
NA |
Current:3 |
|
|
|
Current |
22 May 1943 |
131 Edgware Road, |
24 Jan 2003 |
NA |
Current:6 |
|
|
|
Current |
12 Sep 1947 |
Old Timbers, Manor Way, |
25 Feb 2009 |
NA |
Current:2 |
|
|
|
Current |
03 Aug 1958 |
The Ugly Brown Building, 6A St Pancras Way, |
23 Jun 1997 |
NA |
Current:10 |
|
|
|
Previous |
14 Mar 1955 |
The Ugly Brown Building, 6A St Pancras Way, |
02 Jul 1997 |
04 Apr 2001 |
Current:1 |
|
|
|
Previous |
18 Mar 1953 |
The Cottage, Pink Lane, |
04 Oct 2001 |
09 Jan 2013 |
Current:3 |
|
|
|
Previous |
15 Nov 1949 |
Red Gables, 24 Rossett Green Lane, |
25 Jan 2002 |
16 Aug 2002 |
Current:6 |
|
|
|
Previous |
19 Jan 1959 |
Snooks Barn, Church Lane, Farley Hill, |
02 Jul 1997 |
04 Apr 2001 |
Current:1 |
|
|
|
Previous |
14 Oct 1932 |
Hurley Cottage, The Croft Wareside, |
02 Jul 1997 |
14 Jul 2009 |
Current:0 |
|
|
|
Previous |
07 Sep 1942 |
10 St Gabriels Manor, 25 Cormont Road, |
24 Jan 2003 |
06 Oct 2004 |
Current:1 |
|
|
|
Previous |
20 Jul 1934 |
Queensbury Priory Road, Sunningdale, |
02 Jul 1997 |
11 Jun 2002 |
Current: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 |
|
|
Current |
25 Mar 1970 |
The Ugly Brown Building, 6A St Pancras Way, |
23 Jan 2003 |
NA |
Current:1 |
|
|
|
Previous |
03 Aug 1958 |
The Ugly Brown Building, 6A St Pancras Way, |
23 Jun 1997 |
23 Jan 2003 |
Current:10 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate
Secretaries |
|
There are no corporate secretaries for this company. |
|
|
Significant Developments
|
|
|
news
|
|
Small companies, big dividends |
27-Oct-2013 |
|
|
|
Sweet Treat |
27-Oct-2013 |
|
|
|
Stars IN OUR EYES |
27-Oct-2013 |
|
|
|
Von Maur Department Store Opens First Location in
New York |
26-Oct-2013 |
|
|
|
Men's notebook |
26-Oct-2013 |
|
|
|
FIVE FABULOUS |
26-Oct-2013 |
|
|
|
Day Dresses: The LOOK Edit |
25-Oct-2013 |
|
|
|
Otters extend winning streak to 8 |
24-Oct-2013 |
|
|
|
Coutts-LONDON CLOSE: STOCKS JUMP TO FIVE-MONTH HIGH
AFTER US JOBS MISS |
23-Oct-2013 |
|
|
|
Fab 60s in vogue for spring |
22-Oct-2013 |
|
|
|
Ted Baker PLC : Notice of Interim Management
Statement |
22-Oct-2013 |
|
Annual Profit & Loss
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.62953 |
0.624652 |
0.648767 |
0.635548 |
0.558389 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Total Turnover |
404.2 |
345.2 |
289.3 |
257.4 |
273.4 |
|
Cost of Sales |
152.1 |
133.5 |
110.9 |
100.2 |
113.4 |
|
Gross Profit |
252.1 |
211.6 |
178.5 |
157.2 |
160.0 |
|
Depreciation |
14.4 |
12.3 |
10.0 |
9.9 |
1.1 |
|
Other Expenses |
217.6 |
183.8 |
151.0 |
134.9 |
139.0 |
|
Other Income |
12.7 |
11.3 |
10.0 |
8.9 |
11.5 |
|
Interest Paid |
1.0 |
0.3 |
0.1 |
0.6 |
0.5 |
|
Exceptional Income |
-0.3 |
0.0 |
-0.1 |
0.0 |
-0.2 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Profit Before Taxes |
45.9 |
38.8 |
37.3 |
30.7 |
31.8 |
|
Tax Payable / Credit |
11.6 |
10.7 |
10.7 |
9.4 |
9.3 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
16.1 |
14.3 |
11.7 |
10.9 |
12.5 |
|
Profit After Taxes |
18.2 |
13.8 |
15.0 |
10.4 |
10.0 |
|
Audit Fees |
0.2 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Non Audit Fees |
0.4 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Number of Employees |
2,185 |
1,979 |
1,700 |
1,577 |
1,669 |
|
Wages |
64.3 |
55.7 |
49.3 |
44.3 |
- |
|
Social Security Costs |
6.5 |
5.2 |
4.4 |
4.0 |
- |
|
Pensions |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Other Pension Costs |
1.4 |
1.6 |
1.5 |
1.0 |
- |
|
Employees Remuneration |
72.1 |
62.5 |
55.2 |
49.2 |
53.5 |
|
Directors Emoluments |
1.4 |
1.3 |
1.1 |
1.6 |
1.1 |
|
Other Costs |
0.0 |
0.7 |
0.7 |
0.0 |
0.0 |
|
Directors Remuneration |
1.5 |
2.1 |
1.8 |
1.7 |
1.2 |
|
Highest Paid Director |
0.6 |
0.9 |
0.8 |
0.8 |
0.5 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.633418 |
0.636531 |
0.631154 |
0.624064 |
0.717437 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Land & Buildings |
- |
- |
- |
28.9 |
- |
|
Fixtures & Fittings |
- |
- |
- |
11.9 |
- |
|
Plant & Vehicles |
- |
- |
- |
0.0 |
- |
|
Total Tangible Fixed Assets |
71.7 |
56.1 |
44.9 |
40.9 |
40.0 |
|
Intangible Assets |
1.6 |
1.5 |
1.6 |
1.0 |
0.9 |
|
Investments |
9.3 |
7.2 |
5.7 |
4.2 |
2.7 |
|
Total Fixed Assets |
82.5 |
64.8 |
52.2 |
46.1 |
43.7 |
|
Stocks |
105.4 |
80.3 |
66.0 |
52.4 |
- |
|
Work in Progress |
1.5 |
1.2 |
1.3 |
1.2 |
- |
|
Total Stocks Work In Progress |
106.8 |
81.5 |
67.3 |
53.6 |
52.0 |
|
Trade Debtors |
30.8 |
31.0 |
28.8 |
23.1 |
22.9 |
|
Inter-Company Debtors |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Debtors |
23.4 |
17.7 |
15.0 |
8.4 |
5.8 |
|
Total Debtors |
54.2 |
48.7 |
43.8 |
31.6 |
28.7 |
|
Cash and Equivalents |
15.5 |
13.4 |
21.4 |
21.9 |
6.5 |
|
Other Current Assets |
0.9 |
0.6 |
0.2 |
0.9 |
3.4 |
|
Total Current Assets |
177.4 |
144.3 |
132.8 |
108.0 |
90.6 |
|
Total Assets |
260.0 |
209.1 |
185.0 |
154.1 |
134.3 |
|
Trade Creditors |
34.9 |
25.0 |
29.9 |
16.7 |
23.8 |
|
Bank Overdraft |
31.4 |
10.7 |
0.0 |
0.0 |
0.0 |
|
Inter-Company Creditors |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Short Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Current Liability) |
20.7 |
24.0 |
21.2 |
18.4 |
13.0 |
|
Social Security/VAT |
15.7 |
11.7 |
10.2 |
4.7 |
10.0 |
|
Corporation Tax |
0.0 |
0.0 |
0.0 |
5.6 |
0.0 |
|
Other Current Liabilities |
0.4 |
1.7 |
0.7 |
0.5 |
0.0 |
|
Total Current Liabilities |
103.1 |
73.0 |
62.1 |
45.8 |
46.8 |
|
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 |
0.8 |
2.2 |
2.5 |
2.1 |
0.8 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.8 |
2.2 |
2.5 |
2.1 |
0.8 |
|
Issued Capital |
3.4 |
3.4 |
3.4 |
3.5 |
3.0 |
|
Share Premium Accounts |
14.4 |
14.4 |
14.5 |
14.6 |
12.7 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
137.7 |
116.3 |
102.4 |
88.0 |
66.9 |
|
Other Reserves |
0.6 |
-0.3 |
0.1 |
0.0 |
4.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Total Shareholders Funds |
156.1 |
133.8 |
120.5 |
106.1 |
86.7 |
|
Net Worth |
154.6 |
132.3 |
118.9 |
105.1 |
85.8 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.62953 |
0.624652 |
0.648767 |
0.635548 |
0.558389 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Annual Ratios |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.633418 |
0.636531 |
0.631154 |
0.624064 |
0.717437 |
|
Consolidated |
Yes |
Yes |
Yes |
Yes |
Yes |
|
|
|
|
|
|
|
|
Current Ratio |
1.72 |
1.98 |
2.14 |
2.36 |
1.93 |
|
Liquidity Ratio |
0.68 |
0.86 |
1.05 |
1.19 |
0.82 |
|
Stock Turnover |
376.00 |
416.00 |
442.00 |
489.00 |
401.00 |
|
Credit Period (Days) |
2,801.00 |
3,342.00 |
3,536.00 |
3,221.00 |
4,000.00 |
|
Working Capital by Sales |
1,851.00% |
2,103.00% |
2,377.00% |
2,371.00% |
2,098.00% |
|
Trade Credit by Debtors |
113.00 |
81.00 |
104.00 |
72.00 |
104.00 |
|
Return on Capital |
2,910.00% |
2,801.00% |
3,123.00% |
2,888.00% |
2,778.00% |
|
Return on Assets |
1,756.00% |
1,822.00% |
2,075.00% |
2,029.00% |
1,809.00% |
|
Profit Margin |
1,137.00% |
1,125.00% |
1,291.00% |
1,192.00% |
1,164.00% |
|
Return on Shareholders Funds |
2,925.00% |
2,847.00% |
3,187.00% |
2,945.00% |
2,802.00% |
|
Borrowing Ratio |
2,029.00% |
806.00% |
- |
- |
- |
|
Equity Gearing |
6,005.00% |
6,400.00% |
6,511.00% |
6,889.00% |
6,456.00% |
|
Interest Coverage |
4,477.00 |
11,661.00 |
37,274.00 |
5,215.00 |
5,787.00 |
|
Sales by Tangible Assets |
560.00 |
604.00 |
662.00 |
641.00 |
522.00 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Capital Employed per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employee Remuneration by Sales |
1,783.00% |
1,810.00% |
1,909.00% |
1,912.00% |
1,957.00% |
|
Creditor Days (Cost of Sales Based) |
8,424.00 |
6,961.00 |
9,585.00 |
5,958.00 |
10,049.00 |
|
Creditor Days (Sales Based) |
3,170.00 |
2,693.00 |
3,673.00 |
2,319.00 |
4,166.00 |
Annual Income Statement
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.62953 |
0.624652 |
0.648767 |
0.635548 |
0.558389 |
|
Auditor |
KPMG Audit PLC |
KPMG LLP |
KPMG Audit PLC |
KPMG Audit PLC |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
404.2 |
345.2 |
289.3 |
257.4 |
273.4 |
|
Revenue |
404.2 |
345.2 |
289.3 |
257.4 |
273.4 |
|
Total Revenue |
404.2 |
345.2 |
289.3 |
257.4 |
273.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
152.1 |
133.5 |
110.9 |
100.2 |
113.4 |
|
Cost of Revenue, Total |
152.1 |
133.5 |
110.9 |
100.2 |
113.4 |
|
Gross Profit |
252.1 |
211.6 |
178.5 |
157.2 |
160.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
213.4 |
179.3 |
151.0 |
133.7 |
136.0 |
|
Total Selling/General/Administrative Expenses |
213.4 |
179.3 |
151.0 |
133.7 |
136.0 |
|
Impairment-Assets Held for Use |
- |
- |
0.0 |
1.2 |
3.2 |
|
Other Unusual Expense (Income) |
4.2 |
4.5 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
4.2 |
4.5 |
0.0 |
1.2 |
3.2 |
|
Other, Net |
-12.3 |
-11.0 |
-9.7 |
-8.8 |
-9.9 |
|
Other Operating Expenses, Total |
-12.3 |
-11.0 |
-9.7 |
-8.8 |
-9.9 |
|
Total Operating Expense |
357.3 |
306.3 |
252.1 |
226.3 |
242.7 |
|
|
|
|
|
|
|
|
Operating Income |
46.9 |
38.9 |
37.2 |
31.1 |
30.7 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-1.0 |
-0.3 |
-0.1 |
-0.2 |
-0.5 |
|
Interest Expense, Net Non-Operating |
-1.0 |
-0.3 |
-0.1 |
-0.2 |
-0.5 |
|
Interest Income - Non-Operating |
0.1 |
0.0 |
0.1 |
0.0 |
0.3 |
|
Investment Income - Non-Operating |
0.0 |
0.3 |
0.2 |
-0.2 |
1.4 |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.3 |
0.2 |
-0.2 |
1.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.9 |
0.0 |
0.1 |
-0.4 |
1.1 |
|
Income Before Tax |
45.9 |
38.8 |
37.3 |
30.7 |
31.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
11.6 |
10.7 |
10.7 |
9.4 |
9.3 |
|
Income After Tax |
34.3 |
28.1 |
26.6 |
21.3 |
22.5 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
0.0 |
0.1 |
0.0 |
|
Net Income Before Extraord Items |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
Net Income |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
41.9 |
41.6 |
41.6 |
41.6 |
42.6 |
|
Basic EPS Excl Extraord Items |
0.82 |
0.68 |
0.64 |
0.51 |
0.53 |
|
Basic/Primary EPS Incl Extraord Items |
0.82 |
0.68 |
0.64 |
0.51 |
0.53 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
Diluted Weighted Average Shares |
43.3 |
43.2 |
41.8 |
41.6 |
42.6 |
|
Diluted EPS Excl Extraord Items |
0.79 |
0.65 |
0.64 |
0.51 |
0.53 |
|
Diluted EPS Incl Extraord Items |
0.79 |
0.65 |
0.64 |
0.51 |
0.53 |
|
Dividends per Share - Common Stock Primary Issue |
0.42 |
0.37 |
0.32 |
0.27 |
0.30 |
|
Gross Dividends - Common Stock |
18.0 |
15.6 |
13.2 |
11.2 |
12.4 |
|
Interest Expense, Supplemental |
1.0 |
0.3 |
0.1 |
0.2 |
0.5 |
|
Depreciation, Supplemental |
14.4 |
12.3 |
10.0 |
9.9 |
10.7 |
|
Total Special Items |
4.3 |
4.0 |
0.3 |
1.4 |
3.4 |
|
Normalized Income Before Tax |
50.3 |
42.8 |
37.7 |
32.0 |
35.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.1 |
1.1 |
0.1 |
0.4 |
1.0 |
|
Inc Tax Ex Impact of Sp Items |
12.7 |
11.8 |
10.8 |
9.8 |
10.3 |
|
Normalized Income After Tax |
37.5 |
31.0 |
26.9 |
22.2 |
24.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
37.5 |
31.0 |
26.9 |
22.3 |
24.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.89 |
0.74 |
0.65 |
0.54 |
0.59 |
|
Diluted Normalized EPS |
0.87 |
0.72 |
0.64 |
0.54 |
0.59 |
|
Rental Expenses |
35.6 |
30.3 |
24.5 |
24.4 |
22.0 |
|
Normalized EBIT |
51.2 |
42.8 |
37.5 |
32.5 |
34.1 |
|
Normalized EBITDA |
65.6 |
55.1 |
47.5 |
42.4 |
44.8 |
|
Current Tax - Total |
13.6 |
11.5 |
11.5 |
10.0 |
10.0 |
|
Current Tax - Total |
13.6 |
11.5 |
11.5 |
10.0 |
10.0 |
|
Deferred Tax - Other |
-2.4 |
-1.1 |
-1.0 |
-0.8 |
-0.3 |
|
Deferred Tax - Total |
-2.4 |
-1.1 |
-1.0 |
-0.8 |
-0.3 |
|
Domestic Tax - Other |
0.5 |
0.4 |
0.2 |
0.3 |
-0.4 |
|
Income Tax - Total |
11.6 |
10.7 |
10.7 |
9.4 |
9.3 |
|
Defined Contribution Expense - Domestic |
1.0 |
0.9 |
0.8 |
0.7 |
0.8 |
|
Total Pension Expense |
1.0 |
0.9 |
0.8 |
0.7 |
0.8 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.633418 |
0.636531 |
0.631154 |
0.624064 |
0.717437 |
|
Auditor |
KPMG Audit PLC |
KPMG LLP |
KPMG Audit PLC |
KPMG Audit PLC |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
15.5 |
13.4 |
21.4 |
21.9 |
6.5 |
|
Cash and Short Term Investments |
15.5 |
13.4 |
21.4 |
21.9 |
6.5 |
|
Trade Accounts Receivable - Net |
30.8 |
31.0 |
28.8 |
23.1 |
22.9 |
|
Other Receivables |
0.4 |
0.6 |
0.5 |
0.4 |
0.2 |
|
Total Receivables, Net |
31.2 |
31.7 |
29.3 |
23.6 |
23.1 |
|
Inventories - Finished Goods |
99.0 |
76.3 |
62.6 |
49.1 |
47.4 |
|
Inventories - Work In Progress |
1.5 |
1.2 |
1.3 |
1.2 |
0.7 |
|
Inventories - Raw Materials |
6.4 |
4.0 |
3.4 |
3.3 |
3.9 |
|
Total Inventory |
106.8 |
81.5 |
67.3 |
53.6 |
52.0 |
|
Prepaid Expenses |
23.0 |
17.0 |
14.6 |
8.4 |
5.6 |
|
Other Current Assets |
0.9 |
0.6 |
0.2 |
0.4 |
3.4 |
|
Other Current Assets, Total |
0.9 |
0.6 |
0.2 |
0.4 |
3.4 |
|
Total Current Assets |
177.4 |
144.3 |
132.8 |
108.0 |
90.6 |
|
|
|
|
|
|
|
|
Buildings |
90.7 |
69.6 |
59.7 |
53.7 |
44.9 |
|
Machinery/Equipment |
0.2 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Construction in Progress |
2.6 |
5.9 |
1.6 |
0.8 |
0.3 |
|
Other Property/Plant/Equipment |
71.6 |
58.7 |
54.4 |
48.0 |
40.5 |
|
Property/Plant/Equipment - Gross |
165.1 |
134.3 |
115.9 |
102.8 |
85.8 |
|
Accumulated Depreciation |
-93.4 |
-78.2 |
-71.0 |
-61.9 |
-45.8 |
|
Property/Plant/Equipment - Net |
71.7 |
56.1 |
44.9 |
40.9 |
40.0 |
|
Intangibles, Net |
1.6 |
1.5 |
1.6 |
1.0 |
0.9 |
|
LT Investment - Affiliate Companies |
1.1 |
0.8 |
0.5 |
0.3 |
0.1 |
|
Long Term Investments |
1.1 |
0.8 |
0.5 |
0.3 |
0.1 |
|
Deferred Charges |
1.1 |
1.1 |
1.2 |
1.3 |
1.3 |
|
Deferred Income Tax - Long Term Asset |
7.1 |
5.4 |
3.9 |
2.6 |
1.3 |
|
Other Long Term Assets, Total |
8.2 |
6.5 |
5.1 |
3.9 |
2.6 |
|
Total Assets |
260.0 |
209.1 |
185.0 |
154.1 |
134.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
34.9 |
25.0 |
29.9 |
16.7 |
23.8 |
|
Accrued Expenses |
29.5 |
30.4 |
25.5 |
23.1 |
17.7 |
|
Notes Payable/Short Term Debt |
31.4 |
10.7 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
6.9 |
5.3 |
6.0 |
5.6 |
5.3 |
|
Other Current Liabilities |
0.4 |
1.7 |
0.7 |
0.5 |
0.0 |
|
Other Current liabilities, Total |
7.3 |
6.9 |
6.7 |
6.1 |
5.3 |
|
Total Current Liabilities |
103.1 |
73.0 |
62.1 |
45.8 |
46.8 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
31.4 |
10.7 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.8 |
2.2 |
2.5 |
2.1 |
0.8 |
|
Deferred Income Tax |
0.8 |
2.2 |
2.5 |
2.1 |
0.8 |
|
Minority Interest |
0.0 |
- |
0.0 |
-0.1 |
-0.1 |
|
Total Liabilities |
103.9 |
75.3 |
64.5 |
47.8 |
47.6 |
|
|
|
|
|
|
|
|
Common Stock |
3.4 |
3.4 |
3.4 |
3.5 |
3.0 |
|
Common Stock |
3.4 |
3.4 |
3.4 |
3.5 |
3.0 |
|
Additional Paid-In Capital |
14.4 |
14.4 |
14.5 |
14.6 |
12.7 |
|
Retained Earnings (Accumulated Deficit) |
137.7 |
116.3 |
102.4 |
88.0 |
66.9 |
|
Translation Adjustment |
0.5 |
0.2 |
0.4 |
0.2 |
1.6 |
|
Other Equity |
0.1 |
- |
- |
- |
- |
|
Other Comprehensive Income |
- |
-0.5 |
-0.2 |
0.0 |
2.4 |
|
Other Equity, Total |
0.6 |
-0.3 |
0.1 |
0.2 |
4.0 |
|
Total Equity |
156.1 |
133.8 |
120.5 |
106.3 |
86.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
260.0 |
209.1 |
185.0 |
154.1 |
134.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
42.6 |
41.6 |
41.6 |
41.6 |
41.6 |
|
Total Common Shares Outstanding |
42.6 |
41.6 |
41.6 |
41.6 |
41.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Employees |
2,185 |
1,979 |
1,700 |
1,577 |
1,669 |
|
Total Operating Leases, Supplemental |
233.1 |
208.2 |
180.4 |
182.5 |
159.8 |
|
Operating Lease Payments Due in Year 1 |
36.4 |
27.6 |
28.9 |
24.7 |
19.6 |
|
Operating Lease Payments Due in Year 2 |
27.5 |
25.5 |
23.4 |
25.2 |
20.4 |
|
Operating Lease Payments Due in Year 3 |
27.5 |
25.5 |
23.4 |
25.2 |
20.4 |
|
Operating Lease Payments Due in Year 4 |
27.5 |
25.5 |
23.4 |
25.2 |
20.4 |
|
Operating Lease Payments Due in Year 5 |
27.5 |
25.5 |
23.4 |
25.2 |
20.4 |
|
Operating Lease Pymts. Due in 2-3 Years |
54.9 |
50.9 |
46.7 |
50.3 |
40.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
54.9 |
50.9 |
46.7 |
50.3 |
40.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
86.8 |
78.7 |
58.0 |
57.2 |
58.7 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.62953 |
0.624652 |
0.648767 |
0.635548 |
0.558389 |
|
Auditor |
KPMG Audit PLC |
KPMG LLP |
KPMG Audit PLC |
KPMG Audit PLC |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
34.3 |
28.1 |
26.6 |
21.3 |
22.5 |
|
Depreciation |
14.4 |
12.3 |
10.0 |
9.9 |
10.7 |
|
Depreciation/Depletion |
14.4 |
12.3 |
10.0 |
9.9 |
10.7 |
|
Unusual Items |
1.4 |
-0.5 |
0.3 |
1.4 |
3.4 |
|
Equity in Net Earnings (Loss) |
-0.3 |
-0.2 |
-0.3 |
-0.1 |
-0.1 |
|
Other Non-Cash Items |
10.9 |
11.9 |
11.6 |
11.7 |
11.0 |
|
Non-Cash Items |
12.0 |
11.1 |
11.7 |
12.9 |
14.3 |
|
Accounts Receivable |
-4.1 |
-6.0 |
-11.6 |
2.6 |
-20.0 |
|
Inventories |
-25.0 |
-14.9 |
-13.9 |
4.8 |
-10.6 |
|
Other Assets |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accounts Payable |
8.9 |
0.4 |
15.6 |
-7.7 |
12.5 |
|
Other Operating Cash Flow |
-12.3 |
-12.7 |
-10.7 |
-10.6 |
-9.6 |
|
Changes in Working Capital |
-32.5 |
-33.1 |
-20.5 |
-10.9 |
-27.6 |
|
Cash from Operating Activities |
28.2 |
18.4 |
27.8 |
33.2 |
19.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.4 |
-24.0 |
-15.5 |
-7.1 |
-21.2 |
|
Capital Expenditures |
-31.4 |
-24.0 |
-15.5 |
-7.1 |
-21.2 |
|
Sale of Fixed Assets |
0.0 |
0.7 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
0.0 |
0.0 |
-0.9 |
0.0 |
0.3 |
|
Other Investing Cash Flow Items, Total |
0.0 |
0.7 |
-0.9 |
0.0 |
0.3 |
|
Cash from Investing Activities |
-31.4 |
-23.3 |
-16.3 |
-7.1 |
-20.9 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-16.1 |
-14.3 |
-11.7 |
-10.9 |
-12.5 |
|
Total Cash Dividends Paid |
-16.1 |
-14.3 |
-11.7 |
-10.9 |
-12.5 |
|
Repurchase/Retirement of Common |
- |
- |
0.0 |
0.0 |
-3.6 |
|
Common Stock, Net |
- |
- |
0.0 |
0.0 |
-3.6 |
|
Options Exercised |
0.4 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Issuance (Retirement) of Stock, Net |
0.4 |
0.1 |
0.0 |
0.1 |
-3.5 |
|
Cash from Financing Activities |
-15.7 |
-14.2 |
-11.6 |
-10.8 |
-16.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
0.2 |
-0.1 |
-1.0 |
1.9 |
|
Net Change in Cash |
-18.8 |
-18.8 |
-0.2 |
14.2 |
-15.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2.8 |
21.7 |
21.1 |
7.3 |
23.5 |
|
Net Cash - Ending Balance |
-15.9 |
2.8 |
20.9 |
21.6 |
8.3 |
|
Cash Interest Paid |
1.0 |
0.3 |
0.1 |
0.2 |
0.6 |
|
Cash Taxes Paid |
11.3 |
12.4 |
10.6 |
10.4 |
9.0 |
Annual Income Statement
|
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.62953 |
0.624652 |
0.648767 |
0.635548 |
0.558389 |
|
Auditor |
KPMG Audit PLC |
KPMG LLP |
KPMG Audit PLC |
KPMG Audit PLC |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
404.2 |
345.2 |
289.3 |
257.4 |
273.4 |
|
Total Revenue |
404.2 |
345.2 |
289.3 |
257.4 |
273.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
152.1 |
133.5 |
110.9 |
100.2 |
113.4 |
|
Distribution costs |
161.0 |
131.8 |
113.6 |
101.6 |
101.6 |
|
Exceptional costs |
4.2 |
4.5 |
0.0 |
- |
- |
|
Administrative expenses |
52.4 |
47.5 |
37.4 |
32.1 |
34.4 |
|
Impairment Losses |
- |
- |
0.0 |
1.2 |
3.2 |
|
Licence Income |
-11.9 |
-10.8 |
-9.6 |
-8.6 |
-9.8 |
|
Other operating income |
-0.4 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Total Operating Expense |
357.3 |
306.3 |
252.1 |
226.3 |
242.7 |
|
|
|
|
|
|
|
|
Finance income |
0.1 |
0.0 |
0.1 |
0.0 |
0.3 |
|
Net Foreign Exchange Gain |
0.0 |
0.1 |
0.0 |
0.0 |
1.2 |
|
Finance expenses |
-1.0 |
-0.3 |
-0.1 |
-0.2 |
-0.5 |
|
Net Foreign Exchange Losses |
-0.3 |
0.0 |
-0.1 |
-0.4 |
0.0 |
|
Share of profit of jointly controlled en |
0.3 |
0.2 |
0.3 |
0.1 |
0.1 |
|
Net Income Before Taxes |
45.9 |
38.8 |
37.3 |
30.7 |
31.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
11.6 |
10.7 |
10.7 |
9.4 |
9.3 |
|
Net Income After Taxes |
34.3 |
28.1 |
26.6 |
21.3 |
22.5 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
0.0 |
0.1 |
0.0 |
|
Net Income Before Extra. Items |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
Net Income |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
41.9 |
41.6 |
41.6 |
41.6 |
42.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.82 |
0.67 |
0.64 |
0.51 |
0.53 |
|
Basic EPS Including ExtraOrdinary Items |
0.82 |
0.67 |
0.64 |
0.51 |
0.53 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
34.3 |
28.1 |
26.6 |
21.4 |
22.6 |
|
Diluted Weighted Average Shares |
43.3 |
43.2 |
41.8 |
41.6 |
42.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.79 |
0.65 |
0.64 |
0.51 |
0.53 |
|
Diluted EPS Including ExtraOrd Items |
0.79 |
0.65 |
0.64 |
0.51 |
0.53 |
|
DPS-Ordinary Shares |
0.42 |
0.37 |
0.32 |
0.27 |
0.30 |
|
Gross Dividends - Common Stock |
18.0 |
15.6 |
13.2 |
11.2 |
12.4 |
|
Normalized Income Before Taxes |
50.3 |
42.8 |
37.7 |
32.0 |
35.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
12.7 |
11.8 |
10.8 |
9.8 |
10.3 |
|
Normalized Income After Taxes |
37.5 |
31.0 |
26.9 |
22.2 |
24.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
37.5 |
31.0 |
26.9 |
22.3 |
24.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.89 |
0.74 |
0.65 |
0.54 |
0.59 |
|
Diluted Normalized EPS |
0.87 |
0.72 |
0.64 |
0.54 |
0.59 |
|
Finance expenses |
1.0 |
- |
- |
- |
- |
|
Interest Expense |
- |
0.3 |
0.1 |
0.2 |
0.5 |
|
Rental Expense |
35.6 |
30.3 |
24.5 |
24.4 |
22.0 |
|
Depreciation |
14.4 |
12.3 |
10.0 |
9.9 |
10.7 |
|
Current Taxes |
13.6 |
11.5 |
11.5 |
10.0 |
10.0 |
|
Current Tax - Total |
13.6 |
11.5 |
11.5 |
10.0 |
10.0 |
|
Deferred Tax |
-2.4 |
-1.1 |
-1.0 |
-0.8 |
-0.3 |
|
Deferred Tax - Total |
-2.4 |
-1.1 |
-1.0 |
-0.8 |
-0.3 |
|
Prior Year Adjustments |
0.5 |
0.4 |
0.2 |
0.3 |
-0.4 |
|
Income Tax - Total |
11.6 |
10.7 |
10.7 |
9.4 |
9.3 |
|
Defined Contribution Plans |
1.0 |
0.9 |
0.8 |
0.7 |
0.8 |
|
Total Pension Expense |
1.0 |
0.9 |
0.8 |
0.7 |
0.8 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.633418 |
0.636531 |
0.631154 |
0.624064 |
0.717437 |
|
Auditor |
KPMG Audit PLC |
KPMG LLP |
KPMG Audit PLC |
KPMG Audit PLC |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials and Packaging |
6.4 |
4.0 |
3.4 |
3.3 |
3.9 |
|
Work in Progress |
1.5 |
1.2 |
1.3 |
1.2 |
0.7 |
|
Finished Goods and good for resale |
99.0 |
76.3 |
62.6 |
49.1 |
47.4 |
|
Trade and other receivables |
30.8 |
31.0 |
28.8 |
23.1 |
22.9 |
|
Prepaid Expenses and Other Accrued Incom |
23.0 |
17.0 |
14.6 |
8.4 |
5.6 |
|
Amount due from equity accounted investe |
0.4 |
0.6 |
0.5 |
0.4 |
0.2 |
|
Derivative financial Investments |
0.9 |
0.6 |
0.2 |
0.4 |
3.4 |
|
Cash and cash equivalents Current liabil |
15.5 |
13.4 |
21.4 |
21.9 |
6.5 |
|
Total Current Assets |
177.4 |
144.3 |
132.8 |
108.0 |
90.6 |
|
|
|
|
|
|
|
|
Intangible Assets |
1.6 |
1.5 |
1.6 |
1.0 |
0.9 |
|
Leasehold Improvements |
90.7 |
69.6 |
59.7 |
53.7 |
44.9 |
|
Fixtures, Fittings & Office Equipment |
71.6 |
58.7 |
54.4 |
48.0 |
40.5 |
|
Motor Vehicle |
0.2 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Asset Under Construction |
2.6 |
5.9 |
1.6 |
0.8 |
0.3 |
|
Acc Depr Other Tangible Fixed Assets |
-52.5 |
- |
- |
- |
- |
|
Acc Depr Motor Vehicle |
-0.2 |
- |
- |
- |
- |
|
Acc Depr Construction in Progress |
0.0 |
- |
- |
- |
- |
|
Acc Depr Leasehold Improvements |
-40.7 |
- |
- |
- |
- |
|
Depreciation |
- |
-78.2 |
-71.0 |
-61.9 |
-45.8 |
|
Deferred tax assets |
7.1 |
5.4 |
3.9 |
2.6 |
1.3 |
|
Prepayments |
1.1 |
1.1 |
1.2 |
1.3 |
1.3 |
|
Investment in equity accounted investee |
1.1 |
0.8 |
0.5 |
0.3 |
0.1 |
|
Total Assets |
260.0 |
209.1 |
185.0 |
154.1 |
134.3 |
|
|
|
|
|
|
|
|
Bank overdraft |
31.4 |
10.7 |
0.0 |
- |
- |
|
Trade Payables |
34.9 |
25.0 |
29.9 |
16.7 |
23.8 |
|
Accruals and Deferred Income |
20.7 |
24.0 |
21.2 |
18.4 |
13.0 |
|
Other taxes and Social Security |
8.8 |
6.5 |
4.3 |
4.7 |
4.7 |
|
Income tax payable |
6.9 |
5.3 |
6.0 |
5.6 |
5.3 |
|
Derivative financial liabilitie |
0.4 |
1.7 |
0.7 |
0.5 |
0.0 |
|
Total Current Liabilities |
103.1 |
73.0 |
62.1 |
45.8 |
46.8 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
0.8 |
2.2 |
2.5 |
2.1 |
0.8 |
|
Non-controlling interest |
0.0 |
- |
0.0 |
-0.1 |
-0.1 |
|
Total Liabilities |
103.9 |
75.3 |
64.5 |
47.8 |
47.6 |
|
|
|
|
|
|
|
|
Share Capital |
3.4 |
3.4 |
3.4 |
3.5 |
3.0 |
|
Share Premium |
14.4 |
14.4 |
14.5 |
14.6 |
12.7 |
|
Hedging Reserve |
- |
-0.5 |
-0.2 |
0.0 |
2.4 |
|
Translation Reserve |
0.5 |
0.2 |
0.4 |
0.2 |
1.6 |
|
Retained earnings |
137.7 |
116.3 |
102.4 |
88.0 |
66.9 |
|
Other Reserves |
0.1 |
- |
- |
- |
- |
|
Total Equity |
156.1 |
133.8 |
120.5 |
106.3 |
86.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
260.0 |
209.1 |
185.0 |
154.1 |
134.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
42.6 |
41.6 |
41.6 |
41.6 |
41.6 |
|
Total Common Shares Outstanding |
42.6 |
41.6 |
41.6 |
41.6 |
41.6 |
|
T/S-Ordinary Shares |
0.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Full-Time Employees |
2,185 |
1,979 |
1,700 |
1,577 |
1,669 |
|
Operating Lease Due in a Year |
36.4 |
27.6 |
28.9 |
24.7 |
19.6 |
|
Operating Lease Due in 1 to 5 Years |
109.9 |
101.9 |
93.4 |
100.7 |
81.5 |
|
After 5 Years |
86.8 |
78.7 |
58.0 |
57.2 |
58.7 |
|
Total Operating Leases, Supplemental |
233.1 |
208.2 |
180.4 |
182.5 |
159.8 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
26-Jan-2013 |
28-Jan-2012 |
29-Jan-2011 |
30-Jan-2010 |
31-Jan-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
53 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.62953 |
0.624652 |
0.648767 |
0.635548 |
0.558389 |
|
Auditor |
KPMG Audit PLC |
KPMG LLP |
KPMG Audit PLC |
KPMG Audit PLC |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Operating Profit |
34.3 |
28.1 |
26.6 |
21.3 |
22.5 |
|
Depreciation |
14.4 |
12.3 |
10.0 |
9.9 |
10.7 |
|
Net impairment/ (credit)) |
1.2 |
-0.6 |
0.0 |
- |
- |
|
Income tax expense |
11.6 |
10.7 |
10.7 |
9.4 |
9.3 |
|
Impairment Assets |
- |
- |
0.0 |
1.2 |
3.2 |
|
Sale Fixed Assets |
0.2 |
0.0 |
0.3 |
0.2 |
0.2 |
|
Share options/awards charge |
0.4 |
0.7 |
0.7 |
0.3 |
-0.5 |
|
Net finance losses/ (gain)) |
1.3 |
0.3 |
0.0 |
0.2 |
0.3 |
|
Net change in derivative financial asset |
-2.3 |
0.1 |
0.2 |
1.8 |
- |
|
Change in Hedge Reserve |
- |
- |
- |
- |
1.9 |
|
Share of profit in joint ventue |
-0.3 |
-0.2 |
-0.3 |
-0.1 |
-0.1 |
|
Decrease in non-current prepayments |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Increase in inventory |
-25.0 |
-14.9 |
-13.9 |
4.8 |
-10.6 |
|
Increase in trade and other receivables |
-4.1 |
-6.0 |
-11.6 |
2.6 |
-20.0 |
|
Increase/ (decrease) in trade and other |
8.9 |
0.4 |
15.6 |
-7.7 |
12.5 |
|
Interest paid |
-1.0 |
-0.3 |
-0.1 |
-0.2 |
-0.6 |
|
Income taxes paid |
-11.3 |
-12.4 |
-10.6 |
-10.4 |
-9.0 |
|
Cash from Operating Activities |
28.2 |
18.4 |
27.8 |
33.2 |
19.9 |
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment |
-31.4 |
-24.0 |
-15.5 |
-7.1 |
-21.2 |
|
Proceeds from sale of property, plant & |
0.0 |
0.7 |
0.0 |
0.0 |
0.0 |
|
Purchase of Non-Controlling Entity |
- |
0.0 |
-1.0 |
0.0 |
- |
|
Interest Received |
0.0 |
0.0 |
0.1 |
0.0 |
0.3 |
|
Cash from Investing Activities |
-31.4 |
-23.3 |
-16.3 |
-7.1 |
-20.9 |
|
|
|
|
|
|
|
|
Purchase of Shares |
- |
- |
0.0 |
0.0 |
-3.6 |
|
Proceeds from option holders for exercis |
0.4 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Dividends paid |
-16.1 |
-14.3 |
-11.7 |
-10.9 |
-12.5 |
|
Cash from Financing Activities |
-15.7 |
-14.2 |
-11.6 |
-10.8 |
-16.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
0.2 |
-0.1 |
-1.0 |
1.9 |
|
Net Change in Cash |
-18.8 |
-18.8 |
-0.2 |
14.2 |
-15.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2.8 |
21.7 |
21.1 |
7.3 |
23.5 |
|
Net Cash - Ending Balance |
-15.9 |
2.8 |
20.9 |
21.6 |
8.3 |
|
Cash Interest Paid |
1.0 |
0.3 |
0.1 |
0.2 |
0.6 |
|
Cash Taxes Paid |
11.3 |
12.4 |
10.6 |
10.4 |
9.0 |
Financial Health
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Ratios
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.84.72 |
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%)