MIRA INFORM REPORT

Report Date :

17.07.2014

Tel. No.:	+4420 7408444
Fax No.:	+4420 74083366

IDENTIFICATION DETAILS

Name :	DEBENHAMS PLC
Formerly Known As :	DEBENHAMS RETAIL HOLDINGS LIMITED
Registered Office :	10, Brock Street, Regents Place, London NW1, 3FG
Country :	United Kingdom
Financials (as on) :	31.08.2013
Date of Incorporation :	10.05.2005
Legal Form :	Public Limited With Share Capital
Line of Business :	A group engaged as a leading international department store group with a strong presence in women’s wear, men’s wear, home, health and beauty, accessories, lingerie and children’s wear.
No. of Employees :	30163

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

DEBENHAMS PLC

DIRECTORS/MANAGEMENT

Current Directors

Name	Dennis Henry Millard	Date of Birth	28/02/1949
Officers Title	Mr	Nationality	American
Present Appointments	79	Function	Director
Appointment Date	09/05/2006
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nigel Hargreaves Northridge	Date of Birth	31/01/1956
Officers Title	Mr	Nationality	British
Present Appointments	16	Function	Director
Appointment Date	01/01/2010
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Sophie Henrietta Turner Laing	Date of Birth	07/09/1960
Officers Title	Mrs	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/08/2009
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Martina Ann King	Date of Birth	07/03/1961
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/08/2009
Address	17 Rochester Row, Westminster, London, SW1P 1QT
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michael John Todkill Sharp	Date of Birth	22/03/1957
Officers Title	Mr	Nationality	British
Present Appointments	27	Function	Director
Appointment Date	09/05/2006
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark Edward Rolfe	Date of Birth	30/11/1958
Officers Title	Mr	Nationality	British
Present Appointments	19	Function	Director
Appointment Date	01/10/2010
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Peter Fitzgerald	Date of Birth	16/03/1970
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	04/10/2012
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Steve Ingham	Date of Birth	08/03/1962
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	08/01/2013
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Suzanne Harlow	Date of Birth	19/07/1966
Officers Title	Ms	Nationality	British
Present Appointments	14	Function	Director
Appointment Date	11/12/2013
Address	10 Brock Street, Regent's Place, London, NW1 3FG

Current Company Secretary

Name	Paul Rex Eardley	Date of Birth	13/09/1960
Officers Title	Mr	Nationality	British
Present Appointments	25	Function	Company Secretary
Appointment Date	15/10/2007
Address	10 Brock Street, Regent's Place, London, NW1 3FG
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Paul Richard Martin Pindar	53	142
Guy Antony Johnson	12	71
Jonathan Philip Feuer	3	4
Christopher Kevin Woodhouse	25	165
Christopher Kevin Woodhouse	25	165
Adam Alexander Crozier	6	13
John David Lovering	16	120
Phillipe Marinos Costeletos	6	11
Angela Lesley Spindler	0	9
Robert William Templeman	3	60
Guido Padovano	0	11
Soren Vestergaard Poulsen	0	2
Richard Gillingwater	1	1
Louise Black	0	1
Peter James Long	6	42
Simon Edward Herrick	13	53

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 1

Outstanding 0

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

CCJ

Total Number of Exact CCJs -	2	Total Value of Exact CCJs -	£809
Total Number of Possible CCJs -	1	Total Value of Possible CCJs -	£208
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£284
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
31/10/2013	NORTHAMPTON CCBC	£284	Satisfied	3QZ31028	23/12/2013
05/03/2013	NORTHAMPTON CCBC	£241	Judgement	3QT05701	-
03/12/2012	NORTHAMPTON CCBC	£568	Judgement	2XN19012	-

Possible CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
03/01/2014	NORTHAMPTON CCBC	£208	Judgement	3XC66804	-	DEBENHAMS, 3 CHARTER SQUARE, BURY ST EDMUNDS, SUFFOLK, IP33 3FD, IP33 3FD

Writ Details

No writs found.

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	26/05/05
Date Charge Registered:	06/06/05
Date Charge Satisfied:	13/07/06
Status:	SATISFIED
Person(s) Entitled:	CREDIT SUISSE
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

Average Invoice Value	£30.73
Invoices available	6331
Paid	5262
Outstanding	1069

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	2084	342	2350	485	1
Outstanding	0	837	232	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	19 companies
Linkages	4 companies
Countries	In 1 countries

Summary

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

Group structure

Statistics

Group	19 companies
Linkages	4 companies
Countries	In 1 countries

Other Linked companies

Name	Number	Latest Key Financials	Turnover
A.G. RETAIL HOLDINGS (IRELAND) LIMITED	IE244463	31.08.2013	€2,436
MISS SELFRIDGE RETAIL (IRELAND) LIMITED	IE445103	31.08.2013	€4,489,016
WALLIS RETAIL (IRELAND) LIMITED	IE445104	31.08.2013	€14,391,934
ARCADIA GROUP MULTIPLES (IRELAND) LIMITED	IE238757	31.08.2013	€24,046,232

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/08/13	(%)	01/09/12	(%)	31/08/12	(%)	03/09/11	(%)	28/08/10
Weeks	52	(%)	52	(%)	52	(%)	53	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£2,282,200,000	2.3%	£2,229,800,000	-	£2,229,800,000	0.9%	£2,209,800,000	4.2%	£2,119,900,000
Export	-	-	-	-	-	-	£358,000,000	11.8%	£320,100,000
Cost of Sales	£1,972,100,000	2.3%	£1,927,500,000	-	£1,927,500,000	0.8%	£1,913,100,000	4%	£1,838,900,000
Gross Profit	£310,100,000	2.6%	£302,300,000	-	£302,300,000	1.9%	£296,700,000	5.6%	£281,000,000
Wages & Salaries	£362,600,000	0.7%	£360,000,000	-	£360,000,000	-3.4%	£372,800,000	-1.4%	£378,100,000
Directors Emoluments	£1,710,000	-40%	£2,850,000	50.8%	£1,890,000	-38.2%	£3,060,000	-23.5%	£4,000,000
Operating Profit	£168,000,000	-4%	£175,000,000	-	£175,000,000	-4.7%	£183,700,000	-3.2%	£189,700,000
Depreciation	£84,400,000	2.4%	£82,400,000	-	£82,400,000	-1.3%	£83,500,000	-1.6%	£84,900,000
Audit Fees	£200,000	-	£200,000	-	£200,000	-	£200,000	-	£200,000
Interest Payments	£76,000,000	324.6%	£17,900,000	-8.2%	£19,500,000	-28.6%	£27,300,000	-51.7%	£56,500,000
Pre Tax Profit	£154,000,000	-2.7%	£158,300,000	-	£158,300,000	-1.2%	£160,300,000	14.6%	£139,900,000
Taxation	-£26,100,000	20.9%	-£33,000,000	-	-£33,000,000	23.4%	-£43,100,000	-0.5%	-£42,900,000
Profit After Tax	£127,900,000	2.1%	£125,300,000	-	£125,300,000	6.9%	£117,200,000	20.8%	£97,000,000
Dividends Payable	-	-	-	-	-	-100%	£12,900,000	-	-
Retained Profit	£127,900,000	2.1%	£125,300,000	-	£125,300,000	20.1%	£104,300,000	7.5%	£97,000,000

Balance Sheet

Date Of Accounts	31/08/13	(%)	01/09/12	(%)	31/08/12	(%)	03/09/11	(%)	28/08/10
Tangible Assets	£785,800,000	2.5%	£766,800,000	-	£766,800,000	1.6%	£754,800,000	-7%	£811,200,000
Intangible Assets	£876,500,000	1.3%	£864,900,000	-	£864,900,000	0.8%	£858,100,000	1.4%	£846,200,000
Total Fixed Assets	£1,662,300,000	1.9%	£1,631,700,000	-	£1,631,700,000	1.2%	£1,612,900,000	-2.7%	£1,657,400,000
Stock	£357,900,000	7.7%	£332,300,000	-	£332,300,000	3.4%	£321,300,000	8.8%	£295,300,000
Trade Debtors	£19,800,000	-5.3%	£20,900,000	-	£20,900,000	-7.1%	£22,500,000	12.5%	£20,000,000
Cash	£27,000,000	-38.6%	£44,000,000	-	£44,000,000	51.7%	£29,000,000	-58.3%	£69,500,000
Other Debtors	£58,500,000	7.3%	£54,500,000	-	£54,500,000	74.1%	£31,300,000	-13.5%	£36,200,000
Miscellaneous Current Assets	£7,300,000	-6.4%	£7,800,000	-	£7,800,000	550%	£1,200,000	-86.5%	£8,900,000
Total Current Assets	£470,500,000	2.4%	£459,500,000	-	£459,500,000	13.4%	£405,300,000	-5.7%	£429,900,000
Trade Creditors	£345,000,000	8.4%	£318,300,000	-	£318,300,000	10.9%	£286,900,000	-4.3%	£299,800,000
Bank Loans & Overdrafts	£2,900,000	-69.1%	£9,400,000	-	£9,400,000	51.6%	£6,200,000	-	0
Other Short Term Finance	£162,300,000	4.1%	£155,900,000	-	£155,900,000	-8.5%	£170,400,000	-68.9%	£547,500,000
Miscellaneous Current Liabilities	£231,700,000	-4.8%	£243,400,000	-	£243,400,000	-3.5%	£252,100,000	6.7%	£236,300,000
Total Current Liabilities	£741,900,000	2%	£727,000,000	-	£727,000,000	1.6%	£715,600,000	-34%	£1,083,600,000
Bank Loans & Overdrafts and LTL	£649,400,000	-8.9%	£712,600,000	-	£712,600,000	9.8%	£649,200,000	29.8%	£500,300,000
Other Long Term Finance	£6,800,000	-49.3%	£13,400,000	-	£13,400,000	139.3%	£5,600,000	-88.4%	£48,100,000
Total Long Term Liabilities	£646,500,000	-8.1%	£703,200,000	-	£703,200,000	9.4%	£643,000,000	28.5%	£500,300,000

Capital & Reserves

Date Of Accounts	31/08/13	(%)	01/09/12	(%)	31/08/12	(%)	03/09/11	(%)	28/08/10
Called Up Share Capital	£100,000	-	£100,000	-	£100,000	-	£100,000	-	£100,000
P & L Account Reserve	£64,900,000	755.6%	-£9,900,000	-	-£9,900,000	34.4%	-£15,100,000	91.4%	-£176,200,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£679,400,000	1.3%	£670,800,000	-	£670,800,000	-0.6%	£674,600,000	-0.7%	£679,500,000
Shareholder Funds	£744,400,000	12.6%	£661,000,000	-	£661,000,000	0.2%	£659,600,000	31%	£503,400,000

Other Financial Items

Date Of Accounts	31/08/13	(%)	01/09/12	(%)	31/08/12	(%)	03/09/11	(%)	28/08/10
Net Worth	-£132,100,000	35.2%	-£203,900,000	-	-£203,900,000	-2.7%	-£198,500,000	42.1%	-£342,800,000
Working Capital	-£271,400,000	-1.5%	-£267,500,000	-	-£267,500,000	13.8%	-£310,300,000	52.5%	-£653,700,000
Total Assets	£2,132,800,000	2%	£2,091,200,000	-	£2,091,200,000	3.6%	£2,018,200,000	-3.3%	£2,087,300,000
Total Liabilities	£1,388,400,000	-2.9%	£1,430,200,000	-	£1,430,200,000	5.3%	£1,358,600,000	-14.2%	£1,583,900,000
Net Assets	£744,400,000	12.6%	£661,000,000	-	£661,000,000	0.2%	£659,600,000	31%	£503,400,000

Cash Flow

Date Of Accounts	31/08/13	(%)	01/09/12	(%)	31/08/12	(%)	03/09/11	(%)	28/08/10
Net Cashflow from Operations	£199,300,000	-1.1%	£201,500,000	-	£201,500,000	1.1%	£199,400,000	-3.8%	£207,200,000
Net Cashflow before Financing	£66,000,000	-20.4%	£82,900,000	-	£82,900,000	-19.5%	£103,000,000	-5.2%	£108,600,000
Net Cashflow from Financing	-£76,500,000	-8.1%	-£70,800,000	-	-£70,800,000	53%	-£150,700,000	33.7%	-£227,300,000
Increase in Cash	-£10,500,000	-186.8%	£12,100,000	-	£12,100,000	125.4%	-£47,700,000	59.8%	-£118,700,000

Miscellaneous

Date Of Accounts	31/08/13	(%)	01/09/12	(%)	31/08/12	(%)	03/09/11	(%)	28/08/10
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£1,390,900,000	2%	£1,364,200,000	-	£1,364,200,000	4.7%	£1,302,600,000	29.8%	£1,003,700,000
Number of Employees	30163	0.2%	30117	-	30117	-1.7%	30624	0.7%	30417
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF AMERICA MERRILL LYNCH
Bank Branch Code

Ratios

Date Of Accounts	31/08/13	01/09/12	31/08/12	03/09/11	28/08/10
Pre-tax profit margin %	6.75	7.10	7.10	7.25	6.60
Current ratio	0.63	0.63	0.63	0.57	0.40
Sales/Net Working Capital	-8.41	-8.34	-8.34	-7.12	-3.24
Gearing %	87.20	107.80	107.80	98.40	99.40
Equity in %	59.30	53.90	53.90	56.90	40.60
Creditor Days	55.02	51.96	51.96	48.16	51.47
Debtor Days	3.15	3.41	3.41	3.77	3.43
Liquidity/Acid Test	0.15	0.17	0.17	0.11	0.12
Return On Capital Employed %	11.07	11.60	11.60	12.30	13.93
Return On Total Assets Employed %	7.22	7.56	7.56	7.94	6.70
Current Debt Ratio	0.99	1.09	1.09	1.08	2.15
Total Debt Ratio	1.86	2.16	2.16	2.05	3.14
Stock Turnover Ratio %	15.68	14.90	14.90	14.53	13.92
Return on Net Assets Employed %	20.68	23.94	23.94	24.30	27.79

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Enquiries Trend

The last enquiry date was 04/07/2014

There have been 491 enquiries in the last 12 months.

There are an average of 41 reports taken each month.

Status History

No Status History found

Event History

Date	Description
31/05/2014	Annual Returns
06/01/2014	Mr S.E. Herrick has left the board
28/12/2013	New Accounts Filed
28/12/2013	New Accounts Filed
13/12/2013	New Board Member Ms S. Harlow appointed
27/11/2013	New Accounts Filed
08/08/2013	Change of Company Postcode
11/07/2013	Change in Reg.Office
11/07/2013	Change of Company Postcode
17/06/2013	Annual Returns
21/01/2013	New Accounts Filed
14/01/2013	New Board Member Mr S. Ingham appointed
29/11/2012	New Accounts Filed
08/11/2012	New Board Member Mr P. Fitzgerald appointed
07/09/2012	Mr A.A. Crozier has left the board

Previous Company Names

Date	Previous Name
18/04/2006	DEBENHAMS RETAIL HOLDINGS LIMITED

NOTES & COMMENTS

Commentary

Multiple CCJ's recorded against the company.

Sales in the latest trading period increased 2.3% on the previous trading period.

Net Worth increased by 35.2% during the latest trading period.

A 2% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 2.7% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 38.6% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company has changed its year end on multiple occasions.

The company has changed its registered address recently.

The company was established over 9 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.