MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	JOHN LEWIS PLC
Registered Office :	171 Victoria Street, London, SW1E 5NN
Country :	United Kingdom
Financials (as on) :	26.01.13
Date of Incorporation :	20.09.1928
Legal Form :	Public Limited With Share Capital
Line of Business :	Activities of Head Offices
No. of Employees	81900

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 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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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 has continued to increase

Source : CIA

Company name and address

JOHN LEWIS PLC

DIRECTORS/MANAGEMENT

Total Current Directors	11
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	21

Current Directors

Name	Mark Ian Price	Date of Birth	02/03/1961
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	30/01/2005
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Charles Mayfield	Date of Birth	25/12/1966
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	24/09/2001
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew John Street	Date of Birth	11/06/1963
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	30/12/2002
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Tracey Anne Killen	Date of Birth	25/04/1961
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	30/04/2007
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Helen Alison Weir	Date of Birth	17/08/1962
Officers Title	Mrs	Nationality	British
Present Appointments	16	Function	Director
Appointment Date	01/06/2012
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Rachel Claire Elizabeth Osborne	Date of Birth	02/03/1965
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	23/01/2013
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Guy William Walton	Date of Birth	16/05/1971
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	23/01/2013
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ian Ashley Fleming	Date of Birth	17/04/1963
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	23/01/2013
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Alexander John Young	Date of Birth	05/12/1977
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	23/01/2013
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Berangere Michel	Date of Birth	06/11/1973
Officers Title	Mrs	Nationality	French
Present Appointments	1	Function	Director
Appointment Date	15/12/2009
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Reyn Hauff	Date of Birth	18/04/1951
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	15/12/2009
Address	171 Victoria Street, London, SW1E 5NN
Other Actions	View Director Report	View Consumer Report

Current Company Secretary

Name	Margaret Henrietta Augusta Casely-Hayford	Date of Birth	19/11/1954
Officers Title	Ms	Nationality	British
Present Appointments	32	Function	Company Secretary
Appointment Date	28/04/2006
Address	171 Victoria Street, London, SW1E 5NN
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Leslie Herbert Fletcher	0	7
David Leonard Felwick	7	16
Brian Anthony O'Callaghan	0	11
Dudley Richard Cloake	4	8
Peter Falconer	0	4
Ian David Alexander	1	14
Peter Tyndale Lewis	0	5
Peter Jerome Francis Oryan	0	3
Jean Margaret Quinn	0	1
Christopher Luke Mayhew	3	14
Brian James Pritchard	11	30
Nigel Wilfred Wreford-Brown	1	5
John Barnard Grantley Carpenter	0	8
Peter Walter Kenneth Still	1	4
Stuart Hampson	0	17
Steven Derek Esom	0	11
Terence Frank Neville	2	36
David Ernest Young	2	14
Marisa Luisa Cassoni	18	26
Betty Edith Dickinson	0	2
John S Sadler	0	3

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	2	Total Value of Exact CCJs -	£1,139
Total Number of Possible CCJs -	2	Total Value of Possible CCJs -	£3,058
Total Number of Satisfied CCJs -	8	Total Value of Satisfied CCJs -	£9,725
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
12/11/2013	NORTHAMPTON CCBC	£124	Judgement	3QZ09458	-
07/08/2012	SHOREDITCH	£1,015	Judgement	2IR73248	-
02/02/2011	NORTHAMPTON CCBC	£1,919	Satisfied	8XQ60826	08/06/2011
09/06/2009	STOCKPORT	£666	Satisfied	9SK02688	04/08/2009
16/02/2009	NORTHAMPTON CCBC	£1,251	Satisfied	9QT06359	27/04/2009

Possible CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
25/09/2013	NORTHAMPTON CCBC	£1,650	Judgement	3QZ18756	-	JOHN LEWIS PARTNERSHIP, DONCASTLE ROAD, SOUTHERN INDUSTRIAL ESTATE, BRACKNELL, RG12 8YA, RG12 8YA
28/03/2011	BEDFORD	£1,408	Judgement	1BE00460	-	JOHN LEWIS PARTNERSHIP, CENTRAL TRANSPORT, DONCASTLE ROAD, BRACKNELL, RG12 8YB, RG12 8YB

Writ Details

Date	Court	Plaintiff
20/12/2011	R C J - LONDON QUEENS BENCH	ICKENHAM TRAVEL GROUP PLC

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
12/11/2013	NORTHAMPTON CCBC	£124	Judgement	3QZ09458	-
07/08/2012	SHOREDITCH	£1,015	Judgement	2IR73248	-
02/02/2011	NORTHAMPTON CCBC	£1,919	Satisfied	8XQ60826	08/06/2011
09/06/2009	STOCKPORT	£666	Satisfied	9SK02688	04/08/2009
16/02/2009	NORTHAMPTON CCBC	£1,251	Satisfied	9QT06359	27/04/2009
02/01/2009	READING	£1,078	Satisfied	8RG07455	24/03/2009
12/08/2008	AYLESBURY	£320	Satisfied	8QT78722	11/10/2008
25/07/2008	RAWTENSTALL	£2,268	Satisfied	8RA02984	13/10/2008
17/07/2008	NORTHAMPTON CCBC	£1,273	Satisfied	8XQ55846	29/08/2008
09/07/2008	NORTHAMPTON CCBC	£950	Satisfied	8QT61983	17/12/2008

Possible CCJs Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
25/09/2013	NORTHAMPTON CCBC	£1,650	Judgement	3QZ18756	-	JOHN LEWIS PARTNERSHIP, DONCASTLE ROAD, SOUTHERN INDUSTRIAL ESTATE, BRACKNELL, RG12 8YA, RG12 8YA
28/03/2011	BEDFORD	£1,408	Judgement	1BE00460	-	JOHN LEWIS PARTNERSHIP, CENTRAL TRANSPORT, DONCASTLE ROAD, BRACKNELL, RG12 8YB, RG12 8YB

Writ Details

Date	Court	Plaintiff
20/12/2011	R C J - LONDON QUEENS BENCH	ICKENHAM TRAVEL GROUP PLC

Mortgage Details

Mortgage Type:	STANDARD SECURITY PRESENTED FOR REGISTRATION IN SCOTLAND ON 12/5/86
Date Charge Created:	12/05/86
Date Charge Registered:	21/05/86
Date Charge Satisfied:	27/07/87
Status:	SATISFIED
Person(s) Entitled:	NORTHERN CO-OPERATIVE SOCIETY LIMITED
Amount Secured:	£4,238.500 AND ALL OTHER MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THECHARGEE IN TERMS OF THE MISSIVES OF SALE DATED 6,11,12 & 28 FEBRUARY 1986
Details:	AREA OF GROUND BOUNDED BY GEORGE STREET.JACK STEET & ST ANDREWS STREET ABERDEENWITH BUILDINGS KNOWNAS NORCO HOUSE.

Mortgage Type:
Date Charge Created:	01/09/34
Date Charge Registered:	01/09/34
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:
Amount Secured:	NO AMOUNT SECURED
Details:

Mortgage Type:
Date Charge Created:	03/07/34
Date Charge Registered:	12/07/34
Date Charge Satisfied:	-
Status:	PARTIAL PROPERTY RELEASE
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED
Amount Secured:	£1,050,000 DEBENTURE STOCK AND PREMIUM OF 5% SUPPLEMENTAL TO TRUST DEED DATED 31/1/34 AND A DEEDSUPPLEMENTAL THERETO
Details:	FREEHOLD LAND ON THE NORTH EAST SIDE OFDRAYCOTT AVENUE CHELSEA LONDON.

Mortgage Type:
Date Charge Created:	03/07/34
Date Charge Registered:	12/07/34
Date Charge Satisfied:	-
Status:	PARTIAL PROPERTY RELEASE
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED
Amount Secured:	FOR SECURING £1,050,000 DEBENTURE STOCKAND PREMIUM OF 5% SUPPLEMENTAL TO TRUST DEED DATED 31/1/34AND A DEED SUPPLEMENTAL THERETO
Details:	LAND AND PREMISES AT REAR OF 19,21,23 PALMERSTON RD & NO 7 RICHMOND PLACELAND AND SHOPS NOS 25,27,29,31,33 & 35 PALMERSTON RD & 1 STANLEY LANE. SOUTHSEA PORTSMOUTH LAND AT NORTH SIDE OF STANLEY LANE.SOUTHSEA.

Mortgage Type:
Date Charge Created:	27/04/34
Date Charge Registered:	07/05/34
Date Charge Satisfied:	-
Status:	PARTIAL PROPERTY RELEASE
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED
Amount Secured:	DEBENTURE STOCK AMOUNTING TO £850,000 AND ANY FURTHER STOCK UP TO £400,000 AND A PREMIUM OF £5%
Details:	23,24,25 & 26 SLOANE SQUARE CHELSEA ANDLAND BUILDINGS AT BACK. 1 TO 31 (ODD) &31A SYMONS STREET CHELSEA. 2 TO 28 (EVEN) & 10A KINGS ROAD CHELSEA. 25 TO 31 (ODD) CADOGAN GARDENS CHELSEA.

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
JOHN LEWIS PARTNERSHIP PLC	GBP	6,749,990	ORDINARY	1
JOHN LEWIS PARTNERSHIP PLC	GBP	1,214,387	1ST CUMULATIVE PREFERENCE	1
JOHN LEWIS PARTNERSHIP PLC	GBP	566,654	CUMULATIVE PREFERENCE	1
W.B. NOMINEES LTD A/C N046713	GBP	100,000	1ST CUMULATIVE PREFERENCE	1
MR PETER FRANCIS WEARDON & MRS DENE ALLISON WEARDEN	GBP	40,900	CUMULATIVE PREFERENCE	1

PAYMENT INFORMATION

Average Invoice Value	£774.99
Invoices available	18999
Paid	17812
Outstanding	1187

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	5978	10724	619	161	330
Outstanding	246	150	70	54	667

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	18 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	JOHN LEWIS PARTNERSHIP PLC
Ownership Status	Wholly Owned
Ultimate Holding Company	JOHN LEWIS PARTNERSHIP PLC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
JOHN LEWIS PARTNERSHIP PLC	00238937	26.01.2013	Y	£8,465,500,000
JOHN LEWIS PARTNERSHIP...	00481406	26.01.2013	N
JOHN LEWIS PLC	00233462	26.01.2013	Y	£8,465,500,000
THE ODNEY ESTATE LIM...	02828420	26.01.2013	N
LECKFORD ESTATE LIMITED	02829583	26.01.2013	N
BUY.COM LIMITED	03709785	26.01.2013	N
JOHN LEWIS PT HOLDIN...	07106855	26.01.2013	N
JOHN LEWIS PARTNER...	00372106	26.01.2013	N
JOHN LEWIS PARTNERSH...	07501166	26.01.2013	N
JOHN LEWIS DELIVERY...	07643845	26.01.2013	N	£416,000
JOHN LEWIS CAR FINAN...	04328890	26.01.2013	N	£812,000
JLP SCOTLAND LIMITED	SC370158	26.01.2013	N
JONELLE JEWELLERY LI...	00223203	26.01.2013	N
JONELLE LIMITED	00240604	26.01.2013	N
PETER JONES LIMITED	00285318	26.01.2013	N
JOHN LEWIS PROPERTIE...	00303301	26.01.2013	N	£40,100,000
HERBERT PARKINSON LI...	00318082	26.01.2013	N	£20,414,300
WAITROSE LIMITED	00099405	26.01.2013	Y	£5,416,100,000

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	53
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£8,465,500,000	9.1%	£7,758,600,000	5.4%	£7,361,800,000	9.3%	£6,734,600,000	7.5%	£6,267,200,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£5,640,100,000	9.2%	£5,166,500,000	5.9%	£4,878,700,000	9.4%	£4,460,400,000	6.3%	£4,195,400,000
Gross Profit	£2,825,400,000	9%	£2,592,100,000	4.4%	£2,483,100,000	9.2%	£2,274,200,000	9.8%	£2,071,800,000
Wages & Salaries	£1,662,400,000	8.9%	£1,526,000,000	3.8%	£1,470,400,000	13.2%	£1,299,000,000	5.4%	£1,233,000,000
Directors Emoluments	£5,610,000	5.3%	£5,330,000	54.9%	£3,440,000	12.8%	£3,050,000	5.2%	£2,900,000
Operating Profit	£449,700,000	15%	£391,000,000	-8.9%	£429,300,000	27%	£338,000,000	5.2%	£321,200,000
Depreciation	£22,500,000	-90.7%	£241,000,000	11.8%	£215,500,000	13.5%	£189,900,000	4.9%	£181,100,000
Audit Fees	£800,000	14.3%	£700,000	-	£700,000	-	£700,000	-	£700,000
Interest Payments	£81,000,000	14.9%	£70,500,000	4%	£67,800,000	-22.6%	£87,600,000	63.7%	£53,500,000
Pre Tax Profit	£198,000,000	5.3%	£188,100,000	8.7%	£173,100,000	11.7%	£154,900,000	-44.9%	£281,000,000
Taxation	-£46,500,000	10.4%	-£51,900,000	-13.8%	-£45,600,000	5.6%	-£48,300,000	-1.3%	-£47,700,000
Profit After Tax	£151,500,000	11.2%	£136,200,000	6.8%	£127,500,000	19.6%	£106,600,000	-54.3%	£233,300,000
Dividends Payable	£100,000	-	£100,000	-	£100,000	-	£100,000	-	£100,000
Retained Profit	£151,400,000	11.2%	£136,100,000	6.8%	£127,400,000	19.6%	£106,500,000	-54.3%	£233,200,000

Balance Sheet

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Tangible Assets	£3,902,300,000	1.4%	£3,849,700,000	5.1%	£3,664,000,000	5.4%	£3,475,400,000	7.2%	£3,242,900,000
Intangible Assets	£213,700,000	30.1%	£164,300,000	47.5%	£111,400,000	20.4%	£92,500,000	8.7%	£85,100,000
Total Fixed Assets	£4,116,000,000	2.5%	£4,014,000,000	6.3%	£3,775,400,000	5.8%	£3,567,900,000	7.2%	£3,328,000,000
Stock	£514,000,000	10.5%	£465,200,000	10.2%	£422,000,000	5.8%	£399,000,000	13.3%	£352,300,000
Trade Debtors	£49,500,000	-35.8%	£77,100,000	-1.9%	£78,600,000	19.8%	£65,600,000	43.2%	£45,800,000
Cash	£534,400,000	-3%	£550,800,000	7.4%	£512,700,000	-8.4%	£560,000,000	183.4%	£197,600,000
Other Debtors	£142,400,000	4.6%	£136,100,000	3%	£132,100,000	29.8%	£101,800,000	9.3%	£93,100,000
Miscellaneous Current Assets	£7,300,000	170.4%	£2,700,000	-89.5%	£25,700,000	89%	£13,600,000	-41.9%	£23,400,000
Total Current Assets	£1,247,600,000	1.3%	£1,231,900,000	5.2%	£1,171,100,000	2.7%	£1,140,000,000	60.1%	£712,200,000
Trade Creditors	£698,100,000	31.7%	£530,100,000	24.9%	£424,500,000	18.5%	£358,200,000	12.3%	£318,900,000
Bank Loans & Overdrafts	£156,300,000	-48.3%	£302,100,000	362.6%	£65,300,000	-43.5%	£115,600,000	52.5%	£75,800,000
Other Short Term Finance	£92,800,000	20.1%	£77,300,000	-51.4%	£158,900,000	243.9%	£46,200,000	42.2%	£32,500,000
Miscellaneous Current Liabilities	£774,000,000	10.1%	£702,800,000	1.7%	£690,900,000	15.7%	£597,300,000	26.6%	£471,700,000
Total Current Liabilities	£1,721,200,000	6.8%	£1,612,300,000	20.4%	£1,339,600,000	19.9%	£1,117,300,000	24.3%	£898,900,000
Bank Loans & Overdrafts and LTL	£1,897,500,000	-1.5%	£1,926,800,000	20.4%	£1,599,700,000	-20.1%	£2,002,000,000	33.9%	£1,494,600,000
Other Long Term Finance	£35,900,000	36%	£26,400,000	-5.7%	£28,000,000	-1.8%	£28,500,000	-2.4%	£29,200,000
Total Long Term Liabilities	£1,741,200,000	7.2%	£1,624,700,000	5.9%	£1,534,400,000	-18.7%	£1,886,400,000	33%	£1,418,800,000

Capital & Reserves

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Called Up Share Capital	£6,700,000	-	£6,700,000	-	£6,700,000	-	£6,700,000	-	£6,700,000
P & L Account Reserve	£1,888,900,000	-5.6%	£2,000,300,000	-3.1%	£2,064,100,000	21.6%	£1,697,400,000	-0.5%	£1,706,400,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£5,600,000	194.7%	£1,900,000	11.8%	£1,700,000	999.9%	£100,000	-98.9%	£9,400,000
Shareholder Funds	£1,901,200,000	-5.4%	£2,008,900,000	-3.1%	£2,072,500,000	21.6%	£1,704,200,000	-1.1%	£1,722,500,000

Other Financial Items

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Net Worth	£1,687,500,000	-8.5%	£1,844,600,000	-5.9%	£1,961,100,000	21.7%	£1,611,700,000	-1.6%	£1,637,400,000
Working Capital	-£473,600,000	-24.5%	-£380,400,000	-125.8%	-£168,500,000	-842.3%	£22,700,000	112.2%	-£186,700,000
Total Assets	£5,363,600,000	2.2%	£5,245,900,000	6.1%	£4,946,500,000	5.1%	£4,707,900,000	16.5%	£4,040,200,000
Total Liabilities	£3,462,400,000	7%	£3,237,000,000	12.6%	£2,874,000,000	-4.3%	£3,003,700,000	29.6%	£2,317,700,000
Net Assets	£1,901,200,000	-5.4%	£2,008,900,000	-3.1%	£2,072,500,000	21.6%	£1,704,200,000	-1.1%	£1,722,500,000

Cash Flow

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Net Cashflow from Operations	£267,300,000	28.1%	£208,600,000	-51.2%	£427,100,000	-13.2%	£492,100,000	26.3%	£389,700,000
Net Cashflow before Financing	£268,800,000	567%	£40,300,000	170%	-£57,600,000	-194.3%	£61,100,000	627.4%	£8,400,000
Net Cashflow from Financing	-£299,100,000	-999.9%	-£300,000	-100.5%	£60,600,000	-76.8%	£261,500,000	420.9%	£50,200,000
Increase in Cash	-£30,300,000	-175.8%	£40,000,000	999.9%	£3,000,000	-99.1%	£322,600,000	450.5%	£58,600,000

Miscellaneous

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Contingent Liability	YES	-	YES	-	YES	-	NO	-	YES
Capital Employed	£3,642,400,000	0.2%	£3,633,600,000	0.7%	£3,606,900,000	0.5%	£3,590,600,000	14.3%	£3,141,300,000
Number of Employees	81900	4.1%	78700	5.2%	74800	6.9%	70000	1.9%	68700
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	THE ROYAL BANK OF SCOTLAND PLC
Bank Branch Code

Ratios

Date Of Accounts	26/01/13	28/01/12	29/01/11	30/01/10	31/01/09
Pre-tax profit margin %	2.34	2.42	2.35	2.30	4.48
Current ratio	0.72	0.76	0.87	1.02	0.79
Sales/Net Working Capital	-17.87	-20.40	-43.69	296.68	-33.57
Gearing %	99.80	95.90	77.20	117.50	86.80
Equity in %	36.90	39.50	42.90	36.90	43.60
Creditor Days	30.01	24.87	20.98	19.36	18.87
Debtor Days	2.12	3.61	3.88	3.54	2.71
Liquidity/Acid Test	0.42	0.47	0.55	0.66	0.40
Return On Capital Employed %	5.43	5.17	4.79	4.31	8.94
Return On Total Assets Employed %	3.69	3.58	3.49	3.29	6.95
Current Debt Ratio	0.90	0.80	0.64	0.65	0.52
Total Debt Ratio	1.82	1.61	1.38	1.76	1.34
Stock Turnover Ratio %	6.07	5.99	5.73	5.92	5.62
Return on Net Assets Employed %	10.41	9.36	8.35	9.08	16.31

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	-	-

No Debtor Data

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
03/09/2013	Annual Returns
08/08/2013	New Board Member Mr R. Hauff appointed
08/08/2013	New Board Member Mrs B. Michel appointed
06/07/2013	New Accounts Filed
06/07/2013	New Accounts Filed
05/02/2013	New Board Member Mr A.J. Young appointed
05/02/2013	New Board Member Mr I.A. Fleming appointed
05/02/2013	New Board Member Mr G.W. Walton appointed
05/02/2013	New Board Member Ms R.C. Osborne appointed
07/08/2012	Annual Returns
18/07/2012	New Accounts Filed
18/07/2012	New Accounts Filed
26/06/2012	New Board Member Mrs H.A. Weir appointed
19/06/2012	Ms M.L. Cassoni has left the board
19/06/2012	New Board Member Mrs H.A. Weir appointed

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

Multiple CCJ's recorded against the company.

There has been no significant change in the company's credit rating.

Sales in the latest trading period increased 9.1% on the previous trading period.

Net Worth decreased by 8.5% during the latest trading period.

A 2.2% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 5.3% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 3% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 85 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Analysis Done by :	RAS
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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