MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	RIVER ISLAND CLOTHING CO. LIMITED
Registered Office :	Chelsea house, west gate, London, W5 1 DR
Country :	United Kingdom
Financials (as on) :	28.12.2013
Date of Incorporation :	31.08.1959
Legal Form :	Private limited with share capital
Line of Business :	Retail sale of clothing in specialised stores. The manufacture and retail of men’s women’s clothing and accessories.
No. of Employees :	Not Available

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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

REGISTERED NAME & COMPANY SUMMARY

RIVER ISLAND CLOTHING CO. LIMITED

DIRECTORS/MANAGEMENT

Current Directors

Name	Simon Lewis	Date of Birth	05/10/1962
Officers Title	Mr	Nationality	British
Present Appointments	22	Function	Director
Appointment Date	16/04/1997
Address	Chelsea House West Gate, London, W5 1DR

Name	Clive Robert Lewis	Date of Birth	04/12/1956
Officers Title	Mr	Nationality	British
Present Appointments	86	Function	Director
Appointment Date	16/12/1996
Address	Chelsea House West Gate, London, W5 1DR

Name	Bernard Lewis	Date of Birth	10/02/1926
Officers Title	Mr	Nationality	British
Present Appointments	29	Function	Director
Appointment Date	15/12/1991
Address	Chelsea House West Gate, London, W5 1DR

Name	Vanessa Jane Lewis	Date of Birth	11/07/1946
Officers Title	Mrs	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	03/12/2001
Address	Chelsea House West Gate, London, W5 1DR

Name	Benjamin Joseph Lewis	Date of Birth	10/05/1967
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	20/04/2006
Address	Chelsea House, West Gate, London, W5 1DR

Current Company Secretary

Name	CAVENDISH SQUARE SECRETARIAT	Date of Birth	-
Officers Title		Nationality	British
Present Appointments	96	Function	Company Secretary
Appointment Date	15/12/1991
Address	Chelsea House West Gate, Ealing, London, W5 1DR

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Richard Edward Bradbury	1	2
Julian Harley Lewis	70	7
Leonard Richard Lewis	11	14
David Lewis	0	55

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 2

Outstanding 0

Satisfied 2

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

CCJ

Total Number of Exact CCJs -	6	Total Value of Exact CCJs -	£12,165
Total Number of Possible CCJs -	1	Total Value of Possible CCJs -	£187
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
23/12/2013	NORTHAMPTON CCBC	£183	Judgment	3QZ61984	-
16/06/2011	NORTHAMPTON CCBC	£79	Judgment	1QT53036	-
14/10/2010	NORTHAMPTON CCBC	£360	Judgment	0QZ12870	-
16/06/2010	NORTHAMPTON CCBC	£325	Judgment	0QT58750	-
21/01/2009	TELFORD	£45	Judgment	8TF01845	-
02/12/2008	MANCHESTER	£11,173	Judgment	8MA20210	-

Possible CCJs Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
08/01/2014	NORTHAMPTON CCBC	£187	Judgment	3QL67664	-	RIVER ISLAND CLOTHING CO LTD, VICTOR ALAN HEWITT, 7 & 9 CHICHESTER STREET, BELFAST, BT1 4JG, BT1 4JG

Writ Details

No writs found

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	26/05/83
Date Charge Registered:	06/06/83
Date Charge Satisfied:	15/01/13
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	F/HOLD 5/7 THE PRECINCT, COVENTRY, WESTMIDLANDS.

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	26/04/82
Date Charge Registered:	28/04/82
Date Charge Satisfied:	15/01/13
Status:	SATISFIED
Person(s) Entitled:	A. P. BANK LIMITED
Amount Secured:
Details:	2 TENANCY AGREEMENTS, DATED 1ST APRIL 1982 RELATING TO 8 AND 10 BROADMEAD, BRISTOL.

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
RIVER ISLAND HOLDINGS LTD	GBP	34,000,100	ORDINARY	0.1

PAYMENT INFORMATION

Average Invoice Value	£7729.05
Invoices available	759
Paid	667
Outstanding	92

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	290	212	123	22	20
Outstanding	9	29	22	2	30

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	63 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	RIVER ISLAND HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	LFH INTERNATIONAL LTD

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	28/12/13	(%)	29/12/12	(%)	31/12/11	(%)	25/12/10	(%)	26/12/09
Weeks	52	(%)	52	(%)	53	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£809,500,000	3.8%	£780,100,000	8.2%	£720,700,000	0.1%	£720,300,000	-2.1%	£735,570,248
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£684,200,000	6.8%	£640,800,000	8.7%	£589,600,000	4.5%	£564,200,000	-0.5%	£566,785,089
Gross Profit	£125,300,000	-10.1%	£139,300,000	6.3%	£131,100,000	-16%	£156,100,000	-7.5%	£168,785,159
Wages & Salaries	£129,200,000	6%	£121,900,000	-0.6%	£122,600,000	2.3%	£119,900,000	-6.5%	£128,303,523
Directors Emoluments	£2,200,000	-12%	£2,500,000	-	£2,500,000	-85.8%	£17,600,000	222.4%	£5,459,659
Operating Profit	£86,500,000	-9.5%	£95,600,000	12.9%	£84,700,000	-25.6%	£113,900,000	-12.6%	£130,341,526
Depreciation	£28,100,000	-9.6%	£31,100,000	0.6%	£30,900,000	3%	£30,000,000	2.6%	£29,245,676
Audit Fees	£100,000	-	£100,000	-	£100,000	-	£100,000	19.9%	£83,390
Interest Payments	£7,100,000	-19.3%	£8,800,000	2.3%	£8,600,000	21.1%	£7,100,000	193%	£2,423,196
Pre Tax Profit	£86,100,000	-7.7%	£93,300,000	14.3%	£81,600,000	-26.4%	£110,800,000	-15.1%	£130,564,174
Taxation	-£12,100,000	16.6%	-£14,500,000	-104.2%	-£7,100,000	56.2%	-£16,200,000	-49.6%	-£10,828,198
Profit After Tax	£74,000,000	-6.1%	£78,800,000	5.8%	£74,500,000	-21.2%	£94,600,000	-21%	£119,735,976
Dividends Payable	£100,000,000	-	-	-	-	-100%	£160,000,000	-24.8%	£212,646,000
Retained Profit	-£26,000,000	-133%	£78,800,000	5.8%	£74,500,000	213.9%	-£65,400,000	29.6%	-£92,910,024

Balance Sheet

Date Of Accounts	28/12/13	(%)	29/12/12	(%)	31/12/11	(%)	25/12/10	(%)	26/12/09
Tangible Assets	£100,200,000	1.5%	£98,700,000	-14.1%	£114,900,000	-7.9%	£124,700,000	3.7%	£120,265,342
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£100,200,000	1.5%	£98,700,000	-14.1%	£114,900,000	-7.9%	£124,700,000	3.7%	£120,265,342
Stock	£87,800,000	24.5%	£70,500,000	20.9%	£58,300,000	-18.6%	£71,600,000	32.5%	£54,049,087
Trade Debtors	£19,300,000	103.2%	£9,500,000	-5.9%	£10,100,000	-38.4%	£16,400,000	44.7%	£11,330,200
Cash	£67,400,000	-24.2%	£88,900,000	16.7%	£76,200,000	53.9%	£49,500,000	-43.2%	£87,089,730
Other Debtors	£250,600,000	3.4%	£242,400,000	31.7%	£184,000,000	34.2%	£137,100,000	91%	£71,761,908
Miscellaneous Current Assets	£19,900,000	-62.2%	£52,600,000	31.5%	£40,000,000	-	0	-	0
Total Current Assets	£445,000,000	-4.1%	£463,900,000	25.9%	£368,600,000	34.2%	£274,600,000	22.5%	£224,230,925
Trade Creditors	£54,000,000	11.3%	£48,500,000	8.7%	£44,600,000	-15.2%	£52,600,000	-67.7%	£162,671,161
Bank Loans & Overdrafts	£900,000	800%	£100,000	-95.5%	£2,200,000	83.3%	£1,200,000	-	0
Other Short Term Finance	£158,600,000	-9.7%	£175,600,000	-0.1%	£175,800,000	6.9%	£164,500,000	-	0
Miscellaneous Current Liabilities	£88,000,000	28.1%	£68,700,000	-1.9%	£70,000,000	10.9%	£63,100,000	-	0
Total Current Liabilities	£301,500,000	2.9%	£292,900,000	0.1%	£292,600,000	4%	£281,400,000	73%	£162,671,161
Bank Loans & Overdrafts and LTL	£1,900,000	72.7%	£1,100,000	-65.6%	£3,200,000	-13.5%	£3,700,000	270%	£1,000,000
Other Long Term Finance	£1,000,000	-	£1,000,000	-	£1,000,000	-	£1,000,000	-	£1,000,000
Total Long Term Liabilities	£1,000,000	-	£1,000,000	-	£1,000,000	-60%	£2,500,000	150%	£1,000,000

Capital & Reserves

Date Of Accounts	28/12/13	(%)	29/12/12	(%)	31/12/11	(%)	25/12/10	(%)	26/12/09
Called Up Share Capital	£3,400,000	-	£3,400,000	-	£3,400,000	-	£3,400,000	0%	£3,400,010
P & L Account Reserve	£225,800,000	-10.3%	£251,800,000	45.5%	£173,000,000	75.6%	£98,500,000	-39.9%	£163,960,583
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£13,500,000	-	£13,500,000	-	£13,500,000	-	£13,500,000	0.3%	£13,464,513
Shareholder Funds	£242,700,000	-9.7%	£268,700,000	41.5%	£189,900,000	64.6%	£115,400,000	-36.2%	£180,825,106

Other Financial Items

Date Of Accounts	28/12/13	(%)	29/12/12	(%)	31/12/11	(%)	25/12/10	(%)	26/12/09
Net Worth	£242,700,000	-9.7%	£268,700,000	41.5%	£189,900,000	64.6%	£115,400,000	-36.2%	£180,825,106
Working Capital	£143,500,000	-16.1%	£171,000,000	125%	£76,000,000	999.9%	-£6,800,000	-111%	£61,559,764
Total Assets	£545,200,000	-3.1%	£562,600,000	16.4%	£483,500,000	21.1%	£399,300,000	15.9%	£344,496,267
Total Liabilities	£302,500,000	2.9%	£293,900,000	0.1%	£293,600,000	3.4%	£283,900,000	73.5%	£163,671,161
Net Assets	£242,700,000	-9.7%	£268,700,000	41.5%	£189,900,000	64.6%	£115,400,000	-36.2%	£180,825,106

Cash Flow

Date Of Accounts	28/12/13	(%)	29/12/12	(%)	31/12/11	(%)	25/12/10	(%)	26/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	28/12/13	(%)	29/12/12	(%)	31/12/11	(%)	25/12/10	(%)	26/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£243,700,000	-9.6%	£269,700,000	41.3%	£190,900,000	61.9%	£117,900,000	-35.2%	£181,825,106
Number of Employees	10393	-0.8%	10478	2.6%	10213	-4.7%	10722	-8.2%	11676
Auditors	BDO LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	STANDARD CHARTERED
Bank Branch Code

Ratios

Date Of Accounts	28/12/13	29/12/12	31/12/11	25/12/10	26/12/09
Pre-tax profit margin %	10.64	11.96	11.32	15.38	17.75
Current ratio	1.48	1.58	1.26	0.98	1.38
Sales/Net Working Capital	5.64	4.56	9.48	-105.93	11.95
Gearing %	0.80	0.40	1.70	3.20	0.60
Equity in %	44.50	47.80	39.30	28.90	52.50
Creditor Days	24.28	22.63	22.95	26.58	80.49
Debtor Days	8.67	4.43	5.19	8.28	5.60
Liquidity/Acid Test	1.18	1.34	1.06	0.72	1.04
Return On Capital Employed %	35.33	34.59	42.74	93.97	71.80
Return On Total Assets Employed %	15.79	16.58	16.87	27.74	37.90
Current Debt Ratio	1.24	1.09	1.54	2.43	0.89
Total Debt Ratio	1.24	1.09	1.54	2.46	0.90
Stock Turnover Ratio %	10.84	9.03	8.08	9.94	7.34
Return on Net Assets Employed %	35.47	34.72	42.96	96.01	72.20

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
27/09/2014	New Accounts Filed
27/09/2014	New Accounts Filed
07/12/2013	Annual Returns
28/09/2013	New Accounts Filed
28/09/2013	New Accounts Filed
08/12/2012	Annual Returns
01/10/2012	New Accounts Filed
01/10/2012	New Accounts Filed
03/09/2012	Mr J.H. Lewis has left the board
06/12/2011	Annual Returns
01/10/2011	New Accounts Filed
01/10/2011	New Accounts Filed
21/05/2011	New Board Member Mr B.J. Lewis appointed
04/12/2010	Annual Returns
13/10/2010	New Board Member Mr B.J. Lewis appointed

Limit History

A new rating system was introduced on 24/08/2014.

28/09/2013	£7,150,000
20/05/2013	£6,150,000
12/02/2013	£6,200,000

01/10/2012	£6,150,000
01/10/2011	£5,800,000
28/09/2011	£7,000,000
20/06/2011	£7,000,000
25/09/2010	£6,950,000

Previous Company Names

Date	Previous Name
21/04/1992	CHELSEA GIRL LIMITED

NOTES & COMMENTS

Commentary

Sales in the latest trading period increased 3.8% on the previous trading period.

The audit report contains no adverse comments.

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

No recent changes in directorship are recorded.

The company is part of a group.

Multiple CCJ's recorded against the company.

Net Worth decreased by 9.7% during the latest trading period.

A 3.1% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 7.7% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 24.2% during the latest trading period.

The company was established over 55 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.24
UK Pound	1	Rs.98.67
Euro	1	Rs.77.97

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PDT

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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