MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	HOUSE OF FRASER (STORES) LIMITED
Registered Office :	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Country :	United Kingdom
Financials (as on) :	26.01.2013
Date of Incorporation :	17.10.1919
Com. Reg. No.:	SC010677
Legal Form :	Private limited with share capital
Line of Business :	Retailing of premium designer brands
No. of Employees	4956

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Company name and address

Company name HOUSE OF FRASER (STORES) LIMITED

Company number SC010677

DIRECTORS/MANAGEMENT

Current Directors

Name	Elizabeth Anne Gray	Date of Birth	29/06/1954
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	10/09/2009
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Peter Thomas Gross	Date of Birth	22/04/1962
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	10/09/2009
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark Anthony Gifford	Date of Birth	23/02/1965
Officers Title	Mr	Nationality	British
Present Appointments	58	Function	Director
Appointment Date	27/11/2007
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Peter Geoffrey Hearsey	Date of Birth	04/06/1965
Officers Title	Mr	Nationality	British
Present Appointments	58	Function	Director
Appointment Date	26/03/2009
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John King	Date of Birth	01/06/1962
Officers Title	Mr	Nationality	British
Present Appointments	56	Function	Director
Appointment Date	20/12/2006
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Michael Harding	Date of Birth	21/10/1975
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	04/02/2013
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nigel Oddy	Date of Birth	15/02/1960
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	10/09/2009
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jackie Hay	Date of Birth	14/01/1969
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	24/09/2012
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ysanne Mary Jenkins	Date of Birth	17/02/1965
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	04/02/2013
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Robert John Hampson	0	5
Peter Norskov Husum	0	2
Paul Bryan Livesey	0	6
Norman Muirhead Hogben	0	4
Benjamin Graham Scholefield	0	3
Ali Fayed	3	16
Ronald Howard Donmall	0	1
Brian Dennis McGowan	8	9
Anne Claire Siddell	65	41
David Royston Webb	5	28
Ronald Findlay Craig	0	2
Robert Neil Shrager	3	33
Margaret Gilmore	0	2
Andrew Richard Jennings	0	8
Peter Louis Granat	1	1
Stephen Hibbert	1	13
Kathryn Horsfall	4	3
Anthony Graham Cooper	1	2
Niall John Martin	0	5
Michael Shute	1	4
Alexander Matthew Edward Munn	0	1
Rebecca Sharp	0	1
James Ralph Parnell Davies	42	86
Ann Gordon Dugdale	0	5
Robert Green	1	6
David Alexander Robertson Adams	18	114
David Alexander Robertson Adams	18	114
John Coleman	3	37
Colin Nigel Porter	4	3
Jon Asgeir Johannesson	0	37
Stephanie Madeline Crawley	2	5
Sally Jean Ireland	0	6
Tony Charles Hancock	0	3
Peter Miles Callaway	2	5
Allan Christopher Winstanley	1	1
Paul Gilbert Middlemiss	6	5
Gunnar Sigurdsson	2	114
Donald McCarthy	34	31
Stefan John Cassar	8	54
Adam Dominic Bradley Shaw	17	24
Sara Jane Tack	0	19
Richard John Scott	19	88
Richard John Scott	19	88
Richard Kenneth Wayment	0	2
Robin James Terrell	0	2
Peter Norskov Husum	0	1
George Willoughby	2	21
Michael Bliss	2	4
Robert Joseph Henry	1	3
Peter George John Bathmaker	4	1
June Elizabeth Lawlor	1	2
Frank John Berridge	3	1
Mark Holland	0	2
Matthew David Chambers	1	1

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	2	Total Value of Satisfied CCJs -	£4,571
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
29/07/2009	GLASGOW	£4,501	Satisfied	SC811/09	02/12/2009
21/11/2008	NORTHAMPTON CCBC	£70	Satisfied	8QZ23051	16/01/2009

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
HOUSE OF FRASER LTD	GBP	1,179,600,000	ORDINARY	0.1

Unable to report percentage holdings as filed Shareholder listing is not full.

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	19 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	HOUSE OF FRASER LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	HIGHLAND GROUP HOLDINGS LIMITED

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09
Weeks	52	(%)	52	(%)	52	(%)	53	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£680,500,000	4.2%	£653,200,000	5.7%	£617,900,000	6.3%	£581,400,000	0.6%	£578,200,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£285,100,000	5.6%	£270,000,000	10.3%	£244,800,000	6.4%	£230,100,000	-3%	£237,100,000
Gross Profit	£395,400,000	3.2%	£383,200,000	2.7%	£373,100,000	6.2%	£351,300,000	3%	£341,100,000
Wages & Salaries	£116,900,000	-0.8%	£117,800,000	-1.1%	£119,100,000	9.6%	£108,700,000	-5.6%	£115,100,000
Directors Emoluments	£2,900,000	-3.3%	£3,000,000	15.4%	£2,600,000	8.3%	£2,400,000	140%	£1,000,000
Operating Profit	£21,400,000	8.6%	£19,700,000	-64.9%	£56,200,000	59.2%	£35,300,000	12.4%	£31,400,000
Depreciation	£35,100,000	2.6%	£34,200,000	-1.4%	£34,700,000	1.5%	£34,200,000	-0.9%	£34,500,000
Audit Fees	-	-	-	-	-	-	-	-100%	£30,000
Interest Payments	£25,400,000	-34.7%	£38,900,000	-13.4%	£44,900,000	3.7%	£43,300,000	15.2%	£37,600,000
Pre Tax Profit	£18,600,000	61.7%	£11,500,000	-69.5%	£37,700,000	125.7%	£16,700,000	-11.2%	£18,800,000
Taxation	-£9,000,000	7.2%	-£9,700,000	7.6%	-£10,500,000	5.4%	-£11,100,000	13.3%	-£12,800,000
Profit After Tax	£9,600,000	433.3%	£1,800,000	-93.4%	£27,200,000	385.7%	£5,600,000	-6.7%	£6,000,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£9,600,000	433.3%	£1,800,000	-93.4%	£27,200,000	385.7%	£5,600,000	-6.7%	£6,000,000

Balance Sheet

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09
Tangible Assets	£234,800,000	-8.7%	£257,200,000	-9.3%	£283,500,000	-4.1%	£295,600,000	-7.2%	£318,500,000
Intangible Assets	£5,600,000	-8.2%	£6,100,000	-7.6%	£6,600,000	-4.3%	£6,900,000	1.5%	£6,800,000
Total Fixed Assets	£240,400,000	-8.7%	£263,300,000	-9.2%	£290,100,000	-4.1%	£302,500,000	-7%	£325,300,000
Stock	£98,200,000	-0.9%	£99,100,000	13.8%	£87,100,000	34%	£65,000,000	-13.6%	£75,200,000
Trade Debtors	£5,800,000	13.7%	£5,100,000	8.5%	£4,700,000	14.6%	£4,100,000	310%	£1,000,000
Cash	£56,600,000	-14%	£65,800,000	64.5%	£40,000,000	-43.3%	£70,500,000	-11.1%	£79,300,000
Other Debtors	£376,000,000	6.9%	£351,700,000	142.9%	£144,800,000	20.6%	£120,100,000	-11.2%	£135,300,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£536,600,000	2.9%	£521,700,000	88.6%	£276,600,000	6.5%	£259,700,000	-10.7%	£290,800,000
Trade Creditors	£191,700,000	2.7%	£186,700,000	2.8%	£181,700,000	15%	£158,000,000	1.2%	£156,200,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£298,700,000	-5%	£314,500,000	223.2%	£97,300,000	-38.9%	£159,200,000	-20.5%	£200,300,000
Miscellaneous Current Liabilities	£87,400,000	0.8%	£86,700,000	7.2%	£80,900,000	14.6%	£70,600,000	-7%	£75,900,000
Total Current Liabilities	£577,800,000	-1.7%	£587,900,000	63.4%	£359,900,000	-7.2%	£387,800,000	-10.3%	£432,400,000
Bank Loans & Overdrafts and LTL	£134,600,000	-17.4%	£162,900,000	28.3%	£127,000,000	-23.6%	£166,200,000	18.2%	£140,600,000
Other Long Term Finance	0	-	0	-	0	-	0	-100%	£400,000
Total Long Term Liabilities	£134,600,000	-17.4%	£162,900,000	28.3%	£127,000,000	-23.6%	£166,200,000	18.2%	£140,600,000

Capital & Reserves

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09
Called Up Share Capital	£118,000,000	-	£118,000,000	-	£118,000,000	20.4%	£98,000,000	-	£98,000,000
P & L Account Reserve	-£103,000,000	22.8%	-£133,400,000	-51.9%	-£87,800,000	37%	-£139,400,000	-33.4%	-£104,500,000
Revaluation Reserve	£49,600,000	-	£49,600,000	-	£49,600,000	-	£49,600,000	-	£49,600,000
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£64,600,000	88.9%	£34,200,000	-57.1%	£79,800,000	873.2%	£8,200,000	-81%	£43,100,000

Other Financial Items

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09
Net Worth	£59,000,000	110%	£28,100,000	-61.6%	£73,200,000	999.9%	£1,300,000	-96.4%	£36,300,000
Working Capital	-£41,200,000	37.8%	-£66,200,000	20.5%	-£83,300,000	35%	-£128,100,000	9.5%	-£141,600,000
Total Assets	£777,000,000	-1%	£785,000,000	38.5%	£566,700,000	0.8%	£562,200,000	-8.7%	£616,100,000
Total Liabilities	£712,400,000	-5.1%	£750,800,000	54.2%	£486,900,000	-12.1%	£554,000,000	-3.3%	£573,000,000
Net Assets	£64,600,000	88.9%	£34,200,000	-57.1%	£79,800,000	873.2%	£8,200,000	-81%	£43,100,000

Miscellaneous

Date Of Accounts	26/01/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£199,200,000	1.1%	£197,100,000	-4.7%	£206,800,000	18.6%	£174,400,000	-5.1%	£183,700,000
Number of Employees	4956	1.9%	4864	1%	4818	4.5%	4612	-10%	5126
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	CLYDESDALE BANK
Bank Branch Code

Ratios

Date Of Accounts	26/01/13	28/01/12	29/01/11	30/01/10	24/01/09
Pre-tax profit margin %	2.73	1.76	6.10	2.87	3.25
Current ratio	0.93	0.89	0.77	0.67	0.67
Sales/Net Working Capital	-16.52	-9.87	-7.42	-4.54	-4.08
Gearing %	208.40	476.30	159.10	2026.80	326.20
Equity in %	8.40	4.40	14.20	1.50	7.10
Creditor Days	102.54	104.03	107.03	100.82	98.33
Debtor Days	3.10	2.84	2.76	2.61	0.62
Liquidity/Acid Test	0.75	0.71	0.52	0.50	0.49
Return On Capital Employed %	9.33	5.83	18.23	9.57	10.23
Return On Total Assets Employed %	2.39	1.46	6.65	2.97	3.05
Current Debt Ratio	8.94	17.19	4.51	47.29	10.03
Total Debt Ratio	11.02	21.95	6.10	67.56	13.29
Stock Turnover Ratio %	14.43	15.17	14.09	11.17	13
Return on Net Assets Employed %	28.79	33.62	47.24	203.65	43.61

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	1	£360

Company Name	Amount	Statement Date
Four Winds Press Limited	£360	14/11/2012

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Enquiries Trend

There have been 179 enquiries in the last 12 months.

There are an average of 15 reports taken each month.

Current Company Secretary

Name	Peter Geoffrey Hearsey	Date of Birth	04/06/1965
Officers Title	Mr	Nationality	British
Present Appointments	58	Function	Company Secretary
Appointment Date	30/06/1998
Address	Granite House, 31 Stockwell Street, Glasgow, G1 4RZ

Status History

No Status History found

Event History

Date	Description
06/09/2014	Mr D. McCarthy has left the board
01/04/2014	Mr A.C. Winstanley has left the board
13/11/2013	Annual Returns
04/06/2013	New Accounts Filed
04/06/2013	New Accounts Filed
15/03/2013	Mr R.J. Terrell has left the board
13/03/2013	New Board Member Ms Y.M. Jenkins appointed
01/03/2013	New Board Member Mr A.M. Harding appointed
20/02/2013	New Board Member Mr A.M. Hardin appointed
29/11/2012	New Board Member Ms J. Hay appointed
21/11/2012	Annual Returns
20/11/2012	Mr M. Holland has left the board
26/10/2012	New Accounts Filed
26/10/2012	New Accounts Filed
03/10/2012	Mrs S.M. Crawley has left the board

Previous Company Names

Date	Previous Name
06/10/2009	HOUSE OF FRASER (STORES) LIMITED

Average Invoice Value	£5316.92
Invoices available	193
Paid	181
Outstanding	12

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	75	84	10	5	7
Outstanding	7	3	0	0	2

NOTES & COMMENTS

Commentary

Multiple CCJ's recorded against the company.

Sales in the latest trading period increased 4.2% on the previous trading period.

Net Worth increased by 110% during the latest trading period.

Pre-tax profits increased by 61.7% compared to the previous trading period.

The audit report contains no adverse comments.

A 1% decline in Total Assets occurred during the latest trading period.

The company saw a decrease in their Cash Balance of 14% during the latest trading period.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 94 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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.