MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	SIGNET TRADING LIMITED

Formerly Known As :	SIGNET UK TRADING LIMITED

Registered Office :	110, Cannon Street, London EC4N 6EU

Country :	United Kingdom

Financials (as on) :	02.02.2013

Date of Incorporation :	12.05.1999

Legal Form :	Private Limited with Share Capital

Line of Business :	Subject is engaged in Retailing of Jewellery, Watches and Associates Services.

No of Employees :	3156

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

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

REGISTERED NAME & COMPANY SUMMARY

SIGNET TRADING LIMITED

Office Address

Hunters Road Hockley, Birmingham, United Kingdom, B19 1DS

DIRECTORS/MANAGEMENT

Current Directors

Name	Mark Andrew Jenkins	Date of Birth	15/11/1957
Officers Title	Mr	Nationality	British
Present Appointments	78	Function	Director
Appointment Date	25/06/2007
Address	110 Cannon Street, London, EC4N 6EU
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Shaun David Carney	Date of Birth	13/10/1966
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	01/02/2014
Address	110 Cannon Street, London, EC4N 6EU

Current Company Secretary

Name	Mark Andrew Jenkins	Date of Birth	15/11/1957
Officers Title	Mr	Nationality	British
Present Appointments	78	Function	Company Secretary
Appointment Date	01/03/2004
Address	110 Cannon Street, London, EC4N 6EU

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Walker Gordon Boyd	34	30
Simon Lee Cashman	27	27
Timothy John Jackson	1	19
INSTANT COMPANIES LIMITED	2431	120340
SWIFT INCORPORATIONS LIMITED	2579	263489
Kenneth Charles Pratt	0	43
Michael Phillip Povall	0	6

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 0

Outstanding 0

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

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 -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

No CCJs found.

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	% of Total Share Count
SIGNET HOLDINGS LTD	GBP	162,067,896	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£2050.86
Invoices available	118
Paid	98
Outstanding	20

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	44	15	3	1	35
Outstanding	1	0	5	7	7

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	02/02/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Weeks	53	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	N	(%)	N
Turnover	£446,216,000	-0.2%	£446,921,000	0%	£447,018,000	278.5%	£118,114,000	4.8%	£112,707,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£386,699,000	2.8%	£376,274,000	0.2%	£375,669,000	239.6%	£110,614,000	24.5%	£88,820,000
Gross Profit	£59,517,000	-15.8%	£70,647,000	-1%	£71,349,000	851.3%	£7,500,000	-68.6%	£23,887,000
Wages & Salaries	£90,248,000	0.5%	£89,766,000	0%	£89,802,000	-2.2%	£91,797,000	2.7%	£89,369,000
Directors Emoluments	£774,000	69.7%	£456,000	25.6%	£363,000	25.6%	£289,000	-	-
Operating Profit	£20,446,000	-40.2%	£34,203,000	7.2%	£31,896,000	330%	£7,417,000	-69.3%	£24,188,000
Depreciation	£14,853,000	1.7%	£14,602,000	32.3%	£11,038,000	156%	£4,311,000	8.5%	£3,973,000
Audit Fees	£230,000	-0.9%	£232,000	-	£232,000	-	£232,000	4.5%	£222,000
Interest Payments	£2,399,000	-37%	£3,809,000	-1.3%	£3,861,000	-61.1%	£9,936,000	-46.7%	£18,657,000
Pre Tax Profit	£19,225,000	-44.6%	£34,690,000	7.7%	£32,202,000	107%	£15,560,000	-87.5%	£124,536,000
Taxation	-£3,703,000	52.6%	-£7,818,000	-3.3%	-£7,571,000	-649%	£1,379,000	119%	-£7,243,000
Profit After Tax	£15,522,000	-42.2%	£26,872,000	9.1%	£24,631,000	45.4%	£16,939,000	-85.6%	£117,293,000
Dividends Payable	-	-	-	-	-	-100%	£12,500,000	-84.4%	£80,000,000
Retained Profit	£15,522,000	-42.2%	£26,872,000	9.1%	£24,631,000	454.9%	£4,439,000	-88.1%	£37,293,000

Balance Sheet

Date Of Accounts	02/02/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Tangible Assets	£63,459,000	-8.8%	£69,545,000	0.7%	£69,076,000	-70.4%	£233,121,000	-0.4%	£233,988,000
Intangible Assets	£36,474,000	-5%	£38,379,000	-4.7%	£40,284,000	-	0	-	0
Total Fixed Assets	£99,933,000	-7.4%	£107,924,000	-1.3%	£109,360,000	-53.1%	£233,121,000	-0.4%	£233,988,000
Stock	£167,137,000	3.1%	£162,114,000	8.7%	£149,123,000	999.9%	£5,904,000	35.5%	£4,358,000
Trade Debtors	£7,910,000	15%	£6,878,000	34.1%	£5,128,000	99.4%	£2,572,000	-9.4%	£2,839,000
Cash	£14,200,000	25.3%	£11,335,000	45.2%	£7,808,000	-41.8%	£13,410,000	609.1%	£1,891,000
Other Debtors	£109,290,000	-18.2%	£133,640,000	9%	£122,559,000	-43.5%	£216,757,000	0.1%	£216,563,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£298,537,000	-4.9%	£313,967,000	10.3%	£284,618,000	19.3%	£238,643,000	5.8%	£225,651,000
Trade Creditors	£8,904,000	-54.3%	£19,488,000	11.8%	£17,432,000	253.2%	£4,935,000	-69.5%	£16,165,000
Bank Loans & Overdrafts	0	-100%	£6,336,000	-50.5%	£12,806,000	-22.6%	£16,541,000	999.9%	£22,000
Other Short Term Finance	£61,312,000	3%	£59,525,000	91.2%	£31,135,000	-84.7%	£203,348,000	5.2%	£193,338,000
Miscellaneous Current Liabilities	£61,691,000	0.3%	£61,477,000	1.7%	£60,422,000	97.2%	£30,646,000	19%	£25,761,000
Total Current Liabilities	£131,907,000	-10.2%	£146,826,000	20.6%	£121,795,000	-52.3%	£255,470,000	8.6%	£235,286,000
Bank Loans & Overdrafts and LTL	£1,812,000	-78.3%	£8,338,000	-42.9%	£14,595,000	-25.4%	£19,569,000	112.3%	£9,216,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£1,812,000	-9.5%	£2,002,000	11.9%	£1,789,000	-40.9%	£3,028,000	-67.1%	£9,194,000

Capital & Reserves

Date Of Accounts	02/02/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Called Up Share Capital	£162,068,000	-	£162,068,000	-	£162,068,000	-	£162,068,000	-	£162,068,000
P & L Account Reserve	£90,990,000	-6.8%	£97,577,000	-1.2%	£98,716,000	119.4%	£44,997,000	11.1%	£40,513,000
Revaluation Reserve	£3,047,000	-1%	£3,077,000	-1%	£3,107,000	-	-	-	-
Sundry Reserves	£8,646,000	-16.4%	£10,341,000	59%	£6,503,000	4.9%	£6,201,000	-50.7%	£12,578,000
Shareholder Funds	£264,751,000	-3%	£273,063,000	1%	£270,394,000	26.8%	£213,266,000	-0.9%	£215,159,000

Other Financial Items

Date Of Accounts	02/02/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Net Worth	£228,277,000	-2.7%	£234,684,000	2%	£230,110,000	7.9%	£213,266,000	-0.9%	£215,159,000
Working Capital	£166,630,000	-0.3%	£167,141,000	2.7%	£162,823,000	999.9%	-£16,827,000	-74.6%	-£9,635,000
Total Assets	£398,470,000	-5.6%	£421,891,000	7.1%	£393,978,000	-16.5%	£471,764,000	2.6%	£459,639,000
Total Liabilities	£133,719,000	-10.2%	£148,828,000	20.4%	£123,584,000	-52.2%	£258,498,000	5.7%	£244,480,000
Net Assets	£264,751,000	-3%	£273,063,000	1%	£270,394,000	26.8%	£213,266,000	-0.9%	£215,159,000

Miscellaneous

Date Of Accounts	02/02/13	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	31/01/09
Contingent Liability	NO	-	NO	-	NO	-	YES	-	YES
Capital Employed	£266,563,000	-3.1%	£275,065,000	1.1%	£272,183,000	25.8%	£216,294,000	-3.6%	£224,353,000
Number of Employees	3156	-4.2%	3293	-3.1%	3399	-7%	3656	0.8%	3627
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	02/02/13	28/01/12	29/01/11	30/01/10	31/01/09
Pre-tax profit margin %	4.31	7.76	7.20	13.17	110.50
Current ratio	2.26	2.14	2.34	0.93	0.96
Sales/Net Working Capital	2.68	2.67	2.75	-7.02	-11.70
Gearing %	0.70	3.10	5.40	9.20	4.30
Equity in %	73.10	71.20	76.40	45.20	46.80
Creditor Days	7.40	15.87	14.19	15.20	52.20
Debtor Days	6.57	5.60	4.17	7.92	9.16
Liquidity/Acid Test	0.99	1.03	1.11	0.91	0.94
Return On Capital Employed %	7.21	12.61	11.83	7.19	55.50
Return On Total Assets Employed %	4.82	8.22	8.17	3.29	27.09
Current Debt Ratio	0.49	0.53	0.45	1.19	1.09
Total Debt Ratio	0.50	0.54	0.45	1.21	1.13
Stock Turnover Ratio %	37.45	36.27	33.35	4.99	3.86
Return on Net Assets Employed %	7.26	12.70	11.90	7.29	57.88

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
05/02/2014	Mr M.P. Povall has left the board
05/02/2014	New Board Member Mr S.D. Carney appointed
10/09/2013	Annual Returns
20/05/2013	New Accounts Filed
20/05/2013	New Accounts Filed
09/05/2013	Mr K.C. Pratt has left the board
09/05/2013	New Board Member Mr M.P. Povall appointed
25/01/2013	Change in Reg.Office
25/01/2013	Change of Company Postcode
28/09/2012	New Accounts Filed
28/09/2012	New Accounts Filed
17/09/2012	Annual Returns
10/09/2011	Annual Returns
19/08/2011	New Accounts Filed
23/07/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
29/07/1999	SIGNET UK TRADING LIMITED
17/06/1999	SIGNET UK JEWELLERY LIMITED

NOTES & COMMENTS

Commentary

CCJ recorded against the company.

The company saw an increase in their Cash Balance of 25.3% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

Sales in the latest trading period decreased 0.2% on the previous trading period.

Net Worth decreased by 2.7% during the latest trading period.

A 5.6% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 44.6% compared to the previous trading period.

The company is part of a group.

The company has changed its registered address recently.

The company was established over 15 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	NIT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.