MIRA INFORM REPORT

Report No. :	354719
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	SIGNET JEWELERS LIMITED
Registered Office :	Clarendon House, 2 Church Street, (Registered Agent), Hamilton
Country :	Bermuda
Financials (as on) :	2015
Date of Incorporation :	25.06.2008
Com. Reg. No.:	42069
Legal Form :	International Business Company
Line of Business :	Offshore company
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Offshore company
Payment Behaviour :	Slow
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Bermuda	A1	A1

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

BERMUDA - ECONOMIC OVERVIEW

Bermuda's economy entered its seventh straight year of recession in 2015. Unemployment is 9%, public debt is growing and exceeds $2.3 billion, the government pension fund faces a $2.4 billion shortfall, and the economy has not attracted significant amounts of new foreign investment. Bermuda's FY 2015-16 budget proposal projects a 12% larger deficit than FY14/15. The government announced it would have to borrow $125 million in 2015 to meet current operating expenses. Still, Bermuda enjoys the fourth highest per capita income in the world, about 70% higher than that of the US. Tourism, which derives over 80% of its visitors from the US, accounts for 5.2% of GDP but a much larger share of employment. Tourism has struggled in the wake of the global recession of 2008. International business, which consists primarily of reinsurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Even this sector, however, has lost roughly 5000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.

Source : CIA

COMPANY SUMMARY

IDENTIFICATION
Ordered as:	SIGNET JEWELERS LTD
Address in the order:	CLARENDON HOUSE 2 CHURCH STREET, HAMILTON Postcode HM 11
Legal Name:	SIGNET JEWELERS LIMITED
Legal Address	Clarendon House, 2 Church Street, (Registered Agent)
Postal Town	Hamilton
Post Code
Primary Geographic
Country	BM
Location Status	Legal Address,
Mailing Address	P.O. Box HM 666, Hamilton HM CX, Bermuda (Registered Agent)
Telephone:	(441) 295-1422, 296-5872 (Registered Agent)	Registration Number :	42069
Fax:	(441) 292-4720 (Registered Agent)	Legal Form:	International Business Company
Email:	N.A.	Registered in:	BM
Website:	www.signetjewelers.com	Date Created:	2008
Manager:	H. Todd Stitzer - Independent Chairman of the Board	Date Incorporated:	June 25, 2008
Staff:	0	Stock:	80 250 000
		Value:	USD 9 930 000 000
Activity:	Offshore Company

DIRECTORS/MANAGEMENT

Management:

It is locally managed by the registered agent mentioned above. Overseas Officers and directors: H. Todd Stitzer: Independent Chairman of the Board Michele Santana: Chief Financial Officer Edward Hrabak: Executive Vice President and Chief Operating Officer - US Division Robert Trabucco: Executive Vice President and Chief Financial Officer - US Division Daniel Shull: Chief Information Officer Sebastian Hobbs: Managing Director - UK division Shaun Carney: Finance Director - UK Division Michael Povall: Chief Accounting Officer - UK Division Mark A. Jenkins: Company Secretary, Chief Legal Officer Mark Steven Light: President, Chief Executive Officer, Chief Operating Officer, Director

NEGATIVE INFORMATION

Legal Filings

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Companys consolidated financial position, results of operations or liquidity.

It is to be noted that investors may face difficulties in enforcing proceedings against Signet Jewelers Limited as it is domiciled in Bermuda.

It is doubtful whether courts in Bermuda would enforce judgments obtained by investors in other jurisdictions, including the US and the UK, against the Company or its directors or officers under the securities laws of those jurisdictions or entertain actions in Bermuda against the Company or its directors or officers under the securities laws of other jurisdictions.

SHARE & SHARE CAPITAL INFORMATION

Capital:
	% of Shares Held by All Insider and 5% Owners: 0% % of Shares Held by Institutional & Mutual Fund Owners: 92% % of Float Held by Institutional & Mutual Fund Owners: 92% Number of Institutions Holding Shares: 292
Shareholders Parent Company(ies):
	The company is publicly traded at the NYSE and at the London Stock Exchange. Major Direct Holders: BARNES MICHAEL W LIGHT MARK RISTAU RONALD W TRABUCCO ROBERT PARRS MARIANNE M Top Institutional Holders: Corvex Management LP Vanguard Group, Inc. (The) State Street Corporation Wellington Management Company, LLP BlackRock Fund Advisors Pennant Capital Management, LLC American Century Companies, Inc. BlackRock Institutional Trust Company, N.A. Artisan Partners Limited Partnership Citadel Advisors LLC Top Mutual Fund Holders: Vanguard Mid-Cap Index Fund: Vanguard Total Stock Market Index Fund Artisan Mid-Cap Fund iShares Core S&P Midcap ETF Prudential Jennison Mid-Cap Growth Fd SPDR S&P Mid Cap 400 ETF Trust Vanguard Extended Market Index Fund Fidelity Contrafund Inc Hartford Capital Appreciation Fund CGM Focus Fund

PAYMENT INFORMATION

PAYMENTS
	made on a 40 days basis - monitored over the last 12 months

DEBT COLLECTIONS AND PAYMENTS
Payments	Slow

Trade References:
	In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subjects payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.
Competitors:
	The company does not directly front competitors in Bermuda, as it does not operate there, but overseas, major competitors are other specialty jewelers. Signet also faces competition from other retailers that sell jewelry including department stores, discount stores, apparel outlets and internet retailers.

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED COMPANIES:
	The company has several subsidiaries worldwide: Sterling Inc. United States Sterling Jewelers Inc. United States Sterling Jewelers Reinsurance Ltd United States Signet US Holdings Inc. United States Signet Group Treasury Services Inc. United States Checkbury Limited England Ernest Jones Limited England H. Samuel Limited England Leslie Davis Limited England
	Signet Group Limited England Signet Group Services Limited England Signet Holdings Limited England Signet Trading Limited England Signet Bermuda Finance Limited Bermuda Signet Malta Finance Limited Malta Signet Luxembourg Holdings Sarl Luxembourg Signet Luxembourg Finance Sarl Luxembourg Signet Luxembourg Sarl Luxembourg Among others.

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST
The subject is a public company traded at the NYSE stock exchange under the ticker symbol: (SIG). Please find enclosed the latest financial statements.
Currency	DATE
USD	2015
Turnover	5 736 300 000
Operating Income	576 600 000
Net Income	381 300 000
Current Assets	4 407 300 000
Net worth	2 810 400 000
Liabilities	3 517 200 000
Total assets	6 327 600 000
The cash flow is	Normal

Currency	DATE
USD	2014
Turnover	4 209 200 000
Operating Income	570 500 000
Net Income	368 000 000
Current Assets	3 257 600 000
Net worth	2 563 100 000
Liabilities	1 466 100 000
Total assets	4 029 200 000
The cash flow is	good

FINANCIAL SUMMARY
Profitability	GOOD
Indebtedness	CONTROLLED
Cash	Normal

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

BANKS
Name of the Bank	Barclays Bank PLC
Location	5 The North Colonnade, Canary Wharf, London E14 4BB, United Kingdom.
Comments	This information was not verified by the registered agent.
Name of the Bank	HSBC Bank plc
Location	8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom.
Comments	This information was not verified by the registered agent.
Name of the Bank	Royal Bank of Scotland plc
Location	135 Bishopsgate, London EC2M 3UR, United Kingdom.
Comments	This information was not verified by the registered agent.
Name of the Bank	Fifth Third Bank
Location	Fifth Third Center, 600 Superior Ave East, Cleveland, OH 44114, USA.
Comments	This information was not verified by the registered agent.

BUSINESS HISTORY
	The subject is incorporated in Bermuda under the Companies Act 1981 of Bermuda, following the completion of a scheme of arrangement approved by the High Court of Justice in England and Wales under the UK Companies Act 2006. Signet Jewelers Limited was initially founded in 1950. It has been incorporated in Bermuda in 2008. Previous names are Ratner Group and Signet Group plc.
PRINCIPAL ACTIVITY
	"Signet Jewelers Ltd." is an International Business Company incorporated in Bermuda for tax purposes. However, the company does not carry any operation in Bermuda. It is not registered with the Bermuda Chamber of Commerce as being an active business. It is not listed with the Bermuda yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in Bermuda. It uses the registered agent staff. We could find during the investigation that the company actually operates as a specialty jewelry retailer in the United States, the United Kingdom, the Republic of Ireland, and the Channel Islands. The company retails jewelry, watches, and associated services.
Products/Services description
	The company does not carry any product lines in Bermuda. Overseas, the products are jewelry, watches and associated services.
Sales are:
	Retail
Brands:
	The company does not carry any brand in Bermuda. Overseas, it carries the brands Kay, Jared, H.Samuel and Ernest Jones.

The subject employs 0 employee(s)
Comments on staff:
	The company does not have any employees in Bermuda. Overseas, it has about 18,179 employees.

LOCATION
Headquarters
	Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda.
Comments on location:
	The address mentioned above is that of the registered agent: Conyers Dill & Pearman Limited.

Branches
	Group Company Secretary 15 Golden Square London W1F 9JG UK Customer Services and Feedback 375 Ghent Road Akron, OH 44333 USA As of February 1, 2014, the UK division operated a network of 493 stores, including 14 stores in the Republic of Ireland and 3 in the Channel Islands under the H.Samuel, Ernest Jones, and Leslie Davis brands in regional shopping malls and high street locations.

Listed at the stock exchange:
	YES

NOTES & COMMENTS

Final Opinion

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in Bermuda, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent, Conyers Dill & Pearman Limited, and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject. However, the company is publicly traded at the NYSE and the London Stock Exchange. The figures available show a good evolution, with increasing revenue, and controlled indebtedness.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
BMD	1	Rs.66.32

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TRU

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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