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MIRA
INFORM REPORT
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Report Date : |
14th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
DUNNES STORES (BANGOR) LIMITED |
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Registered Office : |
Milestone House, 28 Hill Street, Newry, Co. Down |
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Country : |
Ireland |
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Financials (as on) : |
31.01.2006 |
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Date of Incorporation : |
13.05.1969 |
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Com. Reg. No.: |
NI007608 |
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Line of Business : |
Retailing of Textiles, Grocery Homeware Goods |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
GBP 30,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
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Subject Reported on |
DUNNES STORES (BANGOR) LIMITED |
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Holding Company |
DUNNES STORES (GB) LIMITED |
|
Ultimate Holding Company |
DUNNES HOLDING COMPANY |
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Trading Address |
Forthill Street, Enniskillen, Co Fermanagh, BT74 6AJ |
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Telephone |
028 66325132 |
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Trading Address |
Springtown Centre, Northland Road, Londonderry, Co Londonderry,
BT48 0PU |
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Telephone |
028 71264765 |
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Trading Address |
Abbeycentre, Longwood Road, Newtownabbey, Co Antrim, BT37 9UH |
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Telephone |
028 90868025 |
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Trading Address |
Buttercrane Shopping Centre, Buttercrane Quay, Newry, Co Down,
BT35 8HJ |
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Telephone |
028 30260666 |
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Trading Address |
40 Tower Centre, Wellington Street, Ballymena, Co Antrim, BT43
6AH |
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Telephone |
028 25648529 |
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Trading Address |
Unit 38, Flagship Centre, Main Street, Bangor, BT20 5AU |
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Telephone |
028 91462424 |
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Trading Address |
Connswater Shopping Centre, Bloomfield Avenue, Belfast, Co
Antrim, BT5 5LP |
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Telephone |
028 90732026 |
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Trading Address |
18 Church Street, Ballymoney, Co Antrim, BT53 6DL |
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Telephone |
028 27665025 |
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Trading Address |
1-7 High Street, Belfast, Co Antrim, BT1 2AA |
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Telephone |
028 90417880 |
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Trading Address |
Hillview Retail Park, Crumlin Road, Belfast, Co Antrim, BT14 6AA |
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Telephone |
028 90751354 |
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Trading Address |
28 Hill Street, Newry, Co Down, BT34 1AR |
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Telephone |
028 30261907 |
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Risk Score |
93 out of 100 |
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Very Low Risk - There is every confidence this company will
prove good for the assigned Credit Limit |
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Credit Limit |
GBP 30,000,000 |
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Selling to this company? The Credit Limit is the recommended
maximum outstanding debtor exposure at any one time. |
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Contract Limit |
GBP 245,639,300 |
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Buying from this company? The Contract Limit is the recommended
aggregate annual value for supply contracts. |
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Official Company Data
|
Legal Form |
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Registration Number |
NI007608 |
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Date of Incorporation |
13/05/1969 |
|
Registered Office |
MILESTONE HOUSE, 28 HILL STREET, NEWRY, CO. DOWN . |
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Date of Last Annual Return to Registry |
31/08/2006 |
|
Activities |
RETAILING OF TEXTILES, GROCERY HOMEWARE GOODS. - - |
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Accounts |
The last filed accounts cover the period to 31/01/2006 and were
presented to Companies House on 22/12/2006 |
Recently Filed Documents
Details
of the most recent documents
|
Date Received |
Description |
|
05/07/2003 |
Notification Of A Change Among The Directors Of A Company |
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15/05/2003 |
Notification Of A Change Among The Directors Of A Company |
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14/05/1999 |
Notification Of A Change Among The Directors Of A Company |
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09/07/1998 |
Notification Of A Change Among The Directors Of A Company |
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20/10/1995 |
Notification Of A Change Among The Directors Of A Company |
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26/04/1995 |
Notification Of A Change Among The Directors Of A Company |
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14/12/1994 |
Notification Of A Change Among The Directors Of A Company |
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16/10/1993 |
Notification Of A Change Among The Directors Of A Company |
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01/09/1993 |
Notification Of A Change Among The Directors Of A Company |
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07/08/1991 |
Documents Making Or Evidencing An Alteration In The Memorandum
Or Articles Of Association |
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06/08/1990 |
Notification Of A Change Among The Directors Of A Company |
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02/12/1987 |
Notification Of A Change Among The Directors Of A Company |
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02/12/1987 |
Notification Of A Change Among The Directors Of A Company |
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02/12/1987 |
Notification Of A Change Among The Directors Of A Company |
It should be noted that there is
no legal requirement to file satisfaction details of mortgages/charges at
Companies House.
Known Directors
|
DIRECTOR |
FRANK DUNNE (One or more
of this director's other companies has additional risk related information
which could include CCJ's, Legal Information or dissolution.) |
|
Address |
HAMWOOD STUD , , DUNBOYNE , CO MEATH
, |
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Country of Origin |
IRISH |
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Date of Birth |
23/05/1943 |
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Appointment Date |
31/12/1991 |
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Other Appointments |
DUNNES STORES (GB) LIMITED, DUNNES STORES (UK)
LIMITED, DUNNES STORES HOLDINGS (UK) LIMITED |
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|
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DIRECTOR |
MARGARET HEFFERNAN (One or more
of this director's other companies has additional risk related information
which could include CCJ's, Legal Information or dissolution.) |
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Occupation |
|
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Address |
DILKUSHA , STILLORGAN ROAD , DUBLIN , CO DUBLIN
, 4 |
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Country of Origin |
IRISH |
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Date of Birth |
09/03/1942 |
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Appointment Date |
31/12/1991 |
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Other Appointments |
DUNNES STORES (GB) LIMITED, DUNNES STORES (UK)
LIMITED, DUNNES STORES HOLDINGS (UK) LIMITED |
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SECRETARY |
MR PATRICK O'DONOGHUE |
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Address |
65 DELBROOK MANOR , BALLINTEER ROAD , DUBLIN , CO
DUBLIN , 16 |
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SECRETARY |
MR THOMAS JOHN SHERIDAN |
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Address |
193 ROEBUCK CASTLE , ROEBUCK ROAD , DUBLIN , CO
DUBLIN , 14 |
Recently Resigned Directors (last
3)
|
DIRECTOR |
ANNE DUNNE |
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Address |
MITCHELSTOWN STUD , ATHBOY , CO MEATH , - - |
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Country of Origin |
IRISH |
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Date of Birth |
22/07/1944 |
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Resignation Date |
10/03/2003 |
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DIRECTOR |
PATRICK O'DRISCOLL |
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Address |
14 , PORTVIEW , BANGOR , CO DOWN , - - |
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Date of Birth |
07/12/1947 |
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Resignation Date |
31/08/1999 |
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DIRECTOR |
MATTHEW PRICE |
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Address |
55 , HAWTHORN HILL , NEWRY , CO DOWN
, - - |
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Date of Birth |
03/12/1935 |
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Resignation Date |
31/08/1998 |
Share Summary
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Share Currency: |
GBP |
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Issued at date of report: |
25,502 ORD |
Shares of 100 pence each |
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Prinicipal Shareholders: |
Type Of Share |
No. of Shares |
Value |
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DUNNES STORES (GB) LIMITED |
ORD |
25,502 |
25,502.00 |
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Mortgages and Charges
There are no
mortgages
Public Record Information
Summary
of CCJ's/Scottish Decrees
There are no unsatisfied CCJs
against the company.
Operations
|
Activities |
RETAILING OF TEXTILES, GROCERY HOMEWARE GOODS. - - |
|
Sic Code |
Description |
|
5211 |
Retail sale in non-specialised stores with food, beverages or
tobacco predominating |
|
1822 |
Manufacture of other outerwear |
|
5225 |
Retail sale of alcoholic and other beverages |
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Staff Employed |
3278 |
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Auditors |
OLIVER FREANEY AND CO |
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Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion
(i.e. unqualified with no referrals) on the accounts for the period ended
31/01/2006. |
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Bankers |
ULSTER BANK LTD |
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Sort Codes |
981140 |
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Subsidiaries |
01756685 DUNNES STORES (UK) LIMITED |
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|
01758106 DUNNES STORES HOLDINGS (UK) LIMITED |
Financial Data
Profit and Loss
The following figures are shown
in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/01/2006 |
31/01/2005 |
31/01/2004 |
31/01/2003 |
|
Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
|
Consolidated? |
Yes |
Yes |
Yes |
Yes |
|
SALES |
216,549 |
231,302 |
216,501 |
219,396 |
|
Cost of goods sold |
134,695 |
139,583 |
136,180 |
141,860 |
|
GROSS PROFIT |
81,853 |
91,719 |
80,321 |
77,536 |
|
Other Expenses |
54,251 |
52,666 |
51,404 |
48,846 |
|
Wages and Salaries |
23,946 |
25,878 |
23,375 |
22,697 |
|
Directors Emoluments |
0 |
974 |
808 |
308 |
|
Auditors Fees |
90 |
90 |
82 |
85 |
|
Depreciation |
6,845 |
6,942 |
6,590 |
5,115 |
|
Operating Profit |
- |
39,053 |
- |
- |
|
Non Trading Income |
10,921 |
4,722 |
2,882 |
2,606 |
|
Exceptional Items |
0 |
0 |
6,112 |
10,297 |
|
Interest Payable |
530 |
586 |
636 |
705 |
|
PRE TAX PROFIT |
37,993 |
43,189 |
37,275 |
40,888 |
|
Taxation |
11,910 |
13,573 |
11,610 |
9,255 |
|
PROFIT AFTER TAX |
26,083 |
29,616 |
25,665 |
31,633 |
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Dividends Payable |
22,698 |
0 |
1,415 |
0 |
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RETAINED PROFITS |
3,385 |
29,616 |
24,250 |
31,633 |
Balance Sheet
The following figures are shown
in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/01/2006 |
31/01/2005 |
31/01/2004 |
31/01/2003 |
|
Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
|
Consolidated? |
Yes |
Yes |
Yes |
Yes |
|
TOTAL FIXED ASSETS |
134,682 |
138,376 |
136,012 |
103,249 |
|
Tangible Assets |
134,682 |
138,376 |
136,012 |
103,249 |
|
Fixed Assets |
134,682 |
138,376 |
136,012 |
103,249 |
|
TOTAL CURRENT ASSETS |
192,172 |
144,160 |
125,238 |
120,984 |
|
Total Debtors |
5,170 |
3,875 |
11,902 |
12,043 |
|
Group Loans |
19 |
19 |
8,697 |
8,696 |
|
Other Debtors |
5,151 |
3,856 |
3,205 |
3,347 |
|
Stocks/WIP |
11,367 |
12,352 |
12,244 |
10,926 |
|
Stocks |
11,367 |
12,352 |
12,244 |
10,926 |
|
Cash |
175,635 |
127,933 |
101,092 |
98,015 |
|
TOTAL ASSETS |
326,854 |
282,536 |
261,250 |
224,233 |
|
TOTAL CURRENT LIABILITIES |
91,855 |
52,929 |
62,466 |
50,991 |
|
Trade creditors |
16,026 |
13,857 |
17,058 |
12,369 |
|
Due From Group |
63,416 |
26,756 |
36,995 |
28,040 |
|
Bank Overdraft |
0 |
0 |
0 |
140 |
|
Corporation Tax |
0 |
3,982 |
1,945 |
4,187 |
|
Misc Current Liabilities |
12,413 |
8,334 |
6,468 |
6,255 |
|
WORKING CAPITAL |
100,317 |
91,231 |
62,772 |
69,993 |
|
TOTAL LONG TERM LIABS |
13,923 |
11,706 |
10,499 |
9,207 |
|
Due From Group |
10,926 |
9,118 |
8,192 |
7,273 |
|
Total Provisions |
2,997 |
2,588 |
2,307 |
1,934 |
|
NET ASSETS/(LIABILITIES) |
221,075 |
217,901 |
188,285 |
164,035 |
|
SHARE CAPITAL + RESERVES |
221,075 |
217,901 |
188,285 |
164,035 |
|
Issued Share Capital |
1 |
1 |
1 |
1 |
|
Profit and Loss account |
221,074 |
217,900 |
188,284 |
164,034 |
|
SHAREHOLDERS FUNDS |
221,075 |
217,901 |
188,285 |
164,035 |
|
CAPITAL EMPLOYED |
234,999 |
229,607 |
198,784 |
173,242 |
Key Credit Ratios
|
Accounts Date |
31/01/2006 |
31/01/2005 |
31/01/2004 |
31/01/2003 |
|
Current Ratio |
2.09 |
2.72 |
2.00 |
2.37 |
|
Long Term Debt/T.N.W (%) |
4.94 |
4.18 |
4.35 |
4.43 |
|
Profit Before Tax |
17.54 |
18.67 |
17.22 |
18.64 |
|
Creditors Days (D.P.O) |
43.43 |
36.24 |
45.72 |
31.82 |
|
Quick Ratio |
1.97 |
2.49 |
1.81 |
2.16 |
|
Return on Assets |
11.62 |
15.29 |
14.27 |
18.23 |
|
T.N.W/Total Assets |
67.64 |
77.12 |
72.07 |
73.15 |
|
Return on Capital |
16.17 |
18.81 |
18.75 |
23.60 |
|
Rtn on Shareholders Funds |
17.19 |
19.82 |
19.80 |
24.93 |
|
Working Capital/Sales |
46.33 |
39.44 |
28.99 |
31.90 |
|
Borrowing Ratio |
33.63 |
16.46 |
24.00 |
21.61 |
|
Equity Gearing |
67.64 |
77.12 |
72.07 |
73.15 |
|
Stock Turnover |
19.05 |
18.73 |
17.68 |
20.08 |
Financial Comparison
The following figures are shown
in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/01/2006 |
31/01/2005 |
31/01/2004 |
31/01/2003 |
|
Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
|
Net Cashflow from Oper. |
50,147 |
45,388 |
40,907 |
29,348 |
|
Increase in Cash |
47,701 |
26,842 |
3,077 |
38,759 |
|
Directors Remuneration |
0 |
974 |
808 |
308 |
|
Auditors Remuneration |
90 |
90 |
82 |
85 |
|
Other Deferred Liabs |
0 |
0 |
0 |
0 |
|
Tangible Net Worth(T.N.W) |
221,075 |
217,901 |
188,285 |
164,035 |
|
Equity |
221,075 |
217,901 |
188,285 |
164,035 |
|
Number of Employees |
3278 |
3555 |
3240 |
3335 |
Key Industry Sector Trends
|
|
Company |
Industry Averages |
||
|
|
31/01/2005 |
Lower |
Median |
Upper |
|
Current Ratio |
2.09 |
0.4 |
0.8 |
1.3 |
|
Borrowing Ratio |
33.63 |
-100 |
0 |
88.9 |
|
Return on Capital |
16.17 |
8.3 |
47.7 |
116.3 |
This comparison is based on the
results of 0009100 companies in the same industrial sector: retail distribution
(not motor vehicles etc)
Financial Summary
|
Turnover |
Turnover decreased by more than 6% in the period. Turnover
totalled GBP 216,548,937 for the period. |
|
Pre Tax |
The subject made a profit of GBP 37,993,266 compared with a
profit of GBP 43,189,000 in the previous period. |
|
Working Capital |
The company's working capital improved in the period by 10% |
|
Tangible Net Worth |
Net worth increased by 3,174,408 during the period and now
stands at GBP 221,075,408 |
|
Fixed Assets |
The subjects fixed assets reduced during the period by
GBP 3,693,908 to GBP 134,682,092 and are now 41% of total assets
compared with 49% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities increased during the period
by 19% and are now 6% of net worth compared with 5% in the previous period |
|
Long Term Liabilities |
Long term liabilities are now 4% of total assets compared with
4% in the previous period |
|
Long Term Liabilities |
Long term liabilities are 6% of capital employed an increase of
1% over the previous period |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|