MIRA
INFORM REPORT
|
Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRIMARK STORES LIMITED |
|
|
|
|
Registered Office : |
Weston Centre 10 Grosvenor Street London W1K 4QY |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
18.09.2010 |
|
|
|
|
Date of Incorporation : |
30.04.1948 |
|
|
|
|
Legal Form : |
Private Limited with Share Capital |
|
|
|
|
Line of Business : |
Retail Sale of Clothing |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
£2,800,000 |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
REGISTERED NAME & COMPANY
SUMMARY
|
Company Name |
Company Number |
00453448 |
|
|
|
|
Safe Number |
UK00153950 |
|
Registered Address |
WESTON CENTRE |
Trading Address |
208 Dean Street |
|
|
10 GROSVENOR STREET |
|
|
|
|
LONDON |
|
|
|
|
W1K 4QY |
|
|
|
|
|
|
|
|
Website Address |
Corporate Office |
Primark House, 41, West House, Reading RG1 1TT, United Kingdom |
|
|
Telephone Number |
- |
Fax Number |
|
|
TPS |
- |
FPS |
No |
|
Incorporation Date |
30/04/1948 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
|
Type |
Private limited with Share Capital |
|
Date of Change |
- |
Filing Date of Accounts |
22/06/2011 |
|
|
|
Share Capital |
£50,000,000 |
|
SIC03 |
5242 |
Currency |
GBP |
|
SIC03 Description |
RETAIL SALE OF CLOTHING |
||
|
SIC07 |
47710 |
||
|
SIC07 Description |
RETAIL SALE OF CLOTHING IN SPECIALISED STORES |
||
|
Principal Activity |
The operation of retail outlets. |
||
CREDIT recommendation
Current Credit Limit: £2,800,000
Limit History
|
Date |
Limit |
|
29/06/2011 |
£2,800,000 |
|
18/06/2011 |
- |
|
21/06/2010 |
£2,900,000 |
|
16/06/2010 |
- |
|
22/05/2010 |
£3,900,000 |
|
08/09/2009 |
£3,850,000 |
|
07/07/2009 |
£3,700,000 |
|
02/07/2009 |
£3,650,000 |
|
29/06/2009 |
£2,550,000 |
|
05/03/2009 |
£10,000,000 |
DIRECTORS/MANAGEMENT
|
Total Current Directors |
2 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company Secretaries |
13 |
Current Directors
|
Name |
Date of Birth |
24/04/1957 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
25 |
Function |
Director |
|
Appointment Date |
27/07/2000 |
|
|
|
Address |
Weston Centre, 10 Grosvenor Street, London, W1K 4QY |
||
|
|
|
|
|
|
Name |
Date of Birth |
24/08/1954 |
|
|
Officers Title |
Mr |
Nationality |
Irish |
|
Present Appointments |
3 |
Function |
Director |
|
Appointment Date |
05/01/2004 |
|
|
|
Address |
Ash Lodge, 173 Clare Road, Waringstown, BT66 7SE |
||
|
|
|
|
|
Current Company Secretary
|
Name |
Date of Birth |
18/09/1956 |
|
|
Officers Title |
Mrs |
Nationality |
British |
|
Present Appointments |
259 |
Function |
Company Secretary |
|
Appointment Date |
13/08/2001 |
|
|
|
Address |
Weston Centre 10 Grosvenor Street, , London, W1K 4QY
|
||
|
|
|
|
|
NEGATIVE INFORMATION
CCJ
|
Total Number of Exact CCJs - |
Total Value of Exact CCJs - |
||
|
Total Number of Possible CCJs - |
Total Value of Possible CCJs - |
|
|
|
Total Number of Satisfied CCJs - |
Total Value of Satisfied CCJs - |
||
|
Total Number of Writs - |
|
|
Exact CCJ Details
|
Date |
Court |
Amount |
Status |
Case Number |
Date Paid |
|
14/02/2010 |
NORTHAMPTON CCBC |
£94 |
Judgement |
0QT07718 |
- |
|
17/10/2007 |
NORTHAMPTON CCBC |
£330 |
Judgement |
7QT48300 |
- |
|
19/07/2006 |
DARLINGTON |
£95,276 |
Satisfied |
6DL02312 |
24/11/2006 |
Possible CCJ Details
There are no possible CCJ details
Writ Details
There are no writ details
SHARE & SHARE CAPITAL
INFORMATION
Top 20 Shareholders
|
Individual Share Value |
|
|
ABF INVESTMENTS PLC |
50,000,000 ORDINARY GBP 1.00 |
PAYMENT INFORMATION
Mortgage Summary
|
Outstanding |
0 |
|
Satisfied |
0 |
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure Summary
|
Company Name |
PRIMARK STORES LIMITED |
Company Number |
00453448 |
|
Holding Company |
ABF INVESTMENTS PLC |
Ownership Status |
Wholly Owned |
|
Ultimate Holding Company |
WITTINGTON INVESTMENTS LIMITED |
Companies in group |
168 |
FINANCIAL INFORMATION
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
18/09/2010 |
£1,985,735,000 |
£191,905,000 |
£220,531,000 |
23707 |
|
12/09/2009 |
£1,743,006,000 |
£51,286,000 |
£147,670,000 |
21827 |
|
13/09/2008 |
£1,533,794,000 |
£28,687,000 |
£130,254,000 |
20849 |
Profit & Loss
|
Date Of Accounts |
18/09/10 |
(%) |
12/09/09 |
(%) |
13/09/08 |
(%) |
15/09/07 |
(%) |
30/09/06 |
|
Weeks |
53 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
£1,985,735,000 |
13.9% |
£1,743,006,000 |
13.6% |
£1,533,794,000 |
18.1% |
£1,298,396,000 |
41.9% |
£915,301,000 |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost of Sales |
£1,599,640,000 |
- |
£1,433,079,000 |
- |
£1,257,026,000 |
- |
£1,070,225,000 |
47.7% |
£724,641,000 |
|
Gross Profit |
£386,095,000 |
24.6% |
£309,927,000 |
12% |
£276,768,000 |
21.3% |
£228,171,000 |
19.7% |
£190,660,000 |
|
Wages & Salaries |
£206,267,000 |
12.2% |
£183,901,000 |
6.1% |
£173,311,000 |
14.5% |
£151,381,000 |
47.4% |
£102,729,000 |
|
Directors Emoluments |
£548,000 |
136.2% |
£232,000 |
-25.6% |
£312,000 |
-99.9% |
£418,953,000 |
- |
- |
|
Operating Profit |
- |
- |
- |
- |
£84,301,000 |
-17.4% |
£102,034,000 |
-3.7% |
£105,916,000 |
|
Depreciation |
£72,533,000 |
9.1% |
£66,475,000 |
20.5% |
£55,167,000 |
13.2% |
£48,754,000 |
999.9% |
£26,000 |
|
Audit Fees |
- |
- |
- |
- |
- |
- |
£111,000 |
18.1% |
£94,000 |
|
Interest Payments |
£11,070,000 |
-71.2% |
£38,422,000 |
-31.1% |
£55,737,000 |
19.6% |
£46,604,000 |
196.4% |
£15,723,000 |
|
Pre Tax Profit |
£191,905,000 |
274.2% |
£51,286,000 |
78.8% |
£28,687,000 |
-55.1% |
£63,852,000 |
-34% |
£96,729,000 |
|
Taxation |
-£93,851,000 |
-336.7% |
-£21,491,000 |
-53.8% |
-£13,973,000 |
29.3% |
-£19,750,000 |
37% |
-£31,342,000 |
|
Profit After Tax |
£98,054,000 |
229.1% |
£29,795,000 |
102.5% |
£14,714,000 |
-66.6% |
£44,102,000 |
-32.6% |
£65,387,000 |
|
Dividends Payable |
£25,500,000 |
104% |
£12,500,000 |
-69.9% |
£41,500,000 |
-24.5% |
£55,000,000 |
10% |
£50,000,000 |
|
Retained Profit |
£72,554,000 |
319.5% |
£17,295,000 |
164.6% |
-£26,786,000 |
-145.8% |
-£10,898,000 |
-170.8% |
£15,387,000 |
Balance Sheet
|
Date Of Accounts |
18/09/10 |
(%) |
12/09/09 |
(%) |
13/09/08 |
(%) |
15/09/07 |
(%) |
30/09/06 |
|
Tangible Assets |
£1,075,554,000 |
2.4% |
£1,050,787,000 |
5.2% |
£998,418,000 |
-0.8% |
£1,006,236,000 |
6.1% |
£948,471,000 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
£1,075,554,000 |
2.4% |
£1,050,787,000 |
5.2% |
£998,418,000 |
-0.8% |
£1,006,236,000 |
6.1% |
£948,471,000 |
|
Stock |
£270,877,000 |
4.3% |
£259,703,000 |
19.8% |
£216,870,000 |
26.7% |
£171,147,000 |
22.4% |
£139,869,000 |
|
Trade Debtors |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Cash |
£20,879,000 |
-5.8% |
£22,155,000 |
20.5% |
£18,383,000 |
595.3% |
£2,644,000 |
-33.2% |
£3,958,000 |
|
Other Debtors |
£28,535,000 |
-3.6% |
£29,586,000 |
-41.4% |
£50,494,000 |
11.1% |
£45,446,000 |
19.7% |
£37,981,000 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£320,291,000 |
2.8% |
£311,444,000 |
9% |
£285,747,000 |
30.3% |
£219,237,000 |
20.6% |
£181,808,000 |
|
Trade Creditors |
£102,510,000 |
8.3% |
£94,654,000 |
9.1% |
£86,748,000 |
47% |
£59,017,000 |
12.1% |
£52,626,000 |
|
Bank Loans & Overdrafts |
£704,000 |
-91.1% |
£7,922,000 |
857.9% |
£827,000 |
315.6% |
£199,000 |
- |
0 |
|
Other Short Term Finance |
£839,958,000 |
-11.5% |
£949,491,000 |
3.5% |
£917,220,000 |
6.6% |
£860,526,000 |
13.7% |
£756,762,000 |
|
Miscellaneous Current Liabilities |
£183,635,000 |
66.2% |
£110,485,000 |
14.4% |
£96,564,000 |
-3.6% |
£100,157,000 |
-12.1% |
£113,915,000 |
|
Total Current Liabilities |
£1,126,807,000 |
-3.1% |
£1,162,552,000 |
5.6% |
£1,101,359,000 |
8% |
£1,019,899,000 |
10.5% |
£923,303,000 |
|
Bank Loans & Overdrafts and LTL |
£49,211,000 |
-17.9% |
£59,931,000 |
12.3% |
£53,379,000 |
9.3% |
£48,845,000 |
24.8% |
£39,150,000 |
|
Other Long Term Finance |
£14,027,000 |
-7.4% |
£15,151,000 |
-3.8% |
£15,755,000 |
15% |
£13,700,000 |
11.8% |
£12,258,000 |
|
Total Long Term Liabilities |
£48,507,000 |
-6.7% |
£52,009,000 |
-1% |
£52,552,000 |
8% |
£48,646,000 |
24.3% |
£39,150,000 |
Capital & Reserves
|
Date Of Accounts |
18/09/10 |
(%) |
12/09/09 |
(%) |
13/09/08 |
(%) |
15/09/07 |
(%) |
30/09/06 |
|
Called Up Share Capital |
£50,000,000 |
- |
£50,000,000 |
- |
£50,000,000 |
- |
£50,000,000 |
- |
£50,000,000 |
|
P & L Account Reserve |
£169,991,000 |
74.5% |
£97,437,000 |
21.6% |
£80,142,000 |
-25.1% |
£106,928,000 |
-9.2% |
£117,826,000 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
£540,000 |
131.8% |
£233,000 |
108% |
£112,000 |
- |
- |
- |
- |
|
Shareholder Funds |
£220,531,000 |
49.3% |
£147,670,000 |
13.4% |
£130,254,000 |
-17% |
£156,928,000 |
-6.5% |
£167,826,000 |
Other Financial Items
|
Date Of Accounts |
18/09/10 |
(%) |
12/09/09 |
(%) |
13/09/08 |
(%) |
15/09/07 |
(%) |
30/09/06 |
|
Net Worth |
£220,531,000 |
49.3% |
£147,670,000 |
13.4% |
£130,254,000 |
-17% |
£156,928,000 |
-6.5% |
£167,826,000 |
|
Working Capital |
-£806,516,000 |
5.2% |
-£851,108,000 |
-4.4% |
-£815,612,000 |
-1.9% |
-£800,662,000 |
-8% |
-£741,495,000 |
|
Total Assets |
£1,395,845,000 |
2.5% |
£1,362,231,000 |
6.1% |
£1,284,165,000 |
4.8% |
£1,225,473,000 |
8.4% |
£1,130,279,000 |
|
Total Liabilities |
£1,175,314,000 |
-3.2% |
£1,214,561,000 |
5.3% |
£1,153,911,000 |
8% |
£1,068,545,000 |
11% |
£962,453,000 |
|
Net Assets |
£220,531,000 |
49.3% |
£147,670,000 |
13.4% |
£130,254,000 |
-17% |
£156,928,000 |
-6.5% |
£167,826,000 |
Cash Flow
|
Date Of Accounts |
18/09/10 |
(%) |
12/09/09 |
(%) |
13/09/08 |
(%) |
15/09/07 |
(%) |
30/09/06 |
|
Net Cashflow from Operations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Cashflow before Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Cashflow from Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Increase in Cash |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Miscellaneous
|
Date Of Accounts |
18/09/10 |
(%) |
12/09/09 |
(%) |
13/09/08 |
(%) |
15/09/07 |
(%) |
30/09/06 |
|
Contingent Liability |
NO |
- |
NO |
- |
NO |
- |
YES |
- |
YES |
|
Capital Employed |
£269,038,000 |
34.7% |
£199,679,000 |
9.2% |
£182,806,000 |
-11.1% |
£205,574,000 |
-0.7% |
£206,976,000 |
|
Number of Employees |
23707 |
8.6% |
21827 |
4.7% |
20849 |
9.9% |
18977 |
44.4% |
13144 |
|
Auditors |
KPMG |
|
|||||||
|
Auditor Comments |
The audit report contains no adverse comments |
|
|||||||
|
Bankers |
ALLIANCE & LEICESTER PLC |
|
|||||||
|
Bank Branch Code |
72-00-03 |
|
|||||||
Ratios
|
Date Of Accounts |
18/09/10 |
12/09/09 |
13/09/08 |
15/09/07 |
30/09/06 |
|
Pre-tax profit margin % |
9.66 |
2.94 |
1.87 |
4.92 |
10.57 |
|
Current ratio |
0.28 |
0.27 |
0.26 |
0.21 |
0.20 |
|
Sales/Net Working Capital |
-2.46 |
-2.05 |
-1.88 |
-1.62 |
- |
|
Gearing % |
22.30 |
40.60 |
41 |
31.10 |
23.30 |
|
Equity in % |
15.80 |
10.80 |
10.10 |
12.80 |
14.80 |
|
Creditor Days |
19.15 |
19.76 |
20.58 |
16.55 |
20.99 |
|
Debtor Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid Test |
0.04 |
0.04 |
0.06 |
0.05 |
0.05 |
|
Return On Capital Employed % |
71.33 |
25.68 |
15.69 |
31.06 |
46.73 |
|
Return On Total Assets Employed % |
13.74 |
3.76 |
2.23 |
5.21 |
8.56 |
|
Current Debt Ratio |
5.10 |
7.87 |
8.45 |
6.49 |
5.50 |
|
Total Debt Ratio |
5.32 |
8.22 |
8.85 |
6.80 |
5.73 |
|
Stock Turnover Ratio % |
13.64 |
14.89 |
14.13 |
13.18 |
15.28 |
|
Return on Net Assets Employed % |
87.01 |
34.73 |
22.02 |
40.69 |
57.64 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
|
Multiple CCJ's recorded against the company. |
|
The company's credit rating has increased from not rated to 96 which
indicates very good creditworthiness. |
|
There has been no significant change in the company's credit limit. |
|
The previous 12 month trading period saw a rise in Sales of 13.9%. |
|
In the previous 12 month trading period Net Worth increased by 49.3%. |
|
A 2.5% growth in Total Assets occurred in the previous 12 month
trading period. |
|
Pre-tax profits increased by 274.2% in the previous 12 month trading
period. |
|
The company saw an decrease in their Cash Balance of 5.8% in the
previous 12 month trading period. |
|
The audit report contains no adverse comments. |
|
No recent changes in directorship are recorded. |
|
The company is part of a group. |
|
The company was established over 63 years ago. |
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
12/07/2011 |
Annual Returns |
|
29/06/2011 |
New Accounts Filed |
|
20/07/2010 |
Annual Returns |
|
21/06/2010 |
New Accounts Filed |
|
21/06/2010 |
New Accounts Filed |
|
08/07/2009 |
Annual Returns |
|
02/07/2009 |
New Accounts Filed |
|
01/08/2008 |
Annual Returns |
|
27/05/2008 |
New Accounts Filed |
|
23/07/2007 |
SEAMUS HALFORD has left the board |
|
23/07/2007 |
PETER RUSSELL has left the board |
|
23/07/2007 |
ARTHUR RYAN has left the board |
|
23/07/2007 |
PATRICK PRIOR has left the board |
|
19/07/2007 |
Annual Returns |
|
23/05/2007 |
New Accounts Filed |
Previous Company Names
|
No Previous Names found |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.