MIRA INFORM REPORT

 

 

Report Date :

03.07.2012

 

IDENTIFICATION DETAILS

 

Name :

FASHION DIRECT LTD.

 

 

Registered Office :

3-4 Tilley Road, Crowther, Washington, NE38 0AE

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.01.2011

 

 

Date of Incorporation :

17.03.1988

 

 

Com. Reg. No.:

02231783

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

The retail of clothing

 

 

No. of Employees :

86

 

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 :

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Fashion Direct Ltd.

3-4 Tilley Road

Crowther

Washington, NE38 0AE

United Kingdom

Tel:       0191 418 3060

 

 

Registration data   

 

Employees:                  86

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:            Fashion Direct (Jersey) Ltd.

Quoted Status:             Non-quoted Company

Incorporation Date:         17-Mar-1988

Auditor:                        Robson Laidler LLP       

Financials in:                 USD (Millions)

Fiscal Year End:            31-Jan-2011

Reporting Currency:       British Pound Sterling

Annual Sales:               18.1  1

Net Income:                  (2.5)

Total Assets:                 3.2

 

 

Business Description     

 

The retail of clothing.

 

Industry             

Industry            Retail (Apparel)

ANZSIC 2006:    4251 - Clothing Retailing

NACE 2002:      5242 - Retail sale of clothing

NAICS 2002:     4481 - Clothing Stores

UK SIC 2003:    5242 - Retail sale of clothing

US SIC 1987:    5651 - Family Clothing Stores

 

           


Key Executives   

 

Name

Title

Pawan Khosla

Director

Sanjeev Mehan

Director

Raj Kumar Sehgal

Director

 

 

News   

 

Title

Date

SOMALI SUCCESS ON LODGE LANE
Liverpool Echo (UK) (228 Words)

24-Nov-2011

 

 

Financial Summary    

 

FYE: 31-Jan-2011          USD (mil)

Key Figures    

Current Assets  2.97

Fixed Assets     0.23

Total Liabilities   8.92

Net Worth         -5.72

 

Key Ratios      

Current Ratio     0.33

Acid Test          0.05

 

Registered No.(UK): 02231783

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6487866

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6243172

 

 

Corporate Overview

 

Location

3-4 Tilley Road

Crowther

Washington, NE38 0AE

Tyne And Wear County

United Kingdom

Tel:       0191 418 3060

           

Sales GBP(mil):             11.7

Assets GBP(mil):           2.0

Employees:                   86

Fiscal Year End:            31-Jan-2011

Industry:            Retail (Apparel)

           

Registered Address:

3-4 Tilley Road

Crowther

Washington, NE38

United Kingdom

 

Incorporation Date:         17-Mar-1988

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):       02231783

Director:                        Pawan Khosla

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Gazette Status

 

Industry Codes

 

ANZSIC 2006 Codes:

4251     -          Clothing Retailing

 

NACE 2002 Codes:

5242     -          Retail sale of clothing

 

NAICS 2002 Codes:

4481     -          Clothing Stores

 

US SIC 1987:

5651     -          Family Clothing Stores

 

UK SIC 2003:

5242     -          Retail sale of clothing

 

Business Description

The retail of clothing.

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

11.7

Net Income:

-1.6

Assets:

2.0

Current Assets:

1.9

 

Fixed Assets:

0.1

 

Long Term Debt:

0.0

 

Total Liabilities:

5.6

 

Issued Capital:

0.0

 

Working Capital:

-3.7

 

Net Worth:

-3.6

 

 

 

Date of Financial Data:

31-Jan-2011

 

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Auditor:

Robson Laidler LLP

Bank:

Barclays Bank PLC

 

Auditor:

Robson Laidler LLP

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

01-31-2011

 

 

 

Gazette Status

Description

Action Date

Publication

Publication Date

Striking Off Notice Discontinued

08-Feb-2012

Companies House

08-Feb-2012

Striking Off Notice

24-Jan-2012

Companies House

31-Jan-2012

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Fashion Direct Ltd.

Fashion Direct Ltd. 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Fashion Direct (Jersey) Ltd.

Parent

 

 

 

 

 

 

Fashion Direct Ltd.

Subsidiary

Washington

United Kingdom

Retail (Apparel)

18.1

86

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Pawan Khosla

 

Director

Director/Board Member

 

Age: 34

 

Sanjeev Mehan

 

Director

Director/Board Member

 

 

Age: 43

 

Raj Kumar Sehgal

 

Director

Director/Board Member

 

 

Age: 37

 

 

 

Directors and Shareholders Report

 

Main Office Address:
3-4 Tilley Road
Crowther
Washington
United Kingdom NE38 0AE

Tel: 0191 418 3060

Annual Return Date: 07 Jun 2011

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Sanjeev 
Mehan

Current

13 Jan 1969

3-4 Tilley Road, Crowther, 
Washington, Tyne And Wear NE38 0AE

15 Sep 2005

NA

Current:3
Previous:6
Disqualifications:0

 

Raj Kumar 
Sehgal

Current

03 Mar 1975

Seghal Villa Denehurst, Jesmond Park East, 
Newcastle Upon Tyne, Tyne And Wear NE7 7BT

15 Sep 2005

NA

Current:3
Previous:6
Disqualifications:0

 

Pawan 
Khosla

Current

07 Mar 1978

5 Broad Lane, Hale, 
Altrincham, Cheshire WA15 0DE

01 Mar 2011

NA

Current:3
Previous:0
Disqualifications:0

 

Phulla 
Sehgal

Previous

NA

Kismet Melberry Road, Jesmond Park, 
Newcastle Upon Tyne

07 Jun 1991

NA

Current:0
Previous:3
Disqualifications:0

 

Robert Arthur 
Bacon

Previous

28 Jan 1948

The Mill House East Farm, Cleadon Lane Cleadon, 
Sunderland, Tyne And Wear SR6 7UU

01 May 1993

25 Feb 2010

Current:1
Previous:15
Disqualifications:0

 

Sardari Lal 
Sehgal

Previous

14 Apr 1924

Kismet Melberry Road, Jesmond Park, 
Newcastle Upon Tyne

NA

28 Mar 1994

Current:0
Previous:6
Disqualifications:0

 

Paul 
Bacon

Previous

31 Dec 1961

12 Kirkby Road, Ravenshead, 
Nottingham, Nottinghamshire NG15 9HF

17 Oct 2007

30 Jun 2011

Current:0
Previous:1
Disqualifications:0

 

Gurpreet Singh 
Sarang

Previous

30 Jul 1970

Lower Mill, Kingston Road, 
Epsom, Surrey KT17 2AE

01 Mar 2011

02 Dec 2011

Current:1
Previous:17
Disqualifications:0

 

Pawan 
Khosla

Previous

07 Mar 1970

3-4 Tilley Road, Crowther, 
Washington, Tyne And Wear NE38 0AE

01 Mar 2011

01 Mar 2011

Current:0
Previous:1
Disqualifications:0

 

Rakesh Kumar 
Sehgal

Previous

31 Dec 1951

18 Sheldon Grove, Kenton, 
Newcastle Upon Tyne, Tyne And Wear NE3 4JP

28 Mar 1994

31 Mar 1997

Current:3
Previous:8
Disqualifications:0

 

Mukesh Kumar 
Sehgal

Previous

25 Dec 1949

Seghal Villa Denehurst, Jesmond Park East, 
Newcastle Upon Tyne, Tyne And Wear NE7 7BT

07 Jun 1991

28 Mar 1994

Current:5
Previous:7
Disqualifications:0

 

Sushill Kumar Steven 
Sehgal

Previous

22 Feb 1959

Trident House 8 Neptune Court Orion Business Park, Tyne Tunnel Trading Estate, 
North Shields, Tyne And Wear NE29 7UW

07 Jun 1991

28 Mar 1994

Current:2
Previous:2
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

There are no corporate directors for this company.

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Robert Arthur 
Bacon

Previous

28 Jan 1948

The Mill House East Farm, Cleadon Lane Cleadon, 
Sunderland, Tyne And Wear SR6 7UU

18 May 2006

25 Feb 2010

Current:1
Previous:15
Disqualifications:0

 

Thomas 
Parkinson

Previous

NA

57 Twizell Avenue, 
Blaydon-On-Tyne, Tyne And Wear NE21 4EX

07 Jun 1991

18 May 2006

Current:2
Previous:6
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Fashion Direct (Jersey) Limited

2 Ordinary GBP 1.00

Ordinary

2

1.00

2.00

100.00

 

 

 

 

 

 

 

 

 

Corporate Shareholders

 

There are no corporate shareholders for this company.

 

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648787

0.635292

0.558389

0.499611

0.53864

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

18.1

-

-

-

-

Turnover (Exports)

0.0

-

-

-

-

Total Turnover

18.1

-

-

-

-

Cost of Sales

8.5

-

-

-

-

Gross Profit

9.6

-

-

-

-

Depreciation

0.1

-

0.0

0.0

-

Other Expenses

11.9

-

-

-

-

Other Income

0.0

-

-

-

-

Interest Paid

0.1

-

-

-

-

Exceptional Income

-0.1

-

-

-

-

Discontinued Operations

0.0

-

-

-

-

Profit Before Taxes

-2.5

-

-

-

-

Tax Payable / Credit

0.1

-

-

-

-

Extraordinary Items/Debits

0.0

-

-

-

-

Dividends

0.0

-

-

-

-

Profit After Taxes

-2.5

-

-

-

-

Minority Interests (Profit & Loss)

0.0

-

-

-

-

Audit Fees

0.0

-

-

-

-

Number of Employees

86

-

-

-

-

Wages

2.5

-

-

-

-

Social Security Costs

0.2

-

-

-

-

Other Pension Costs

0.0

-

-

-

-

Employees Remuneration

2.7

-

-

-

-

Directors Remuneration

0.2

-

-

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.624317

0.624064

0.717437

0.503018

0.510882

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

0.0

-

-

-

0.0

Fixtures & Fittings

0.2

-

-

-

0.0

Plant & Vehicles

0.0

-

-

-

0.0

Total Tangible Fixed Assets

0.2

0.2

0.1

0.1

0.0

Intangible Assets

0.0

0.0

0.1

0.2

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.2

0.2

0.2

0.3

0.0

Stocks

2.6

-

-

-

0.0

Work in Progress

0.0

-

-

-

0.0

Total Stocks Work In Progress

2.6

1.9

1.5

0.1

0.0

Trade Debtors

0.1

-

-

-

0.0

Inter-Company Debtors

0.0

-

-

-

0.0

Director Loans

0.0

-

-

-

0.0

Other Debtors

0.3

-

-

-

0.0

Total Debtors

0.4

1.7

0.9

0.1

0.0

Cash and Equivalents

0.0

0.6

0.1

0.6

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

3.0

4.2

2.5

0.9

0.0

Total Assets

3.2

4.5

2.7

1.1

0.0

Trade Creditors

2.9

-

-

-

0.0

Bank Overdraft

2.3

-

-

-

0.0

Inter-Company Creditors

3.2

-

-

-

0.0

Director Loans (Current Liability)

-

-

-

-

0.0

Hire Purchase (Current Liability)

-

-

-

-

0.0

Finance Lease (Current Liability)

-

-

-

-

0.0

Total Finance Lease/Hire Purchase (Current Liability)

-

-

-

-

0.0

Total Short Term Loans

-

-

-

-

0.0

Accruals/Deferred Income (Current Liability)

0.2

-

-

-

0.0

Social Security/VAT

0.1

-

-

-

0.0

Corporation Tax

-

-

-

-

0.0

Dividends (Current Liability)

-

-

-

-

0.0

Other Current Liabilities

0.2

7.6

4.0

0.8

0.0

Total Current Liabilities

8.9

7.6

4.0

0.8

0.0

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

0.0

0.0

0.0

-

0.0

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

-5.7

-3.1

-1.3

0.3

0.0

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

-5.7

-3.1

-1.3

0.3

0.0

Net Worth

-5.7

-3.1

-1.4

0.1

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648787

0.635292

0.558389

0.499611

0.53864

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

-5.5

-

-

-

-

Net Cash Flow from ROI and Servicing of Finance

-0.1

-

-

-

-

Taxation

-0.1

-

-

-

-

Capital Expenditures

-0.3

-

-

-

-

Acquisitions and Disposals

0.0

-

-

-

-

Paid Up Equity

0.0

-

-

-

-

Management of Liquid Resources

0.0

-

-

-

-

Net Cash Flow From Financing

3.1

-

-

-

-

Increase in Cash

-2.8

-

-

-

-

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.624317

0.624064

0.717437

0.503018

0.510882

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

0.33

0.56

0.63

1.04

-

Liquidity Ratio

0.05

0.30

0.25

0.90

-

Stock Turnover

7.36

-

-

-

-

Credit Period (Days)

1.06

-

-

-

-

Working Capital by Sales

-31.68%

-

-

-

-

Trade Credit by Debtors

53.72

-

-

-

-

Return on Assets

-80.09%

-

-

-

-

Profit Margin

-13.64%

-

-

-

-

Borrowing Ratio

-96.11%

-

-

-

-

Equity Gearing

-178.74%

-68.86%

-47.61%

25.89%

100.00%

Interest Coverage

-41.21

-

-

-

-

Sales by Tangible Assets

81.11

-

-

-

-

Average Remuneration per Employee

0.0

-

-

-

-

Profit per Employee

0.0

-

-

-

-

Sales per Employee

0.2

-

-

-

-

Capital Employed per Employee

-0.1

-

-

-

-

Tangible Assets per Employee

0.0

-

-

-

-

Total Assets per Employee

0.0

-

-

-

-

Employee Remuneration by Sales

14.87%

-

-

-

-

Creditor Days (Cost of Sales Based)

121.17

-

-

-

-

Creditor Days (Sales Based)

56.87

-

-

-

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.83

UK Pound

1

Rs.87.41

Euro

1

Rs.70.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.