MIRA INFORM REPORT
|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
FASHION DESIGN GROUP LTD |
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Registered Office : |
119-121 Middlesex Street, London, E1 7JF,
London County |
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Country : |
United Kingdom |
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Financials (as on) : |
31.01.2011 |
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Date of Incorporation : |
04.12.2006 |
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Com. Reg. No.: |
06018150 |
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Legal Form : |
Private Independent |
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Line of Business : |
Clothing wholesalers |
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No. of Employees : |
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 : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 and
contained the growth of social welfare programs. 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, account by far for the largest proportion of
GDP while industry continues to decline in importance. 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. Sharply declining 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 include
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 aims to lower
London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In
November 2011, Chancellor of the Exchequer George OSBORNE announced additional
austerity measures through 2017 because of slower-than-expected economic growth
and the impact of 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 23% by 2015. The Bank of England (BoE) implemented an
asset purchase program of up to £325 billion (approximately $525 billion) as of
February 2011. 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 (EMU0
|
Source
: CIA |
Company name
and address
FASHION DESIGN GROUP LTD
119-121 Middlesex Street,
London, E1 7JF,
London County
United Kingdom
|
Employees: |
NA |
|
Company Type: |
Private Independent |
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Quoted Status: |
Non-quoted Company |
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Incorporation Date: |
04-Dec-2006 |
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Fiscal Year End: |
31-Jan-2011 |
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Reporting Currency: |
British Pound Sterling |
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Annual Sales: |
NA |
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Total Assets: |
0.7 |
Business
Description
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Clothing wholesalers. |
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Industry
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Industry |
Apparel and
Accessories |
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ANZSIC 2006: |
1351 - Clothing
Manufacturing |
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NACE 2002: |
1822 -
Manufacture of other outerwear |
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NAICS 2002: |
3152 - Cut and
Sew Apparel Manufacturing |
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UK SIC 2003: |
1822 -
Manufacture of other outerwear |
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US SIC 1987: |
2385 -
Waterproof Outerwear |
Key
Executives
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Financial Summary |
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Registered
No.(UK)
06018150
1 - Profit & Loss Item
Exchange Rate: USD 1 = GBP 0.6487866
2 - Balance Sheet Item Exchange
Rate: USD 1 = GBP 0.6243172
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Directors and Shareholders Report
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Main Office Address: |
Annual Return
Date: 04 Dec 2011 |
|
Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
22 Feb 1948 |
Penthouse 5 Harley House, Marylebone Road, |
18 Jan 2007 |
NA |
Current:256 |
||
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Current |
16 Dec 1942 |
119-121 Middlesex Street, |
04 Dec 2006 |
NA |
Current:13 |
||
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Current |
05 Nov 1955 |
21 Park Farm Road, Bickley, |
18 Jan 2007 |
NA |
Current:3 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
NA |
119-121 Middlesex Street, |
30 Apr 2011 |
NA |
Current:1 |
||
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Previous |
11 Jul 1974 |
42 Bushey Avenue, |
04 Dec 2006 |
30 Apr 2011 |
Current:0 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Bruce Charles Clark |
100 Ordinary GBP 1.00 |
Ordinary |
100 |
1.00 |
100.00 |
33.33 |
|
Clive Michael Williams |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
16.67 |
|
Galliard Homes |
100 Ordinary GBP 1.00 |
Ordinary |
100 |
1.00 |
100.00 |
33.33 |
|
Tara Williams |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
16.67 |
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Corporate Shareholders |
|
|
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There are no corporate shareholders for this company. |
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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 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.648787 |
0.635292 |
0.558389 |
0.499611 |
|
Consolidated |
No |
No |
No |
No |
|
|
|
|
|
|
|
Total Turnover |
- |
- |
2.7 |
2.6 |
|
Cost of Sales |
- |
- |
2.2 |
1.9 |
|
Gross Profit |
- |
- |
0.5 |
0.7 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Expenses |
- |
- |
0.4 |
0.5 |
|
Operating Profit |
- |
- |
0.1 |
0.3 |
|
Other Income |
- |
- |
0.0 |
0.0 |
|
Interest Paid |
- |
- |
0.0 |
0.0 |
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Exceptional Income |
- |
- |
0.0 |
0.0 |
|
Discontinued Operations |
- |
- |
0.0 |
0.0 |
|
Profit Before Taxes |
- |
- |
0.1 |
0.3 |
|
Tax Payable / Credit |
- |
- |
0.0 |
0.1 |
|
Extraordinary Items/Debits |
- |
- |
0.0 |
0.0 |
|
Dividends |
- |
- |
0.1 |
0.0 |
|
Profit After Taxes |
- |
- |
0.0 |
0.2 |
|
Minority Interests (Profit & Loss) |
- |
- |
0.0 |
0.0 |
Annual Balance Sheet
|
Financials in:
USD (mil) |
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.624317 |
0.624064 |
0.717437 |
0.503018 |
|
Consolidated |
No |
No |
No |
No |
|
|
|
|
|
|
|
Land & Buildings |
- |
- |
0.0 |
0.0 |
|
Fixtures & Fittings |
- |
- |
0.0 |
0.0 |
|
Plant & Vehicles |
- |
- |
0.0 |
0.0 |
|
Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
Stocks |
- |
- |
0.1 |
0.1 |
|
Work in Progress |
- |
- |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
0.2 |
0.4 |
0.1 |
0.1 |
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Trade Debtors |
- |
- |
0.2 |
0.2 |
|
Inter-Company Debtors |
- |
- |
0.0 |
- |
|
Director Loans |
- |
- |
0.0 |
- |
|
Other Debtors |
- |
- |
0.0 |
0.0 |
|
Total Debtors |
0.5 |
0.4 |
0.2 |
0.2 |
|
Cash and Equivalents |
0.0 |
0.0 |
0.2 |
0.2 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
0.7 |
0.8 |
0.5 |
0.5 |
|
Total Assets |
0.7 |
0.8 |
0.5 |
0.5 |
|
Trade Creditors |
- |
- |
0.1 |
0.1 |
|
Bank Overdraft |
- |
- |
0.0 |
- |
|
Accruals/Deferred Income (Current Liability) |
- |
- |
0.0 |
0.0 |
|
Social Security/VAT |
- |
- |
0.0 |
0.0 |
|
Corporation Tax |
- |
- |
0.1 |
0.1 |
|
Other Current Liabilities |
0.4 |
0.5 |
0.0 |
0.0 |
|
Total Current Liabilities |
0.4 |
0.5 |
0.3 |
0.2 |
|
Group Loans (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
- |
0.1 |
0.1 |
|
Accruals/Deferred Income (Long Term Liability) |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
0.2 |
0.2 |
0.2 |
0.2 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
0.2 |
0.2 |
0.2 |
0.2 |
|
Net Worth |
0.2 |
0.2 |
0.2 |
0.2 |
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.648787 |
0.635292 |
0.558389 |
0.499611 |
|
Consolidated |
No |
No |
No |
No |
|
|
|
|
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
|
|
31-Jan-2011 |
31-Jan-2010 |
31-Jan-2009 |
31-Jan-2008 |
|
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.624317 |
0.624064 |
0.717437 |
0.503018 |
|
Consolidated |
No |
No |
No |
No |
|
|
|
|
|
|
|
Current Ratio |
1.65 |
1.52 |
1.84 |
2.61 |
|
Liquidity Ratio |
1.20 |
0.85 |
1.31 |
2.11 |
|
Stock Turnover |
- |
- |
14.93 |
27.95 |
|
Credit Period (Days) |
- |
- |
29.37 |
22.88 |
|
Working Capital by Sales |
- |
- |
10.55% |
11.68% |
|
Trade Credit by Debtors |
- |
- |
0.59 |
0.38 |
|
Return on Capital |
- |
- |
41.63% |
84.59% |
|
Return on Assets |
- |
- |
19.49% |
52.63% |
|
Profit Margin |
- |
- |
4.59% |
10.13% |
|
Return on Shareholders Funds |
- |
- |
55.04% |
124.43% |
|
Borrowing Ratio |
- |
- |
55.09% |
47.10% |
|
Equity Gearing |
32.49% |
27.09% |
35.41% |
42.29% |
|
Debt Gearing |
- |
- |
32.21% |
47.10% |
|
Interest Coverage |
- |
- |
9.26 |
74.83 |
|
Sales by Tangible Assets |
- |
- |
211.08 |
332.79 |
|
Creditor Days (Cost of Sales Based) |
- |
- |
21.43 |
12.22 |
|
Creditor Days (Sales Based) |
- |
- |
17.41 |
8.71 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
|
UK Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.