MIRA INFORM REPORT

 

 

Report Date :

25.10.2012

 

IDENTIFICATION DETAILS

 

Name :

STERLING & HUNT LTD.

 

 

Registered Office :

Hennock Court 3 Hennock Road East Marsh Barton Trading Estate Exeter, EX2 8RU

 

 

 

 

Country :

United Kingdom

 

 

 

 

Financials (as on) :

31.07.2011

 

 

 

 

Date of Incorporation :

02.12.1996

 

 

 

 

Com. Reg. No.:

03286308

 

 

 

 

Legal Form :

Private Subsidiary

 

 

 

 

Line of Business :

Wholesale of clothing and footwear

 

 

 

 

No. of Employees :

24

 

 

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

 

Maximum Credit Limit :

--

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

(31.03.2011)

Current Rating

(30.06.2012)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 (EMU).

Source : CIA

Company name and address

 

Top of Form

Bottom of Form

Sterling & Hunt Ltd.                                                                                                                     

 

Hennock Court

3 Hennock Road East

Marsh Barton Trading Estate

Exeter, EX2 8RU

United Kingdom

 

 

Tel:

01392 207050

Fax:

01392 207045

 

www.richleigh.co.uk

 

Employees:

24

Company Type:

Private Subsidiary

Corporate Family:

5 Companies

Ultimate Parent:

Stuart Marsh Shoes Ltd.

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

02-Dec-1996

Auditor:

Thompson Jenner LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Jul-2011

Reporting Currency:

British Pound Sterling

Annual Sales:

NA

Total Assets:

2.7

                                      

Business Description       

 

Wholesale distribution of shoes.

 

Industry                              

 

Industry

Apparel and Accessories

ANZSIC 2006:

371 - Textile, Clothing and Footwear Wholesaling

NACE 2002:

5142 - Wholesale of clothing and footwear

NAICS 2002:

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

UK SIC 2003:

5142 - Wholesale of clothing and footwear

UK SIC 2007:

4642 - Wholesale of clothing and footwear

US SIC 1987:

513 - Apparel, Piece Goods, and Notions

                      

Key Executives           

 

Name

Title

Richard John Rudling

Secretary

Philip Benjamin Marsh

Director

Richard Peter William Marsh

Director

Stuart Marsh

Director

Ian Stuart Sutherland

Director

   

Financial Summary                                                                                   

 

FYE: 31-Jul-2011

USD (mil)

Key Figures

 

Current Assets

2.71

Fixed Assets

0.01

Total Liabilities

2.08

Net Worth

0.64

 

Key Ratios

 

Current Ratio

1.30

Acid Test

1.08

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6260631
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6091989

 

 

Corporate Overview

 

Location
Hennock Court
3 Hennock Road East
Marsh Barton Trading Estate
Exeter, EX2 8RU
Devon County
United Kingdom

 

Tel:

01392 207050

Fax:

01392 207045

 

www.richleigh.co.uk

Sales GBP(mil):

NA

Assets GBP(mil):

1.7

Employees:

24

Fiscal Year End:

31-Jul-2011

 

Industry:

Apparel and Accessories

Registered Address:
Hennock Court
Hennock Road East Marsh Barton
Trading Estate
Exeter, EX2 8RU
United Kingdom

 

Incorporation Date:

02-Dec-1996

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(UK):

03286308

 

Director:

Philip Benjamin Marsh

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

371

-

Textile, Clothing and Footwear Wholesaling

 

NACE 2002 Codes:

5142

-

Wholesale of clothing and footwear

 

NAICS 2002 Codes:

4243

-

Apparel, Piece Goods, and Notions Merchant Wholesalers

 

US SIC 1987:

513

-

Apparel, Piece Goods, and Notions

 

UK SIC 2003:

5142

-

Wholesale of clothing and footwear

 

UK SIC 2007:

4642

-

Wholesale of clothing and footwear

Business Description

Wholesale distribution of shoes.

 

More Business Descriptions

Footwear Manufacturers

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

GBP(mil)

 

Assets:

1.7

Current Assets:

1.6

 

Fixed Assets:

0.0

 

Long Term Debt:

0.0

 

Total Liabilities:

1.3

 

Issued Capital:

0.0

 

Working Capital:

0.4

 

Net Worth:

0.4

 

 

 

Date of Financial Data:

31-Jul-2011

 

1 Year Growth

8.7%

 

 

Key Corporate Relationships

Auditor:

Thompson Jenner LLP

 

Auditor:

Thompson Jenner LLP

 

 

 

 

 

 

 

 

Corporate Structure News

 

Sterling & Hunt Ltd.
Total Corporate Family Members: 5

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Stuart Marsh Shoes Ltd.

Parent

Exeter

United Kingdom

Business Services

16.9

73

Rainbow Club Ltd.

Subsidiary

Exeter

United Kingdom

Apparel and Accessories

 

40

Sterling & Hunt Ltd.

Subsidiary

Exeter

United Kingdom

Apparel and Accessories

 

24

Chatham Marine Ltd.

Subsidiary

Exeter

United Kingdom

Apparel and Accessories

 

6

Stuart Marsh (Retail) Ltd.

Subsidiary

Exeter

United Kingdom

Retail (Apparel)

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Philip Benjamin Marsh

 

Director

Director/Board Member

Age: 32

 

Richard Peter William Marsh

 

Director

Director/Board Member

 

 

Age: 40

 

Stuart Marsh

 

Director

Director/Board Member

 

 

Age: 65

 

Ian Stuart Sutherland

 

Director

Director/Board Member

 

 

Age: 54

 

 

Executives

 

Name

Title

Function

Richard John Rudling

 

Secretary

Company Secretary

Age: 50

 

 

 

Directors and Shareholders Report

Annual Return Date: 02 Dec 2011

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Stuart
Marsh

Current

19 Dec 1946

Denmark Road, Exeter,
Exeter, Devon EX1 1SJ

28 Jan 1997

NA

Current:6
Previous:1
Disqualifications:0

 

Philip Benjamin
Marsh

Current

16 Sep 1980

Hennock Court Hennock Road East, Marsh Barton Trading Estate,
Exeter, Devon EX2 8RU

01 Aug 2011

NA

Current:3
Previous:1
Disqualifications:0

 

Richard John
Rudling

Current

09 Nov 1961

21 Saint Peters Mount,
Exeter, Devon EX4 2JD

28 Jan 1997

NA

Current:11
Previous:0
Disqualifications:0

 

Ian Stuart
Sutherland

Current

15 Nov 1957

22 Port Mer Close,
Exmouth, Devon EX8 5RF

03 Aug 2001

NA

Current:3
Previous:0
Disqualifications:0

 

Richard Peter William
Marsh

Current

05 Nov 1971

The Old Smithy, Poltimore,
Exeter, Devon EX4 0AR

03 Dec 2003

NA

Current:5
Previous:0
Disqualifications:0

 

Martin
Francis

Previous

11 Jan 1958

5 The Pines, Uppingham Road Bushby,
Leicester, Leicestershire LE7 9RX

19 Dec 2007

16 Apr 2008

Current:0
Previous:1
Disqualifications:0

 

Stephen Paul
Sayers

Previous

07 Aug 1954

2 Peel Road,
Wigan, Greater Manchester WN8 9PT

01 Apr 2006

19 Dec 2007

Current:1
Previous:2
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Instant Companies Limited

Previous

1 Mitchell Lane,
Bristol, Avon BS1 6BU

02 Dec 1996

28 Jan 1997

 

 

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Richard John
Rudling

Current

09 Nov 1961

21 Saint Peters Mount,
Exeter, Devon EX4 2JD

28 Jan 1997

NA

Current:11
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Swift Incorporations Limited

Previous

26 Church Street,
St John's Wood, London NW8 8EP

02 Dec 1996

28 Jan 1997

 

 

 

 

Individual Shareholders

 

There are no individual shareholders for this company.

 

 

 

 

 

 

 

 

 

 

Corporate Shareholders

 

Company Name

Registration Number

Share Details
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Stuart Marsh Shoes Ltd

01689153

2 Ordinary GBP 1.00

Ordinary

2

1.00

2.00

100.00

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil)

 

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

 

 

 

 

31-Jul-2011

31-Jul-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

70 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626063

0.637195

0.592803

0.498361

0.528925

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

-

-

-

9.7

-

Turnover (Exports)

-

-

-

1.1

-

Total Turnover

-

-

-

10.8

9.5

Cost of Sales

-

-

-

8.4

6.9

Gross Profit

-

-

-

2.4

2.6

Depreciation

0.0

0.0

0.0

0.1

0.0

Other Expenses

-

-

-

2.7

2.4

Other Income

-

-

-

0.0

0.0

Interest Paid

-

-

-

0.0

0.0

Exceptional Income

-

-

-

-0.3

0.0

Profit Before Taxes

-

-

-

-0.6

0.2

Tax Payable / Credit

-

-

-

-0.1

0.0

Extraordinary Items/Debits

-

-

-

0.0

0.0

Dividends

-

-

-

0.0

0.0

Profit After Taxes

-

-

-

-0.5

0.1

Minority Interests (Profit & Loss)

-

-

-

0.0

0.0

Audit Fees

-

-

-

0.0

0.0

Pensions

-

-

-

0.0

0.0

Directors Emoluments

-

-

-

0.2

0.2

Other Costs

-

-

-

0.0

0.0

Directors Remuneration

-

-

-

0.2

0.2

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jul-2011

31-Jul-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.609199

0.638529

0.697666

0.503145

0.509853

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

-

-

-

0.0

0.0

Fixtures & Fittings

-

-

-

0.0

0.0

Plant & Vehicles

-

-

-

0.2

0.2

Total Tangible Fixed Assets

0.0

0.0

0.1

0.2

0.2

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.0

0.0

0.1

0.2

0.2

Total Stocks Work In Progress

0.5

0.5

0.3

0.9

1.5

Trade Debtors

-

-

-

3.7

2.9

Inter-Company Debtors

-

-

-

1.0

-

Other Debtors

-

-

-

0.0

0.0

Total Debtors

2.2

4.6

2.5

4.7

2.9

Cash and Equivalents

0.1

0.1

0.0

0.0

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

2.7

5.2

2.8

5.6

4.5

Total Assets

2.7

5.2

2.9

5.8

4.6

Trade Creditors

-

-

-

0.8

0.8

Bank Overdraft

-

-

1.0

2.2

0.8

Inter-Company Creditors

-

-

-

1.9

1.7

Director Loans (Current Liability)

-

-

-

0.0

0.0

Hire Purchase (Current Liability)

-

-

0.0

0.0

0.1

Finance Lease (Current Liability)

-

-

0.0

0.0

0.0

Total Finance Lease/Hire Purchase (Current Liability)

-

-

0.0

0.0

0.1

Total Short Term Loans

-

-

-

0.0

0.0

Accruals/Deferred Income (Current Liability)

-

-

-

0.1

0.1

Social Security/VAT

-

-

-

0.3

0.1

Corporation Tax

-

-

-

0.0

0.0

Dividends (Current Liability)

-

-

-

0.0

0.0

Other Current Liabilities

2.1

4.7

1.4

0.0

0.0

Total Current Liabilities

2.1

4.7

2.5

5.3

3.7

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

0.1

0.1

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

0.1

0.1

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

0.1

0.1

Deferred Taxation

0.0

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

0.6

0.5

0.4

0.3

0.8

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

0.6

0.5

0.4

0.3

0.8

Net Worth

0.6

0.5

0.4

0.3

0.8

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jul-2011

31-Jul-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

70 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626063

0.637195

0.592803

0.498361

0.528925

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Jul-2011

31-Jul-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

70 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.609199

0.638529

0.697666

0.503145

0.509853

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.30

1.10

1.14

1.05

1.20

Liquidity Ratio

1.08

0.99

1.00

0.88

0.78

Stock Turnover

-

-

-

12.11

6.39

Credit Period (Days)

-

-

-

126.75

107.43

Working Capital by Sales

-

-

-

2.28%

7.44%

Trade Credit by Debtors

-

-

-

0.22

0.29

Return on Capital

-

-

-

-137.53%

20.49%

Return on Assets

-

-

-

-10.68%

3.97%

Profit Margin

-

-

-

-5.79%

1.86%

Return on Shareholders Funds

-

-

-

-179.40%

22.43%

Borrowing Ratio

-

-

309.52%

1,232.90%

334.25%

Equity Gearing

23.58%

9.43%

12.47%

5.95%

17.69%

Debt Gearing

-

-

12.77%

30.44%

9.48%

Interest Coverage

-

-

-

-47.17

17.07

Sales by Tangible Assets

-

-

-

51.84

61.90

Creditor Days (Cost of Sales Based)

-

-

-

35.52

43.11

Creditor Days (Sales Based)

-

-

-

27.69

31.37

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.59

UK Pound

1

Rs.85.81

Euro

1

Rs.69.91

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.