|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
DOUBLE TWO LIMITED |
|
|
|
|
Formerly Known As : |
HAWKSCLOUGH MILL CO.,
LIMITED |
|
|
|
|
Registered Office : |
PO Box 1, Thornes Lane
Wharf, Wakefield, WF1 5RQ |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.11.1954 |
|
|
|
|
Com. Reg. No.: |
00540034 |
|
|
|
|
Legal Form : |
Private limited with
Share Capital |
|
|
|
|
Line of Business : |
·
Manufacture other
wearing apparel ·
Manufacture of other wearing
apparel and accessories n.e.c. |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.
|
Source
: CIA |
|
Telephone |
+44 019 2437 5651 |
|
||
|
PO BOX 1 |
Fax |
- |
|
|
|
THORNES LANE WHARF |
Website |
|
||
|
WAKEFIELD |
|
|||
|
WF1 5RQ |
|
|||
|
United Kingdom |
|
|||
|
|
||||
|
Company Number: Foundation: |
00540034 02/11/1954 |
Status: |
Active - Accounts Filed |
|
|
|
||||
No exact match CCJs are recorded against the company. Net Worth increased by 5.6% during the latest trading period. The audit report contains no adverse comments.
The company’s credit rating has dropped from 78 to 72 but the company still indicates very good creditworthiness. The credit limit on this company has fallen 13% in comparison to the previously suggested credit limit. Sales in the latest trading period decreased 39.8% on the previous trading period. A 7.7% decline in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 71.4% compared to the previous trading period. The company saw a decrease in their Cash Balance of 30.5% during the latest trading period.
No recent changes
in directorship are recorded. The company
is part of a group. The company has changed its registered address recently. The company
was established over 59 years ago.
Legal form
Private limited with Share
Capital
Foundation
02/11/1954
Company No.
00540034
Previous Names
31/12/1980 HAWKSCLOUGH MILL CO.,LIMITED
Shareholders
|
Name |
Currency |
Number of shares |
Share type |
Nominal Value |
|
WAKEFIELD SHIRT
COMPANY LTD |
GBP |
1,500,000 |
REDEEMABLE
ORDINARY |
1 |
|
WAKEFIELD SHIRT
COMPANY LTD |
GBP |
2,500,000 |
ORDINARY |
1 |
|
|
|
|
|
GBP 4,000,000 |
Management
|
Name |
Address: |
Date of birth |
Nationality |
Appointment date |
|
Mr Richard John
Donner |
Chevet Chase
Chevet Lane, Wakefield, West Yorkshire WF2 6PT |
09/01/1941 |
British |
12/03/1993 |
|
Mr Richard John
Donner |
Barnside, Uppergate
Hepworth, Holmfirth, West Yorkshire HD9 1TG
|
04/02/1968 |
British |
12/10/1999 |
Company Secretary
|
Name |
Address: |
Appointment date |
|
Ms
Nancy Donner |
Chevet Chase Chevet Lane, Sandal, Wakefield, West Yorkshire WF2 6PT |
12/03/1993 |
|
Mr
Kevin Richard Mellor |
35 Nowell Street, Leeds, West Yorkshire LS9 6HS |
07/06/2009 |
Other Known Addresses
11 Lakeside Village Shopping Outlet, White Rose Way, Doncaster, South Yorkshire DN4 5PH
12 Cross Square, Wakefield, West Yorkshire WF1 1PH
Blackpool Road, Preston, Lancashire PR4 0XL
Clarks Village Clarks Village, Street, Somerset BA16 0BB
Freeport Leisure Village, Westwood, West Calder, West Lothian EH55 8QB
PO Box 1, 1 Thornes Lane Wharf, Wakefield, West Yorkshire WF1 5RQ
Rolston Road, Hornsea, North Humberside HU18 1UT
Unit 58, Freeport Village, Charter Way, Braintree, Essex CM77 8YH
Victoria Road, Ebbw Vale, Gwent NP23 6UN
Watling Street, Gailey, Stafford, Staffordshire ST19 5PP
Company relationships
|
Company No. |
Name |
Status |
Country |
|
|
Ultimate parent |
|
|
|
|
|
00361629 |
WAKEFIELD SHIRT COMPANY LIMITED(THE) |
Active |
United Kingdom |
|
|
|
|
|
|
|
|
Affiliated companies companies |
|
|
|
|
|
00362080 |
THREADNEEDLE COMPANY
IMAGE LIMITED |
Active |
United Kingdom |
|
|
00540051 |
WM SUGDEN &
SONS LIMITED |
Active |
United Kingdom |
|
|
00396588 |
L. J. & M. REFSON LIMITED |
Non Trading |
United Kingdom |
|
|
00863454 |
TOPFLIGHT UNIFORMS LIMITED |
Non Trading |
United Kingdom |
|
|
00866090 |
TOP TWENTY SHIRT COMPANY LIMITED(THE) |
Non Trading |
United Kingdom |
|
|
00915580 |
DOUBLE TWO (INTERNATIONAL) LIMITED |
Non Trading |
United Kingdom |
|
|
00947054 |
WAKEFIELD DRAPERS LIMITED |
Non Trading |
United Kingdom |
|
|
01116948 |
SHIRTMASTER LIMITED |
Non Trading |
United Kingdom |
|
|
02303967 |
COMPANY IMAGE LIMITED |
Non Trading |
United Kingdom |
|
|
01300250 |
KINGSWELLS (FASHION
STORES) LIMITED |
Non Trading |
United Kingdom |
|
|
|
|
|
|
|
|
Immediate parent |
|
|
|
|
|
00361629 |
WAKEFIELD SHIRT COMPANY LIMITED(THE) |
Active |
United Kingdom |
|
Main activity
|
SIC03 |
Manufacture other
wearing apparel |
|
|
SIC07 |
Manufacture of other wearing
apparel and accessories n.e.c. |
|
Turnover and Employees
|
Date of Accounts |
Turnover |
Employees |
|
31/12/2010 |
GBP 10,641,810 |
82 |
|
31/12/2011 |
GBP 19,857,375 |
80 |
|
31/12/2012 |
GBP 11,952,455 |
80 |
Banks
|
Bank Name |
Bank Branch
Sort Code |
|
YORKSHIRE BANK PLC |
05-09-62 |
Auditor
Auditor name
JOLLIFFE CORK LLP
Events
Company History
|
Date |
Action |
|
26/01/2009 |
Annual
Returns |
|
05/07/2009 |
New Accounts Filed |
|
05/07/2009 |
New Accounts Filed |
|
25/01/2010 |
Annual Returns |
|
08/09/2010 |
New Accounts Filed |
|
08/09/2010 |
New Accounts Filed |
|
22/01/2011 |
Annual Returns |
|
01/07/2011 |
New Accounts Filed |
|
01/07/2011 |
New Accounts Filed |
|
16/01/2012 |
Change of Company
Postcode |
|
17/01/2012 |
Annual Returns |
|
19/04/2012 |
Change of Company
Postcode |
|
16/06/2012 |
New Accounts Filed |
|
16/06/2012 |
New Accounts Filed |
|
22/01/2013 |
Annual Returns |
|
11/06/2013 |
New Accounts Filed |
|
11/06/2013 |
New Accounts Filed |
Mortgages
|
Charge created |
17/08/2001 |
|
Charge registered |
22/08/2001 |
|
Status |
SATISFIED |
|
Entitled person |
HSBC BANK PLC |
|
Mortgage detail |
FIXED AND
FLOATING CHARGES OVER THE UNDERTAKING AND
ALL PROPERTY AND ASSETS PRESENT
AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
|
|
|
|
Charge created |
28/09/2005 |
|
Charge registered |
04/10/2005 |
|
Status |
OUTSTANDING |
|
Entitled person |
BMG (YORK) LIMITED |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY TO THE
CHARGEE UNDER THE TERMSOF THE
AFOREMENTIONED INSTRUMENT CREATING OR EV- IDENCING THE CHARGE |
|
Mortgage detail |
BY WAY OF FIXED
CHARGE THE INTEREST IN THE DEPOSIT ACCOUNT AND ALL MONEY
FROM TIME TO TIME STANDING TO THE CREDIT OF ORACCRUING TO THE
DEPOSIT ACCOUNT. DEPOSIT ACCOUNT
MEANING GBP 20,302.82 |
|
|
|
|
Charge created |
11/10/2006 |
|
Charge registered |
19/10/2006 |
|
Status |
OUTSTANDING |
|
Entitled person |
CLYDESDALE BANK
PLC |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
FIXED AND
FLOATING CHARGES OVER THE UNDERTAKING AND
ALL PROPERTY AND ASSETS PRESENT
AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
Country Court Judgments (CCJs)
There are no County
Court Judgments listed
against this company
Profit & Loss
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Turnover |
11,952,455 |
19,857,375 |
10,641,810 |
9,831,597 |
|
Export |
4,992,945 |
10,354,314 |
- |
146,052 |
|
Cost of Sales |
- |
- |
- |
5,410,890 |
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Gross Profit |
- |
- |
- |
4,420,707 |
|
Wages And Salaries |
1,953,436 |
1,914,226 |
1,870,594 |
1,864,070 |
|
Directors Emoluments |
0 |
0 |
0 |
0 |
|
Operating Profit |
175,634 |
522,599 |
312,543 |
205,570 |
|
Depreciation |
92,024 |
119,910 |
131,306 |
135,000 |
|
Audit Fees |
19,136 |
16,744 |
16,261 |
17,255 |
|
Interests Payments |
41,520 |
53,172 |
24,113 |
51,727 |
|
Pre Tax Profit |
134,114 |
469,427 |
241,460 |
97,288 |
|
Taxation |
0 |
0 |
0 |
0 |
|
Profit After
Tax |
134,114 |
469,427 |
241,460 |
97,288 |
|
Dividends Payable |
0 |
0 |
0 |
0 |
|
Retained Profit |
134,114 |
469,427 |
241,460 |
97,288 |
Balance
Sheet
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Tangible Assets |
251,907 |
279,430 |
336,582 |
388,120 |
|
Intangible Assets |
0 |
0 |
0 |
0 |
|
Total Fixed Assets |
251,907 |
279,430 |
336,582 |
388,120 |
|
Stock |
3,835,821 |
4,003,814 |
3,119,897 |
2,789,142 |
|
Trade Debtors |
929,067 |
1,398,443 |
1,155,601 |
724,637 |
|
Cash |
97,819 |
140,821 |
65,043 |
212,354 |
|
Other Debtors |
822,471 |
612,441 |
771,576 |
553,444 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
|
Total Current Assets |
5,685,178 |
6,155,519 |
5,112,117 |
4,279,577 |
|
Trade Creditors |
1,304,252 |
1,675,000 |
1,348,945 |
685,943 |
|
Bank Loans
and Overdraft |
847,911 |
1,119,225 |
811,358 |
594,834 |
|
Other Short Term Finance |
1,027,889 |
923,500 |
1,101,618 |
1,488,698 |
|
Miscellaneous Current
Liabilities |
212,706 |
307,011 |
245,992 |
198,896 |
|
Total Current Liabilities |
3,392,758 |
4,024,736 |
3,507,913 |
2,968,371 |
|
Bank Loans
and Overdrafts LTL |
847,911 |
1,119,225 |
811,358 |
594,834 |
|
Other Long
Term Finance |
0 |
0 |
0 |
0 |
|
Total Long Term Liabilities |
0 |
0 |
0 |
0 |
Capital & Reserves
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Called Up Share
Capital |
4,000,000 |
4,000,000 |
4,000,000 |
4,000,000 |
|
P and L Account Reserve |
-1,457,063 |
-1,591,177 |
-2,060,604 |
-2,302,064 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
1,390 |
1,390 |
1,390 |
1,390 |
|
Shareholders Funds |
2,544,327 |
2,410,213 |
1,940,786 |
1,699,326 |
Other Financial Items
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Net Worth |
2,544,327 |
2,410,213 |
1,940,786 |
1,699,326 |
|
Working Capital |
2,292,420 |
2,130,783 |
1,604,204 |
1,311,206 |
|
Total Assets |
5,937,085 |
6,434,949 |
5,448,699 |
4,667,697 |
|
Total Liabilities |
3,392,758 |
4,024,736 |
3,507,913 |
2,968,371 |
|
Net Assets |
2,544,327 |
2,410,213 |
1,940,786 |
1,699,326 |
Cash Flow
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Net Cash Flow from
Operations |
0 |
0 |
0 |
0 |
|
Net Cash Flow before Financing |
0 |
0 |
0 |
0 |
|
Net Cash Flow from
Financing |
0 |
0 |
0 |
0 |
|
Increase in Cash |
-43,002 |
75,778 |
-147,311 |
-126,603 |
Miscellaneous
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Capital Employed |
2,544,327 |
2,410,213 |
1,940,786 |
1,699,326 |
Financial Ratios
|
Name |
31/12/2012 |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Pre Tax Profit
Margin |
1.12 % |
2.36 % |
2.27 % |
0.99 % |
|
Current Ration |
1.68 |
1.53 |
1.46 |
1.44 |
|
Sales or Net Working Capital |
5.21 |
9.32 |
6.63 |
7.50 |
|
Gearing |
33.33 % |
46.44 % |
41.81 % |
35.00 % |
|
Equity |
42.85 % |
37.46 % |
35.62 % |
36.41 % |
|
Creditor Days |
39.71 |
30.70 |
46.14 |
25.39 |
|
Debtor Days |
28.29 |
25.63 |
39.52 |
26.82 |
|
Liquidity or Acid test |
0.54 |
0.53 |
0.56 |
0.50 |
|
Return on Capital Employed |
5.27 % |
19.47 % |
12.44 % |
5.72 % |
|
Return on
Total Assets Employed |
2.25 % |
7.29 % |
4.43 % |
2.08 % |
|
Current Debt Ratio |
1.33 % |
1.66 % |
1.80 % |
1.74 % |
|
Total Debt Ratio |
1.33 % |
1.66 % |
1.80 % |
1.74 % |
|
Stock
Turnover Ratio |
32.09 % |
20.16 % |
29.31 % |
28.36 % |
|
Return on Net Assets
Employed |
5.27 % |
19.47 % |
12.44 % |
5.72 % |
Activity: Clothing
Manufacturer
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.