MIRA
INFORM REPORT
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Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MONSOON ACCESSORIZE LTD |
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Registered Office : |
1 Nicholas Road, London, W11 4AN |
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Country : |
United Kingdom |
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Financials (as on) : |
25.08.2012 |
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Date of Incorporation : |
22.02.1973 |
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Com. Reg. No.: |
01098034 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
designs and
develops a range of apparel and accessories for men, women and children in
the United Kingdom |
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No. of Employees : |
3841 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 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.
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Source : CIA |
Company name & address
Monsoon Accessorize Ltd
Monsoon Building
179 Harrow Road
London, W2 6NB
United Kingdom
Tel: 020 3372 3000
Fax: 020 3372 3040
Web: www.monsoon.co.uk
synthesis
Employees: 3,841
Company Type: Private Subsidiary
Corporate Family: 24
Companies
Ultimate Parent: Monsoon Holdings (Jersey) Ltd.
Quoted Status: Non-quoted Company
Incorporation Date:
22-Feb-1973
Auditor: Ernst & Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
28-Aug-2010
Reporting Currency: British
Pound Sterling
Annual Sales: 878.0
1
Net Income: 112.2
Total Assets: 845.8 2
Business Description
Monsoon Accessorize Ltd. designs and develops a range of apparel and accessories for men, women and children in the United Kingdom. The company owns and operates a chain of retail stores that sells dresses, trousers, tops, tunics, skirts and blouses in various fabrics and designs. It also markets and distributes a range of jeans, T-shirts, shorts, shirts, jackets and coats in different colours, prints and sizes. In addition, the company’s stores maintain a stock of accessories, such as sunglasses, shoes, hats, caps, bags and jewellery. Its stores also sell bedspreads, cushions, wallpapers and decorative lighting products.
Industry
Industry Retail (Apparel)
ANZSIC 2006: 4251 - Clothing
Retailing
NACE 2002: 5242 - Retail sale
of clothing
NAICS 2002: 44811 - Men's
Clothing Stores
UK SIC 2003: 52424 - Retail
sale of other men's clothing
UK SIC 2007: 4771 - Retail sale
of clothing in specialised stores
US SIC 1987: 5611 - Men's and
Boys' Clothing and Accessory Stores
Key Executives
|
Name |
Title |
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John Browett |
Chief Executive Officer |
|
Rosalynde V Harrison |
Company Secretary |
|
Katharine Jakeman |
Head of Reward & HR Shared Services |
|
Louise Worrell |
Head of PR |
|
Steve Back |
Finance Director |
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6398186
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6462662
Corporate Overview
Location
Monsoon Building
179 Harrow Road
London, W2 6NB
London County
United Kingdom
Tel: 020 3372 3000
Fax: 020 3372 3040
Web: www.monsoon.co.uk
Sales GBP(mil): 561.7
Assets GBP(mil): 546.6
Employees: 3,841
Fiscal Year End: 28-Aug-2010
Industry: Retail (Apparel)
Registered
Address:
1 Nicholas Road
London, W11 4AN
United Kingdom
Incorporation Date: 22-Feb-1973
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(UK): 01098034
Chief Executive Officer: John
Browett
Industry Codes
ANZSIC 2006 Codes:
4251 - Clothing Retailing
NACE 2002 Codes:
5242 - Retail sale of clothing
NAICS 2002 Codes:
44811 - Men's Clothing Stores
448130 - Children's and Infants' Clothing Stores
448120 - Women's Clothing Stores
US SIC 1987:
5611 - Men's and Boys' Clothing and Accessory Stores
5641 - Children's and Infants' Wear Stores
5621 - Women's Clothing Stores
UK SIC 2003:
52424 - Retail sale of other men's clothing
52422 - Retail sale of children's and infants' clothing
52423 - Retail sale of other women's clothing
UK SIC 2007:
4771 - Retail sale of clothing in specialised stores
Business
Description
Monsoon
Accessorize Ltd. designs and develops a range of apparel and accessories for
men, women and children in the United Kingdom. The company owns and operates a
chain of retail stores that sells dresses, trousers, tops, tunics, skirts and
blouses in various fabrics and designs. It also markets and distributes a range
of jeans, T-shirts, shorts, shirts, jackets and coats in different colours,
prints and sizes. In addition, the company’s stores maintain a stock of
accessories, such as sunglasses, shoes, hats, caps, bags and jewellery. Its
stores also sell bedspreads, cushions, wallpapers and decorative lighting
products.
More Business
Descriptions
Monsoon plc is
engaged in the sale of women's, men’s and children's clothing and
accessories, homeware and gifts. During the fiscal year ended May 26, 2007
(fiscal 2007), 21 stores were opened and 12 stores were closed, inclusive of
two resites. Of these 21 stores, seven were Monsoon, three were Accessorize and
11 were Dual stores. Dual stores are adjacent Monsoon and Accessorize stores,
which are joined internally. As of May 26, 2007, it had 406 stores in the
United Kingdom and Eire: 149 Monsoon, 151 Accessorize, 106 Dual stores and four
concessions. During fiscal 2007, the Company disposed of its 7.8% interest GUM
Trade House. For the fiscal year ended 28 August 2010, Monsoon Accessorize
Ltd.'s revenues increased 4% to £561.7M. Net income totaled £71.8M, up from
£22.3M. Revenues reflect higher income from UK and Rest of world regions. Net
income also reflects lower cost of sales, an increase in gross margin, decrease
administrative expenses, lower exceptional costs, an increase in other
operating income and decreased interest payable.
Monsoon
Accessorize Ltd. is an accessories retail store and offshoot of Monsoon Ltd.
The first Accessorize store opened in London’s Covent Garden Piazza in 1984
and the second in Carnaby Street in 1986. There are now more than 110
Accessorize stores in the United Kingdom and a blossoming international
operation of more than 100 stores. It also operates an online boutique for easy
at-home shopping. Monsoon Accessorize Ltd. has head offices in London.
Retail of jewellery, accessories, homeware and gifts
Womens Clothing Accessories Mfr
Retail of jewellery, accessories, homeware and gifts
Monsoon is a brand with a highly distinctive identity. The intrinsic beauty of fabric, colour and technique so evident in the early sourcing of Monsoon's products from India, Afghanistan and the Far East, continues to exercise a strong influence. Today, Monsoon's team of talented designers gather inspiration and ideas from around the world to create the Monsoon signature look. This is the inspiration for Monsoon's exclusive, in-house designed collection of unique, classic pieces, that range from sophisticated evening to casual day wear, and combine feminine styling with exotic colour, beautiful fabrics and detailed finishing. From the practical to the perfect princess and dapper young gentleman, Monsoon Children has a range that more then meets any day and special occasion needs. For the perfect finish, all clothing ranges are accessorised with everything from bags and shoes to jewellery. Perfect for gifting or for your home, Monsoon Home is an extension of Monsoon's style to decorative accessories - from photo frames to perfume bottles and jewellery boxes - ceramics, glassware, table ware, bed, bath and curtain lines. To complement Home, our Boutique range offers fair trade and hand-crafted homewares and gifts, often using upcycled Monsoon fabrics to create a unique and heritage inspired pieces. All profits from this collection are donated to the company charity, the Monsoon Accessorize Trust, to help women and children in Asia. Accessorize is devoted to bringing the most exciting and eclectic products to the high street. With its own in-house design team, Accessorize holds a unique position on the high street with its inspirational, globally sourced, well priced and good quality collection of fashion accessories. Seasonal themes run through the brand, always presenting an individual take on the latest trends. The product range created at Accessorize is extensive and includes every kind of accessory imaginable. The Future Monsoon's dedicated team are committed to the continuing development of all the Monsoon clothing, Home and Accessorize product ranges. Monsoon and Accessorize continue to grow across Europe, the Far East, the Middle East and the Southern Hem with expansion plans for the Americas in place, involving joint ventures. The values that Monsoon Accessorize has embraced from the beginning are creativity, a passion for exploration and a commitment to both people and product. This approach will continue to play a vital part in its future growth and success. The Queen's Award The Queen's Awards for Enterprise are the UK's most prestigious Awards for business performance. They are presented in three separate categories: • International Trade - recognising companies that have demonstrated growth in overseas earnings. • Innovation - recognising companies that have demonstrated commercial success through innovative products or services. • Sustainable Development - recognising companies that have integrated environmental, social, economic and management aspects of sustainable development into their business. We have been given The Queen's Award in Enterprise for International Trade. For further information visit The Queen's Award Website: http://www.queensawards.org.uk Monsoon Monsoon was founded in 1973 by Peter Simon who brought hand-crafted and folk-inspired fashion to London, after travelling the globe and setting up a stall on the Portobello Road. The original focus was always on clothes with an ethnic origin from faraway places, such as India and Afghanistan, and our very first collections were made from hand-loomed cotton in Indian villages. The first Monsoon store was opened in Beauchamp's Place, Knightsbridge. Accessorize followed in 1984, producing high street accessories with a profoundly different aesthetic to what was found on the high street at the time. Monsoon Home was launched in 1999, creating an innovative and individual home accessories and gift range. Monsoon Children and Monson Fusion were later added to the family, and in 2012 Monsoon Bridal was extended and launched online. Today there are over 400 Monsoon and Accessorize stores in the United Kingdom and over 1000 throughout the world. Whilst we have grown into a global company, our hand-crafted and ethical heritage is still at the heart of our business. This is celebrated in the beautiful hand embroidery and embellishment that give many of our products their unique Monsoon look and feel. To find out more, click here Accessorize In the early 1980's Monsoon started to sell a small collection of accessories which became so popular that the idea for the innovative new store format Accessorize was born. The first Accessorize store opened in London's Covent Garden Piazza in 1984 and the second in Carnaby Street in 1986. 1992 saw the first Accessorize store outside London with a store opening in Manchester. In the same year the first airport store was opened at Gatwick South terminal. Building on the company's phenomenal success, a store opening programme began, averaging 16 new stores each year. Today there are more than 240 Accessorize stores in the UK and a blossoming international operation of over 800 stores. See a list of all Accessorize stores throughout the UK and the world here. With its own in-house design team, Accessorize holds a unique position on the high street with its inspirational, globally sourced, well-priced and good quality collection of fashion accessories. Displayed in an original and impactful colour-bay design, the constantly changing range includes every kind of accessory imaginable; bags, purses, jewellery, belts, hats, scarves, flip flops, gloves, hair accessories and cosmetics. Monsoon Accessorize's prestigious Head Office is located in Notting Hill Village, West London. It is an exciting new development designed by award winning Architect Allford Hall Monaghan Morris and home to our unique collection of international contemporary art. Adjacent to the Westfield Shopping centre, and yet close to the Portobello Road, Notting Hill Village is a perfect location for our bustling HQ. View a video tour of the Monsoon Accessorize Head Office.
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Corporate Family |
Corporate
Structure News: |
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Monsoon
Accessorize Ltd |
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Monsoon Accessorize Ltd |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Monsoon Holdings (Jersey) Ltd. |
Parent |
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Subsidiary |
London |
United Kingdom |
Commercial Banks |
833.4 |
3,831 |
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Subsidiary |
London |
United Kingdom |
Commercial Banks |
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7 |
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Subsidiary |
London |
United Kingdom |
Retail (Apparel) |
|
500 |
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Subsidiary |
Paris |
France |
Retail (Apparel) |
20.6 |
74 |
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Subsidiary |
Dublin |
Ireland |
Retail (Apparel) |
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20 |
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Subsidiary |
Dublin |
Ireland |
Retail (Apparel) |
35.9 |
163 |
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Subsidiary |
Dublin |
Ireland |
Retail (Apparel) |
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Subsidiary |
Dublin |
Ireland |
Apparel and Accessories |
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17 |
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UK Branch/Trading address |
East Grinstead |
United Kingdom |
Restaurants |
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7 |
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Subsidiary |
London |
United Kingdom |
Retail (Apparel) |
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Subsidiary |
London |
United Kingdom |
Retail (Apparel) |
878.0 |
3,841 |
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UK Branch/Trading address |
Reading |
United Kingdom |
Retail (Apparel) |
878.0 |
200 |
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UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
878.0 |
34 |
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UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
878.0 |
32 |
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UK Branch/Trading address |
Watford |
United Kingdom |
Retail (Apparel) |
878.0 |
30 |
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UK Branch/Trading address |
Glasgow |
United Kingdom |
Retail (Apparel) |
878.0 |
20 |
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UK Branch/Trading address |
Maidstone |
United Kingdom |
Retail (Apparel) |
878.0 |
20 |
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UK Branch/Trading address |
Peterborough |
United Kingdom |
Retail (Apparel) |
878.0 |
16 |
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UK Branch/Trading address |
London |
United Kingdom |
Retail (Apparel) |
878.0 |
15 |
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UK Branch/Trading address |
Worcester |
United Kingdom |
Retail (Apparel) |
878.0 |
14 |
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UK Branch/Trading address |
Bangor |
United Kingdom |
Retail (Apparel) |
878.0 |
12 |
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Subsidiary |
London |
United Kingdom |
Restaurants |
0.5 |
12 |
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Subsidiary |
London |
United Kingdom |
Commercial Banks |
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Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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Company Secretary |
Administration Executive |
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Finance Director |
Finance Executive |
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Head of Reward & HR Shared Services |
Human Resources Executive |
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Marketing Director |
Marketing Executive |
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Head of PR |
Public Relations Executive |
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Commercial Director |
Commercial Executive |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 020 3372 3000 |
Annual Return Date: 31 May 2012 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
10 Dec 1963 |
C/O Dsg International Plc C/O Dsg International Pl, Maylands Avenue, |
02 May 2013 |
NA |
Current:4 |
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Current |
12 Nov 1963 |
Notting Dale Village 1 Nicholas Road, |
27 Jul 2012 |
NA |
Current:12 |
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Current |
24 Sep 1952 |
8 Chepstow Villas, |
25 Apr 2006 |
NA |
Current:9 |
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Previous |
23 Dec 1958 |
19 Ritson Road Dalston, Hackney, |
31 May 1992 |
02 Jul 1999 |
Current:0 |
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Previous |
03 May 1958 |
11 Poppy Walk, St James Road, |
28 Jun 2004 |
02 Mar 2007 |
Current:4 |
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Previous |
10 Apr 1968 |
4 Rosedene End, Chiswell Green, |
01 Apr 2008 |
30 Sep 2009 |
Current:0 |
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Previous |
26 Jul 1950 |
Buckshaw House, Holwell, |
31 May 1992 |
11 Jul 2003 |
Current:8 |
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Previous |
24 Sep 1952 |
8 Chepstow Villas, |
31 May 1992 |
24 May 1996 |
Current:9 |
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Previous |
25 Sep 1951 |
Drayton House, |
31 May 1992 |
31 Jan 2004 |
Current:0 |
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Previous |
15 Jan 1954 |
1 Nicholas Road, |
30 Sep 2009 |
27 Jul 2012 |
Current:1 |
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Previous |
04 Mar 1961 |
1 Priests Paddock, |
16 Jun 2004 |
31 Dec 2008 |
Current:2 |
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Previous |
04 Aug 1949 |
87 Lancaster Road, |
31 May 1992 |
25 Apr 2006 |
Current:3 |
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Previous |
30 Jul 1960 |
3 Hayward Drive, |
11 Sep 2001 |
28 Mar 2007 |
Current:0 |
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Previous |
30 Sep 1960 |
Notting Hill Village 1 Nicholas Road, |
28 Mar 2007 |
20 Jul 2012 |
Current:2 |
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Previous |
27 Aug 1958 |
20 Mount Avenue, Ealing, |
18 Aug 2003 |
28 Jun 2004 |
Current:0 |
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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 |
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Current |
NA |
1 Nicholas Road, |
21 May 2003 |
NA |
Current:3 |
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Previous |
26 Jul 1950 |
Buckshaw House, Holwell, |
21 May 1996 |
21 May 2003 |
Current:8 |
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Previous |
04 Aug 1949 |
87 Lancaster Road, |
NA |
21 May 1996 |
Current:3 |
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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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There are no individual shareholders for this company. |
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Corporate Shareholders |
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Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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01200163 |
100000 Ordinary GBP 1.00 |
Ordinary |
100,000 |
1.00 |
100,000.00 |
100.00 |
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Annual
Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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25-Aug-2012 |
27-Aug-2011 |
28-Aug-2010 |
29-Aug-2009 |
30-Aug-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
66 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.635082 |
0.624109 |
0.639819 |
0.642791 |
0.502804 |
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Consolidated |
No |
No |
No |
No |
No |
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Turnover (UK) |
688.9 |
795.4 |
802.7 |
790.6 |
1,208.6 |
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Turnover (Exports) |
84.1 |
95.1 |
75.3 |
50.1 |
47.6 |
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Total Turnover |
773.0 |
890.4 |
878.0 |
840.7 |
1,256.1 |
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Cost of Sales |
359.5 |
370.0 |
347.5 |
364.3 |
535.8 |
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Gross Profit |
413.5 |
520.4 |
530.4 |
476.4 |
720.3 |
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Depreciation |
26.0 |
32.5 |
34.0 |
35.4 |
59.4 |
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Other Expenses |
416.7 |
391.3 |
383.6 |
405.8 |
616.6 |
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Other Income |
30.1 |
47.1 |
20.8 |
25.0 |
27.0 |
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Interest Paid |
8.5 |
7.7 |
7.3 |
16.1 |
1.7 |
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Exceptional Income |
0.0 |
0.0 |
-6.8 |
-36.1 |
-20.5 |
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Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
18.4 |
168.5 |
153.5 |
43.4 |
108.5 |
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Tax Payable / Credit |
16.8 |
61.4 |
41.3 |
8.7 |
29.5 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Dividends |
10.1 |
262.4 |
88.3 |
119.0 |
111.4 |
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Profit After Taxes |
-8.5 |
-155.3 |
23.9 |
-84.4 |
-32.5 |
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Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Audit Fees |
0.3 |
0.3 |
0.3 |
0.3 |
0.5 |
|
Non Audit Fees |
0.0 |
- |
- |
- |
- |
|
Number of Employees |
2,956 |
3,731 |
3,841 |
3,965 |
3,930 |
|
Wages |
94.2 |
106.1 |
110.2 |
105.6 |
176.7 |
|
Social Security Costs |
6.2 |
7.5 |
7.0 |
7.1 |
12.4 |
|
Pensions |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Pension Costs |
0.7 |
0.7 |
0.7 |
0.6 |
1.1 |
|
Employees Remuneration |
101.1 |
114.4 |
117.8 |
113.3 |
190.2 |
|
Directors Emoluments |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Costs |
- |
- |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
- |
- |
0.0 |
0.0 |
0.0 |
|
Highest Paid Director |
- |
- |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
25-Aug-2012 |
27-Aug-2011 |
28-Aug-2010 |
29-Aug-2009 |
30-Aug-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.629905 |
0.616295 |
0.646266 |
0.613083 |
0.548261 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
38.1 |
49.2 |
52.1 |
62.6 |
80.3 |
|
Fixtures & Fittings |
41.2 |
48.4 |
51.4 |
71.7 |
108.0 |
|
Plant & Vehicles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Tangible Fixed Assets |
79.3 |
97.6 |
103.5 |
134.3 |
188.3 |
|
Intangible Assets |
0.2 |
0.4 |
2.2 |
2.6 |
3.5 |
|
Investments |
0.2 |
15.6 |
14.9 |
15.2 |
17.0 |
|
Total Fixed Assets |
79.7 |
113.6 |
120.6 |
152.1 |
208.9 |
|
Stocks |
107.3 |
113.9 |
95.6 |
96.9 |
90.8 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
107.3 |
113.9 |
95.6 |
96.9 |
90.8 |
|
Trade Debtors |
44.9 |
38.9 |
23.1 |
20.0 |
23.5 |
|
Inter-Company Debtors |
379.4 |
404.8 |
371.8 |
407.9 |
64.4 |
|
Other Debtors |
60.1 |
59.9 |
56.6 |
60.6 |
27.9 |
|
Total Debtors |
484.5 |
503.7 |
451.5 |
488.5 |
115.8 |
|
Cash and Equivalents |
48.7 |
69.0 |
178.1 |
163.1 |
112.1 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
1.4 |
0.0 |
|
Total Current Assets |
640.5 |
686.6 |
725.2 |
749.8 |
318.7 |
|
Total Assets |
720.2 |
800.2 |
845.8 |
902.0 |
527.5 |
|
Trade Creditors |
97.2 |
106.8 |
95.1 |
80.0 |
50.1 |
|
Bank Overdraft |
2.9 |
5.7 |
15.0 |
17.1 |
3.5 |
|
Inter-Company Creditors |
438.6 |
442.6 |
400.5 |
474.1 |
13.9 |
|
Hire Purchase (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
- |
- |
- |
1.6 |
2.1 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
- |
1.2 |
1.5 |
1.6 |
2.1 |
|
Total Short Term Loans |
17.0 |
72.7 |
- |
- |
20.2 |
|
Accruals/Deferred Income (Current Liability) |
51.9 |
58.9 |
90.6 |
102.3 |
97.5 |
|
Social Security/VAT |
10.4 |
13.6 |
14.5 |
17.2 |
- |
|
Corporation Tax |
7.8 |
18.1 |
11.5 |
0.0 |
- |
|
Other Current Liabilities |
34.2 |
8.7 |
10.4 |
15.1 |
16.2 |
|
Total Current Liabilities |
660.0 |
728.4 |
639.2 |
707.5 |
203.6 |
|
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 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
- |
4.6 |
11.4 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
2.8 |
4.6 |
11.4 |
|
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 |
2.8 |
4.6 |
11.4 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
1.2 |
|
Other Provisions |
13.6 |
15.3 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
13.6 |
15.3 |
0.0 |
0.0 |
1.2 |
|
Issued Capital |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
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 |
46.5 |
56.3 |
203.7 |
189.8 |
311.1 |
|
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 |
46.6 |
56.5 |
203.8 |
190.0 |
311.3 |
|
Net Worth |
46.4 |
56.1 |
201.7 |
187.4 |
307.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
25-Aug-2012 |
27-Aug-2011 |
28-Aug-2010 |
29-Aug-2009 |
30-Aug-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
66 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.635082 |
0.624109 |
0.639819 |
0.642791 |
0.502804 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
Annual Ratios
Financials in: USD (mil)
|
|
25-Aug-2012 |
27-Aug-2011 |
28-Aug-2010 |
29-Aug-2009 |
30-Aug-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
66 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.629905 |
0.616295 |
0.646266 |
0.613083 |
0.548261 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
0.97 |
0.94 |
1.13 |
1.06 |
1.56 |
|
Liquidity Ratio |
0.81 |
0.79 |
0.99 |
0.92 |
1.12 |
|
Stock Turnover |
7.26 |
7.91 |
9.10 |
9.10 |
10.00 |
|
Credit Period (Days) |
21.04 |
15.77 |
9.70 |
8.28 |
9.44 |
|
Working Capital by Sales |
-2.50% |
-4.64% |
9.90% |
4.81% |
12.67% |
|
Trade Credit by Debtors |
2.16 |
2.74 |
4.12 |
4.00 |
2.14 |
|
Return on Capital |
30.76% |
237.71% |
73.54% |
23.40% |
24.20% |
|
Return on Assets |
2.57% |
21.32% |
17.97% |
5.05% |
14.86% |
|
Profit Margin |
2.38% |
18.92% |
17.49% |
5.16% |
8.64% |
|
Return on Shareholders Funds |
39.71% |
302.15% |
74.56% |
23.96% |
25.18% |
|
Borrowing Ratio |
988.37% |
931.02% |
208.21% |
265.45% |
16.61% |
|
Equity Gearing |
6.47% |
7.06% |
24.10% |
21.06% |
59.01% |
|
Debt Gearing |
- |
- |
1.40% |
2.43% |
3.71% |
|
Interest Coverage |
2.16 |
21.86 |
21.02 |
2.70 |
62.32 |
|
Sales by Tangible Assets |
9.83 |
9.24 |
8.40 |
6.56 |
4.82 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Capital Employed per Employee |
0.0 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Employee Remuneration by Sales |
13.08% |
12.84% |
13.42% |
13.48% |
15.14% |
|
Creditor Days (Cost of Sales Based) |
97.87 |
104.04 |
100.89 |
76.46 |
47.32 |
|
Creditor Days (Sales Based) |
45.52 |
43.24 |
39.94 |
33.13 |
20.18 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
28-Aug-2010 |
28-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639819 |
0.642609 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Net Sales |
878.0 |
840.9 |
|
Revenue |
878.0 |
840.9 |
|
Total Revenue |
878.0 |
840.9 |
|
|
|
|
|
Cost of Revenue |
347.5 |
364.4 |
|
Cost of Revenue, Total |
347.5 |
364.4 |
|
Gross Profit |
530.4 |
476.6 |
|
|
|
|
|
Selling/General/Administrative Expense |
385.7 |
407.9 |
|
Total Selling/General/Administrative Expenses |
385.7 |
407.9 |
|
Other Unusual Expense (Income) |
4.7 |
34.1 |
|
Unusual Expense (Income) |
4.7 |
34.1 |
|
Other, Net |
-13.9 |
-11.0 |
|
Other Operating Expenses, Total |
-13.9 |
-11.0 |
|
Total Operating Expense |
724.1 |
795.4 |
|
|
|
|
|
Operating Income |
153.9 |
45.5 |
|
|
|
|
|
Interest Expense -
Non-Operating |
-7.3 |
-16.1 |
|
Interest Expense, Net Non-Operating |
-7.3 |
-16.1 |
|
Interest Income -
Non-Operating |
6.9 |
14.0 |
|
Interest/Investment Income - Non-Operating |
6.9 |
14.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.4 |
-2.1 |
|
Income Before Tax |
153.5 |
43.4 |
|
|
|
|
|
Total Income Tax |
41.3 |
8.7 |
|
Income After Tax |
112.2 |
34.7 |
|
|
|
|
|
Net Income Before Extraord Items |
112.2 |
34.7 |
|
Net Income |
112.2 |
34.7 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
112.2 |
34.7 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
112.2 |
34.7 |
|
|
|
|
|
Diluted Net Income |
112.2 |
34.7 |
|
Dividends per Share - Common Stock Primary Issue |
883.06 |
1,190.79 |
|
Gross Dividends - Common Stock |
88.3 |
119.1 |
|
Interest Expense, Supplemental |
7.3 |
16.1 |
|
Depreciation, Supplemental |
34.0 |
35.4 |
|
Total Special Items |
6.8 |
36.1 |
|
Normalized Income Before Tax |
160.3 |
79.5 |
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.8 |
7.3 |
|
Inc Tax Ex Impact of Sp Items |
43.2 |
16.0 |
|
Normalized Income After Tax |
117.2 |
63.5 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
117.2 |
63.5 |
|
|
|
|
|
Amort of Intangibles, Supplemental |
0.3 |
0.2 |
|
Normalized EBIT |
160.7 |
81.6 |
|
Normalized EBITDA |
195.0 |
117.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
28-Aug-2010 |
28-Aug-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
|
Exchange Rate |
0.646266 |
0.613083 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Cash |
178.1 |
163.1 |
|
Cash and Short Term Investments |
178.1 |
163.1 |
|
Trade Accounts Receivable - Net |
451.5 |
489.8 |
|
Total Receivables, Net |
451.5 |
489.8 |
|
Total Inventory |
95.6 |
96.9 |
|
Total Current Assets |
725.2 |
749.8 |
|
|
|
|
|
Property/Plant/Equipment - Net |
103.5 |
134.3 |
|
Intangibles, Net |
2.2 |
2.6 |
|
LT Investments - Other |
14.9 |
15.2 |
|
Long Term Investments |
14.9 |
15.2 |
|
Total Assets |
845.8 |
902.0 |
|
|
|
|
|
Accounts Payable |
639.2 |
707.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
|
Total Current Liabilities |
639.2 |
707.5 |
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
|
|
|
|
|
Other Long Term Liabilities |
2.8 |
4.6 |
|
Other Liabilities, Total |
2.8 |
4.6 |
|
Total Liabilities |
642.0 |
712.0 |
|
|
|
|
|
Common Stock |
0.2 |
0.2 |
|
Common Stock |
0.2 |
0.2 |
|
Retained Earnings (Accumulated Deficit) |
203.7 |
189.8 |
|
Total Equity |
203.8 |
190.0 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
845.8 |
902.0 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
0.1 |
0.1 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
|
Employees |
3,841 |
3,965 |
Annual Cash Flows
Financials in: USD (mil)
|
|
28-Aug-2010 |
28-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639819 |
0.642609 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
28-Aug-2010 |
28-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.639819 |
0.642609 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Turnover |
878.0 |
840.9 |
|
Total Revenue |
878.0 |
840.9 |
|
|
|
|
|
Cost of Revenue |
347.5 |
364.4 |
|
Administrative Expenses |
385.7 |
407.9 |
|
Exceptional Costs |
4.7 |
34.1 |
|
Other Operating Income |
-13.9 |
-11.0 |
|
Total Operating Expense |
724.1 |
795.4 |
|
|
|
|
|
Interest Receivable |
6.9 |
14.0 |
|
Interest Payable |
-7.3 |
-16.1 |
|
Net Income Before Taxes |
153.5 |
43.4 |
|
|
|
|
|
Provision for Income Taxes |
41.3 |
8.7 |
|
Net Income After Taxes |
112.2 |
34.7 |
|
|
|
|
|
Net Income Before Extra. Items |
112.2 |
34.7 |
|
Net Income |
112.2 |
34.7 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
112.2 |
34.7 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
112.2 |
34.7 |
|
|
|
|
|
Diluted Net Income |
112.2 |
34.7 |
|
DPS-Common Stock |
883.06 |
1,190.79 |
|
Gross Dividends - Common Stock |
88.3 |
119.1 |
|
Normalized Income Before Taxes |
160.3 |
79.5 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
43.2 |
16.0 |
|
Normalized Income After Taxes |
117.2 |
63.5 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
117.2 |
63.5 |
|
|
|
|
|
Interest Expense, Supplemental |
7.3 |
16.1 |
|
Amort of Intangibles, Supplemental |
0.3 |
0.2 |
|
Depreciation, Supplemental |
34.0 |
35.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
28-Aug-2010 |
28-Aug-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
GBP |
GBP |
|
Exchange Rate |
0.646266 |
0.613083 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Stocks |
95.6 |
96.9 |
|
Debtors-Due After More than 1 Year |
5.4 |
1.4 |
|
Debtors |
446.1 |
488.5 |
|
Cash at Bank |
178.1 |
163.1 |
|
Total Current Assets |
725.2 |
749.8 |
|
|
|
|
|
Intangible Assets |
2.2 |
2.6 |
|
Tangible |
103.5 |
134.3 |
|
Fixed Asset Investments |
14.9 |
15.2 |
|
Total Assets |
845.8 |
902.0 |
|
|
|
|
|
Creditors |
639.2 |
707.5 |
|
Total Current Liabilities |
639.2 |
707.5 |
|
|
|
|
|
Creditors |
2.8 |
4.6 |
|
Total Liabilities |
642.0 |
712.0 |
|
|
|
|
|
Called up Share Capital |
0.2 |
0.2 |
|
Profit & Loss Account |
203.7 |
189.8 |
|
Total Equity |
203.8 |
190.0 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
845.8 |
902.0 |
|
|
|
|
|
S/O-Common Stock |
0.1 |
0.1 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
|
Full-Time Employees |
3,841 |
3,965 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
28-Aug-2010 |
28-Aug-2009 |
|
Financial Strength |
||
|
1.13 |
1.06 |
|
|
0.99 |
0.92 |
|
|
86.0 |
42.4 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
26.92% |
20.13% |
|
|
203.8 |
190.0 |
|
|
|
|
|
|
Efficiency |
||
|
1.02 |
- |
|
|
3.67 |
- |
|
|
99.44 |
- |
|
|
1.90 |
- |
|
|
192.36 |
- |
|
|
226,301 |
222,304 |
|
|
39,672 |
12,028 |
|
|
48,494 |
21,440 |
|
|
|
|
|
|
Profitability |
||
|
60.42% |
56.67% |
|
|
17.53% |
5.41% |
|
|
21.43% |
9.64% |
|
|
17.53% |
5.41% |
|
|
17.49% |
5.16% |
|
|
12.78% |
4.12% |
|
|
39.58% |
43.33% |
|
|
43.94% |
48.51% |
|
|
|
|
|
|
Management Effectiveness |
||
|
13.06% |
- |
|
|
57.84% |
- |
|
|
1-ExchangeRate: GBP to USD Period End Date |
0.646266 |
0.613083 |
|
2-ExchangeRate: GBP to USD Average for Period |
0.646266 |
0.613083 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.