MIRA
INFORM REPORT
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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CREW CLOTHING CO. LTD |
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Registered Office : |
20 Lydden Road,
London, SW18 4LR |
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Country : |
United Kingdom |
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Financials (as on) : |
28.10.2012 |
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Date of Incorporation : |
18.10.1996 |
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Com. Reg. No.: |
03265824 |
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Legal Form : |
Private
Subsidiary Company |
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Line of Business : |
Design and sale of high quality men's and women's
clothing and accessories |
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No. of Employees : |
363 |
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 : |
Slow but Correct |
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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.
|
Source : CIA |
Company
name & address
Crew Clothing Co. Ltd
20 Lydden Road
London, SW18 4LR
United Kingdom
Tel: 020 8875 2300
Synthesis
Employees: 363
Company Type: Private
Subsidiary
Corporate Family: 3 Companies
Ultimate Parent: Crew
Clothing Holdings Ltd.
Quoted Status: Non-quoted
Company
Incorporation
Date: 18-Oct-1996
Auditor: Bdo
LLP
Financials in: USD (Millions)
Fiscal Year End:
28-Oct-2012
Reporting Currency:
British Pound Sterling
Annual Sales:
76.6 1
Net Income:
(0.4)
Total Assets: 37.0
Business
Description
Design and sale of high quality men's and women's
clothing and accessories.
Industry
Industry Clothing and
Apparel Stores
ANZSIC 2006:
4251 - Clothing Retailing
ISIC Rev 4:
4771 - Retail sale of clothing, footwear and leather articles in specialized
stores
NACE Rev 2:
4771 - Retail sale of clothing in specialised stores
NAICS 2012:
448120 - Women's Clothing Stores
UK SIC 2007:
4771 - Retail sale of clothing in specialised stores
US SIC 1987:
5651 - Family Clothing Stores
Key
Executives
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Name |
Title |
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Octavia Kate Morley |
Managing Director |
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James Justin Hampshire |
Secretary |
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Alastair Peter Parker-Swift |
Director |
Financial Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6333883
2 - Balance Sheet
Item Exchange Rate: USD 1 = GBP 0.6201451
Corporate
Overview
Location
20 Lydden Road
London, SW18 4LR
London County
United Kingdom
Tel: 020 8875 2300
Sales GBP(mil): 48.5
Assets GBP(mil): 23.0
Employees: 363
Fiscal Year End: 28-Oct-2012
Industry: Retail (Apparel)
Registered Address:
20 Lydden Road
London, SW18 4LR
United Kingdom
Incorporation Date: 18-Oct-1996
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(UK): 03265824
Managing Director: Octavia
Kate Morley
Industry Codes
ANZSIC 2006 Codes:
4251 - Clothing Retailing
ISIC Rev 4 Codes:
4771 - Retail sale of clothing, footwear and
leather articles in specialized stores
NACE Rev 2 Codes:
4771 - Retail sale of clothing in specialised
stores
NAICS 2012 Codes:
448120 - Women's Clothing Stores
US SIC 1987:
5651 - Family Clothing Stores
UK SIC 2007:
4771 - Retail sale of clothing in specialised
stores
Business Description
Design and sale of high quality men's and women's
clothing and accessories.
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Corporate Family |
Corporate
Structure News: |
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Crew
Clothing Holdings Ltd. |
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Crew Clothing Co. Ltd. |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Crew Clothing Holdings Ltd. |
Parent |
London |
United Kingdom |
Clothing and Apparel Stores |
76.6 |
363 |
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Crew Clothing Co. Ltd. |
Subsidiary |
London |
United Kingdom |
Clothing and Apparel Stores |
76.6 |
363 |
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Crew Clothing Co Ltd. |
UK Branch/Trading address |
Guildford |
United Kingdom |
Clothing and Apparel Stores |
76.6 |
6 |
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Executive report
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Board of
Directors |
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Secretary |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Managing Director |
Managing Director |
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Secretary |
Company Secretary |
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Directors and Shareholders Report
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Main Office Address: |
Tel: 020 8875 2300 |
Annual Return Date: 18 Oct 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 |
23 Mar 1970 |
Ladye Place, |
18 Oct 1996 |
NA |
Current:1 |
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Current |
17 Apr 1968 |
20 Lydden Road, |
28 Jan 2010 |
NA |
Current:3 |
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Current |
25 Oct 1968 |
28 Heslop Road, |
14 Nov 2006 |
NA |
Current:4 |
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Previous |
25 Oct 1974 |
Toyside, Scords Lane, |
01 Sep 2001 |
26 Feb 2010 |
Current:1 |
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Previous |
18 Sep 1974 |
16 Burmester Road, Earlsfield, |
01 Sep 2000 |
27 Mar 2002 |
Current:0 |
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Previous |
08 Nov 1973 |
158 Ramsden Road, |
01 Nov 2003 |
09 Mar 2010 |
Current:1 |
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Previous |
26 May 1973 |
95 Totterdown Street, |
01 Nov 2003 |
09 Mar 2010 |
Current:1 |
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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 |
25 Oct 1968 |
28 Heslop Road, |
14 Nov 2006 |
NA |
Current:4 |
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Previous |
23 Mar 1970 |
Ladye Place, |
01 Sep 2000 |
14 Nov 2006 |
Current:1 |
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Previous |
05 Nov 1945 |
Lower Kerse, Thurlestone, |
18 Oct 1996 |
01 Sep 2000 |
Current:1 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Swift Incorporations Limited |
Previous |
1 Mitchell Lane, |
18 Oct 1996 |
18 Oct 1996 |
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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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05848071 |
250000 Ordinary GBP 1.00 |
Ordinary |
250,000 |
1.00 |
250,000.00 |
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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|
28-Oct-2012 |
30-Oct-2011 |
31-Oct-2010 |
25-Oct-2009 |
26-Oct-2008 |
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Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.633388 |
0.623277 |
0.643546 |
0.650569 |
0.514658 |
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Consolidated |
No |
No |
No |
No |
No |
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Turnover (UK) |
75.6 |
65.3 |
53.8 |
45.1 |
42.7 |
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Turnover (Exports) |
1.1 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Turnover |
76.6 |
65.3 |
53.8 |
45.1 |
42.7 |
|
Cost of Sales |
29.9 |
24.9 |
19.6 |
18.4 |
15.5 |
|
Gross Profit |
46.8 |
40.4 |
34.2 |
26.7 |
27.2 |
|
Depreciation |
2.8 |
2.1 |
1.9 |
1.6 |
1.4 |
|
Other Expenses |
41.4 |
35.2 |
30.3 |
25.5 |
24.7 |
|
Operating Profit |
5.4 |
5.2 |
4.0 |
1.1 |
2.5 |
|
Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Interest Paid |
0.5 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
5.0 |
5.2 |
4.0 |
1.1 |
2.5 |
|
Tax Payable / Credit |
1.2 |
1.4 |
1.0 |
0.3 |
0.6 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit After Taxes |
-0.4 |
3.8 |
3.0 |
0.8 |
1.9 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Non Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Number of Employees |
363 |
311 |
284 |
273 |
209 |
|
Wages |
11.3 |
9.8 |
8.9 |
7.5 |
7.4 |
|
Social Security Costs |
0.9 |
0.8 |
0.6 |
0.6 |
0.6 |
|
Pensions |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Pension Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Employees Remuneration |
12.1 |
10.6 |
9.5 |
8.1 |
8.0 |
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Directors Emoluments |
- |
- |
0.0 |
0.0 |
0.0 |
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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)
|
|
28-Oct-2012 |
30-Oct-2011 |
31-Oct-2010 |
25-Oct-2009 |
26-Oct-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.620145 |
0.619425 |
0.625469 |
0.612014 |
0.631991 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
1.5 |
3.3 |
3.5 |
4.8 |
3.9 |
|
Fixtures & Fittings |
7.0 |
4.2 |
1.3 |
0.6 |
0.7 |
|
Plant & Vehicles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Tangible Fixed Assets |
8.6 |
7.5 |
4.7 |
5.3 |
4.6 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
8.6 |
7.5 |
4.7 |
5.3 |
4.6 |
|
Stocks |
13.3 |
10.5 |
6.4 |
7.2 |
6.8 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
13.3 |
10.5 |
6.4 |
7.2 |
6.8 |
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Trade Debtors |
4.4 |
2.3 |
1.6 |
1.5 |
0.6 |
|
Inter-Company Debtors |
4.3 |
2.2 |
0.0 |
0.0 |
- |
|
Director Loans |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Debtors |
4.1 |
3.4 |
2.5 |
2.1 |
1.9 |
|
Total Debtors |
12.8 |
8.0 |
4.2 |
3.6 |
2.5 |
|
Cash and Equivalents |
2.4 |
2.3 |
3.0 |
2.8 |
2.1 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
28.5 |
20.7 |
13.6 |
13.6 |
11.4 |
|
Total Assets |
37.0 |
28.2 |
18.3 |
18.9 |
16.0 |
|
Trade Creditors |
7.0 |
7.9 |
3.4 |
4.8 |
5.3 |
|
Bank Overdraft |
- |
0.8 |
0.1 |
0.6 |
0.2 |
|
Inter-Company Creditors |
- |
0.0 |
0.1 |
0.9 |
1.5 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Total Short Term Loans |
2.7 |
- |
- |
- |
- |
|
Accruals/Deferred Income (Current Liability) |
3.6 |
1.7 |
1.5 |
0.6 |
1.8 |
|
Social Security/VAT |
0.9 |
0.5 |
0.0 |
1.1 |
0.2 |
|
Corporation Tax |
0.6 |
0.5 |
1.1 |
0.8 |
0.4 |
|
Other Current Liabilities |
0.1 |
0.3 |
0.3 |
0.3 |
0.9 |
|
Total Current Liabilities |
14.8 |
11.6 |
6.6 |
9.1 |
10.5 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
6.5 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
2.9 |
3.3 |
2.3 |
3.2 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
9.3 |
3.3 |
2.3 |
3.2 |
0.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Issued Capital |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
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 |
12.5 |
12.9 |
9.0 |
6.1 |
5.0 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
12.9 |
13.3 |
9.4 |
6.5 |
5.4 |
|
Net Worth |
12.9 |
13.3 |
9.4 |
6.5 |
5.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
28-Oct-2012 |
30-Oct-2011 |
31-Oct-2010 |
25-Oct-2009 |
26-Oct-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.633388 |
0.623277 |
0.643546 |
0.650569 |
0.514658 |
|
Consolidated |
No |
No |
No |
No |
No |
|
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Annual Ratios
Financials in: USD (mil)
|
|
28-Oct-2012 |
30-Oct-2011 |
31-Oct-2010 |
25-Oct-2009 |
26-Oct-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
53 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.620145 |
0.619425 |
0.625469 |
0.612014 |
0.631991 |
|
Consolidated |
No |
No |
No |
No |
No |
|
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|
|
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Current Ratio |
1.92 |
1.78 |
2.06 |
1.49 |
1.09 |
|
Liquidity Ratio |
1.02 |
0.88 |
1.09 |
0.70 |
0.44 |
|
Stock Turnover |
588.00 |
624.00 |
854.00 |
668.00 |
511.00 |
|
Credit Period (Days) |
2,064.00 |
1,256.00 |
1,097.00 |
1,122.00 |
624.00 |
|
Working Capital by Sales |
1,744.00% |
1,389.00% |
1,283.00% |
934.00% |
265.00% |
|
Trade Credit by Debtors |
157.00 |
348.00 |
208.00 |
327.00 |
894.00 |
|
Return on Capital |
2,279.00% |
3,150.00% |
3,437.00% |
1,211.00% |
3,688.00% |
|
Return on Assets |
1,366.00% |
1,853.00% |
2,198.00% |
627.00% |
1,271.00% |
|
Profit Margin |
647.00% |
797.00% |
740.00% |
248.00% |
584.00% |
|
Return on Shareholders Funds |
3,931.00% |
3,931.00% |
4,277.00% |
1,830.00% |
3,757.00% |
|
Borrowing Ratio |
7,136.00% |
596.00% |
219.00% |
2,288.00% |
3,282.00% |
|
Equity Gearing |
3,476.00% |
4,715.00% |
5,140.00% |
3,429.00% |
3,384.00% |
|
Debt Gearing |
50.32% |
- |
- |
- |
- |
|
Interest Coverage |
1,043.00 |
143,823.00 |
51,228.00 |
6,259.00 |
4,098.00 |
|
Sales by Tangible Assets |
914.00 |
877.00 |
1,150.00 |
901.00 |
759.00 |
|
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 |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Capital Employed per Employee |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employee Remuneration by Sales |
1,585.00% |
1,628.00% |
1,765.00% |
1,791.00% |
1,863.00% |
|
Creditor Days (Cost of Sales Based) |
8,323.00 |
11,468.00 |
6,288.00 |
8,968.00 |
15,367.00 |
|
Creditor Days (Sales Based) |
3,242.00 |
4,370.00 |
2,287.00 |
3,663.00 |
5,580.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
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.