|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
S.R.G. APPAREL PLC |
|
|
|
|
Formerly Known As : |
S.R.G. APPAREL LIMITED |
|
|
|
|
Registered Office : |
Unit 6 Village Business Park George Street Prestwich Manchester M25
9ab |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
29.12.1998 |
|
|
|
|
Com. Reg. No.: |
03689774 |
|
|
|
|
Legal Form : |
Public limited with Share Capital |
|
|
|
|
Line of Business : |
Wholesale of clothing and footwear |
|
|
|
|
No. of Employees : |
66 |
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 : |
No Complaints |
|
|
|
|
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 |
S.R.G. APPAREL PLC
UNIT 6 VILLAGE BUSINESS PARK
GEORGE STREET Website www.srg-plc.com
PRESTWICH
MANCHESTER
M25 9AB
United Kingdom
Telephone --
Fax -
Company Number: 03689774
Foundation: 29/12/1998
Status: Active
- Accounts Filed
Comments No
during the latest trading period. The audit report contains no adverse
comments.
The company’s credit rating has dropped from 64 to 53 but the company
still indicates good creditworthiness. The credit limit on this company has
fallen 15.2% in comparison to the previously suggested credit limit. Pre-tax
profits decreased by 4.2% compared to the previous trading period. The company
saw a decrease in their Cash Balance of 47.9% during the latest trading period.
No recent changes in directorship are recorded. The company is not part
of a group. The company has changed its registered name recently. The company
was established over 14 years ago.
Legal form Public limited with Share Capital
Foundation 29/12/1998
Company No. 03689774
Date of Change Previous
Name
19/01/2011 S.R.G. APPAREL LIMITED
17/01/2011 S.R.G. IMPORTS LIMITED
Name Currency Number of shares Share type Nominal
value
NITA PASSI GBP 5,000 ORDINARY 1
RAJESH PASSI GBP 95,000 ORDINARY B 1
Total Share Capital GBP 100,000
Company Secretary
Name Address: Appointment
date
Mr Mahesh Patel Unit 6 Village Business Park, George Street,
Prestwich, Manchester M25 9AB 03/11/2005
|
Directors |
||||
|
Name |
Address: |
Date of birth |
Nationality |
Appointment
date |
|
Mr Mahesh Patel |
Unit 6 Village Business Park, George
Street, Prestwich, Manchester M25 9AB |
07/04/1965 |
British |
10/01/2011 |
|
Mr Rajesh Kumar Passi |
Unit 6 Village Business Park, George
Street, Prestwich, Manchester M25 9AB |
08/01/1954 |
British |
12/05/2000 |
|
Mrs Nita Passi |
Unit 6 Village Business Park, George
Street, Prestwich, Manchester M25 9AB |
04/08/1956 |
British |
12/05/2000 |
|
Mr Mahesh Patel |
Unit 6 Village Business Park, George
Street, Prestwich, Manchester M25 9AB |
07/04/1965 |
British |
10/01/2011 |
Other Known Addresses
Unit 6, Village
Business Park, George Street,
Prestwich, Manchester, Lancashire M25 9AB
Main Activity
Wholesale of clothing and footwear
Turnover and
Employees
Date of Accounts Turnover Employees
31/03/2010 GBP 39,067,416 59
31/03/2011 GBP 42,658,880 66
31/03/2012 GBP 43,337,917 66
Banks
Bank Name Bank Branch Sort Code
HSBC BANK PLC 40-31-23
Auditor
Auditor name
NAIRNE SON & GREEN
Events
Company History
Date Action
07/12/2008 New Accounts Filed
30/12/2008 Annual
Returns
27/11/2009 New Accounts Filed
27/11/2009 New Accounts Filed
22/12/2009 Annual
Returns
05/01/2011 New Accounts Filed
05/01/2011 New Accounts Filed
19/01/2011 Change of Name
21/01/2011 Change of Name
22/01/2011 Annual
Returns
24/01/2011 Change in Reg.Office
24/01/2011 Change of Company
Postcode
11/10/2011 New Accounts Filed
11/10/2011 New Accounts Filed
24/10/2011 New Board Member Mr M. Patel appointed
31/10/2011 New Board Member Mr M. Patel appointed
10/02/2012 Annual
Returns
02/10/2012 New Accounts Filed
02/10/2012 New Accounts Filed
21/12/2012 Annual
Returns
Mortgages
|
Mortgage type |
RENT DEPOSIT
DEED |
|
|
Charge created |
25/02/1999 |
|
|
Charge registered |
02/03/1999 |
|
|
Status |
OUTSTANDING |
|
|
Entitled person |
TOWNSON ESTATES
PLC |
|
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE UNDER
A LEASE DATED 25TH
FEBRUARY 1999 |
|
|
Mortgage detail |
THE INTEREST OF THE COMPANY IN THE DEPOSIT
OF GBP 200,000 PLUS INTER- EST ACCRUING
THEREON AND ALL ADDITIONS IF ANY THERETO |
|
|
|
|
|
|
Mortgage type |
DEBENTURE |
|
|
Charge created |
08/07/1999 |
|
|
Charge registered |
13/07/1999 |
|
|
Status |
OUTSTANDING |
|
|
Entitled person |
MIDLAND 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 SEE THE MORTGAGE CHARGE
DOCUMENT FOR FULL
DETAILS |
|
|
|
|
|
|
Mortgage type |
FIXED AND FLOATING CHARGE |
|
|
Charge created |
03/07/2001 |
|
|
Charge registered |
05/07/2001 |
|
|
Status |
OUTSTANDING |
|
|
Entitled person |
HSBC INVOICE
FINANCE (UK) LIMITED |
|
|
Secured amount |
ALL MONIES DUE
OR TO BECOME DUE
FROM THE COMPANY
TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER WHETHER
ARISING UNDER AN AGREEMENT FOR THE PURCHASE OF DEBTS OR OTHERWISE |
|
|
Mortgage detail |
(I) ALL DEBTS PURCHASED OR PURPORTED TOBE PURCHASED BY THE SECU-
RITY HOLDER PURSUANT TO AN AGREEMENT FOR THE PURCHASE OF DEBTS INCLUDING ASSOCIATED RIGHTS
RELATING THERETO AND (II) ALL AMOUNTS OF INDEBTEDNESS DUE ON ANY ACCOUNT
WHATSOEVER AND
FLOATING CHARGE OVER
SUCH MONIES AS THE COMPANY MAY RECEIVE
IN RESPECT OF (II) ABOVE FIXED
AND FLOATING CHARGE OVER ALL UNDERTAKING PROPERTY AND AS- SETS INCLUDING ALL PURCHASED DEBTS, THE OTHER
DEBTS, UNCALLED CAP- ITAL, GOODWILL AND PATENTS |
|
|
|
|
|
|
Mortgage type |
LEGAL ASSIGNMENT |
|
|
Charge created |
03/03/2010 |
|
|
Charge registered |
05/03/2010 |
|
|
Status |
OUTSTANDING |
|
|
Entitled person |
HSBC BANK PLC |
|
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
|
Mortgage detail |
ANY
CREDIT BALANCE DUE TO THE COMPANY UNDER CONDITION 13 OF THE AGREEMENT FOR THE
PURCHASE OF DEBTS AND ANY DISCOUNTINGALLOWANCE DUE
UNDER THE CONTRACT THE BENEFIT OF ALL THE OTHER PROVISIONS OF
THECONTRACT AND ALL SECURITIES IN RESPECT OF THAT CREDIT BALANCE |
|
County Court Judgments (CCJs)
There are no County Court Judgments listed against this company
Profit & Loss
|
|
52 GBP Group: No |
31/03/2011 52 GBP Group: No |
31/03/2010 52 GBP Group: No |
31/03/2009 52 GBP Group: No |
|
Turnover |
43,337,917 |
42,658,880 |
39,067,416 |
33,483,561 |
|
Export |
17,930,851 |
18,173,847 |
17,269,434 |
11,968,347 |
|
Cost of Sales |
35,916,642 |
36,536,465 |
32,221,700 |
27,591,806 |
|
Gross Profit |
7,421,275 |
6,122,415 |
6,845,716 |
5,891,755 |
|
Wages And Salaries |
2,163,876 |
2,135,756 |
1,883,902 |
1,745,015 |
|
Directors Emoluments |
362,263 |
310,416 |
302,317 |
333,001 |
|
Operating Profit |
1,338,889 |
1,278,369 |
1,694,563 |
1,194,807 |
|
Depreciation |
100,769 |
65,933 |
87,065 |
126,150 |
|
Audit Fees |
7,200 |
7,216 |
6,400 |
6,000 |
|
Interests Payments |
331,468 |
226,755 |
184,187 |
297,448 |
|
Pre Tax Profit |
1,007,421 |
1,051,614 |
1,510,519 |
899,457 |
|
Taxation |
-257,550 |
-276,055 |
-418,463 |
-270,485 |
|
Profit After Tax |
749,871 |
775,559 |
1,092,056 |
628,972 |
|
Dividends Payable |
0 |
0 |
0 |
0 |
|
Retained Profit |
749,871 |
775,559 |
1,092,056 |
628,972 |
Balance Sheet
|
|
52 GBP Group: No |
31/03/2011 52 GBP Group: No |
31/03/2010 52 GBP Group: No |
31/03/2009 52 GBP Group: No |
|
Tangible Assets |
285,945 |
246,841 |
177,836 |
157,011 |
|
Intangible Assets |
0 |
0 |
0 |
0 |
|
Total Fixed Assets |
285,945 |
246,841 |
177,836 |
157,011 |
|
Stock |
13,264,065 |
10,524,588 |
11,151,984 |
7,449,510 |
|
Trade Debtors |
6,883,246 |
6,741,722 |
5,459,148 |
5,085,001 |
|
Cash |
22,277 |
42,786 |
9,714 |
388,239 |
|
Other Debtors |
782,393 |
126,532 |
270,950 |
429,323 |
|
Miscellaneous Current Assets |
6,973 |
2,100 |
0 |
0 |
|
Total Current Assets |
20,958,954 |
17,437,728 |
16,891,796 |
13,352,073 |
|
Trade Creditors |
2,319,217 |
1,616,383 |
1,048,882 |
767,272 |
|
Bank Loans and Overdraft |
11,974,502 |
9,519,756 |
9,404,088 |
7,006,018 |
|
Other Short
Term Finance |
13,593 |
13,593 |
0 |
0 |
|
Miscellaneous Current Liabilities |
450,450 |
385,682 |
1,296,855 |
1,008,043 |
|
Total Current Liabilities |
14,757,762 |
11,535,414 |
11,749,825 |
8,781,333 |
|
Bank Loans and Overdrafts LTL |
12,016,403 |
9,573,545 |
9,404,088 |
7,006,018 |
|
Other Long Term Finance |
40,160 |
53,789 |
0 |
0 |
|
Total Long Term Liabilities |
41,901 |
53,789 |
0 |
0 |
Capital & Reserves
|
|
52 GBP Group: No |
31/03/2011 52 GBP Group: No |
31/03/2010 52 GBP Group: No |
31/03/2009 52 GBP Group: No |
|
Called Up Share
Capital |
100,000 |
500,000 |
500,000 |
1,000,000 |
|
P and L Account Reserve |
6,345,236 |
5,595,366 |
4,819,807 |
3,727,751 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
0 |
0 |
0 |
0 |
|
Shareholders Funds |
6,445,236 |
6,095,366 |
5,319,807 |
4,727,751 |
Other Financial Items
|
|
52 GBP Group: No |
31/03/2011 52 GBP Group: No |
31/03/2010 52 GBP Group: No |
31/03/2009 52 GBP Group: No |
|
Net Worth |
6,445,236 |
6,095,366 |
5,319,807 |
4,727,751 |
|
Working Capital |
6,201,192 |
5,902,314 |
5,141,971 |
4,570,740 |
|
Total Assets |
21,244,899 |
17,684,569 |
17,069,632 |
13,509,084 |
|
Total Liabilities |
14,799,663 |
11,589,203 |
11,749,825 |
8,781,333 |
|
Net Assets |
6,445,236 |
6,095,366 |
5,319,807 |
4,727,751 |
Cash Flow
|
|
52 GBP Group: No |
31/03/2011 52 GBP Group: No |
31/03/2010 52 GBP Group: No |
31/03/2009 52 GBP Group: No |
|
Net Cash Flow from
Operations |
-1,314,229 |
598,780 |
-1,731,665 |
-1,108,127 |
|
Net Cash Flow before Financing |
-2,061,625 |
-149,977 |
-2,276,595 |
-1,648,906 |
|
Net Cash Flow from
Financing |
-413,629 |
67,382 |
0 |
0 |
|
Increase in Cash |
-20,509 |
33,072 |
-378,525 |
382,081 |
Miscellaneous
|
|
52 GBP Group: No |
31/03/2011 52 GBP Group: No |
31/03/2010 52 GBP Group: No |
31/03/2009 52 GBP Group: No |
|
Capital Employed |
6,487,137 |
6,149,155 |
5,319,807 |
4,727,751 |
Financial Ratios
|
|
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
Pre Tax Profit
Margin |
2.32 % |
2.47 % |
3.87 % |
2.69 % |
|
Current Ration |
1.42 |
1.51 |
1.44 |
1.52 |
|
Sales or Net Working
Capital |
6.99 |
7.23 |
7.60 |
7.33 |
|
Gearing |
186.44 % |
157.06 % |
176.77 % |
148.19 % |
|
Equity |
30.34 % |
34.47 % |
31.17 % |
35.00 % |
|
Creditor Days |
19.47 |
13.79 |
9.77 |
8.34 |
|
Debtor Days |
57.81 |
57.52 |
50.86 |
55.27 |
|
Liquidity or Acid test |
0.52 |
0.59 |
0.48 |
0.67 |
|
Return on Capital
Employed |
15.52 % |
17.10 % |
28.39 % |
19.02 % |
|
Return on Total Assets Employed |
4.74 % |
5.94 % |
8.84 % |
6.65 % |
|
Current Debt Ratio |
2.28 % |
1.89 % |
2.20 % |
1.85 % |
|
Total Debt Ratio |
2.29 % |
1.90 % |
2.20 % |
1.85 % |
|
Stock Turnover Ratio |
30.60 % |
24.67 % |
28.54 % |
22.24 % |
|
Return on Net
Assets Employed |
15.63 % |
17.25 % |
28.39 % |
19.02 % |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.