MIRA INFORM REPORT

 

 

Report Date :

15.12.2014

 

IDENTIFICATION DETAILS

 

Name :

LOCAL BOY’Z LIMITED

 

 

Formerly Known As :

SPARTA CHIGWELL LIMITED

 

 

Registered Office :

1 Loughton Business Centre, 5 Langston Road, Loughton Essex IG10 3FL

 

 

Country :

United Kingdom

 

 

Financials (as on) :

28.02.2014

 

 

Date of Incorporation :

10.02.2010

 

 

Com. Reg. No.:

07153843

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·         Importer & Wholesaler of Clothing

·         Wholesale of Clothing and Footwear

 

 

No of Employees :

26

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

 

Company identification

 

LOCAL BOY’Z LIMITED

 

1 LOUGHTON BUSINESS CENTRE                               

5 LANGSTON ROAD                                                    

LOUGHTON                                                                             

ESSEX

IG10 3FL

United Kingdom

 

Telephone                     +44 020 8498 6590

Fax                               -

Website                        www.localboyz.com

Company Number:        07153843                                 

Status:                          Active - Accounts Filed

Foundation:                  10/02/2010

 

 

Comments

 

No exact match CCJs are recorded against the company. The company’s credit rating has increased from 53 to 70 which indicates good creditworthiness. The credit limit on this company has risen 65% in comparison to the previously suggested credit limit. NetWorth increased by 55% during the latest trading period. A 7.9% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 27.1% compared to the previous trading period. The company saw an increase in their Cash Balance of 22.3% during the latest trading period. The audit report contains no adverse comments. Sales in the latest trading period decreased 2.8% on the previous trading period. No recent changes in directorship are recorded. The company is part of a group. The company was established over 4 years ago.

 

OCAL BOY’Z LIMITED Company No.: 07153843

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation

10/02/2010

 

Company No.

07153843

 

Previous Names

 

Date of Change                         Previous Name

08/03/2010                                SPARTA CHIGWELL LIMITED

 

 

Shareholders

 

Name

Currency

Number of Shares

Share type

Nominal value

LOCAL BOY’Z GROUP HOLDING

LTD

GBP

1

ORDINARY

1

 

 

 

 

 

Total Share Capital                                                                                                                            GBP 1

 

 

Management

 

Directors

 

Name

Address:

Date of Birth

Nationality

Appointment

Date

Mr. Stephen Mucklow

1 Loughton Business Centre, 5 Langston Road, Loughton, Essex IG10 3FL

19.09.1962

British

10.02.2010

 

 

 

 

 

 

Company Secretary

 

Name

Address:

Appointment

Date

Mr. Muhammad Naeem

22 East Drive, Carshalton, Surrey SM5 4PB

10.02.2011

 

 

 

 

 

Other Known Addresses

 

1 Loughton Business Centre, 5 Langston Road, Loughton, Essex IG10 3FL

 

 

Company relationships

 

Company No.                           Name                                                   Status              Country

Ultimate parent

07016146                                  LOCAL BOY’Z GROUP                          Active               United Kingdom

HOLDING LIMITED

 

 

Business activities

 

Main activity

 

Principal Activity                       Clothing importer & wholesaler.

SIC03                                       Wholesale of clothing and footwear

SIC07                                       Wholesale of clothing and footwear

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts                                  Turnover                                  Employees

29/02/2012                                            GBP 18,656,974                        21

28/02/2013                                            GBP 25,153,573                        26

28/02/2014                                            GBP 24,440,213                        26

 

 

Supplementary data

 

AUDITOR

 

Auditor name

BBK PARTNERSHIP

 

 

EVENTS

 

Company history

 

Date                                                                 Action

12/02/2010                                                        New Board Member Mr S. Mucklow appointed

10/03/2010                                                        Change of Name

03/05/2010                                                        Change in Reg.Office

03/05/2010                                                        Change of Company Postcode

30/03/2011                                                        Change of Company Postcode

30/03/2011                                                        New Company Secretary Mr M. Naeem appointed

31/03/2011                                                        Annual Returns

19/10/2011                                                        New Accounts Filed

12/03/2012                                                        Annual Returns

24/10/2012                                                        New Accounts Filed

24/10/2012                                                        New Accounts Filed

06/04/2013                                                        Annual Returns

06/11/2013                                                        New Accounts Filed

06/11/2013                                                        New Accounts Filed

08/04/2014                                                        Annual Returns

15/10/2014                                                        New Accounts Filed

 

 

Mortgages

 

Charge created                                     15/06/2010

Charge registered                                 17/06/2010

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                                    FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY

 

 

County Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

 

28/02/2014

52 GBP

Group: No

28/02/2013

52 GBP

Group: No

29/02/2012

52 GBP

Group: No

28/02/2011

56 GBP

Group: No

Turnover

24,440,213

25,153,573

18,656,974

16,760,520

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

1,206,644

1,292,745

881,409

1,160,130

Directors Emoluments

450,000

350,000

150,000

150,000

Operating Profit

1,008,162

793,888

641,868

446,465

Depreciation

13,595

10,094

9,178

9,177

Audit Fees

9,150

9,150

9,150

9,050

Interests Payments

467

1,053

531

118

Pre Tax Profit

1,007,695

793,113

641,337

446,347

Taxation

-234,553

-195,642

-169,318

-111,308

Profit After Tax

773,142

597,471

472,019

335,039

Dividends Payable

0

0

0

0

Retained Profit

773,142

597,471

472,019

335,039

 

Balance Sheet

 

 

28/02/2014

52 GBP

Group: No

28/02/2013

52 GBP

Group: No

29/02/2012

52 GBP

Group: No

28/02/2011

56 GBP

Group: No

Tangible Assets

25,931

22,020

27,532

36,710

Intangible Assets

0

0

0

0

Total Fixed Assets

25,931

22,020

27,532

36,710

Stock

43,129

205,633

593,573

733,476

Trade Debtors

1,324,733

1,649,710

792,817

1,360,381

Cash

2,738,047

2,237,997

3,642,069

2,615,940

Other Debtors

2,878,055

2,377,726

2,767,091

897,749

Miscellaneous Current Assets

5,874

6,294

41,322

5,110

Total Current Assets

6,989,838

6,477,360

7,836,872

5,612,656

Trade Creditors

4,014,187

3,988,851

3,679,711

2,031,174

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

25,847

2,310,980

2,309,034

Miscellaneous Current Liabilities

823,910

1,080,152

1,066,654

974,118

Total Current Liabilities

4,838,097

5,094,850

7,057,345

5,314,326

Bank Loans and Overdrafts LTL

0

0

0

0

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

0

0

0

0

 

Capital & Reserves

 

 

28/02/2014

52 GBP

Group: No

28/02/2013

52 GBP

Group: No

29/02/2012

52 GBP

Group: No

28/02/2011

56 GBP

Group: No

Called Up Share Capital

1

1

1

1

P and L Account Reserve

2,177,671

1,404,529

807,058

335,039

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

2,177,672

1,404,530

807,059

335,040

 

Cash Flow

 

 

28/02/2014

52 GBP

Group: No

28/02/2013

52 GBP

Group: No

29/02/2012

52 GBP

Group: No

28/02/2011

56 GBP

Group: No

Net Cash Flow from Operations

720,585

-1,230,773

1,132,537

2,661,944

Net Cash Flow before Financing

506,970

-1,410,992

1,026,129

2,615,939

Net Cash Flow from Financing

-6,920

6,920

0

1

Increase in Cash

500,050

-1,404,072

1,026,129

0

 

Miscellaneous

 

 

28/02/2014

52 GBP

Group: No

28/02/2013

52 GBP

Group: No

29/02/2012

52 GBP

Group: No

28/02/2011

56 GBP

Group: No

 

 

 

 

 

Capital Employed

2,177,672

1,404,530

807,059

335,040

 

 

 

 

 

 

Financial Ratios

 

Name

28/02/2014

28/02/2013

29/02/2012

28/02/2011

Pre Tax Profit Margin

4.12%

3.15%

3.44 %

2.66 %

Current Ration

1.44

1.27

1.11

1.06

Sales or Net Working Capital

11.36

18.19

23.93

56.18

Gearing

0.00 %

0.00 %

0.00 %

0.00 %

Equity

31.04%

21.61 %

10.26%

5.93 %

Creditor Days

59.78

57.72

71.79

46.65

Debtor Days

19.72

23.87

15.46

31.24

Liquidity or Acid test

1.43

1.23

1.02

0.91

Return on Capital Employed

46.27 %

56.46 %

79.46 %

133.22%

Return on Total Assets Employed

14.36%

12.20 %

8.15%

7.90 %

Current Debt Ratio

2.22 %

3.62 %

8.74 %

15.86%

Total Debt Ratio

2.22 %

3.62 %

8.74 %

15.86%

Stock Turnover Ratio

0.17%

0.81 %

3.18%

4.37 %

Return on Net Assets Employed

46.27 %

56.46 %

79.46 %

133.22%

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.44

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

ANK

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.