MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DUNE GROUP LIMITED

 

 

Formerly Known As :

·         WARWICK LIMITED

·         PINEBELL LIMITED

 

 

Registered Office :

9 Hatton Street, London NW8 8PL

 

 

Country :

United Kingdom

 

 

Financials (as on) :

01.02.2014

 

 

Date of Incorporation :

05.05.1987

 

 

Com. Reg. No.:

02127866

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·         Sale of Footwear and Accessories in the UK.

·         Retail of Footwear & Leather Goods.

 

 

No. of Employees :

1,970

 

 

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

 

Company Name

DUNE GROUP LIMITED

 

Address

9 HATTON STREET

LONDON, NW8 8PL

United Kingdom

     Telephone

+44 020 7258 3605

     Fax

-

     Website

www.dunelondon.com

Company Number:

02127866

Foundation:

05/05/1987

    Status:

Active - Accounts Filed

 

 

Main Indices

 

Comments

No exact match CCJs are recorded against the company. The company’s credit rating has increased from 50 to 69 which indicates good creditworthiness. The credit limit on this company has risen 208.5% in comparison to the previously suggested credit limit. Sales in the latest trading period increased 7% on the previous trading period. Net Worth increased by 29.4% during the latest trading period. A 2.7% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 999.9% compared to the previous trading period. The audit report contains no adverse comments.

 

The company saw a decrease in their Cash Balance of 3.6% during the latest trading period.

 

The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 27 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation

05/05/1987

 

Company No.

02127866

 

Previous Names

Date of Change

Previous Name

12/09/2009

WARWICK LIMITED

23/06/1987

PINEBELL LIMITED

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

DUNE HOLDINGS LTD

GBP

5,000,000

ORDINARY

1

Total Share Capital

GBP 5,000,000

 

 

Management

Directors

Name

Address:

Date of

birth

Nationality

Appointment date

Mr Daniel Robert Rubin

9 Hatton Street, London NW8 8PL

18/07/1947

British

16/09/1991

Mr Christopher John Tanner

9 Hatton Street, London NW8 8PL

18/08/1946

British

01/07/1997

Ms Anne Rubin

9 Hatton Street, London NW8 8PL

13/04/1952

British

06/01/1996

Nilesh Karia

9 Hatton Street, London NW8 8PL

16/12/1971

British

21/10/2009

Mr John Egan

9 Hatton Street, London NW8 8PL

08/03/1957

British

08/09/2008

Mr James Nicholas Marshall Cox

9 Hatton Street, London NW8 8PL

08/05/1967

British

02/08/2010

Ms Zoe Brookes

9 Hatton Street, London NW8 8PL

02/03/1971

British

01/01/2012

Ms Debra Bloom

2 Church Farm Way, Aldenham, Herts WD25 8BD

20/07/1965

British

20/02/2012

Ms Catherine Smyth

135 Bramley Way, Ashstead, Surrey KT21 1RB

10/11/1972

British

01/01/2013

 

 

Company Secretary

Name

Address:

Appointment date

Mr. James Nicholas Marshall Cox

9 Hatton Street, London NW8 8PL

02/08/2010

 

 

Other Known Addresses

26-40 English Street, Carlisle, Cumbria CA3 8HU

9 Hatton Street, London NW8 8PL

 

 

Company Relationships

 

Company No.

Name

Status

Country

Ultimate parent

04150739

DUNE HOLDINGS LIMITED

Active

United Kingdom

Affiliated companies

03258763

DUNE INTERNATIONAL LIMITED

Active

United Kingdom

04763323

DUNE FOOTWEAR LIMITED

Active

United Kingdom

Subsidiary companies

IE370224

DUNE SHOES IRELAND LIMITED

Active

Ireland

Immediate parent

04150739

DUNE HOLDINGS LIMITED

Active

United Kingdom

 

 

Business activities

 

Main activity

Principal Activity

Sale of footwear and accessories in the UK.

SIC03

Retail of footwear & leather goods

SIC07

Retail sale of footwear in specialised stores

 

 

Economic data

Turnover and Employees

 

Date of Accounts

Turnover

Employees

28/01/2012

GBP 114,822,972

1,900

26/01/2013

GBP 129,824,309

1,978

01/02/2014

GBP 138,965,478

1,970

 

 

Supplementary Data

 

Banks

Bank Name

Bank Branch Sort Code

HSBC BANK PLC

 

 

Auditor

Auditor name

SIMMONS GAINSFORD LLP

 

 

EVENTS

 

Company history

Date

Action

24/12/2009

New Board Member N. Karia appointed

08/06/2010

Mr R.L. Shillcock has resigned as company secretary

08/06/2010

Mr R.L. Shillcock has left the board

08/06/2010

New Company Secretary Mr D. Perez appointed

07/09/2010

New Accounts Filed

15/11/2010

Mr D. Perez has resigned as company secretary

15/11/2010

New Board Member Mr J.N. Cox appointed

15/11/2010

New Company Secretary Mr J.N. Cox appointed

27/11/2010

Annual Returns

01/08/2011

Ms E.L. Fenner has left the board

17/10/2011

Annual Returns

09/11/2011

New Accounts Filed

11/01/2012

Ms J.C. Cox has left the board

11/01/2012

New Board Member Ms Z. Brookes appointed

11/01/2012

New Board Member Mrs L. Ellis appointed

06/10/2012

Annual Returns

 

10/11/2012

New Accounts Filed

 

10/11/2012

New Accounts Filed

 

01/05/2013

Mrs L. Ellis has left the board

 

01/05/2013

New Board Member Ms C. Smyth appointed

 

01/05/2013

New Board Member Ms D. Bloom appointed

 

01/05/2013

New Board Member Mr J. Ovenden appointed

 

30/09/2013

Annual Returns

 

09/11/2013

New Accounts Filed

 

22/09/2014

Mr J. Ovenden has left the board

 

17/10/2014

Annual Returns

 

08/11/2014

New Accounts Filed

 

 

 

MORTGAGES

 

Charge created

07/02/1994

Charge registered

26/02/1994

Status

SATISFIED

Entitled person

THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED

Mortgage detail

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN­CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

 

Charge created

27/02/1996

Charge registered

29/02/1996

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN­CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

Charge created

04/06/2010

Charge registered

11/06/2010

Status

SATISFIED

Entitled person

LLOYDS TSB BANK PLC

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

 

 

Charge created

04/06/2010

Charge registered

11/06/2010

Status

SATISFIED

Entitled person

LLOYDS TSB BANK PLC

Mortgage detail

ANY SUMS OR SUMS STANDING TO THE CREDITOF ANY ONE OR MORE OF ANY PRESENT OF FUTURE ACCOUNTS OF THE COMPANIES WITH THE BANK WHETHER SUCH ACCOUNTS BE DENOMINATED IN STERLING OR IN A CUR­RENCY OR CURRENCIES OTHER THAN STERLING.

 

 

Charge created

04/06/2010

Charge registered

11/06/2010

Status

SATISFIED

Entitled person

LLOYDS TSB BANK PLC

Mortgage detail

ALL MONEY, INCLUDING BONUSES, ACCRUED UNDER THE POLICY. POL­ICY  -   DANIEL   RUBIN   DATED   18/02/2007   INSURER:SCOTTISH EQUITABLE P/NO:L0193438092 SUM ASSURED:GBP 3,400,000 SEE IMAGE FOR FULL DETAILS

 

 

Charge created

04/06/2010

Charge registered

11/06/2010

Status

SATISFIED

Entitled person

LLOYDS TSB BANK PLC

Mortgage detail

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN­CALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

Charge created

19/09/2012

Charge registered

21/09/2012

Status

OUTSTANDING

Entitled person

BURDALE FINANCIAL LIMITED

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM EACH OBLIGOR TO THE CHARGEE ON ANY ACCOUNTWHATSOEVER

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 SEE IMAGEFOR FULL DETAILS

 

 

Charge created

19/09/2012

Charge registered

21/09/2012

Status

OUTSTANDING

Entitled person

NATIONAL WESTMINSTER BANK PLC

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail

UNITS 3 AND 4, 9 HATTON STREET LONDON T/NOS NGL605260 AND NGL605257 BY WAY OF FIXED CHARGE ANY OTHER INTEREST IN THE PROPERTY, ALL RENTS RECEIVABLE FROM ANY LEASE, ALL GOODWILL, THE PROCEEDS OF ANY INSUR­ANCE, ALL FIXTURES AND FITTINGS NOT FORMING PART OF THE PROPERTY, ALL PLANT AND MACHINERY, ALL FURNITURE EQUIPMENT TOOLS AND OTHER GOODS KEPT AT THE PROPERTY

 

 

Accounts

 

PROFIT AND LOSS

 

 

01/02/2014

61

GBP Group: No

26/01/2013

56

GBP Group: No

28/01/2012

56

GBP Group: No

29/01/2011

56

GBP Group: No

Turnover

138,965,478

129,824,309

114,822,972

118,705,120

Export

5,526,023

4,089,103

3,563,627

4,030,484

Cost of Sales

54,883,373

53,979,722

49,850,634

48,515,836

Gross Profit

84,082,105

75,844,587

64,972,338

70,189,284

Wages And Salaries

24,716,051

22,547,936

20,529,864

20,215,668

Directors Emoluments

1,751,754

514,778

468,977

1,013,417

Operating Profit

4,809,154

770,728

-1,050,587

5,513,279

Depreciation

2,532,929

3,427,032

1,906,972

1,454,772

Audit Fees

47,395

43,000

43,000

53,464

Interests Payments

851,415

643,096

476,786

403,807

Pre Tax Profit

5,322,263

127,632

-1,525,506

6,473,108

Taxation

-1,184,029

-308,327

60,199

-1,422,179

Profit After Tax

4,138,234

-180,695

-1,465,307

5,050,929

Dividends Payable

0

0

0

0

Retained Profit

4,138,234

-180,695

-1,465,307

5,050,929

 

 

BALANCE SHEETS

 

 

01/02/2014

61

GBP Group: No

26/01/2013

56

GBP Group: No

28/01/2012

56

GBP Group: No

29/01/2011

56

GBP Group: No

Tangible Assets

7,886,511

8,151,012

8,978,929

7,530,758

Intangible Assets

0

0

0

0

Total Fixed Assets

7,886,511

8,151,012

8,978,929

7,530,758

Stock

20,675,452

21,523,308

22,795,473

21,740,526

Trade Debtors

6,066,638

6,058,731

6,722,648

3,473,253

Cash

1,473,605

1,528,377

770,995

1,335,323

Other Debtors

6,626,229

4,363,586

4,046,688

3,875,943

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

34,841,924

33,474,002

34,335,804

30,425,045

Trade Creditors

14,330,298

14,497,805

16,966,811

12,820,076

Bank Loans and Overdraft

127,648

127,648

1,600,000

0

Other Short Term Finance

1,328,144

2,039,693

513,066

575,668

Miscellaneous Current Liabilities

8,612,096

10,205,804

9,543,139

8,846,744

Total Current Liabilities

24,398,186

26,870,950

28,623,016

22,242,488

Bank Loans and Overdrafts LTL

252,350

814,399

2,043,709

4,000,000

Other Long Term Finance

0

433,441

443,709

0

Total Long Term Liabilities

124,702

686,751

443,709

4,000,000

 

 

CAPITAL AND RESERVES

 

 

01/02/2014

61

GBP Group: No

26/01/2013

56

GBP Group: No

28/01/2012

56

GBP Group: No

29/01/2011

56

GBP Group: No

 

 

 

 

 

Called Up Share Capital

5,000,000

5,000,000

5,000,000

1,000,000

P and L Account Reserves

13,205,547

9,067,313

9,248,008

10,713,315

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

18,205,547

14,067,313

14,248,008

11,713,315

 

 

OTHER FINANCIALS ITEMS

 

 

01/02/2014

61

GBP Group: No

26/01/2013

56

GBP Group: No

28/01/2012

56

GBP Group: No

29/01/2011

56

GBP Group: No

Net Worth

18,205,547

14,067,313

14,248,008

11,713,315

Working Capital

10,443,738

6,603,052

5,712,788

8,182,557

Total Assets

42,728,435

41,625,014

43,314,733

37,955,803

Total Liabilities

24,522,888

27,557,701

29,066,725

26,242,488

Net Assets

18,205,547

14,067,313

14,248,008

11,713,315

 

 

CASH FLOW

 

 

01/02/2014

26/01/2013

28/01/2012

29/01/2011

 

61

56

56

56

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

-54,772

757,382

-564,328

243,163

 

 

MISCELLANEOUS

 

 

01/02/2014

26/01/2013

28/01/2012

29/01/2011

 

61

56

56

56

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Capital Employed

18,330,249

14,754,064

14,691,717

15,713,315

 

 

 

 

 

FINANCIALS RATIOS

 

Name

01/02/2014

26/01/2013

28/01/2012

29/01/2011

Pre Tax Profit Margin

3.83 %

0.10%

-1.33 %

5.45 %

Current Ration

1.43

1.25

1.20

1.37

Sales or Net Working Capital

13.31

19.66

20.10

14.51

Gearing

1.39 %

5.79 %

14.34%

34.15%

Equity

42.61 %

33.80 %

32.89 %

30.86 %

Creditor Days

38.25

40.64

53.78

39.31

Debtor Days

16.19

16.98

21.31

10.65

Liquidity or Acid test

0.58

0.44

0.40

0.39

Return on Capital Employed

29.03 %

0.86 %

-10.38%

41.19%

Return on Total Assets Employed

12.45 %

0.30 %

-3.52 %

17.05%

Current Debt Ratio

1.34 %

1.91 %

2.00 %

1.89%

Total Debt Ratio

1.34 %

1.95 %

2.04 %

2.24 %

Stock Turnover Ratio

14.87%

16.57 %

19.85%

18.31 %

Return on Net Assets Employed

29.23%

0.90%

-10.70%

55.26%

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.