MIRA INFORM REPORT

 

 

Report Date :

13.11.2014

 

IDENTIFICATION DETAILS

 

Name :

FONZ LEATHER STYLES LIMITED

 

 

Registered Office :

Ashwood House 80 Lancaster Street Birmingham B4 7AR

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

07.05.2010

 

 

Com. Reg. No.:

07246377

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Wholesale of clothing and footwear.

 

 

No. of Employees :

Not Available

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

REGISTERED NAME & COMPANY SUMMARY

 

Company Name:           FONZ LEATHER STYLES LIMITED

Company No:                07246377

Company Status:          Active - Accounts Filed

Registered Address:      ASHWOOD HOUSE 80 LANCASTER STREET BIRMINGHAM B4 7AR

 

company summary

 

Company Name

Fonz Leather Styles Limited

Company Number

07246377

Registered Address

Ashwood House 80 Lancaster Street Birmingham B4 7AR

Trading Address

Ashwood House 80 Lancaster Street Birmingham B4 7AR

Website Address

www.ashwoodleather.co.uk

Telephone Number

01213595656

TPS

-

Incorporation Date

07.05.2010

Company Status

Active - Accounts Filed

Previous Name

Type

Private limited with Share Capital

Date of Change

-

Filing Date of Accounts

07.12.2013

 

 

Share Capital

£ 1,000

SIC03

46420

Currency

GBP

Principal Activity

Wholesale of clothing and footwear.

 

 

DIRECTORS/MANAGEMENT

 

Total Current Directors

3

Total Current Secretaries

0

Total Previous Directors / Company Secretaries

1

 

Current Directors

Name

Abdul Hameed

Date of Birth

23/03/1940

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Director

Appointment Date

07/05/2010

 

 

Address

Ashwood House 80 Lancaster Street, Birmingham, B4 7AR

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

Name

Muhammad Jahangir

Date of Birth

19/03/1953

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

07/05/2010

 

 

Address

Ashwood House 80 Lancaster Street, Birmingham, B4 7AR

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Arshad Hameed

Date of Birth

08/11/1966

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

07/05/2010

 

 

Address

Ashwood House 80 Lancaster Street, Birmingham, B4 7AR

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Barbara Kahan

57

18189

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

 

Total Mortgage              1

Outstanding                  1

Satisfied                       0

 

CCJ

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

 

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

 

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

 

Total Number of Writs -

-

 

 

Mortgage Details

Mortgage Type:

DEBENTURE

Date Charge Created:

16/02/11

 

 

Date Charge Registered:

01/03/11

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

HABIB ALLIED INTERNATIONAL BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY INCLUDING GOODWILL, BOOK DEBTS, UNCALLED CAPITAL, PLANT& MACHINERY. SEE IMAGE FOR FULL DETAILS

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

ARSHAD HAMEED

GBP

180

ORDINARY

1

18

AZHER HAMEED

GBP

180

ORDINARY

1

18

NADEEM HAMEED

GBP

180

ORDINARY

1

18

ABDUL HAMEED

GBP

130

ORDINARY

1

13

MUHAMMAD IDNAN JAHANGIR

GBP

110

ORDINARY

1

11

MUHAMMAD JAHANGIR

GBP

110

ORDINARY

1

11

MUHAMMAD USMAN JAHANGIR

GBP

110

ORDINARY

1

11

 

 

PAYMENT INFORMATION

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade       1

Total Value of Documented Trade          £874

 

Trade Payment Information

Average Invoice Value

254.05

Invoices available

15

Paid

9

Outstanding

6

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

 

No Creditor Data

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£874

 

Company Name

Amount

Statement Date

Clive Copeland Llp

£874

14/02/2013

 

Average Invoice Value

£254.05

Invoices available

15

Paid

9

Outstanding

6

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

3

2

4

0

0

Outstanding

1

0

0

1

4

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

 

Ultimate Holding Company

-

 

Group structure

No group structure

 

 

FINANCIAL INFORMATION

 

Profit & Loss

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

(%)

-

 

Weeks

52

(%)

52

(%)

52

(%)

-

(%)

-

 

Currency

GBP

(%)

GBP

(%)

GBP

(%)

-

(%)

-

 

Consolidated A/cs

N

(%)

N

(%)

N

(%)

-

(%)

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Turnover

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Export

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Cost of Sales

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Gross Profit

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Wages & Salaries

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Directors Emoluments

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Operating Profit

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Depreciation

£75,694

0.4%

£75,360

11.6%

£67,518

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Audit Fees

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Interest Payments

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Pre Tax Profit

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Taxation

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Profit After Tax

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Dividends Payable

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

(%)

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Tangible Assets

£459,168

9.2%

£420,614

-3.9%

£437,836

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Intangible Assets

£13,833

-30.3%

£19,833

-33.9%

£30,000

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Fixed Assets

£473,001

7.4%

£440,447

-5.9%

£467,836

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Stock

£198,986

-47.7%

£380,782

3.4%

£368,430

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Trade Debtors

£945,287

9.6%

£862,548

23.8%

£696,574

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Cash

£1,204,422

82.2%

£661,003

-39.3%

£1,088,693

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Other Debtors

0

-

0

-

0

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Miscellaneous Current Assets

0

-

0

-

0

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Current Assets

£2,348,695

23.3%

£1,904,333

-11.6%

£2,153,697

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Trade Creditors

£1,051,624

23.4%

£852,118

-46%

£1,576,935

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Bank Loans & Overdrafts

0

-

0

-

0

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Other Short Term Finance

0

-

0

-

0

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Miscellaneous Current Liabilities

0

-

0

-

0

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Current Liabilities

£1,051,624

23.4%

£852,118

-46%

£1,576,935

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Bank Loans & Overdrafts and LTL

£319,037

-0.3%

£319,907

-0.3%

£320,713

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Other Long Term Finance

0

-

0

-

0

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Long Term Liabilities

£319,037

-0.3%

£319,907

-0.3%

£320,713

-

-

-

-

 

Capital & Reserves

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

(%)

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Called Up Share Capital

£7

-

£7

-

£7

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

P & L Account Reserve

£1,451,028

23.7%

£1,172,748

62%

£723,878

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Revaluation Reserve

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Sundry Reserves

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Shareholder Funds

£1,451,035

23.7%

£1,172,755

62%

£723,885

-

-

-

-

Other Financial Items

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

(%)

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Net Worth

£1,437,202

24.7%

£1,152,922

66.2%

£693,885

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Working Capital

£1,297,071

23.3%

£1,052,215

82.4%

£576,762

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Assets

£2,821,696

20.3%

£2,344,780

-10.6%

£2,621,533

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Liabilities

£1,370,661

16.9%

£1,172,025

-38.2%

£1,897,648

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Net Assets

£1,451,035

23.7%

£1,172,755

62%

£723,885

-

-

-

-

 

Cash Flow

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

(%)

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

(%)

-

 

Contingent Liability

NO

-

NO

-

NO

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Capital Employed

£1,770,072

18.6%

£1,492,662

42.9%

£1,044,598

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Number of Employees

-

-

-

-

-

-

-

-

-

 

Auditors

 

 

Auditor Comments

The company is exempt from audit

 

Bankers

 

 

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/03/13

31/03/12

31/03/11

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Pre-tax profit margin %

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Current ratio

2.23

2.23

1.37

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Sales/Net Working Capital

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Gearing %

22

27.30

44.30

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Equity in %

51.70

50.40

27.90

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Creditor Days

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Debtor Days

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Liquidity/Acid Test

2.04

1.78

1.13

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Return On Capital Employed %

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Return On Total Assets Employed %

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Current Debt Ratio

0.72

0.72

2.17

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Total Debt Ratio

0.94

0.99

2.62

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Stock Turnover Ratio %

-

-

-

-

-

http://static.creditsafe.com/IMAGES/barchart-grey.png

Return on Net Assets Employed %

-

-

-

-

-

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

3 MONTHS

6 MONTHS

9 MONTHS

Enquiries

8

13

28

Status History

No Status History found

Event History

Date

Description

23/06/2014

Annual Returns

12/12/2013

New Accounts Filed

12/12/2013

New Accounts Filed

29/07/2013

Annual Returns

25/12/2012

New Accounts Filed

22/06/2012

Annual Returns

14/01/2012

New Accounts Filed

20/09/2011

Annual Returns

08/06/2010

New Board Member A. Hameed appointed

08/06/2010

New Board Member Mr A. Hameed appointed

02/06/2010

New Board Member Mr M. Jahangir appointed

18/05/2010

Mrs B. Kahan has left the board

11/05/2010

New Board Member Mrs B. Kahan appointed

 

 

Previous Company Names

 

No Previous Names found

 

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

Net Worth increased by 24.7% during the latest trading period.

A 20.3% growth in Total Assets occurred during the latest trading period.

The company saw an increase in their Cash Balance of 82.2% during the latest trading period.

 

There is insufficient data to indicate a change in this company's percentage of sales.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company was established over 4 years ago.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.48

UK Pound

1

Rs.97.92

Euro

1

Rs.76.79                   

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

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.