MIRA INFORM REPORT

 

 

Report Date :

16.09.2014

 

IDENTIFICATION DETAILS

 

Name :

Stylewise (UK) LIMITED

 

 

Registered Office :

Ashbury Works, Gorton Road, Pottery Lane, Manchester M12 5AD

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2013

 

 

Date of Incorporation :

26.04.1989

 

 

Com. Reg. No.:

02376527

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

Wholesale of Clothing and Footwear

 

 

No of Employees :

30

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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:            Stylewise (UK) Limited

Company No.:               02376527

Company Status:           Active – Accounts Filed

 

Company Summary

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Rakesh Anand

Date of Birth

01/12/1967

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Director

Appointment Date

08/07/1993

 

 

Address

Ashbury Works, Gorton Road, Pottery Lane, Manchester, M12 5AD

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Chander Mohan Anand

2

4

Chander Mohan Anand

2

4

Usha Anand

2

2

Ripu Daman Anand

5

2

Rakesh Anand

4

1

 

NEGATIVE INFORMATION

 

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 -

-

 

 

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

RAKESH ANAND

GBP

75,000

ORDINARY

1

100

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Group structure

No group structure

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£9,992,690

22.5%

£8,158,835

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

£763,143

16.7%

£654,202

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

£786,826

10.4%

£712,465

-

-

-

-

-

-

Depreciation

£23,570

8.1%

£21,798

6%

£20,571

25.2%

£16,426

118.4%

£7,521

Audit Fees

£7,900

-

£7,900

-

-

-

-

-

-

Interest Payments

£8,084

-38.1%

£13,053

-

-

-

-

-

-

Pre Tax Profit

£778,742

11.3%

£699,412

-

-

-

-

-

-

Taxation

-£179,938

-22.5%

-£146,877

-

-

-

-

-

-

Profit After Tax

£598,804

8.4%

£552,535

-

-

-

-

-

-

Dividends Payable

-

-100%

£230,000

-

-

-

-

-

-

Retained Profit

£598,804

85.7%

£322,535

-

-

-

-

-

-

 

 

Balance Sheet

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Tangible Assets

£49,071

-4.3%

£51,285

12.7%

£45,520

-11.5%

£51,419

12.2%

£45,821

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£49,071

-4.3%

£51,285

12.7%

£45,520

-11.5%

£51,419

12.2%

£45,821

Stock

£2,738,715

4.7%

£2,616,411

128%

£1,147,617

112.9%

£538,936

-10.8%

£604,199

Trade Debtors

£1,884,233

26.9%

£1,484,744

-1.7%

£1,510,236

168.3%

£562,995

-35.3%

£870,229

Cash

£603,123

56.2%

£386,058

-26.6%

£525,919

-71.7%

£1,858,660

13.9%

£1,632,401

Other Debtors

£250,272

39.9%

£178,923

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£5,476,343

17.4%

£4,666,136

46.6%

£3,183,772

7.5%

£2,960,591

-4.7%

£3,106,829

Trade Creditors

£706,305

66.4%

£424,339

-8.1%

£461,724

41.5%

£326,231

-33.1%

£487,795

Bank Loans & Overdrafts

£144,167

-

0

-

0

-

0

-

0

Other Short Term Finance

£728,347

-14.8%

£854,847

-

0

-

0

-

0

Miscellaneous Current Liabilities

£257,688

-26%

£348,132

-

0

-

0

-

0

Total Current Liabilities

£1,836,507

12.9%

£1,627,318

252.4%

£461,724

41.5%

£326,231

-33.1%

£487,795

Bank Loans & Overdrafts and LTL

£144,167

-

0

-

0

-

0

-

0

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-

0

-

0

-

0

-

0

 

Capital & Reserves

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Called Up Share Capital

£75,000

-

£75,000

-

£75,000

-

£75,000

-

£75,000

P & L Account Reserve

£3,588,907

20%

£2,990,103

12.1%

£2,667,568

3.2%

£2,585,779

0.8%

£2,564,855

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£25,000

-

£25,000

-

£25,000

-

£25,000

-

£25,000

Shareholder Funds

£3,688,907

19.4%

£3,090,103

11.7%

£2,767,568

3%

£2,685,779

0.8%

£2,664,855

 

Other Financial Items

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Net Worth

£3,688,907

19.4%

£3,090,103

11.7%

£2,767,568

3%

£2,685,779

0.8%

£2,664,855

Working Capital

£3,639,836

19.8%

£3,038,818

11.6%

£2,722,048

3.3%

£2,634,360

0.6%

£2,619,034

Total Assets

£5,525,414

17.1%

£4,717,421

46.1%

£3,229,292

7.2%

£3,012,010

-4.5%

£3,152,650

Total Liabilities

£1,836,507

12.9%

£1,627,318

252.4%

£461,724

41.5%

£326,231

-33.1%

£487,795

Net Assets

£3,688,907

19.4%

£3,090,103

11.7%

£2,767,568

3%

£2,685,779

0.8%

£2,664,855

 

Cash Flow

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Net Cashflow from Operations

£249,780

83.5%

£136,118

-

-

-

-

-

-

Net Cashflow before Financing

£72,898

152.1%

-£139,861

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

£72,898

152.1%

-£139,861

-

-

-

-

-

-

 

Miscellaneous

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£3,688,907

19.4%

£3,090,103

11.7%

£2,767,568

3%

£2,685,779

0.8%

£2,664,855

Number of Employees

30

-

30

-

-

-

-

-

-

Auditors

WINE & CO

Auditor Comments

The audit report contains no adverse comments

Bankers

LLOYDS TSB BANK PLC

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

30/04/13

30/04/12

30/04/11

30/04/10

30/04/09

Pre-tax profit margin %

7.79

8.57

-

-

-

Current ratio

2.98

2.87

6.90

9.08

6.37

Sales/Net Working Capital

2.75

2.68

-

-

-

Gearing %

3.90

0

0

0

0

Equity in %

66.80

65.50

85.70

89.20

84.50

Creditor Days

25.72

18.93

-

-

-

Debtor Days

68.63

66.24

-

-

-

Liquidity/Acid Test

1.49

1.25

4.40

7.42

5.13

Return On Capital Employed %

21.11

22.63

-

-

-

Return On Total Assets Employed %

14.09

14.82

-

-

-

Current Debt Ratio

0.49

0.52

0.16

0.12

0.18

Total Debt Ratio

0.49

0.52

0.16

0.12

0.18

Stock Turnover Ratio %

27.40

32.06

-

-

-

Return on Net Assets Employed %

21.11

22.63

-

-

-

 

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

6

£32,808

 

Company Name

Amount

Statement Date

Mega Colors Ltd

£11,118

30/06/2014

Nexbay Limited

£10,000

11/12/2012

Icer Brands Europe Limited

£9,190

10/06/2014

Labelsneak Limited

£1,183

17/04/2013

Traveller ( N C L) Limited

£1,162

20/03/2014

Heroes Retail Ltd

£155

13/06/2014

 

FOREIGN EXCHANGE RATES

 

N/A

 

 

ADDITIONAL INFORMATION

 

Enquiries Trend

There have been 59 enquiries in the last 12 months.

There are an average of 5 reports taken each month.

 

Current Company Secretary

Name

Bernadette Newing

Date of Birth

30/10/1958

Officers Title

Ms

Nationality

British

Present Appointments

1

Function

Company Secretary

Appointment Date

06/03/2008

 

 

Address

Ashbury Works, Gorton Road, Pottery Lane, Manchester, M12 5AD

 

Status History

No Status History found

 

Event History

Date

Description

06/06/2014

Annual Returns

07/02/2014

New Accounts Filed

07/02/2014

New Accounts Filed

07/02/2014

New Accounts Filed

09/05/2013

Annual Returns

31/01/2013

New Accounts Filed

11/06/2012

Annual Returns

04/02/2012

New Accounts Filed

29/06/2011

New Board Member Mr R. Anand appointed

27/06/2011

Annual Returns

29/01/2011

New Accounts Filed

07/07/2010

Annual Returns

19/02/2010

New Accounts Filed

05/07/2009

Annual Returns

08/03/2009

New Accounts Filed

 

Previous Company Names

No Previous Names found

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period increased 22.5% on the previous trading period.

 

Net Worth increased by 19.4% during the latest trading period.

 

 

A 17.1% growth in Total Assets occurred during the latest trading period.

 

Pre-tax profits increased by 11.3% compared to the previous trading period.

 

The company saw an increase in their Cash Balance of 56.2% during the latest trading period.

 

The audit report contains no adverse comments.

 

No recent changes in directorship are recorded.

 

The company is not part of a group.

 

The company was established over 25 years ago.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03 

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.