MIRA INFORM REPORT

 

 

Report No. :

337508

Report Date :

22.08.2015

 

IDENTIFICATION DETAILS

 

Name :

RETRO APPARELS LIMITED

 

 

Formerly Known As :

PHOENIX FASHION LIMITED

 

 

Registered Office :

1 Lumley Street Mayfair London W1k 6tt

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.07.2009

 

 

Com. Reg. No.:

06966210

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :
  • Clothing and accessory wholesaler and management service provider
  • Wholesale of clothing and footwear

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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).

 

 

Source : CIA

 

 

Company Name

 

RETRO APPARELS LIMITED

 

 

Company No

 

06966210

 

 

Registered Address

 

1 LUMLEY STREET MAYFAIR LONDON W1K 6TT

 

 

Company Summary

 

Registered Address

 

1 LUMLEY STREET
MAYFAIR
LONDON
W1K 6TT

 

Trading Address

 

1 Lumley Street
Mayfair
London
W1K 6TT

 

Website Address                      -          

Telephone Number                   -

Fax Number

TPS                                          -

FPS                                          No

Incorporation Date                   17/07/2009

Previous Name                         PHOENIX FASHION LIMITED

Type                                         Private limited with Share Capital

FTSE Index                              -

Date of Change                         06/08/2009

Filing Date of Accounts            30/01/2015

Currency                                  GBP

Share Capital                           £25,000

SIC07                                       46420

Charity Number                        -

SIC07 Description                    WHOLESALE OF CLOTHING AND FOOTWEAR

Principal Activity                      Clothing and accessory wholesaler and management service provider.

 

 

Key Financials

 

Year to Date                 Turnover          Pre Tax Profit               Shareholder     Funds Employees

 

31/03/2014                    £8,561,727        £697,361                       £666,415                       -

31/03/2013                    £3,753,116        £144,313                       £131,338                       -

31/03/2012                    £2,639,510        £10,009                         £19,014                         -

 

 

Mortgage Summary

 

Total Mortgage                         4

Outstanding                             1

Satisfied                                   3

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                 0

Total Value of Documented Trade                    £0

 

 

Commentary

 

This company has been treated as a Small company in respect of the rating/limit generated.

This company has had a CCJ registered against them within the last 36 months which is currently still outstanding.

This company has only made late payments on a low percentage of invoices.

The latest Balance Sheet indicates a positive net working capital position.

This company trades in an industry with a moderate level of corporate failures.

 

 

CCJ

 

Total Number of Exact CCJs -

1

Total Value of Exact CCJs -

£7,134

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 -

-

Back to TopDescription: \\shraddha\Online Foreign Reports\RETRO APPARELS LIMITED_files\Up.jpg

Show more

 

Total Current Directors

2

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

3

 

 

Current Directors

 

Name

Nicholas John Marsden

Date of Birth

03/03/1972

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Director

Appointment Date

17/07/2009

Address

29 Royal Close, Manor Road, London, N16 5SE

Disqualified

Disqualified End Date

Disqualification Exception

No

 

Name

Paramjit Singh Bawa

Date of Birth

29/05/1980

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

17/07/2009

Address

1 Lumley Street, Mayfair, London, W1K 6TT

Disqualified

Disqualified End Date

Disqualification Exception

No

 

 

Current Company Secretary

 

Name

JD SECRETARIAT LIMITED

Date of Birth

-

Officers Title

Nationality

British

Present Appointments

446

Function

Company Secretary

Appointment Date

09/12/2013

Address

1 Lumley Street, Mayfair, London, W1K 6TT

Other Actions

View Consumer Report

View Trace Report

Disqualified

Disqualified End Date

Disqualification Exception

No

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

DIVINE INVESTMENTS INTERNATIONAL LTD

GBP

15,500

ORDINARY

1

62

NICHOLAS JOHN MARSDEN

GBP

9,500

ORDINARY

1

38

Profit & Loss

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/07/11

(%)

31/07/10

Weeks

52

(%)

52

(%)

35

(%)

52

(%)

51

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£8,561,727

128.1%

£3,753,116

42.2%

£2,639,510

138.6%

£1,106,382

-13.4%

£1,276,937

Export

-

-

-

-

£2,028,991

115.8%

£940,425

99%

£472,467

Cost of Sales

£6,997,729

138.5%

£2,934,008

31.8%

£2,225,339

156.8%

£866,724

-33.9%

£1,311,992

Gross Profit

£1,563,998

90.9%

£819,108

97.8%

£414,171

72.8%

£239,658

783.7%

-£35,055

Wages & Salaries

-

-

-

-

-

-

-

-

£226,944

Directors Emoluments

£60,000

-

£60,000

-

£60,000

50%

£40,000

-20%

£50,000

Operating Profit

£708,372

325.4%

£166,536

999.9%

£9,931

18.8%

£8,356

134.5%

-£24,222

Depreciation

£1,557

-18.7%

£1,916

2.7%

£1,865

53.6%

£1,214

-33.1%

£1,815

Audit Fees

£2,500

11.1%

£2,250

12.5%

£2,000

-

£2,000

-

£2,000

Interest Payments

£11,046

-50.6%

£22,339

-

-

-

-

-

-

Pre Tax Profit

£697,361

383.2%

£144,313

999.9%

£10,009

19.7%

£8,365

134.5%

-£24,222

Taxation

-£162,284

-407.3%

-£31,989

-999.9%

-£138

-

-

-

-

Profit After Tax

£535,077

376.4%

£112,324

999.9%

£9,871

18%

£8,365

134.5%

-£24,222

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£535,077

376.4%

£112,324

999.9%

£9,871

18%

£8,365

134.5%

-£24,222

 

 

Balance Sheet

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/07/11

(%)

31/07/10

Tangible Assets

£4,502

154.2%

£1,771

-48.9%

£3,468

-29.1%

£4,893

-16.1%

£5,834

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£4,502

154.2%

£1,771

-48.9%

£3,468

-29.1%

£4,893

-16.1%

£5,834

Stock

£538,343

57.7%

£341,364

999.9%

£26,151

-80.2%

£132,205

-

0

Trade Debtors

£1,262,864

47.1%

£858,411

999.9%

£30,857

-97.1%

£1,047,656

219.8%

£327,609

Cash

£312,616

55.5%

£200,988

48.6%

£135,228

35.6%

£99,714

23.3%

£80,901

Other Debtors

£135,333

51.4%

£89,383

-24.6%

£118,508

433.3%

£22,221

-94.3%

£390,879

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£2,249,156

50.9%

£1,490,146

379.5%

£310,744

-76.1%

£1,301,796

62.8%

£799,389

Trade Creditors

£1,089,475

118.3%

£498,993

999.9%

£11,253

-95.8%

£270,727

-36.1%

£423,741

Bank Loans & Overdrafts

£229,138

-31.7%

£335,684

-

0

-

0

-

0

Other Short Term Finance

£1,256

-99.5%

£278,495

-

0

-100%

£865,817

-

0

Miscellaneous Current Liabilities

£267,374

8.1%

£247,407

540.3%

£38,642

-14.5%

£45,187

-82.8%

£263,257

Total Current Liabilities

£1,587,243

16.7%

£1,360,579

999.9%

£49,895

-95.8%

£1,181,731

72%

£686,998

Bank Loans & Overdrafts and LTL

£229,138

-31.7%

£335,684

36.8%

£245,303

74.3%

£140,715

-1.1%

£142,347

Other Long Term Finance

0

-

0

-100%

£160,786

184.8%

£56,448

-4.3%

£59,014

Total Long Term Liabilities

0

-

0

-100%

£245,303

74.3%

£140,715

-1.1%

£142,347

.

 

Capital & Reserves

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/07/11

(%)

31/07/10

Called Up Share Capital

£25,000

-

£25,000

-

£25,000

999.9%

£100

-

£100

P & L Account Reserve

£641,415

503.2%

£106,338

999.9%

-£5,986

62.3%

-£15,857

34.5%

-£24,222

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£666,415

407.4%

£131,338

590.7%

£19,014

220.7%

-£15,757

34.7%

-£24,122

 

 

Other Financial Items

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/07/11

(%)

31/07/10

Net Worth

£666,415

407.4%

£131,338

590.7%

£19,014

220.7%

-£15,757

34.7%

-£24,122

Working Capital

£661,913

410.9%

£129,567

-50.3%

£260,849

117.3%

£120,065

6.8%

£112,391

Total Assets

£2,253,658

51.1%

£1,491,917

374.8%

£314,212

-76%

£1,306,689

62.3%

£805,223

Total Liabilities

£1,587,243

16.7%

£1,360,579

360.9%

£295,198

-77.7%

£1,322,446

59.5%

£829,345

Net Assets

£666,415

407.4%

£131,338

590.7%

£19,014

220.7%

-£15,757

34.7%

-£24,122

Cash Flow

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/07/11

(%)

31/07/10

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

 

Miscellaneous

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/07/11

(%)

31/07/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£666,415

407.4%

£131,338

-50.3%

£264,317

111.5%

£124,958

5.7%

£118,225

Number of Employees

-

-

-

-

-

-

-

-

-

Accountants

Auditors

SLAVEN JEFFCOTE LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/03/14

31/03/13

31/03/12

31/07/11

31/07/10

Pre-tax profit margin %

8.15

3.85

0.38

0.76

-1.90

Current ratio

1.42

1.10

6.23

1.10

1.16

Sales/Net Working Capital

12.93

28.97

10.12

9.21

11.36

Gearing %

34.40

255.60

1290.10

-893

-590.10

Equity in %

29.60

8.80

6.10

-1.20

-3

Creditor Days

46.31

48.39

1.04

89.06

118.46

Debtor Days

53.69

83.25

2.86

344.67

91.59

Liquidity/Acid Test

1.07

0.84

5.70

0.98

1.16

Return On Capital Employed %

104.64

109.87

3.78

6.69

-20.48

Return On Total Assets Employed %

30.94

9.67

3.18

0.64

-3

Current Debt Ratio

2.38

10.35

2.62

-74.99

-28.48

Total Debt Ratio

2.38

10.35

15.52

-83.92

-34.38

Stock Turnover Ratio %

6.28

9.09

0.99

11.94

-

Return on Net Assets Employed %

104.64

109.87

52.64

-53.08

100.41

 

 

 

revious Company Names

 

Date

Previous Name

06/08/2009

PHOENIX FASHION LIMITED

 

 

Statistics

 

Group

3 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Intermediately Owned

Ultimate Holding Company

DIVINE INVESTMENTS INTERNATIONAL LTD

 

 

Group Structure

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

Description: \\shraddha\Online Foreign Reports\RETRO APPARELS LIMITED_files\tminus.gifDIVINE INVESTMENTS INTER...

 

N/A

-

-

Description: \\shraddha\Online Foreign Reports\RETRO APPARELS LIMITED_files\T.gifMAGIC APPARELS LIMITED

 

06671497

31.03.2014

N

£3,084,453

Description: \\shraddha\Online Foreign Reports\RETRO APPARELS LIMITED_files\L.gifRETRO APPARELS LIMITED

 

06966210

31.03.2014

N

£8,561,727



Statistics

Group

3 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Exact CCJ Details

 

Date

Court

Amount

Status

Case Number

Date Paid

24/06/2015

COUNTY COURT BUSINESS CENTRE

£7,134

Judgment

B5QZ64F1

-

 

 

Possible CCJs Details

 

Possible CCJ matches show CCJs that may be matched to a company based on various criteria such as similar trading names or addresses. This data is provided for your information only as an aid to decision-making and does not affect a company’s rating.

 

There are no possible CCJ details

 

 

Mortgage Details

 

Mortgage Type:

DEBENTURE

Date Charge Created:

12/11/12

Date Charge Registered:

14/11/12

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

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

Details:

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

Mortgage Type:

LIEN ON DEPOSIT/SET-OFF ARRANGEMENT

Date Charge Created:

06/07/10

Date Charge Registered:

14/07/10

Date Charge Satisfied:

25/02/15

Status:

SATISFIED

Person(s) Entitled:

HABIB BANK AG ZURICH;

Amount Secured:

Details:

THE CREDIT BALANCE AND THE INTEREST THEREON IN ACCOUNT NUMBER 10187912 SEE IMAGE FOR FULL DETAILS

 

Mortgage Type:

STANDARD MORTGAGE DEBENTURE

Date Charge Created:

06/07/10

Date Charge Registered:

14/07/10

Date Charge Satisfied:

25/02/15

Status:

SATISFIED

Person(s) Entitled:

HABIB BANK AG ZURICH;

Amount Secured:

Details:

FIRST FIXED CHARGE ON ALL BOOK AND OTHER DEBTS, ALL STOCKS SHARES DEBENTURES LOAN CAPITAL; THE GOODWILL OF THE COMPANY AND ITS UNCALLED CAPITAL FLOATING CHARGEOVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS SEE IMAGE FOR FULL DETAILS

Mortgage Type:

FIXED CHARGE ON NON-VESTING DEBTS AND FLOATING CHARGE

Date Charge Created:

16/02/10

Date Charge Registered:

18/02/10

Date Charge Satisfied:

14/07/10

Status:

SATISFIED

Person(s) Entitled:

HSBC INVOICE FINANCE (UK) LTD ("THE SECURITY HOLDER")

Amount Secured:

Details:

BY WAY OF FIRST FIXED CHARGE ALL DEBTS AND ALL EXPORT DEBTS PURPORTEDLY ASSIGNED TO THE SECURITY HOLDER PURSUANT TO THEDEBT PURCHASE AGREEMENT. ALL ASSOCIATEDRIGHTS RELATING TO ANY NON-VESTING DOMESTIC DEBTS AND NON-VESTING EXPORT DEBTS. BY WAY OF FIRST FIXED CHARGE THE EXCLUDED PROCEEDS AND BY WAYOF FIRST FLOATING CHARGE ALL PRESENT AND FUTURE ASSETS UNDERTAKING AND ALL OTHER PROPERTY AND ASSETSSEE IMAGE FOR FULL DETAILS

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Aderyn Hurworth

54

5489

Nicholas John Marsden

0

1

HCS SECRETARIAL LIMITED

0

1

Average Invoice Value

Ł93.40

Invoices available

46

Paid

46

Outstanding

0

 

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

36

8

2

0

0

Outstanding

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

ASH

 

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.
 
 


S