|
Report No. : |
305116 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
HORNBY STREET LIMITED |
|
|
|
|
Formerly Known as : |
ONLYMORE LIMITED |
|
|
|
|
Registered Office : |
Juice Corporations,
2-16 Bury New Road, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
11.10.1999 |
|
|
|
|
Com. Reg. No.: |
03856420 |
|
|
|
|
Legal Form : |
Private Limited With
Share Capital |
|
|
|
|
Line of Business : |
·
Engaged in designing and producing Mens wear, Womens wear and Childrens wear Subject offers Polos, Sweatshirts, Jeans, Casual Wear, Jackets, Knits,
T-Shirts, and Headwear Products. Subject also offers Watches, Sunglasses,
Toiletries, Cosmetics, Stationery, and Household Textiles |
|
|
|
|
No of Employees : |
50 (30.06.2013) |
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 : |
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 |
|
HORNBY STREET
LIMITED |
Telephone |
+44 016 1831 7550 |
|
|
|
JUICE CORPORATIONS |
Fax |
- |
||
|
2-16 BURY NEW ROAD |
Website |
|||
|
MANCHESTER |
||||
|
LANCASHIRE |
||||
|
M8 8FR |
||||
|
United Kingdom |
||||
|
Company Number:
Foundation: |
03856420 11/10/1999 |
Status: |
Active - Accounts Filed |
|
This company has made late payments
on a medium percentage of invoices.
The latest Balance
Sheet indicates a negative
net working capital
position. There has been a reduction in shareholders funds compared with the previous balance
sheet.
This company has been treated as a Small company in respect of the rating/limit generated. This company
trades in an industry with a moderate level of corporate failures.
Private limited with Share
Capital
11/10/1999
03856420
The Juice Corporation
Date of Change Previous Name
14/01/2000 ONLYMORE LIMITED
|
Name |
Currency |
Number of shares |
Share type |
Nominal value |
|
KASHIF AHMED |
GBP |
1,224 |
ORDINARY |
1 |
|
SAEEDA AHMED |
GBP |
1,826 |
ORDINARY |
1 |
|
MISS BUSHRA
AHMED |
GBP |
50 |
ORDINARY |
1 |
|
MISS TESNEEM AHMED |
GBP |
24 |
ORDINARY |
1 |
|
MRS TABASUM HUSSAIN |
GBP |
24 |
ORDINARY |
1 |
|
TRUSTEE OF SAEEDA
AHMED |
GBP |
1,852 |
ORDINARY |
1 |
|
Total Share Capital GBP 5,000 |
||||
|
Directors |
||||
|
Name |
Address: |
Date of birth |
Nationality |
Appointment date |
|
Mr Kashif Ahmed |
Juice Corporations, 2-16
Bury New Road,
Manchester, Lancashire M8 8FR |
02/03/1975 |
British |
27/10/1999 |
|
Ms Bushra Ahmed |
Juice Corporations, 2-16
Bury New Road,
Manchester, Lancashire M8 8FR |
22/02/1962 |
British |
01/07/2000 |
|
Company Secretary |
||
|
Name |
Address: |
Appointment date |
|
Mr Kashif Ahmed |
Juice Corporations, 2-16 Bury New Road,
Manchester, Lancashire M8 8FR |
01/07/2000 |
Other Known Addresses
16 Bury New Road, Manchester, Lancashire M8 8FR
Principal Activity
·
Engaged in designing and producing Mens wear, Womens wear and Childrens wear
Subject offers Polos, Sweatshirts, Jeans, Casual Wear, Jackets, Knits,
T-Shirts, and Headwear Products.
Subject also offers Watches, Sunglasses,
Toiletries, Cosmetics, Stationery, and Household Textiles.
Turnover and Employees
|
Date of Accounts |
Employees |
|
30/06/2011 |
45 |
|
30/06/2012 |
47 |
|
30/06/2013 |
50 |
|
Bank Name |
Bank Branch Sort
Code |
|
HABIB BANK ZURICH |
60-91-94 |
Auditor name
UHY HACKER YOUNG
Company history
Date Action
|
10/07/2010 |
New Accounts Filed |
|
|
09/11/2010 |
Annual Returns |
|
|
06/01/2011 |
New Accounts
Filed |
|
|
06/01/2011 |
New Accounts
Filed |
|
|
11/11/2011 |
Annual Returns |
|
|
11/11/2011 |
Annual Returns |
|
|
10/04/2012 |
New Accounts
Filed |
|
|
10/04/2012 |
New Accounts
Filed |
|
|
13/11/2012 |
Annual Returns |
|
|
13/08/2013 |
New Accounts
Filed |
|
|
13/08/2013 |
New Accounts
Filed |
|
|
26/11/2013 |
Annual Returns |
|
|
12/05/2014 |
New Accounts
Filed |
|
|
12/05/2014 |
New Accounts
Filed |
|
|
25/10/2014 |
Annual Returns |
|
|
Charge created |
31/07/2000 |
|
Charge registered |
18/08/2000 |
|
Status |
SATISFIED |
|
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 CHARGES OVER THE UNDERTAKING AND
ALL PROPERTY AND ASSETS PRESENT
AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
|
|
|
|
Charge created |
07/09/2000 |
|
Charge registered |
09/09/2000 |
|
Status |
SATISFIED |
|
Entitled person |
HSBC INVOICE FINANCE (UK)
LTD |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY TO THE
CHARGEE WHETHER ARISINGUNDER AN AGREEMENT FOR THE PURCHASE OF DEBTS OR OTHERWISE |
|
Mortgage detail |
BY WAY OF FIXED EQUITABLE CHARGE
ALL DEBTS PURCHASED OR PURPORTED TO BE PURCHASED BY THE SECURITY HOLDER PURSUANT TO ANAGREEMENT FOR THE PURCHASE
OF DEBTS (INCLUDING THE ASSOCIATED RIGHTS RELAT-
ING THERETO). |
|
|
|
|
Charge created |
06/06/2005 |
|
Charge registered |
21/06/2005 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
L/H PROPERTY K/A UNIT
2, EQUINOX, AGECROFT, MANCHESTER T/N GM949792 |
|
|
|
|
Charge created |
02/08/2005 |
|
Charge registered |
12/08/2005 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME DUE FROM THE COMPANY
AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED
THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
FIXED AND
FLOATING CHARGES OVER THE UNDERTAKING AND
ALL PROPERTY AND ASSETS PRESENT
AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
|
|
|
|
Charge created |
07/11/2006 |
|
Charge registered |
20/11/2006 |
|
Status |
OUTSTANDING |
|
Entitled person |
HABIB BANK AG ZURICH |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
FIXED AND
FLOATING CHARGES OVER THE UNDERTAKING AND
ALL PROPERTY AND ASSETS PRESENT
AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
|
|
|
|
Charge created |
07/11/2006 |
|
Charge registered |
20/11/2006 |
|
Status |
OUTSTANDING |
|
Entitled person |
HABIB BANK AG ZURICH |
|
Secured amount |
ALL MONIES
DUE OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
THE PROPERTY K/A UNIT 2, AGECROFT
COMMERCE PARK,
3 CANARY WAY, SWIN-
TON, GREATERMANCHESTER T/NO GM949792 BY WAY OF FIXED CHARGE ALL SHARES RIGHTS
BENEFITS AND ADVANTAGES, BY WAY OF FLOATING CHARGE
ALL THE CHATTELS |
(CCJs)
There are no County Court Judgments listed
against this company
Profit & Loss
|
|
30/06/2013 52 GBP Group: No |
30/06/2012 52 GBP Group: No |
30/06/2011 52 GBP Group: No |
30/06/2010 52 GBP Group: No |
|
Turnover |
0 |
0 |
0 |
0 |
|
Export |
- |
- |
- |
- |
|
Cost of Sales |
- |
- |
- |
- |
|
Gross Profit |
4,412,336 |
3,586,169 |
3,940,413 |
3,963,000 |
|
Wages And Salaries |
1,534,636 |
1,477,749 |
1,436,376 |
1,538,000 |
|
Directors Emoluments |
282,137 |
268,165 |
304,751 |
303,000 |
|
Operating Profit |
191,001 |
267 |
717,216 |
441,000 |
|
Depreciation |
199,979 |
175,952 |
225,399 |
286,000 |
|
Audit Fees |
8,885 |
11,500 |
8,625 |
9,000 |
|
Interests Payments |
203,175 |
231,592 |
255,214 |
252,000 |
|
Pre Tax Profit |
-12,174 |
-231,325 |
462,002 |
189,000 |
|
Taxation |
0 |
0 |
-223,340 |
0 |
|
Profit After Tax |
-12,174 |
-231,325 |
238,662 |
189,000 |
|
Dividends Payable |
0 |
0 |
0 |
0 |
|
Retained Profit |
-12,174 |
-231,325 |
238,662 |
189,000 |
Balance
Sheet
|
|
30/06/2013 52 GBP Group: No |
30/06/2012 52 GBP Group: No |
30/06/2011 52 GBP Group: No |
30/06/2010 52 GBP Group: No |
|
Tangible Assets |
7,766,831 |
7,993,969 |
8,053,288 |
8,966,000 |
|
Intangible Assets |
0 |
0 |
0 |
0 |
|
Total Fixed Assets |
7,766,831 |
7,993,969 |
8,053,288 |
8,966,000 |
|
Stock |
728,184 |
1,100,787 |
1,311,243 |
512,000 |
|
Trade Debtors |
1,265,688 |
1,725,765 |
2,531,065 |
2,074,000 |
|
Cash |
165,957 |
693,252 |
107,960 |
3,000 |
|
Other Debtors |
629,462 |
1,207,208 |
1,143,235 |
997,000 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
|
Total Current
Assets |
2,789,291 |
4,727,012 |
5,093,503 |
3,586,000 |
|
Trade Creditors |
549,146 |
1,179,782 |
952,984 |
706,000 |
|
Bank Loans and Overdraft |
2,130,295 |
3,337,974 |
3,289,898 |
2,783,000 |
|
Other Short Term
Finance |
23,437 |
13,488 |
105,055 |
275,000 |
|
Miscellaneous Current Liabilities |
489,143 |
651,367 |
851,586 |
837,000 |
|
Total Current
Liabilities |
3,192,021 |
5,182,611 |
5,199,523 |
4,601,000 |
|
Bank Loans and Overdrafts LTL |
2,996,744 |
4,366,518 |
4,496,015 |
3,963,000 |
|
Other Long Term Finance |
31,249 |
80,544 |
145,317 |
7,000 |
|
Total Long Term Liabilities |
866,449 |
1,028,544 |
1,206,117 |
1,180,000 |
Capital
& Reserves
|
|
30/06/2013 52 GBP Group: No |
30/06/2012 52 GBP Group: No |
30/06/2011 52 GBP Group: No |
30/06/2010 52 GBP Group: No |
|
Called Up Share
Capital |
5,000 |
5,000 |
5,000 |
5,000 |
|
P and L Account Reserve |
6,177,494 |
6,177,381 |
6,396,419 |
6,144,000 |
|
Revaluation Reserve |
315,158 |
327,445 |
339,732 |
622,000 |
|
Sundry Reserves |
0 |
0 |
0 |
0 |
|
Shareholders Funds |
6,497,652 |
6,509,826 |
6,741,151 |
6,771,000 |
Other
Financial Items
|
|
30/06/2013 52 GBP Group: No |
30/06/2012 52 GBP Group: No |
30/06/2011 52 GBP Group: No |
30/06/2010 52 GBP Group: No |
|
Net Worth |
6,497,652 |
6,509,826 |
6,741,151 |
6,771,000 |
|
Working Capital |
-402,730 |
-455,599 |
-106,020 |
-1,015,000 |
|
Total Assets |
10,556,122 |
12,720,981 |
13,146,791 |
12,552,000 |
|
Total Liabilities |
4,058,470 |
6,211,155 |
6,405,640 |
5,781,000 |
|
Net Assets |
6,497,652 |
6,509,826 |
6,741,151 |
6,771,000 |
Cash Flow
|
|
30/06/2013 52 GBP Group: No |
30/06/2012 52 GBP Group: No |
30/06/2011 52 GBP Group: No |
30/06/2010 52 GBP Group: No |
|
Net Cash Flow from
Operations |
0 |
0 |
149 |
449,000 |
|
Net Cash Flow before Financing |
0 |
0 |
-258 |
189,000 |
|
Net Cash Flow from
Financing |
0 |
0 |
-144 |
-191,000 |
|
Increase in Cash |
-527,295 |
585,292 |
104,960 |
-1,000 |
Miscellaneous
|
|
30/06/2013 52 GBP Group: No |
30/06/2012 52 GBP Group: No |
30/06/2011 52 GBP Group: No |
30/06/2010 52 GBP Group: No |
|
Capital Employed |
7,364,101 |
7,538,370 |
7,947,268 |
7,951,000 |
Financial Ratios
Name 30/06/2013 30/06/2012 30/06/2011 30/06/2010
|
Pre Tax Profit
Margin |
0.0% |
0.0% |
0.0% |
0.0% |
|
Current Ration |
0.87 |
0.91 |
0.98 |
0.78 |
|
Sales or Net Working
Capital |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gearing |
46.12
% |
67.08
% |
66.70
% |
58.53
% |
|
Equity |
61.55
% |
51.17
% |
51.28
% |
53.94
% |
|
Creditor Days |
0.00 |
0.00 |
0.00 |
0.00 |
|
Debtor Days |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liquidity or Acid test |
0.64 |
0.69 |
0.72 |
0.66 |
|
Return on Capital
Employed |
-0.16
% |
-3.06
% |
5.81
% |
2.37
% |
|
Return on Total Assets Employed |
-0.11
% |
-1.81
% |
3.51
% |
1.50
% |
|
Current Debt Ratio |
0.49
% |
0.79
% |
0.77
% |
0.67
% |
|
Total Debt Ratio |
0.62
% |
0.95
% |
0.95
% |
0.85
% |
|
Stock Turnover Ratio |
0.0% |
0.0% |
0.0% |
0.0% |
|
Return on Net
Assets Employed |
-0.18 % |
-3.55 % |
6.85 % |
2.79 % |
REMARKS
Hornby Street
Ltd T/A The Juice Corporation designs, produces, and sells men’s wear, women’s
wear, and children wear in the United Kingdom and internationally. The company offers
polos, sweatshirts, jeans, casual wear, jackets, knits, T-shirts, and headwear
products. It also offers watches, sunglasses, toiletries, cosmetics,
stationery, and household textiles. In addition, it offers licensing programs
for its brands. The Juice Corporation offers its products through its
franchised stores; a network of suppliers and distributors; multiples, store
groups, and various independents; and mail order and online. The business was
at one time conducted as The Legendary Joe Bloggs Clothing Company. The
business was founded in 1985 and is headquartered in Manchester, United Kingdom
with additional offices in the United Kingdom and Far East.
Branch at
Quantum House, Maylands Avenue, Hemel Hempstead, HP2 7DE
Active associate
companies include:
Continental
Shelf 128 Limited
Wembley
Menswear Company Limited
Non trading
associate companies include:
The Legendary
Joe Bloggs Incorporated Company Limited
The Legendary
Joe Bloggs PLC
The Legendary
Joe Bloggs PLC
Joe Bloggs
Sports Limited
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
UK Pound |
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.