MIRA
INFORM REPORT
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Report Date : |
07.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EURO-ASIA EXPORTS LIMITED |
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Registered Office : |
Roxburghe House, 273/287 Regent Street, London., W1B 2HA |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01/03/1988 |
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Com. Reg. No.: |
02226323 |
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Legal Form : |
Private Limited |
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Line of Business : |
Exporters. A group engaged in export of steel. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on EURO-ASIA EXPORTS
LIMITED
Address 65-67 WEMBLEY HILL
ROAD, WEMBLEY, MIDDLESEX, HA9 8DP.
Telephone 0208 900 2235
Facsimile 0208 903 6123
Recommendations
Monthly
Credit Guide GBP 244,000
Risk Category LOW RISK
XSeption Summary
Number of
XSeptions 1
Note : An 'XSeption'
is only recorded when unusual patterns of behaviour or financial results have
been identified. You are advised to investigate the background to any unusual
pattern before granting credit.
XSeption Details
The subject filed two sets of accounts 38 days apart. Accounts were filed on 2006-12-19 and then on 2007-01-26
Official Company Data
Legal Form Private Limited
Registration
Number 02226323
VAT Number GB505216288
Date of
Incorporation 01/03/1988
Registered Office ROXBURGHE HOUSE, 273/287
REGENT STREET, LONDON., W1B 2HA.
History Previously located
at 25 UXENDON HILL WEMBLEY MIDDLESEX HA9 9RX.
24/09/2002 : The
Registered Office address changed from ROXBURGHE HOUSE,
273/287
REGENT STREET,, LON.
Date of Last
Annual
Return to Registry
02/08/2006
Accounts The last filed
accounts at Companies House are those to 31/03/2006
Accounting
Reference Date 31/03
Operations
Activities Exporters A group
engaged in export of steel.
Nace Code 5112
Premises Owned,Offices
Staff Employed 4
Import Countries GERMANY
Export Countries MIDDLE
EAST, PAKISTAN, INDIA
Bankers AMERICAN EXPRESS
Address AMERICAN EXPRESS.
Sort Code 609200
Auditors King & King
Subsidiaries EURO-ASIA
INTERNATIONAL LIMITED
Public Record
Information
Summary of CCJ's/Scottish
Decrees
No CCJs/Scottish Decrees are recorded in our
file.
Summary of Mortgages,
Charges and
Satisfactions
Total Number of
Mortgages/Charges Registered 14
Number Outstanding
13
Number Partially
Satisfied 0
Number Satisfied 1
Date of Latest
Mortgage Created 06/11/2006
Date of Latest
Satisfaction 23/09/1994
Details of most
recent Mortgages,
Charges and
Satisfactions
|
Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
|
|
08/11/2006 |
06/11/2006 |
Conditions For Multi Account Clients |
395 |
American Express Bank Limited |
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|
01/04/2006 |
27/03/2006 |
Assignment Of Receivables |
395 |
Barclays Bank Plc |
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|
01/04/2006 |
27/03/2006 |
Deed Of Charge Over Credit Balances |
395 |
Barclays Bank Plc |
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|
10/02/2006 |
06/02/2006 |
First Party Charge Over Credit Balances |
395 |
Bank Leumi (Uk) Plc |
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|
10/02/2006 |
06/02/2006 |
Security Assignment |
395 |
Bank Leumi (Uk) Plc |
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|
10/06/2003 |
23/05/2003 |
Charge Over Goods And Proceeds |
395 |
Absa Bank Limited |
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10/06/2003 |
23/05/2003 |
A General Charge Of Receivables And
Contract Rights |
395 |
Absa Bank Limited |
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08/11/2002 |
22/10/2002 |
General Letter Of Charge Pledge |
395 |
Societe Generale |
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08/10/2002 |
04/10/2002 |
Trade Finance Security Assignment |
395 |
Bnp Paribas (Suisse) S.A. |
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09/07/2002 |
24/06/2002 |
Conditions For Multi Account Clients |
395 |
American Express Bank Ltd |
It should be noted
that there is no legal requirement to file satisfaction details of
mortgages/charges at Companies House.
Other Filings and
Notices
|
Date |
Source |
Description |
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22/10/1991 |
Companies House Gazette |
Change among the directors of a company |
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18/09/1991 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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23/04/1991 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
|
07/03/1988 |
Companies House Gazette |
Change among the directors of a company |
|
07/03/1988 |
Companies House Gazette |
Change in the situation of company's
registered office |
Company Secretary
|
Secretary |
MRS ANITA SINGH |
|
Address |
17 BEECHWOOD AVENUE, FINCHLEY, LONDON, N3
3AU. |
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Country of
Origin |
UNITED KINGDOM |
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Date of Birth |
01/03/1970 |
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Appointment Date |
02/08/1992 |
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Other
Directorships |
UK INFRASTRUCTURES LIMITED |
Directors
Director MR HARDEEP SINGH
Address 17 BEECHWOOD
AVENUE, FINCHLEY, LONDON, N3 3AU.
Country of Origin UNITED KINGDOM
Date of Birth 12/11/1959
Appointment Date 02/08/1992
Other Directorships EURO-ASIA
INTERNATIONAL LIMITED, UK INFRASTRUCTURES LIMITED
Director
MRS ANITA SINGH
Address 17 BEECHWOOD
AVENUE, FINCHLEY, LONDON, N3 3AU.
Country of Origin UNITED KINGDOM
Date of Birth 01/03/1970
Appointment Date 02/08/1992
Other Directorships UK INFRASTRUCTURES
LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 500,000
Principal Shareholder 284,590 Hardeep Singh
215,410 Anita
Singh
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Payment Analysis
( No Payment
Analysis Data is Available )
Financial Data
Profit and Loss
The following figures are shown in units of 1000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/03/2006 |
31/03/2005 |
31/03/2004 |
31/03/2003 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
SALES |
189707 |
182233 |
113397 |
14622 |
|
Export |
|
182233 |
|
14622 |
|
Cost of goods sold |
189051 |
180283 |
111752 |
13256 |
|
GROSS PROFIT |
656 |
1950 |
1645 |
1366 |
|
Wages and Salaries |
329 |
534 |
195 |
185 |
|
Directors Emoluments |
417 |
608 |
301 |
210 |
|
Auditors Fees |
15 |
18 |
18 |
13 |
|
Trading Profit |
(110) |
527 |
672 |
841 |
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Depreciation |
7 |
10 |
|
5 |
|
OPERATING PROFIT |
(117) |
517 |
672 |
836 |
|
Non Trading Income |
1092 |
141 |
49 |
63 |
|
Interest Payable |
191 |
106 |
85 |
11 |
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PRE TAX PROFIT |
784 |
552 |
636 |
888 |
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Taxation |
33 |
491 |
174 |
275 |
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PROFIT AFTER TAX |
751 |
61 |
462 |
613 |
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Dividends Payable |
600 |
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|
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RETAINED PROFITS |
151 |
61 |
462 |
613 |
Balance Sheet
The following
figures are shown in units of 1000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/03/2006 |
31/03/2005 |
31/03/2004 |
31/03/2003 |
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Consolidated |
Yes |
Yes |
Yes |
|
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
TOTAL FIXED ASSETS |
287 |
116 |
2116 |
1603 |
|
Tangible Assets |
287 |
116 |
2116 |
1603 |
|
Fixed Assets |
21 |
29 |
29 |
14 |
|
Intermediate assets |
266 |
87 |
2087 |
1589 |
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TOTAL CURRENT
ASSETS |
17101 |
26261 |
11773 |
9602 |
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Trade debtors |
10 |
14185 |
7680 |
1981 |
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Stocks |
3371 |
4778 |
1271 |
4781 |
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Other Current Assets |
13720 |
7298 |
2822 |
2840 |
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Misc Current Assets |
502 |
1095 |
225 |
48 |
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Due From Group |
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|
|
60 |
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Cash |
13218 |
6203 |
2597 |
2732 |
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TOTAL ASSETS |
17388 |
26377 |
13889 |
11205 |
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TOTAL CURRENT
LIABILITIES |
11404 |
20543 |
8116 |
6514 |
|
Trade creditors |
8859 |
15336 |
4957 |
5330 |
|
Short Term Loans |
1344 |
2779 |
2588 |
6 |
|
Bank Overdraft |
1126 |
2643 |
2420 |
6 |
|
Due To Directors |
218 |
136 |
168 |
|
|
Other Liabilities |
1201 |
2428 |
571 |
1178 |
|
WORKING CAPITAL |
5697 |
5718 |
3657 |
3088 |
|
NET
ASSETS/(LIABILITIES) |
5984 |
5834 |
5773 |
4691 |
|
SHARE CAPITAL +
RESERVES |
5984 |
5834 |
5773 |
4691 |
|
Share Cap + Sundry Res |
500 |
500 |
500 |
500 |
|
Issued Share Capital |
500 |
500 |
500 |
500 |
|
Revaluation Reserves |
|
|
1347 |
850 |
|
Profit and Loss account |
5484 |
5334 |
3926 |
3341 |
|
SHAREHOLDERS
FUNDS |
5984 |
5834 |
5773 |
4691 |
|
CAPITAL EMPLOYED |
5984 |
5834 |
5773 |
4691 |
Financial
Comparison
The following
figures are shown in units of 1000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/03/2006 |
31/03/2005 |
31/03/2004 |
31/03/2003 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Net Cashflow
from Oper. |
8818 |
1606 |
(1184) |
820 |
|
Increase in Cash |
8531 |
3383 |
(1650) |
888 |
|
Directors
Remuneration |
417 |
608 |
301 |
210 |
|
Auditors
Remuneration |
15 |
18 |
18 |
13 |
|
Liquid Assets |
13228 |
20388 |
10277 |
4713 |
|
Net Working
Capital |
5697 |
5718 |
3657 |
3088 |
|
Tangible Net
Worth(T.N.W) |
5984 |
5834 |
5773 |
4691 |
|
Equity |
5984 |
5834 |
5773 |
4691 |
|
Number of Years
Trading |
18 |
17 |
16 |
15 |
|
Number of
Employees |
4 |
4 |
3 |
3 |
|
Profit per
Employee |
196000 |
138000 |
212000 |
296000 |
|
Sales per
Employee |
47426750 |
45558250 |
37799000 |
4874000 |
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
|
Accounts Date |
31/03/2006 |
31/03/2005 |
31/03/2004 |
31/03/2003 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
Current Ratio |
1.5 |
1.3 |
1.5 |
1.5 |
|
Pre Tax Profit
Margin% |
0.4 |
0.3 |
0.6 |
6.1 |
|
Gross Profit% |
0.3 |
1.1 |
1.5 |
9.3 |
|
Debtors Days
(D.S.O) |
|
28 |
25 |
49 |
|
Creditors Days
(D.P.O) |
17 |
31 |
16 |
133 |
|
Quick Ratio |
1.2 |
1 |
1.3 |
0.7 |
|
W.I.P/Inventory
Days |
6.5 |
9.7 |
4.2 |
131.6 |
|
Return on
Investment% |
13.3 |
7.6 |
8.6 |
19.1 |
|
Return on
Assets% |
4.5 |
2.1 |
4.6 |
7.9 |
|
T.N.W/Total
Assets% |
34.4 |
22.1 |
41.6 |
41.9 |
|
Return on
Capital% |
13.1 |
9.5 |
11 |
18.9 |
|
Rtn on
Shareholders Funds% |
13.1 |
9.5 |
11 |
18.9 |
|
Working
Capital/Sales% |
3 |
3.1 |
3.2 |
21.1 |
|
Borrowing Ratio% |
22.5 |
47.6 |
44.8 |
0.1 |
|
Equity Gearing% |
52.5 |
28.4 |
71.1 |
72 |
|
Stock Turnover |
56.3 |
38.1 |
89.2 |
3.1 |
|
Days Purchases
Outstanding |
17.1 |
31 |
16.2 |
146.8 |
Key Industry Sector
Trends
|
Year |
2006 |
2005 |
2004 |
2003 |
|
Sample Size |
5828 |
12566 |
12383 |
11207 |
|
Pre-Tax Profit
Margin |
12.4 |
9.4 |
8.7 |
6.7 |
|
Current Ratio |
1.7 |
1.5 |
1.5 |
1.5 |
|
Borrowing Ratio |
67.6 |
69.6 |
63 |
85.7 |
|
Return on
Capital |
76 |
62.6 |
63.1 |
58.4 |
|
Creditors Days |
106 |
162 |
140 |
130 |
Above figures relate
to companies in 1992 Standard Industry Classification (Nace) sector : Wholesale
on a fee or contract basis
Financial Summary
Auditors
Qualification
The Auditors have
expressed a clean opinion (i.e. unqualified with no referrals) on the accounts
for the period ended 31/03/2006.
Turnover
The subjects
turnover has increased by 4 % in the year.
Operating Loss
Totaled GBP
117,000. In the year prior a Profit of GBP 517,000 was achieved.
Pre Tax Profit
The subject's
profit increased by 42 % in the year.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)