MIRA
INFORM REPORT
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Report Date : |
13.01.2007 |
IDENTIFICATION DETAILS
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Name : |
GARWARE POLYESTER INTERNATIONAL LIMITED |
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Registered Office : |
Station House, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05/04/1995 |
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Com. Reg. No.: |
03042269 |
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Legal Form : |
Private Limited with share capital |
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Line of Business : |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company
Identification Details
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Subject Reported on |
GARWARE POLYESTER
INTERNATIONAL LIMITED |
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Holding Company |
GARWARE POLYESTER LTD |
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Ultimate Holding Company |
GARWARE POLYESTER LIMITED |
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Trading Address |
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Telephone |
020 73763931 |
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Risk Score |
72 out of 100 |
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Low Risk - There is a high degree of confidence this company
will prove good for the assigned Credit Limit |
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Credit Limit |
GBP 45,400 |
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Selling to this company? The Credit Limit is the recommended
maximum outstanding debtor exposure at any one time. |
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Contract Limit |
GBP 339,000 |
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Buying from this company? The Contract Limit is the recommended
aggregate annual value for supply contracts. |
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Official Company Data
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Legal Form |
Private Limited with share capital |
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Registration Number |
03042269 |
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Date of Incorporation |
05/04/1995 |
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Registered Office |
STATION HOUSE, |
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Date of Last Annual Return to Registry |
05/04/2006 |
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Activities |
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Accounts |
The last filed accounts cover the period to 31/03/2006 and were
presented to Companies House on 14/08/2006 |
Recently Filed
Documents
Details of the most recent
documents
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Date Received |
Description |
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18/10/2004 |
Notification Of A Change Among The Directors Of A Company |
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01/07/1996 |
Notification Of A Change Among The Directors Of A Company |
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10/06/1995 |
Notification Of A Change Among The Directors Of A Company |
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10/04/1995 |
Notification Of A Change Among The Directors Of A Company |
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It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House. |
Known Directors
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DIRECTOR |
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Occupation |
DIRECTOR ACCOUNTANT |
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Address |
10, NORTH APPROACH , NORTHWOOD , |
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Country of Origin |
BRITISH |
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Date of Birth |
19/06/1952 |
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Appointment Date |
05/04/1995 |
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Other Appointments |
DALESTAR PROPERTIES LIMITED, SAI TRADING (INTERNATIONAL)
LIMITED, HAWKRICH LIMITED, UNITY RADIO LIMITED, SRI SATHYA SAI
BOOKS (UK) LIMITED, CREMATORIUM 2000 LIMITED, BEST INDIAN LIMITED |
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DIRECTOR |
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Occupation |
COMPANY CHAIRMAN |
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Address |
0-1, & |
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Country of Origin |
INDIAN |
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Date of Birth |
05/01/1934 |
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Appointment Date |
22/05/1995 |
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DIRECTOR |
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Occupation |
COMPANY DIRECTOR |
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Address |
C 14, |
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Country of Origin |
INDIAN |
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Date of Birth |
24/07/1970 |
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Appointment Date |
18/06/1996 |
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DIRECTOR |
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Occupation |
LEGAL ADVISOR |
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Address |
801, |
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Country of Origin |
INDIAN |
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Date of Birth |
22/05/1943 |
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Appointment Date |
15/10/2004 |
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SECRETARY |
BABULAL SHAH |
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Address |
153 , |
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Country of Origin |
BRITISH |
Recently Resigned
Directors (last 3)
None
Share Summary
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Share Currency: |
GBP |
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Issued at date of report: |
250,000 ORD |
Shares of 100 pence each |
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Principal Shareholders: |
Type Of Share |
No. of Shares |
Value |
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GARWARE POLYESTER LTD |
ORD |
250,000 |
250,000.00 |
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Mortgages and Charges
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Total Registered |
3 |
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Total Outstanding |
3 |
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Total Satisfied |
0 |
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Most Recent Mortgage |
18/01/2005 |
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Date Registered |
21/01/2005 |
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Type |
395 |
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Date Created |
18/01/2005 |
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Lender |
GMX SIX LIMITED |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE
CHARGE |
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Details |
5,307.48 AND ANY SUM FROM TIME TO TIM DEPOSITED |
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Satisfied? |
No |
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Date Registered |
26/09/2001 |
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Type |
395 |
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Date Created |
19/09/2001 |
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Lender |
SLOUGH PROPERTIES LIMITED |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
UNDER A LEASE OF EVEN DATE AND THE DEPOSIT DEED |
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Details |
THE SUM OF 3,575 |
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Satisfied? |
No |
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Date Registered |
10/03/1999 |
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Date Created |
22/02/1999 |
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Lender |
BARCLAYS BANK PLC |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
ON ANY ACCOUNT WHATSOEVER |
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Details |
THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S)
REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL OR ANY PART OF THE
MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) AND THE DEBTS REPRESENTED THEREBY)
TOGETHER WITH ALL INTEREST FROM TIME TO TIME ACCRUING THEREON IT ALSO CREATES
AN ASSIGNMENT BY THE CHARGOR FOR THE PURPOSES OF AND TO GIVE EFFECT TO THE
SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE REPAYMENT OF SUCH
DEPOSIT(S) AND INTEREST THEREON ACCOUNT 20801410 |
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Satisfied? |
No |
Public Record
Information
Summary of CCJ's/Scottish Decrees
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There are no unsatisfied CCJs against the company. |
Operations
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Activities |
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Sic Code |
Description |
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5190 |
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Staff Employed |
5 |
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Auditors |
MCT PARTNERSHIP |
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Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion
(i.e. unqualified with no referrals) on the accounts for the period ended
31/03/2006. |
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Bankers |
BARCLAYS BANK PLC |
Financial Data
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Profit and Loss |
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The following figures are shown in units of GBP '000 |
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Number of Weeks |
65 |
52 |
52 |
52 |
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Accounts Date |
31/03/2006 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
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Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
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Consolidated? |
No |
No |
No |
No |
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SALES |
1,954 |
1,642 |
1,289 |
987 |
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Cost of goods sold |
1,545 |
1,389 |
1,042 |
831 |
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GROSS PROFIT |
409 |
253 |
247 |
156 |
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Other Expenses |
486 |
342 |
221 |
242 |
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Wages and Salaries |
210 |
169 |
102 |
137 |
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Directors Emoluments |
105 |
92 |
- |
- |
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Auditors Fees |
5 |
5 |
5 |
4 |
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Depreciation |
9 |
2 |
1 |
2 |
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Non Trading Income |
55 |
100 |
221 |
63 |
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Exceptional Items |
0 |
0 |
0 |
-10 |
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Interest Payable |
0 |
0 |
0 |
0 |
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PRE TAX PROFIT |
-23 |
11 |
247 |
-33 |
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Taxation |
0 |
0 |
17 |
-4 |
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PROFIT AFTER TAX |
-23 |
11 |
231 |
-29 |
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Dividends Payable |
0 |
0 |
25 |
0 |
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RETAINED PROFITS |
-23 |
11 |
206 |
-29 |
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Balance Sheet |
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The following figures are shown in units of GBP ‘000 |
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Number of Weeks |
65 |
52 |
52 |
52 |
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Accounts Date |
31/03/2006 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
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Currency |
GBP ‘000 |
GBP ‘000 |
GBP ‘000 |
GBP ‘000 |
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Consolidated? |
No |
No |
No |
No |
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TOTAL FIXED ASSETS |
82 |
67 |
66 |
68 |
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Tangible Assets |
82 |
67 |
66 |
68 |
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Fixed Assets |
20 |
5 |
4 |
6 |
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Intermediate Assets |
62 |
62 |
62 |
62 |
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TOTAL CURRENT ASSETS |
802 |
1,153 |
794 |
463 |
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Total Debtors |
74 |
144 |
162 |
72 |
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Trade Debtors |
41 |
137 |
16 |
60 |
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Other Debtors |
33 |
8 |
11 |
12 |
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Stocks/WIP |
295 |
217 |
268 |
244 |
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Stocks |
295 |
217 |
268 |
244 |
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Cash |
433 |
792 |
365 |
147 |
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TOTAL ASSETS |
885 |
1,220 |
861 |
530 |
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TOTAL CURRENT LIABILITIES |
503 |
816 |
467 |
343 |
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Trade creditors |
4 |
8 |
5 |
13 |
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Due From Group |
470 |
769 |
406 |
227 |
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Bank Overdraft |
17 |
- |
0 |
79 |
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Dividends Payable |
0 |
0 |
25 |
- |
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Corporation Tax |
0 |
0 |
17 |
- |
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Other Current Liabilities |
0 |
4 |
0 |
0 |
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Misc Current Liabilities |
12 |
35 |
14 |
23 |
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WORKING CAPITAL |
299 |
337 |
327 |
120 |
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NET ASSETS/(LIABILITIES) |
381 |
404 |
393 |
187 |
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SHARE CAPITAL + RESERVES |
381 |
404 |
393 |
187 |
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Issued Share Capital |
250 |
250 |
250 |
250 |
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Profit and Loss account |
131 |
154 |
143 |
-63 |
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SHAREHOLDERS FUNDS |
381 |
404 |
393 |
187 |
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CAPITAL EMPLOYED |
381 |
404 |
393 |
187 |
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Key Credit Ratios |
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Accounts Date |
31/03/2006 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
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Current Ratio |
1.59 |
1.41 |
1.70 |
1.35 |
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Long Term Debt/T.N.W (%) |
0.00 |
0.00 |
0.00 |
0.00 |
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Profit Before Tax |
-1.16 |
0.66 |
19.19 |
-3.36 |
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Debtors Days (D.S.O) |
9.68 |
30.37 |
4.46 |
22.33 |
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Creditors Days (D.P.O) |
1.32 |
2.18 |
1.90 |
5.91 |
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Quick Ratio |
1.01 |
1.15 |
1.13 |
0.64 |
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Return on Assets |
-2.05 |
0.89 |
28.73 |
-6.25 |
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T.N.W/Total Assets |
43.12 |
33.12 |
45.68 |
35.36 |
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Return on Capital |
-4.76 |
2.70 |
62.89 |
-17.67 |
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Rtn on Shareholders Funds |
-4.76 |
2.70 |
62.89 |
-17.67 |
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Working Capital/Sales |
19.15 |
20.52 |
25.37 |
12.15 |
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Borrowing Ratio |
128.73 |
192.86 |
103.38 |
163.48 |
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Equity Gearing |
43.12 |
33.12 |
45.68 |
35.36 |
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Stock Turnover |
5.30 |
7.58 |
4.81 |
4.04 |
Financial Comparison
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The following figures are shown in units of GBP '000 |
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Number of Weeks |
65 |
52 |
52 |
52 |
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Accounts Date |
31/03/2006 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
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Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
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Net Cashflow from Oper. |
-355 |
462 |
288 |
-86 |
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Increase in Cash |
-375 |
427 |
297 |
-87 |
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Directors Remuneration |
105 |
92 |
- |
- |
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Auditors Remuneration |
5 |
5 |
5 |
4 |
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Other Deferred Liabs |
0 |
0 |
0 |
0 |
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Tangible Net Worth(T.N.W) |
381 |
404 |
393 |
187 |
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Equity |
381 |
404 |
393 |
187 |
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Number of Employees |
5 |
5 |
3 |
6 |
Key Industry Sector
Trends
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Company |
Industry Averages |
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31/03/2006 |
Lower |
Median |
Upper |
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Current Ratio |
1.59 |
1 |
1.3 |
2 |
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Borrowing Ratio |
128.73 |
0 |
3.8 |
143.2 |
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Return on Capital |
-4.76 |
2.1 |
17.9 |
59 |
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Credit Period |
9.68 |
25.1 |
54.9 |
78.1 |
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This comparison is based on the results of 0010271 companies in
the same industrial sector: wholesale distribution (not motor vehicles etc) |
Financial Summary
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Turnover |
Turnover totalled GBP 1,953,588 for the period. |
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Pre Tax |
The subject made a loss of GBP 22,691 |
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Tangible Net Worth |
Net worth now stands at GBP 381,400 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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