MIRA
INFORM REPORT
|
Report Date : |
08.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAHARAJA TEXTILES LIMITED |
|
|
|
|
Registered Office : |
Maharaja Bldgs, Cemetery Rd, Bradford, W Yorks BD8 9RY |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
30.09.2006 |
|
|
|
|
Date of Incorporation : |
16.07.1993 |
|
|
|
|
Com. Reg. No.: |
02837030 |
|
|
|
|
Legal Form : |
Private Limited Liability Company (GB) |
|
|
|
|
Line of Business : |
Wholesalers, Importers and Exporters of Textiles |
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 |
|
Maximum Credit Limit : |
GBP 124,700 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Company Identification Details
|
|
|
|
Subject Reported on |
MAHARAJA TEXTILES LIMITED |
|
Trading Address |
Maharaja Building,Cemetery Road,BRADFORD,BD8 9RY |
|
|
|
|
Telephone |
01274-493441 |
|
|
|
|
|
|
This company has an average risk status and should be treated with a
degree of caution |
|
|
|
|
|
|
Credit Limit |
GBP 124,700 |
|
|
|
Selling to this company? The Credit Limit is the recommended maximum
outstanding debtor exposure at any one time. |
|
|
|
|
|
|
Contract Limit |
GBP 1,223,700 |
|
|
|
Buying from this company? The Contract Limit is the recommended
aggregate annual value for supply contracts. |
|
Official Company Data
|
|
|
|
Legal Form |
Private Limited Liability Company (GB) |
|
Registration Number |
02837030 |
|
Date of Incorporation |
16/07/1993 |
|
Registered Office |
Maharaja Bldgs, Cemetery Rd, Bradford, W Yorks BD8 9RY |
|
Date of Last Annual Return to Registry |
13/07/2007 |
|
Activities |
Wholesalers, importers and exporters of textiles |
|
Accounts |
The last filed accounts cover the period to 30/09/2006 and were filed
on 09/07/2007 with Companies House. |
Recently Filed Documents
Details of the
most recent documents
|
Date Received |
Description |
|
13/07/2007 |
Annual Return |
|
30/09/2006 |
Financial Statement / Set of Accounts |
|
It should be noted that there is no legal requirement to file satisfaction
details of mortgages/charges at Companies House. |
Known Directors
|
|
|
|
|
DIRECTOR |
|
|
|
Occupation |
SALES DIRECTOR |
|
|
Address |
GREYSTONES 1, ROCKWOOD ROAD CALVERLEY , PUDSEY , WEST
YORKSHIRE , LS28 5AB |
|
|
Country of Origin |
BRITISH |
|
|
Date of Birth |
01/08/1964 |
|
|
Appointment Date |
16/07/1993 |
|
|
Other Appointments |
MAHARAJA PROPERTY INVESTMENTS LIMITED, MAHARAJA TEXTILES LIMITED |
|
|
DIRECTOR |
|
|
|
Occupation |
MANAGING DIRECTOR |
|
|
Address |
TUDOR LODGE , LING LANE SCARCROFT , LEEDS
, LS14 3HX |
|
|
Country of Origin |
BRITISH |
|
|
Date of Birth |
10/09/1959 |
|
|
Appointment Date |
16/07/1993 |
|
|
Other Appointments |
MAHARAJA PROPERTY INVESTMENTS LIMITED, MAHARAJA TEXTILES LIMITED |
|
|
SECRETARY |
MR MANMOHAN SINGH |
|
|
Address |
TUDOR LODGE, LING LANE, SCARCROFT , LEEDS , LS14 3HX |
|
|
Country of Origin |
BRITISH |
|
|
Date of Birth |
10/09/1959 |
|
|
Appointment Date |
16/07/1993 |
Recently Resigned Directors (last
3)
|
|
|
|
DIRECTOR |
MR SUKHVINDER PAL SINGH |
|
Address |
25 , WINGFIELD STREET , BRADFORD , WEST YORKSHIRE
, - - |
|
Date of Birth |
26/10/1961 |
|
Resignation Date |
04/07/1994 |
Share Summary
|
Share Currency: |
GBP |
||||||||
|
|
|||||||||
|
Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
Voting %age |
|
|
|
|
|
|
Jasvinder Pal Singh |
ORD |
25,000 |
25,000.00 |
50.00 |
|
|
|
|
|
|
Manmohan Singh |
ORD |
25,000 |
25,000.00 |
50.00 |
|
|
|
|
|
Mortgages and Charges
|
|
|
|
Total Registered |
4 |
|
Total Outstanding |
4 |
|
Total Satisfied |
0 |
|
Most Recent Mortgage |
10/08/2005 |
|
|
|
|
|
|
|
Date Registered |
13/08/2005 |
|
Type |
395 |
|
Date Created |
10/08/2005 |
|
Lender |
NATIONAL WESTMINSTER BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
|
Details |
LAND & BUILDINGS TO WEST SIDE OF ANNESLEY ROAD, HUCKNALL, NOTTINGHAMSHIRE
BY WAY OF FIXED CHARGE THE BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE
PROPERTY AND PLANT MACHINERY FIXTURES FITTINGS FURNITURE EQUIPMENT IMPLEMENTS
AND UTENSILS THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE PROPERTY AND THE
PROCEEDS OF ANY INSURANCE AFFECTING THE PROPERTY OR ASSETS |
|
Satisfied? |
No |
|
|
|
|
Date Registered |
13/07/2004 |
|
Type |
395 |
|
Date Created |
12/07/2004 |
|
Lender |
NATIONAL WESTMINSTER BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
|
Details |
2432 (EVEN) WESTGATE AND 7278 9EVEN) GODWIN STREET BRADFORD BY WAY OF
FIXED CHARGE THE BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE PROPERTY
AND PLANT MACHINERY FIXTURES FITTINGS FURNITURE EQUIPMENT IMPLEMENTS AND
UTENSILS THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE PROPERTY AND THE
PROCEEDS OF ANY INSURANCE AFFECTING THE PROPERTY OR ASSETS |
|
Satisfied? |
No |
|
|
|
|
Date Registered |
12/05/1999 |
|
Type |
395 |
|
Date Created |
05/05/1999 |
|
Lender |
NATIONAL WESTMINSTER BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
|
Details |
FH PROPERTY KA LAND AND BUILDINGS ON WEST SIDE OF CEMETERY ROAD
BRADFORD KA FAIRFIELD MILL WEST YORKSHIRE TN WYK311232 AND THE PROCEEDS OF
SALE THEREOF FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS
UTENSILS FURNITURE AND EQUIPMENT AND AN ASSIGNMENT OF THE GOODWILL AND
CONNECTION OF ANY BUSINESS TOGETHER WITH THE FULL BENEFIT OF ALL LICENCES |
|
Satisfied? |
No |
|
|
|
|
Date Registered |
18/08/1993 |
|
Type |
395 |
|
Date Created |
11/08/1993 |
|
Lender |
NATIONAL WESTMINSTER BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
|
Details |
A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES
ANDOR THE PROCEEDS OF SALE THEREOF, FIXED AND FLOATING CHARGES OVER UNDERTAKING
AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL, BOOKDEBTS
AND THE BENEFITS OF ANY LICENCES |
|
Satisfied? |
No |
Public Record Information
Summary of
CCJ's/Scottish Decrees
|
There are no unsatisfied CCJs against the company. |
Operations
|
|
|
|
Activities |
Wholesalers, importers and exporters of textiles |
|
Sic Code |
Description |
|
5141 |
Wholesale of textiles |
|
Staff Employed |
45 |
|
Auditors |
Auker Rhodes |
|
Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion (i.e.
unqualified with no referrals) on the latest accounts. |
|
Bankers |
National Westminster Bank PLC |
|
Sort Codes |
560036 |
Financial Data
Profit and Loss
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/09/2006 |
30/09/2005 |
30/09/2004 |
30/09/2003 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
|
Consolidated? |
No |
No |
No |
No |
|
GROSS PROFIT |
1,900,478 |
1,871,185 |
1,697,388 |
1,795,289 |
|
Other Expenses |
562,178 |
558,877 |
501,298 |
414,665 |
|
General administration costs (-) |
636,064 |
747,310 |
696,913 |
731,172 |
|
Wages and Salaries |
793,568 |
736,494 |
648,887 |
616,324 |
|
Depreciation |
155,782 |
174,897 |
151,088 |
101,021 |
|
Net Operating Profit(Loss) |
702,236 |
591,106 |
542,032 |
649,452 |
|
Non Trading Income |
842 |
2,773 |
- |
- |
|
Total Non Trading Income |
842 |
2,773 |
0 |
0 |
|
Interest expenses & similar (-) |
319,468 |
249,157 |
169,393 |
135,157 |
|
Financial Expenses |
319,468 |
249,157 |
169,393 |
135,157 |
|
PRE TAX PROFIT |
383,610 |
344,722 |
372,639 |
514,295 |
|
Other Taxation |
0 |
-2,784 |
0 |
1,884 |
|
Taxation |
121,046 |
115,717 |
112,787 |
150,939 |
|
PROFIT AFTER TAX |
262,564 |
231,789 |
259,852 |
361,472 |
|
Net Profit |
262,564 |
231,789 |
259,852 |
361,472 |
|
Dividends Payable |
0 |
200,000 |
210,000 |
257,000 |
|
RETAINED PROFITS |
262,564 |
31,789 |
49,852 |
104,472 |
Balance Sheet
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/09/2006 |
30/09/2005 |
30/09/2004 |
30/09/2003 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
|
Consolidated? |
No |
No |
No |
No |
|
TOTAL FIXED ASSETS |
2,178,658 |
2,271,720 |
1,730,259 |
581,901 |
|
Land & buildings |
350,484 |
358,650 |
366,815 |
374,980 |
|
Plant, machinery & equipment |
241,731 |
326,627 |
474,441 |
206,921 |
|
Intermediate Assets |
1,586,443 |
1,586,443 |
889,003 |
- |
|
TOTAL CURRENT ASSETS |
5,508,895 |
7,503,142 |
5,926,528 |
5,618,250 |
|
Stocks |
1,501,106 |
1,820,688 |
2,163,967 |
1,489,351 |
|
Trade Debtors |
2,767,808 |
3,547,656 |
3,665,738 |
3,132,350 |
|
Other Receivables |
184,336 |
22,628 |
79,486 |
7,865 |
|
Prepaid expenses |
39,695 |
137,135 |
- |
155,198 |
|
Cash |
1,015,950 |
1,975,035 |
17,337 |
833,486 |
|
TOTAL ASSETS |
7,687,553 |
9,774,862 |
7,656,787 |
6,200,151 |
|
TOTAL CURRENT LIABILITIES |
3,815,564 |
5,957,147 |
4,102,138 |
3,525,011 |
|
Trade Creditors |
247,408 |
789,412 |
638,420 |
486,109 |
|
Bank Overdraft |
3,151,147 |
4,832,324 |
2,966,228 |
2,772,211 |
|
Taxes |
292,271 |
160,665 |
229,893 |
170,392 |
|
Hire Purchase |
81,376 |
103,113 |
104,191 |
21,498 |
|
Accruals & deferred income |
43,362 |
43,564 |
31,520 |
24,639 |
|
WORKING CAPITAL |
1,693,331 |
1,545,995 |
1,824,390 |
2,093,239 |
|
TOTAL LONG TERM LIABS |
1,118,624 |
1,326,914 |
1,095,637 |
265,980 |
|
Mortgages and loans |
1,037,475 |
1,168,700 |
841,688 |
207,184 |
|
Total Hire Purchase / Leasing |
81,149 |
158,214 |
253,949 |
58,796 |
|
NET ASSETS/(LIABILITIES) |
3,871,989 |
3,817,715 |
3,554,649 |
2,675,140 |
|
SHARE CAPITAL + RESERVES |
2,753,365 |
2,490,801 |
2,459,012 |
2,409,160 |
|
Issued Share Capital |
50,000 |
50,000 |
50,000 |
50,000 |
|
Profit and Loss account |
2,703,365 |
2,440,801 |
2,409,012 |
2,359,160 |
|
SHAREHOLDERS FUNDS |
2,753,365 |
2,490,801 |
2,459,012 |
2,409,160 |
|
CAPITAL EMPLOYED |
3,871,989 |
3,817,715 |
3,554,649 |
2,675,140 |
|
TANGIBLE NET WORTH |
2,753,365 |
2,490,801 |
2,459,012 |
2,409,160 |
Key Credit Ratios
|
Accounts Date |
30/09/2006 |
30/09/2005 |
30/09/2004 |
30/09/2003 |
|
Current Ratio |
1.44 |
1.26 |
1.44 |
1.59 |
|
Quick Ratio |
1.05 |
0.95 |
0.92 |
1.17 |
|
Return on Assets |
6.29 |
4.21 |
5.51 |
8.29 |
|
T.N.W/Total Assets |
0.36 |
0.25 |
0.32 |
0.39 |
|
Return on Capital |
9.91 |
9.03 |
10.48 |
19.22 |
|
Solvency (%) |
179.21 |
292.44 |
211.38 |
157.36 |
Financial Summary
|
Operating Profit |
Totalled GBP 702,236,units In the period prior a profit of GBP
591,106,units was achieved. |
|
Pre Tax |
The subject made a profit of GBP 383,610,units compared with a
profit of GBP 344,722,units in the previous period. |
|
Working Capital |
The company's working capital improved in the period by 10% |
|
Tangible Net
Worth |
Net worth increased by 262,564 during the period and now stands at GBP
2,753,365,units |
|
Fixed Assets |
The subjects fixed assets reduced during the period by GBP
93,062 to GBP 592,215,units and are now 8% of total assets
compared with 7% in the previous period |
|
Long Term
Liabilities |
The company's long term liabilities reduced during the period by 16%
and are now 41% of net worth compared with 53% in the previous period |
|
Long Term Liabilities |
Long term liabilities are now 15% of total assets compared with 14% in
the previous period |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
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. |
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%)