MIRA
INFORM REPORT
|
Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESSEN INTERNATIONAL LIMITED |
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Registered Office : |
37 Warren Street, London, W1T 6AD |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11.02.1997 |
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Com. Reg. No.: |
03316428 |
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Legal Form : |
Private Limited Liability Company (GB) |
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Line of Business : |
Durable Goods Wholesalers |
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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Maximum Credit Limit : |
GBP 39,600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company Identification Details
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Subject Reported on |
ESSEN INTERNATIONAL LIMITED |
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Trading Address |
1555A LONDON RD,NORBURY,LONDON,SW16 4AD |
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This company has an average risk status and should be
treated with a degree of caution |
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Credit Limit |
GBP 39,600 |
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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 433,400 |
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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 Liability Company (GB) |
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Registration Number |
03316428 |
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Date of Incorporation |
11/02/1997 |
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Registered Office |
37 Warren Street, London, W1T 6AD |
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Date of Last Annual Return to
Registry |
11/02/2008 |
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Activities |
Durable goods wholesalers |
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Accounts |
The last filed accounts cover the period to 31/12/2006 and
were filed on 10/10/2007 |
Recently Filed Documents
Details
of the most recent documents
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Date
Received |
Description |
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11/02/2008 |
Annual Return |
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31/12/2006 |
Financial Statement / Set of Accounts |
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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 |
ENGINEER |
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Address |
64, LONDON ROAD , STANMORE , MIDDX
, HA7 4NS |
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Country of Origin |
INDIAN |
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Date of Birth |
04/03/1948 |
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Appointment Date |
10/11/1997 |
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Other Appointments |
ESSEN INTERNATIONAL LIMITED |
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SECRETARY |
SARASWATHI VENKATESHA |
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Address |
NO 64 LONDON ROAD, , STANMORE , MIDDLESEX
, HA7 4NS |
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Country of Origin |
BRITISH |
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Date of Birth |
04/12/1951 |
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Appointment Date |
22/07/1999 |
Recently Resigned Directors (last
3)
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DIRECTOR |
MR RAMESH UPADHYAY |
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Occupation |
DOCTOR |
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Address |
9 , MOLD ROAD ESTATE , WREXHAM , CLWYD
, - - |
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Country of Origin |
INDIAN |
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Date of Birth |
28/02/1942 |
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Resignation Date |
10/11/1997 |
Share Summary
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Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
Voting %age |
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Mr Subrahmanyam Venkatesha |
ORD |
10,000 |
10,000.00 |
100.00 |
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Mortgages and Charges
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Total Registered |
3 |
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Total Outstanding |
2 |
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Total Satisfied |
1 |
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Most Recent Mortgage |
16/09/2004 |
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Date Registered |
01/10/2004 |
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Type |
395 |
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Date Created |
16/09/2004 |
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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 |
75 BEVERLEY HOUSE 133 PARK ROAD ST.JOHN'S WOOD LONDON NW8
7JB |
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Satisfied? |
No |
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Date Registered |
29/04/1999 |
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Type |
395 |
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Date Created |
16/04/1999 |
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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 |
DEPOSIT DEAL NUMBER 63633166 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 |
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Satisfied? |
No |
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Date Registered |
06/05/1998 |
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Type |
395 |
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Date Created |
29/04/1998 |
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Lender |
ALBARAKA INVESTMENT COMPANY LIMITED |
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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 |
ALL GOODS BILLS OF LADING DOCK AND WAREHOUSE
WARRANTS,OTHER DOCUMENTS OF TITLE RELATING TO GOODS AND POLICIES OF
INSURANCESECURITIES FROM TIME TO TIME DEPOSITED; ALL PROCEEDS OF SALE OR
OTHER DISPOSITION OF THE SAID GOODS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL
DETAILS |
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Satisfied? |
Fully |
Public Record Information
Summary
of CCJ's/Scottish Decrees
There are no unsatisfied CCJs against the company.
Operations
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Activities |
Durable goods wholesalers |
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Sic Code |
Description |
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5170 |
Other wholesale |
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Staff Employed |
3 |
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Auditors |
Silver Levene |
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Auditors Notes |
No Qualification. The Auditors have expressed a clean
opinion (i.e. unqualified with no referrals) on the latest accounts. |
Financial Data
Profit and Loss
|
Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
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Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
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Consolidated? |
No |
No |
No |
No |
|
GROSS PROFIT |
240,578 |
-42,507 |
205,339 |
226,721 |
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General administration costs (-) |
146,967 |
- |
476,174 |
- |
|
Wages and Salaries |
85,527 |
86,428 |
89,088 |
90,804 |
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Depreciation |
28,244 |
29,826 |
10,061 |
13,591 |
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Net Operating Profit(Loss) |
93,611 |
26,040 |
-270,835 |
439,763 |
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Non Trading Income |
154,637 |
119,448 |
9,266 |
4,543 |
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Total Non Trading Income |
154,637 |
119,448 |
9,266 |
4,543 |
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Interest expenses & similar (-) |
40,450 |
41,947 |
11,749 |
1,537 |
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Financial Expenses |
40,450 |
41,947 |
11,749 |
1,537 |
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PRE TAX PROFIT |
207,798 |
103,541 |
-273,318 |
442,769 |
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Other Taxation |
0 |
0 |
0 |
0 |
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Taxation |
35,562 |
18,651 |
-69,056 |
105,681 |
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PROFIT AFTER TAX |
172,236 |
84,890 |
-204,262 |
337,088 |
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Net Profit |
172,236 |
84,890 |
- |
337,088 |
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Dividends Payable |
25,000 |
0 |
0 |
100,000 |
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RETAINED PROFITS |
147,236 |
84,890 |
- |
237,088 |
Balance Sheet
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Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
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Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
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Consolidated? |
No |
No |
No |
No |
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TOTAL FIXED ASSETS |
1,120,801 |
1,163,283 |
932,310 |
35,823 |
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Land & buildings |
1,013,890 |
1,013,890 |
898,924 |
- |
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Plant, machinery & equipment |
106,911 |
149,393 |
33,386 |
35,823 |
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TOTAL CURRENT ASSETS |
13,682,368 |
14,578,859 |
10,824,857 |
8,610,614 |
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Stocks |
5,817,261 |
5,934,684 |
4,008,556 |
4,692,255 |
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Trade Debtors |
5,241,573 |
6,415,613 |
2,833,619 |
1,396,387 |
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Other Receivables |
2,447 |
1,122 |
5,783 |
252,363 |
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Cash |
2,621,087 |
2,227,440 |
3,907,843 |
2,269,609 |
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TOTAL ASSETS |
14,803,169 |
15,742,142 |
11,757,167 |
8,646,437 |
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TOTAL CURRENT LIABILITIES |
13,308,167 |
14,365,208 |
10,428,541 |
7,675,480 |
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Trade Creditors |
13,207,056 |
14,248,892 |
10,341,529 |
7,347,432 |
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Bank Overdraft |
28,262 |
26,372 |
24,163 |
- |
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Loans From Principals |
2,801 |
20,400 |
19,064 |
97,144 |
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Taxes |
38,226 |
21,066 |
2,437 |
108,152 |
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Other Current Liabilities |
1,322 |
1,453 |
459 |
252 |
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Accruals & deferred income |
30,500 |
36,900 |
27,389 |
9,000 |
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WORKING CAPITAL |
374,201 |
213,651 |
396,316 |
935,134 |
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TOTAL LONG TERM LIABS |
519,806 |
548,974 |
585,556 |
23,625 |
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Mortgages and loans |
519,806 |
548,974 |
575,431 |
- |
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NET ASSETS/(LIABILITIES) |
1,495,002 |
1,376,934 |
1,328,626 |
970,957 |
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SHARE CAPITAL + RESERVES |
975,196 |
827,960 |
743,070 |
947,332 |
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Issued Share Capital |
10,000 |
10,000 |
10,000 |
10,000 |
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Profit and Loss account |
965,196 |
817,960 |
733,070 |
937,332 |
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SHAREHOLDERS FUNDS |
975,196 |
827,960 |
743,070 |
947,332 |
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CAPITAL EMPLOYED |
1,495,002 |
1,376,934 |
1,328,626 |
970,957 |
|
TANGIBLE NET WORTH |
975,196 |
827,960 |
743,070 |
947,332 |
Key Credit Ratios
|
Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
|
Current Ratio |
1.03 |
1.01 |
1.04 |
1.12 |
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Profit Before Tax |
- |
- |
- |
0.02 |
|
Creditors Days (D.P.O) |
- |
- |
- |
152.98 |
|
Quick Ratio |
0.59 |
0.60 |
0.65 |
0.51 |
|
Return on Assets |
1.40 |
0.66 |
-2.32 |
5.12 |
|
T.N.W/Total Assets |
0.07 |
0.05 |
0.06 |
0.11 |
|
Return on Capital |
13.90 |
7.52 |
-20.57 |
45.60 |
|
Working Capital/Sales |
- |
- |
- |
0.00 |
|
Stock Turnover |
- |
- |
- |
0.00 |
|
Solvency (%) |
1417.97 |
1801.32 |
1482.24 |
812.71 |
Financial Summary
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Operating Profit |
Totalled GBP 93,611,units In the period prior a
profit of GBP 26,040,units was achieved. |
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Pre Tax |
The subject made a profit of GBP 207,798,units
compared with a profit of GBP 103,541,units in the previous period. |
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Working
Capital |
The company's working capital improved in the period by
75% |
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Tangible
Net Worth |
Net worth increased by 147,236 during the period and now
stands at GBP 975,196,units |
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Fixed
Assets |
The subjects fixed assets reduced during the period by GBP
42,482 to GBP 1,120,801,units and are now 8% of total assets
compared with 7% in the previous period |
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Long
Term Liabilities |
The company's long term liabilities reduced during the
period by 5% and are now 53% of net worth compared with 66% in the previous
period |
|
Long
Term Liabilities |
Long term liabilities are now 4% of total assets compared
with 3% in the previous period |
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 |
|
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 |
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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 |
|
<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 |
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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%)