MIRA INFORM REPORT
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Report Date : |
31.12.2011 |
IDENTIFICATION DETAILS
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Name : |
PARGAT & CO LTD. |
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Registered Office : |
Birmingham Road, West Bromwich, B71 4JZ |
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Country : |
United Kingdom |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
26.11.1987 |
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Com. Reg. No.: |
02198962 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Manufacture of aluminium cookware, manufacture of steel bakeware and generalhouseware imports |
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No. of Employees
: |
111 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Kingdom |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Pargat & Co Ltd.
Birmingham Road
West Bromwich, B71 4JZ
United Kingdom
Tel: 0121 525 1218
Fax: 0121 525 4843
Web: www.pargat.co.uk
Synthesis
Employees: 111
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date:
26-Nov-1987
Auditor: Mazars LLP
Financials in: USD
(Millions)
Fiscal Year End:
30-Sep-2010
Reporting Currency: British
Pound Sterling
Annual Sales: 33.4
1
Net Income: (1.0)
Total Assets: 24.9
Business Description
Manufacture of aluminium cookware, manufacture of steel bakeware and
generalhouseware imports.
Industry
Industry Miscellaneous Fabricated Products
ANZSIC 2006: 2299 - Other
Fabricated Metal Product Manufacturing Not Elsewhere Classified
NACE 2002: 2875 - Manufacture
of other fabricated metal products not elsewhere classified
NAICS 2002: 332999 - All Other
Miscellaneous Fabricated Metal Product Manufacturing
UK SIC 2003: 2875 - Manufacture
of other fabricated metal products not elsewhere classified
US SIC 1987: 3499 - Fabricated
Metal Products, Not Elsewhere Classified
Key Executives
Name Title
Mani Singh Director
Financial Summary
FYE: 30-Sep-2010 USD (mil)
Key Figures
Current Assets 15.95
Fixed Assets 8.91
Total Liabilities 12.11
Net Worth 2.80
Key Ratios
Current Ratio 1.32
Acid Test 0.57
Debt Gearing 315.88
Registered No.(UK): 02198962
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6425498
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6345983
Corporate Overview
Location
Birmingham Road
West Bromwich, B71 4JZ
West Midlands County
United Kingdom
Tel: 0121 525 1218
Fax: 0121 525 4843
Web: www.pargat.co.uk
Sales GBP(mil): 21.4
Assets GBP(mil): 15.8
Employees: 111
Fiscal Year End: 30-Sep-2010
Industry: Miscellaneous Fabricated Products
Registered
Address:
Pargat House
40 Birmingham Road
West Bromwich, B71 4JZ
United Kingdom
Incorporation Date: 26-Nov-1987
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(UK): 02198962
Director: Mani Singh
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2875 - Manufacture of other fabricated metal products not
elsewhere classified
NAICS 2002 Codes:
332999 - All Other Miscellaneous Fabricated Metal Product
Manufacturing
US SIC 1987:
3499 - Fabricated Metal Products, Not Elsewhere Classified
UK SIC 2003:
2875 - Manufacture of other fabricated metal products not
elsewhere classified
Business
Description
Manufacture of aluminium cookware, manufacture of steel bakeware and
generalhouseware imports.
More Business
Descriptions
Household Furnishing Manufacturers
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Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Directors and Shareholders Report
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Main Office
Address: |
Tel: 0121 525 1218 |
Annual Return Date: 01 Mar 2011 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Mani |
Current |
13 Nov 1961 |
69 West Avenue, Handsworth Wood, |
30 Sep 1998 |
NA |
Current:1 |
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Inderjit |
Previous |
20 Aug 1953 |
13 Birmingham Road, Great Barr, |
31 Dec 1991 |
30 Apr 2008 |
Current:0 |
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Narinder |
Previous |
18 Aug 1967 |
69 West Avenue, Handsworth Wood, |
01 Oct 2004 |
30 Apr 2008 |
Current:0 |
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Ranjit |
Previous |
NA |
69 West Avenue, Handsworth Wood, |
14 Sep 1999 |
30 Apr 2008 |
Current:0 |
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Baljit |
Previous |
NA |
71 West Avenue, Handsworth Wood, |
30 Sep 1998 |
30 Apr 2008 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Sya Mani |
Previous |
NA |
69 West Avenue, Handsworth, |
31 Dec 1991 |
16 Jul 2008 |
Current:0 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Baljit Singh |
49 Ordinary GBP 1.00 |
Ordinary |
49 |
1.00 |
49.00 |
22.27 |
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Inderjit Singh |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
22.73 |
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Mani Singh |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
22.73 |
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Narinder Kaur |
22 Ordinary GBP 1.00 |
Ordinary |
22 |
1.00 |
22.00 |
10.00 |
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Ranjit Singh |
49 Ordinary GBP 1.00 |
Ordinary |
49 |
1.00 |
49.00 |
22.27 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Annual Profit & Loss
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.64255 |
0.647882 |
0.507879 |
0.508116 |
0.555972 |
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Consolidated |
No |
No |
No |
No |
No |
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Turnover (UK) |
- |
- |
- |
23.4 |
15.5 |
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Turnover (Exports) |
- |
- |
- |
0.0 |
0.0 |
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Total Turnover |
33.4 |
- |
- |
23.4 |
15.5 |
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Cost of Sales |
25.2 |
- |
- |
21.1 |
11.8 |
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Gross Profit |
8.2 |
3.4 |
4.5 |
2.3 |
3.6 |
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Depreciation |
1.0 |
0.9 |
1.0 |
0.9 |
0.7 |
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Other Expenses |
8.9 |
5.1 |
1.5 |
1.1 |
5.7 |
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Operating Profit |
-0.7 |
- |
- |
- |
-2.0 |
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Other Income |
0.0 |
0.0 |
0.1 |
0.3 |
0.2 |
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Interest Paid |
0.4 |
0.2 |
0.1 |
0.1 |
0.1 |
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Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
-1.0 |
-1.9 |
3.0 |
1.4 |
-1.9 |
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Tax Payable / Credit |
0.0 |
-0.4 |
1.1 |
0.4 |
-0.3 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit After Taxes |
-1.0 |
-1.5 |
1.9 |
1.0 |
-1.6 |
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Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Non Audit Fees |
- |
0.0 |
- |
- |
- |
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Number of Employees |
111 |
105 |
80 |
63 |
45 |
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Wages |
3.3 |
2.7 |
3.1 |
1.8 |
1.5 |
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Social Security Costs |
0.0 |
0.3 |
0.2 |
0.1 |
0.1 |
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Pensions |
0.0 |
0.0 |
0.0 |
0.0 |
4.4 |
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Other Pension Costs |
0.0 |
0.0 |
0.0 |
0.0 |
4.4 |
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Employees Remuneration |
3.3 |
2.9 |
3.3 |
1.9 |
6.0 |
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Directors Emoluments |
0.0 |
0.0 |
0.2 |
0.1 |
0.0 |
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Other Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Directors Remuneration |
0.0 |
0.1 |
0.2 |
0.1 |
4.4 |
Annual Balance Sheet
Financials in: USD (mil)
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|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.634598 |
0.625254 |
0.561026 |
0.490834 |
0.535346 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
- |
3.7 |
0.8 |
0.7 |
0.2 |
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Fixtures & Fittings |
- |
0.1 |
0.0 |
0.0 |
0.0 |
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Plant & Vehicles |
- |
4.6 |
4.8 |
4.9 |
4.0 |
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Total Tangible Fixed Assets |
8.9 |
8.4 |
5.7 |
5.7 |
4.2 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
8.9 |
8.4 |
5.7 |
5.7 |
4.2 |
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Stocks |
7.0 |
3.3 |
2.3 |
2.0 |
2.7 |
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Work in Progress |
2.1 |
0.9 |
1.4 |
0.7 |
0.8 |
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Total Stocks Work In Progress |
9.0 |
4.1 |
3.8 |
2.7 |
3.5 |
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Trade Debtors |
6.1 |
5.3 |
4.9 |
3.5 |
3.1 |
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Director Loans |
- |
0.9 |
- |
- |
- |
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Other Debtors |
0.6 |
0.1 |
0.1 |
0.6 |
0.7 |
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Total Debtors |
6.8 |
6.3 |
5.0 |
4.1 |
3.8 |
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Cash and Equivalents |
0.1 |
0.4 |
1.0 |
2.7 |
4.9 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.4 |
0.0 |
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Total Current Assets |
15.9 |
10.8 |
9.8 |
9.9 |
12.1 |
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Total Assets |
24.9 |
19.2 |
15.4 |
15.6 |
16.3 |
|
Trade Creditors |
3.2 |
2.3 |
2.8 |
4.6 |
3.5 |
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Bank Overdraft |
0.1 |
- |
- |
- |
0.0 |
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Inter-Company Creditors |
- |
- |
0.7 |
- |
- |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.5 |
0.6 |
0.6 |
0.4 |
0.2 |
|
Total Short Term Loans |
- |
0.0 |
0.1 |
0.1 |
- |
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Accruals/Deferred Income (Current Liability) |
7.6 |
4.2 |
0.3 |
0.0 |
0.1 |
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Social Security/VAT |
0.4 |
0.5 |
0.5 |
0.3 |
0.2 |
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Corporation Tax |
0.1 |
0.1 |
0.7 |
0.1 |
0.0 |
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Other Current Liabilities |
0.2 |
0.9 |
0.1 |
1.9 |
6.7 |
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Total Current Liabilities |
12.1 |
8.6 |
5.7 |
7.3 |
10.7 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.5 |
0.6 |
0.8 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.8 |
1.3 |
1.2 |
0.8 |
0.4 |
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Other Long Term Loans |
8.1 |
4.3 |
0.6 |
0.7 |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
8.9 |
5.6 |
2.3 |
2.1 |
1.2 |
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Deferred Taxation |
1.1 |
1.2 |
1.3 |
1.2 |
0.8 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
1.1 |
1.2 |
1.3 |
1.2 |
0.8 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
2.8 |
3.9 |
6.1 |
5.0 |
3.6 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
2.8 |
3.9 |
6.1 |
5.0 |
3.6 |
|
Net Worth |
2.8 |
3.9 |
6.1 |
5.0 |
3.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.64255 |
0.647882 |
0.507879 |
0.508116 |
0.555972 |
|
Consolidated |
No |
No |
No |
No |
No |
|
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|
Net Cash Flow From Operating Activities |
-1.5 |
0.1 |
-0.8 |
-1.6 |
2.2 |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.3 |
-0.2 |
-0.1 |
0.2 |
0.1 |
|
Taxation |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Capital Expenditures |
-1.6 |
-4.2 |
-1.8 |
-2.0 |
-0.5 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
3.3 |
3.8 |
0.8 |
1.3 |
-0.2 |
|
Increase in Cash |
-0.3 |
-0.5 |
-1.9 |
-2.1 |
1.5 |
Annual Ratios
Financials in: USD (mil)
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.634598 |
0.625254 |
0.561026 |
0.490834 |
0.535346 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.32 |
1.26 |
1.70 |
1.35 |
1.13 |
|
Liquidity Ratio |
0.57 |
0.78 |
1.05 |
0.99 |
0.81 |
|
Stock Turnover |
3.74 |
- |
- |
8.95 |
4.60 |
|
Credit Period (Days) |
66.19 |
- |
- |
52.73 |
70.47 |
|
Working Capital by Sales |
11.36% |
- |
- |
10.73% |
8.90% |
|
Trade Credit by Debtors |
0.52 |
0.43 |
0.57 |
1.31 |
1.13 |
|
Return on Capital |
-8.04% |
-18.44% |
28.06% |
17.26% |
-35.13% |
|
Return on Assets |
-4.12% |
-10.20% |
17.64% |
9.14% |
-12.12% |
|
Profit Margin |
-3.03% |
- |
- |
5.89% |
-12.30% |
|
Return on Shareholders Funds |
-36.56% |
-50.02% |
44.64% |
28.74% |
-54.41% |
|
Borrowing Ratio |
337.18% |
157.97% |
60.03% |
51.64% |
38.12% |
|
Equity Gearing |
11.28% |
20.39% |
39.52% |
31.81% |
22.27% |
|
Debt Gearing |
315.88% |
141.72% |
38.24% |
41.53% |
32.32% |
|
Interest Coverage |
-2.89 |
-8.56 |
20.77 |
18.25 |
-37.28 |
|
Sales by Tangible Assets |
3.79 |
- |
- |
4.28 |
3.83 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.3 |
- |
- |
0.4 |
0.4 |
|
Capital Employed per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Assets per Employee |
0.2 |
0.2 |
0.2 |
0.2 |
0.4 |
|
Employee Remuneration by Sales |
9.92% |
- |
- |
8.28% |
38.76% |
|
Creditor Days (Cost of Sales Based) |
45.76 |
- |
- |
76.74 |
104.19 |
|
Creditor Days (Sales Based) |
34.52 |
- |
- |
69.16 |
79.76 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.27 |
|
UK Pound |
1 |
Rs.82.09 |
|
Euro |
1 |
Rs.68.90 |
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.