MIRA INFORM
REPORT
|
Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHARAJA TEXTILES LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
16.07.1993 |
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Com. Reg. No.: |
02837030 |
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|
Legal Form : |
Private Limited Company |
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Line of Business : |
The import and wholesale of textile goods |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
GBP 78,500 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
Company Identification Details
|
Subject Reported
on |
MAHARAJA
TEXTILES LIMITED |
|
Registration
Number |
02837030 |
|
VAT Number |
GB607148745 |
|
Address |
|
|
Telephone |
01274 493 441 |
|
Facsimile |
01274 493 551 |
|
Email |
|
|
Web Address |
Creditline Recommendations
|
Monthly Credit
Guide |
GBP 78,500 |
Official Company Data
|
Legal Form |
Private Limited |
|
Registration
Number |
02837030 |
|
VAT Number |
GB607148745 |
|
Subject Status |
Trading |
|
Date of
Incorporation |
16/07/1993 |
|
Registered
Office |
|
|
History |
14/03/2003
: The Registered Office address changed from |
|
|
3/09/1994
: The Registered Office address changed from SUKI'S CASH & CARRY, |
|
Date of Last
Annual Return to Registry |
13/07/2010 |
|
Accounts |
The last filed
accounts at Companies House are those to 30/09/2009 |
|
Accounting
Reference Date |
30/09 |
Operations
|
Activities |
The import and wholesale
of textile goods. |
|
Nace Code |
5141 |
|
Staff Employed |
35 |
|
Bankers |
NAT WEST BANK
PLC |
|
Address |
NW PRIMELINE |
|
Sort Code |
607217 |
|
Auditors |
Auker Rhodes Ltd |
Historical Rating
|
Date |
Monthly Credit Guide
|
|
31/12/2010 |
78,500 |
|
30/09/2010 |
40,000 |
|
30/06/2010 |
76,000 |
|
30/03/2010 |
112,000 |
|
30/12/2009 |
112,000 |
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 |
7 |
|
Number
Outstanding |
3 |
|
Number Partially
Satisfied |
0 |
|
Number Satisfied
|
4 |
|
|
|
|
Date of Latest
Mortgage Created |
20/10/2009 |
|
Date of Latest
Satisfaction |
18/09/2010 |
Details of most recent Mortgages, Charges and Satisfactions
|
Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
|
|
21/10/2009 |
20/10/2009 |
Legal Mortgage |
MG01 |
Hsbc Bank Plc |
|
|
21/10/2009 |
20/10/2009 |
Legal Mortgage |
MG01 |
Hsbc Bank Plc |
|
|
15/10/2009 |
13/10/2009 |
Debenture |
MG01 |
Hsbc Bank Plc |
|
18/09/2010 |
13/08/2005 |
10/08/2005 |
Legal Charge |
395 |
National Westminster
Bank Plc |
|
18/09/2010 |
13/07/2004 |
12/07/2004 |
Legal Charge |
395 |
National
Westminster Bank Plc |
|
18/09/2010 |
12/05/1999 |
05/05/1999 |
Legal Mortgage |
395 |
National
Westminster Bank Plc |
|
18/09/2010 |
18/08/1993 |
11/08/1993 |
Mortgage
Debenture |
395 |
National
Westminster Bank Plc |
|
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 |
|
10/11/2009 |
Companies House
Gazette |
Notification of
any change among the company's directors |
|
07/09/1994 |
Companies House
Gazette |
Change among
directors of a company |
|
03/09/1994 |
Companies House
Gazette |
Change among directors
of a company |
|
07/08/1993 |
Companies House
Gazette |
Change among
directors of a company |
Company Secretary
|
Secretary |
MANMOHAN SINGH |
|
Service Address |
TUDOR LODGE,
LING LANE SCARCROFT, |
|
Country of
Origin |
|
|
Date of Birth |
10/09/1959 |
|
Appointment Date |
16/07/1993 |
Directors
|
Sales Director |
JASVINDER
PAL SINGH |
|
Service Address |
GREYSTONES |
|
Country of
Origin |
|
|
Date of Birth |
01/08/1964 |
|
Appointment Date |
16/07/1993 |
|
Other
Directorships |
MAHARAJA FABRICS
LIMITED, BRADFORD BAZAAR LTD |
|
|
|
|
Service Address |
TUDOR LODGE,
LING LANE SCARCROFT, |
|
Country of
Origin |
|
|
Date of Birth |
10/09/1959 |
|
Appointment Date |
16/07/1993 |
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|
|
|
Service Address |
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|
Country of
Origin |
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Date of Birth |
17/06/1983 |
|
Appointment Date |
05/10/2009 |
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|
|
|
Service Address |
|
|
Country of
Origin |
|
|
Date of Birth |
15/06/1959 |
|
Appointment Date |
05/10/2009 |
Share Capital
|
Shares |
Ordinary GBP
1.00 |
|
Issued Number |
50,000 |
|
Principal
Shareholder |
25,000 Manmohan
Singh |
|
|
25,000 Jasvinder
Pal Singh |
|
The above
reflects the principle shareholder(s) by number of shares held, irrespective
of share classification type. |
Financial Data– Statutory Accounts
|
Profit and Loss |
|
The following
figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/09/2009 |
30/09/2008 |
30/09/2007 |
30/09/2006 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
SALES |
5043 |
|
|
|
|
Cost of goods
sold |
3763 |
|
|
|
|
GROSS PROFIT |
1280 |
1304 |
1552 |
1900 |
|
Wages and
Salaries |
664 |
680 |
741 |
715 |
|
Directors
Emoluments |
224 |
197 |
196 |
146 |
|
Auditors Fees |
14 |
20 |
17 |
15 |
|
Trading Profit |
(47) |
120 |
803 |
858 |
|
Depreciation |
35 |
89 |
152 |
156 |
|
OPERATING PROFIT |
(82) |
31 |
651 |
702 |
|
Non Trading
Income |
4 |
|
3 |
1 |
|
Interest Payable |
152 |
239 |
216 |
319 |
|
PRE TAX PROFIT |
(230) |
(208) |
438 |
384 |
|
Taxation |
(13) |
(116) |
112 |
121 |
|
PROFIT AFTER TAX |
(217) |
(92) |
326 |
263 |
|
Dividends
Payable |
|
190 |
930 |
|
|
RETAINED PROFITS |
(217) |
(282) |
(604) |
263 |
|
Balance Sheet |
|
The following
figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/09/2009 |
30/09/2008 |
30/09/2007 |
30/09/2006 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
TOTAL FIXED
ASSETS |
2132 |
2168 |
1150 |
2178 |
|
Tangible Assets |
2132 |
2168 |
1150 |
2178 |
|
Fixed Assets |
1435 |
1470 |
453 |
592 |
|
Intermediate
assets |
697 |
698 |
697 |
1586 |
|
TOTAL CURRENT
ASSETS |
5466 |
6767 |
5013 |
5509 |
|
Trade debtors |
2463 |
3355 |
3101 |
2768 |
|
Stocks |
2386 |
2790 |
1712 |
1501 |
|
Other Current
Assets |
617 |
622 |
200 |
1240 |
|
Misc Current
Assets |
274 |
334 |
91 |
224 |
|
Cash |
343 |
288 |
109 |
1016 |
|
TOTAL ASSETS |
7598 |
8935 |
6163 |
7687 |
|
TOTAL CURRENT
LIABILITIES |
4857 |
5808 |
3791 |
3815 |
|
Trade creditors |
1437 |
2028 |
548 |
247 |
|
Short Term Loans |
3211 |
3562 |
3061 |
3232 |
|
Bank Overdraft |
2895 |
1647 |
2989 |
1645 |
|
Bank Loans |
|
1866 |
|
1506 |
|
Other Finance |
2 |
32 |
48 |
81 |
|
Due To Directors |
314 |
17 |
24 |
|
|
Other
Liabilities |
209 |
218 |
182 |
336 |
|
WORKING CAPITAL |
609 |
959 |
1222 |
1694 |
|
TOTAL LONG TERM
LIABS |
|
169 |
222 |
1119 |
|
Long Term Loans |
|
169 |
222 |
1119 |
|
Bank Loans |
|
168 |
190 |
1038 |
|
Other Finance |
|
1 |
32 |
81 |
|
NET
ASSETS/(LIABILITIES) |
2741 |
2958 |
2150 |
2753 |
|
SHARE CAPITAL +
RESERVES |
2741 |
2958 |
2150 |
2753 |
|
Share Cap +
Sundry Res |
50 |
50 |
50 |
50 |
|
Issued Share
Capital |
50 |
50 |
50 |
50 |
|
Revaluation
Reserves |
1091 |
1091 |
|
|
|
Profit and Loss
account |
1600 |
1817 |
2100 |
2703 |
|
SHAREHOLDERS
FUNDS |
2741 |
2958 |
2150 |
2753 |
|
CAPITAL EMPLOYED |
2741 |
3127 |
2372 |
3872 |
|
Financial Comparison |
|
The following
figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/09/2009 |
30/09/2008 |
30/09/2007 |
30/09/2006 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Net Cashflow
from Oper. |
1184 |
215 |
209 |
1430 |
|
Increase in Cash |
638 |
(979) |
249 |
(606) |
|
Directors
Remuneration |
224 |
197 |
196 |
146 |
|
Auditors
Remuneration |
14 |
20 |
17 |
15 |
|
Liquid Assets |
2806 |
3643 |
3210 |
3784 |
|
Net Working
Capital |
609 |
959 |
1222 |
1694 |
|
Long Term
Debt(>12 Months) |
|
169 |
222 |
1119 |
|
Tangible Net
Worth(T.N.W) |
2741 |
2958 |
2150 |
2753 |
|
Equity |
2741 |
2958 |
2150 |
2753 |
|
Number of Years
Trading |
16 |
15 |
14 |
13 |
|
Number of
Employees |
35 |
40 |
42 |
44 |
|
Profit per
Employee |
(6571.4) |
(5200) |
10428.6 |
8727.3 |
|
Sales per
Employee |
144085.7 |
|
|
|
|
Key Credit Ratios |
|
The following
figures are shown as Ratios or Percentages |
|
Accounts Date |
30/09/2009 |
30/09/2008 |
30/09/2007 |
30/09/2006 |
|
Current Ratio |
1.1 |
1.2 |
1.3 |
1.4 |
|
Long Term
Debt/T.N.W |
|
0.1 |
0.1 |
0.4 |
|
Pre Tax Profit
Margin% |
(4.6) |
|
|
|
|
Gross Profit% |
25.4 |
|
|
|
|
Debtors Days
(D.S.O) |
178 |
|
|
|
|
Creditors Days
(D.P.O) |
104 |
|
|
|
|
Quick Ratio |
0.6 |
0.7 |
0.9 |
1.1 |
|
W.I.P/Inventory
Days |
231.4 |
|
|
|
|
Return on
Investment% |
(1.3) |
0.5 |
12 |
9.9 |
|
Return on
Assets% |
(3) |
(2.3) |
7.1 |
5 |
|
T.N.W/Total
Assets% |
36.1 |
33.1 |
34.9 |
35.8 |
|
Return on
Capital% |
(8.4) |
(6.7) |
18.5 |
9.9 |
|
Rtn on
Shareholders Funds% |
(8.4) |
(7) |
20.4 |
13.9 |
|
Working
Capital/Sales% |
12.1 |
|
|
|
|
Borrowing Ratio% |
117.1 |
126.1 |
152.7 |
158 |
|
Equity Gearing% |
56.4 |
49.5 |
53.6 |
55.8 |
|
Stock Turnover |
2.1 |
|
|
|
|
Days Purchases
Outstanding |
139.4 |
|
|
|
|
Sales/Fixed
Assets |
3.5 |
|
|
|
|
Debt Gearing |
|
5.7 |
10.3 |
40.6 |
Key Industry Sector Trends
|
Year |
2010 |
2009 |
2008 |
2007 |
|
Sample Size |
3052 |
11316 |
11648 |
11880 |
|
Pre-Tax Profit
Margin |
3.2 |
1.7 |
1.6 |
2.6 |
|
Current Ratio |
1.8 |
1.7 |
1.6 |
1.6 |
|
Borrowing Ratio |
37.9 |
54.9 |
59.3 |
58.4 |
|
Return on
Capital |
26.5 |
23.4 |
27.4 |
30.1 |
|
Creditors Days |
49 |
81 |
69 |
82 |
|
Above figures
relate to companies in 2003 Standard Industry Classification (Nace) sector :
Wholesale of household goods |
Financial Summary
|
Auditors
Qualification |
|
The Auditors have
expressed a clean opinion (i.e. unqualified with no referrals) on the
accounts for the period ended 30/09/2009. |
|
Only Turnover |
|
Turnover for the
year was 5,043,000. |
|
Operating Loss |
|
Totalled GBP 82,000.
In the year prior a Profit of GBP 31,000 was achieved. |
|
Pre Tax Profit |
|
The subject made
a loss in the period of GBP 230,000 that was 10 % up on the loss made in the
previous period. |
|
Working Capital |
|
The company's working
capital, while remaining positive, decreased by 36 % in the period. |
|
Fixed Assets |
|
The subject's
fixed assets reduced during the year by GBP 36,000 to GBP 2,132,000 and are
now 28 % of total assets compared with 24 % in the previous year. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.81 |
|
|
1 |
Rs.59.81 |
|
Euro |
1 |
Rs.69.29 |
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.