MIRA INFORM
REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DILBAG CLOTH HOUSE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.10.2009 |
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Date of Incorporation : |
11.06.1993 |
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Com. Reg. No.: |
02826388 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and wholesale
of textile goods |
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 250,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United kingdom |
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 |
DILBAG CLOTH
HOUSE LIMITED |
|
Registration
Number |
02826388 |
|
VAT Number |
GB180528073 |
|
Address |
|
|
Telephone |
01274 521 711 |
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Facsimile |
01274 521 622 |
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Email |
|
|
Web Address |
Creditline Recommendations
|
Monthly Credit
Guide |
GBP 250,000 |
Official Company Data
|
Legal Form |
Private Limited |
|
Registration
Number |
02826388 |
|
VAT Number |
GB180528073 |
|
Subject Status |
Trading |
|
Date of
Incorporation |
11/06/1993 |
|
Registered
Office |
|
|
History |
2/06/2004
: The Registered Office address changed from |
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|
13/06/2002
: The Registered Office address changed from |
|
|
16/06/1993
: The Registered Office address changed from |
|
Date of Last
Annual Return to Registry |
11/06/2010 |
|
Accounts |
The last filed
accounts at Companies House are those to 31/10/2009 |
|
Accounting
Reference Date |
31/10 |
Operations
|
Activities |
Importers and
wholesale of textile goods. |
|
Nace Code |
5141 |
|
Premises |
Rented,Offices,Warehouse |
|
Staff Employed |
40 |
|
Import Countries |
ALL OVER THE
WORLD |
|
Export Countries |
No Export
Activity |
|
Bankers |
NATIONAL
WESTMINSTER BANK PLC |
|
Address |
|
|
Sort Code |
560036 |
|
Auditors |
Oracle
Accountants Ltd |
Historical Rating
|
Date |
Monthly Credit
Guide |
|
31/12/2010 |
250,000 |
|
30/09/2010 |
250,000 |
|
30/06/2010 |
127,000 |
|
30/03/2010 |
132,000 |
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30/12/2009 |
249,000 |
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 |
5 |
|
Number
Outstanding |
5 |
|
Number Partially
Satisfied |
0 |
|
Number Satisfied
|
0 |
|
|
|
|
Date of Latest
Mortgage Created |
08/10/2010 |
Details of most recent Mortgages, Charges and Satisfactions
|
Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
|
|
13/10/2010 |
08/10/2010 |
Legal Charge |
MG01 |
National
Westminster Bank Plc |
|
|
05/11/2008 |
29/10/2008 |
Deed Of Legal
Mortgage |
395 |
Svenska
Handelsbanken Ab (Publ) |
|
|
08/05/2008 |
07/05/2008 |
Legal Charge |
395 |
National
Westminster Bank Plc |
|
|
22/03/2000 |
09/03/2000 |
Legal Mortgage |
395 |
National
Westminster Bank Plc |
|
|
24/09/1993 |
17/09/1993 |
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 |
|
19/09/1998 |
Companies House
Gazette |
Change among
directors of a company |
|
15/08/1998 |
Companies House
Gazette |
Alteration in
memorandum or articles of association |
|
16/06/1993 |
Companies House
Gazette |
Change among
directors of a company |
Company Secretary
|
Secretary |
DILBAG SINGH |
|
Service Address |
HEYGATE HOUSE, |
|
Country of
Origin |
|
|
Date of Birth |
11/04/1939 |
|
Appointment Date |
14/06/1993 |
Directors
|
Director |
DILBAG SINGH |
|
Service Address |
HEYGATE HOUSE, |
|
Country of
Origin |
|
|
Date of Birth |
11/04/1939 |
|
Appointment Date |
14/06/1993 |
|
|
|
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Service Address |
HEYGATE HOUSE, |
|
Country of Origin |
|
|
Date of Birth |
20/09/1945 |
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Appointment Date |
14/06/1993 |
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|
|
Service Address |
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|
Country of
Origin |
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Date of Birth |
24/03/1975 |
|
Appointment Date |
01/09/1998 |
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|
Service Address |
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|
Country of
Origin |
|
|
Date of Birth |
18/03/1973 |
|
Appointment Date |
01/09/1998 |
Share Capital
|
Shares |
Ordinary GBP 1.00 |
|
Issued Number |
1,000,000 |
|
Principal
Shareholder |
500,000 Gurmail
Kaur |
|
|
500,000 Dilbag
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 |
31/10/2009 |
31/10/2008 |
31/10/2007 |
31/10/2006 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
GROSS PROFIT |
2064 |
2493 |
2443 |
1976 |
|
Wages and
Salaries |
809 |
870 |
886 |
844 |
|
Directors
Emoluments |
334 |
331 |
355 |
378 |
|
Trading Profit |
545 |
512 |
611 |
341 |
|
Depreciation |
120 |
140 |
158 |
168 |
|
OPERATING PROFIT |
425 |
372 |
453 |
173 |
|
Non Trading
Income |
434 |
249 |
150 |
87 |
|
Interest Payable |
119 |
80 |
66 |
35 |
|
PRE TAX PROFIT |
740 |
541 |
537 |
225 |
|
Taxation |
203 |
153 |
148 |
49 |
|
PROFIT AFTER TAX |
537 |
388 |
389 |
176 |
|
RETAINED PROFITS |
537 |
388 |
389 |
176 |
|
Balance Sheet |
|
The following
figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/10/2009 |
31/10/2008 |
31/10/2007 |
31/10/2006 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
TOTAL FIXED
ASSETS |
8682 |
8716 |
3578 |
3740 |
|
Tangible Assets |
8646 |
8671 |
3525 |
3677 |
|
Fixed Assets |
962 |
8671 |
3525 |
3677 |
|
Intermediate
assets |
7684 |
|
|
|
|
Intangible
Assets |
36 |
45 |
53 |
63 |
|
TOTAL CURRENT
ASSETS |
5314 |
5495 |
6132 |
6784 |
|
Trade debtors |
3577 |
3639 |
3721 |
3775 |
|
Stocks |
1297 |
1512 |
2030 |
2537 |
|
Other Current
Assets |
440 |
344 |
381 |
472 |
|
Misc Current
Assets |
130 |
113 |
120 |
113 |
|
Cash |
310 |
231 |
261 |
359 |
|
TOTAL ASSETS |
13996 |
14211 |
9710 |
10524 |
|
TOTAL CURRENT
LIABILITIES |
3645 |
3752 |
1055 |
2278 |
|
Trade creditors |
740 |
452 |
582 |
520 |
|
Short Term Loans |
2314 |
2898 |
23 |
306 |
|
Bank Overdraft |
2314 |
2898 |
23 |
306 |
|
Other
Liabilities |
591 |
402 |
450 |
1452 |
|
WORKING CAPITAL |
1669 |
1743 |
5077 |
4506 |
|
TOTAL LONG TERM
LIABS |
940 |
1586 |
169 |
149 |
|
Long Term Loans |
860 |
1487 |
69 |
43 |
|
Bank Loans |
742 |
1207 |
|
|
|
Other Finance |
118 |
280 |
69 |
43 |
|
Other
Liabilities |
80 |
99 |
100 |
106 |
|
NET
ASSETS/(LIABILITIES) |
9411 |
8873 |
8486 |
8097 |
|
SHARE CAPITAL +
RESERVES |
9411 |
8873 |
8486 |
8097 |
|
Share Cap +
Sundry Res |
1000 |
1000 |
1000 |
1000 |
|
Issued Share
Capital |
1000 |
1000 |
1000 |
1000 |
|
Profit and Loss
account |
8411 |
7873 |
7486 |
7097 |
|
SHAREHOLDERS
FUNDS |
9411 |
8873 |
8486 |
8097 |
|
CAPITAL EMPLOYED |
10351 |
10459 |
8655 |
8246 |
|
Financial Comparison |
|
The following
figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/10/2009 |
31/10/2008 |
31/10/2007 |
31/10/2006 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Net Cashflow
from Oper. |
1009 |
1159 |
136 |
(440) |
|
Increase in Cash |
(1782) |
(2389) |
185 |
(1948) |
|
Directors
Remuneration |
334 |
331 |
355 |
378 |
|
Auditors
Remuneration |
|
|
|
|
|
Liquid Assets |
3887 |
3870 |
3982 |
4134 |
|
Net Working
Capital |
1669 |
1743 |
5077 |
4506 |
|
Long Term
Debt(>12 Months) |
860 |
1487 |
69 |
43 |
|
Other Deferred
Liabs |
80 |
99 |
100 |
106 |
|
Tangible Net
Worth(T.N.W) |
9375 |
8828 |
8433 |
8034 |
|
Equity |
9411 |
8873 |
8486 |
8097 |
|
Number of Years
Trading |
16 |
15 |
14 |
13 |
|
Number of
Employees |
46 |
55 |
61 |
69 |
|
Profit per
Employee |
16087 |
9836.4 |
8803.3 |
3260.9 |
|
Key Credit Ratios |
|
The following
figures are shown as Ratios or Percentages |
|
Accounts Date |
31/10/2009 |
31/10/2008 |
31/10/2007 |
31/10/2006 |
|
Current Ratio |
1.5 |
1.5 |
5.8 |
3 |
|
Long Term
Debt/T.N.W |
0.1 |
0.2 |
|
|
|
Quick Ratio |
1.1 |
1.1 |
3.9 |
1.9 |
|
Return on Investment% |
6.8 |
4.6 |
6.9 |
3 |
|
Return on
Assets% |
5.3 |
3.8 |
5.5 |
2.1 |
|
T.N.W/Total
Assets% |
67 |
62.1 |
86.8 |
76.3 |
|
Return on
Capital% |
7.1 |
5.2 |
6.2 |
2.7 |
|
Rtn on
Shareholders Funds% |
7.9 |
6.1 |
6.3 |
2.8 |
|
Borrowing Ratio% |
33.9 |
49.7 |
1.1 |
4.3 |
|
Equity Gearing% |
205.3 |
166.2 |
693.3 |
333.6 |
|
Debt Gearing |
9.2 |
16.8 |
0.8 |
0.5 |
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 31/10/2009. |
|
Operating Profit |
|
Totalled GBP
425,000. In the year prior a Profit of GBP 372,000 was achieved. |
|
Pre Tax Profit |
|
The subject's
profit increased by 36 % in the year. |
|
Working Capital |
|
The company's
working capital remains positive but reduced by 4 % in the period. |
|
Net Worth |
|
Net worth has
increased by 6 % and now stands at GBP 9,411,000. |
|
Fixed Assets |
|
The subject's
fixed assets reduced during the year by GBP 34,000 to GBP 8,682,000 and are
now 62 % of total assets compared with 61 % in the previous year. |
|
Long Term
Liabilities |
|
The company's
long term liabilities reduced during the period by 40 % and are now 10 % of
net worth compared with 18 % in the previous period. |
|
Long Term
Liabilities |
|
Long term
liabilities are now 7 % of total liabilities compared with 11 % in the
previous period. |
|
Long Term
Liabilities |
|
Long term
liabilities are 9 % of capital employed, a decrease of 6 % over the previous
period. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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.