MIRA INFORM REPORT

 

 

Report Date :           

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

VARMA UK LIMITED

 

 

Formerly Known As :

VARMASONS LIMITED

 

 

Registered Office :

28 Berry Avenue, Watford, Hertfordshire, WD24 6RY

 

 

Country :

United Kingdom 

 

 

Date of Incorporation :

30.05.1997

 

 

Com. Reg. No.:

03378795

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of household goods

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

Status :

Poor

Payment Behaviour :

Unknown

Litigation :

----

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United Kingdom 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Company Identification Details

 

Subject Reported on

VARMA UK LIMITED

Registration Number

03378795

Address

51 GORST ROAD, LONDON, NW10 6LS.

Telephone

020 89618486

 

 

 

Official Company Data

 

 

Legal Form

Private Limited

Registration Number

03378795

Subject Status

Trading

Date of Incorporation

30/05/1997

Registered Office

28 BERRY AVENUE, WATFORD, HERTFORDSHIRE, WD24 6RY.

History

6/10/2006 : The Registered Office address changed from UNIT 3, POPIN BUSINESS CENTRE, WEMBLEY, HA9 0.

 

15/09/2005 : The Registered Office address changed from 51 GORST ROAD, PARK ROYAL, LONDON, NW10 6LS.

 

15/06/2002 : The Registered Office address changed from 40 HOMER STREET, LONDON, W1H 4NL.

 

13/06/2001 : The Registered Office address changed from 40 HOMER STREET, LONDON, W1H 1HL.

 

28/06/1997 : The Registered Office address changed from THE STUDIO ST NICHOLAS CLOSE, ELSTREE, BOREHA.

 

20/06/1997 : Change of name from VARMASONS LIMITED.

 

12/06/1997 : Change of name from MIKRA LIMITED.

Date of Last Annual Return to Registry

02/06/2010

Accounts

The last filed accounts at Companies House are those to 31/05/2010

Accounting Reference Date

31/05

 

 

 

Operations

 

 

Nace Code

5142

Auditors

ZAM Accounting Ltd

 

 

 

Historical Rating

 

Date

Monthly Credit Guide

18/05/2011

0

18/02/2011

1,000

18/11/2010

0

18/08/2010

0

18/05/2010

0

 

Search History Summary

 

Last 3 Months

Last 6 Months

Last 12 Months

0

0

0

 

Search History Details

 

The Search History Details shows details of the most recent 40 searches

 

 

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

1

Number Outstanding

0

Number Partially Satisfied

0

Number Satisfied

1

 

 

Date of Latest Mortgage Created

14/10/1998

Date of Latest Satisfaction

01/11/2001

 

 

Details of most recent Mortgages, Charges and Satisfactions

 

 

Date Fully
Satisfied

Date
Registered

Date
Created

Charge
Description

Form Type

Lender

01/11/2001

17/10/1998

14/10/1998

Debenture

395

Aib Group (Uk) Limited

 

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

 

24/11/2010

Companies House Gazette

Notification of any change among the company's directors

28/02/2001

Companies House

Notice of striking-off action discontinued

06/02/2001

Companies House Gazette

First notice from Companies House to dissolve company in 3 months

28/06/1997

Companies House Gazette

Change among directors of a company

 

 

 

Company Secretary

 

 

Secretary

MR NAVEEN JOSEPH VARMA

Service Address

23 VALLEY AVENUE, LONDON, N12 9PG.

Country of Origin

UNITED KINGDOM

Date of Birth

05/06/1973

Appointment Date

09/03/2001

 

 

 

Directors

 

 

Director

MR KIRAN DAVID VARMA

Service Address

30 HOLCROFT COURT, CARBURTON STREET, LONDON, W1W 5DH.

Country of Origin

UNITED KINGDOM

Date of Birth

02/09/1969

Appointment Date

16/06/1997


Director


MR NAVEEN JOSEPH VARMA

Service Address

28 BERRY AVENUE, WATFORD, HERTFORDSHIRE, WD24 6RY.

Country of Origin

UNITED KINGDOM

Date of Birth

05/06/1973

Appointment Date

24/11/2010

 

 

 

Share Capital

 

 

Shares

Ordinary GBP 1.00

Issued Number

100

Principal Shareholder

50 Naveen Joseph Varma

 

50 Kiran David Varma

 

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

 

 

 

 

 

 

 

 

 

Financial Data– Statutory Accounts

 

 

Profit & Loss Accounts are not available for companies categorised as small companies under the companies act.

 

 

 

Balance Sheet

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/05/2010

31/05/2009

31/05/2008

31/05/2007

Currency

GBP

GBP

GBP

GBP

TOTAL FIXED ASSETS

4

5

3

4

Tangible Assets

4

5

3

4

TOTAL CURRENT ASSETS

105

115

102

115

Trade debtors

39

48

35

42

Stocks

49

54

48

73

Other Current Assets

17

13

19

 

Cash

17

13

19

 

TOTAL ASSETS

109

120

105

119

TOTAL CURRENT LIABILITIES

189

218

219

247

Trade creditors

189

218

219

59

Short Term Loans

 

 

 

188

Due To Directors

 

 

 

188

WORKING CAPITAL

(84)

(103)

(117)

(132)

NET ASSETS/(LIABILITIES)

(80)

(98)

(114)

(128)

SHARE CAPITAL + RESERVES

(80)

(98)

(114)

(128)

Profit and Loss account

(80)

(98)

(114)

(128)

SHAREHOLDERS FUNDS

(80)

(98)

(114)

(128)

CAPITAL EMPLOYED

(80)

(98)

(114)

(128)

 

Financial Comparison

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/05/2010

31/05/2009

31/05/2008

31/05/2007

Currency

GBP

GBP

GBP

GBP

Liquid Assets

56

61

54

42

Net Working Capital

(84)

(103)

(117)

(132)

Tangible Net Worth(T.N.W)

(80)

(98)

(114)

(128)

Equity

(80)

(98)

(114)

(128)

Number of Years Trading

13

12

11

10

 

Key Credit Ratios

 

The following figures are shown as Ratios or Percentages

 

Accounts Date

31/05/2010

31/05/2009

31/05/2008

31/05/2007

Current Ratio

0.6

0.5

0.5

0.5

Quick Ratio

0.3

0.3

0.2

0.2

T.N.W/Total Assets%

(73.4)

(81.7)

(108.6)

(107.6)

Borrowing Ratio%

 

 

 

(146.9)

Equity Gearing%

(42.3)

(45)

(52.1)

(51.8)

 

 

 

 

 

Key Industry Sector Trends

 

 

Year

2010

2009

2008

2007

Sample Size

6679

11382

11586

11816

Pre-Tax Profit Margin

2.7

1.5

1.5

2.5

Current Ratio

1.7

1.7

1.6

1.6

Borrowing Ratio

44.8

53.7

57.9

56.4

Return on Capital

23.3

22.8

27.3

30

Creditors Days

64

83

72

85

 

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of household goods

 

 

Financial Summary

 

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

 

No Turnover

The company's balance sheet total is less than GBP 2,800,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 5,600,000.

 

No Pre-Tax Profit

The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Profit and Loss Account shown on the Balance Sheet is GBP 18,000 increase. This suggests that the Company may have made a post-tax profit of GBP 18,000.

 

Working Capital

The company's working capital deficiency reduced in the period and now stands at GBP 84,000.

 

Fixed Assets

The subject's fixed assets reduced during the year by GBP 1,000 to GBP 4,000 and are now 3 % of total assets compared with 4 % in the previous year.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.63.57

Euro

1

Rs.72.97

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.