MIRA INFORM REPORT
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Report Date : |
12.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ESSAR STEEL PROCESSING & DISTRIBUTION UK
LTD. |
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Registered Office : |
Servosteel Pensnett Road, Dudley, DY1 2HA |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.06.2003 |
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Com. Reg. No.: |
04797346 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Steel service centre comprising the purchase and supply of strip mill products and steel processing |
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 : |
Slow |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
Essar Steel Processing & Distribution UK Ltd.
Pensnett Road
Dudley, DY1 2HA
United Kingdom
Tel: 01384 471371
Synthesis
Employees: 82
Company Type: Private Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: Essar Steel International Bv
Quoted Status: Non-quoted Company
Incorporation Date:
12-Jun-2003
Auditor: Deloitte LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2011
Reporting Currency: British
Pound Sterling
Annual Sales: 16.4
1
Net Income: 0.4
Total Assets: 22.9
Business Description
Steel service centre comprising the purchase and supply of strip mill
products and steel processing.
Industry
Industry Miscellaneous Fabricated Products
ANZSIC 2006: 2293 - Metal
Coating and Finishing
NACE 2002: 2851 - Treatment
and coating of metals
NAICS 2002: 33281 - Coating,
Engraving, Heat Treating, and Allied Activities
UK SIC 2003: 2851 - Treatment
and coating of metals
US SIC 1987: 3479 - Coating,
Engraving, and Allied Services, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Mark Ian Anderson |
Secretary |
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Ian Anthony Griffiths |
Director |
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Phillip Edward Conway Guest |
Director |
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Christian Korn |
Director |
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Anup Mehta |
Director |
Financial Summary
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Registered No.(UK): 04797346
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497
Corporate Overview
Location
Pensnett Road
Dudley, DY1 2HA
West Midlands County
United Kingdom
Tel: 01384 471371
Sales GBP(mil): 10.6
Assets GBP(mil): 14.3
Employees: 82
Fiscal Year End: 31-Mar-2011
Industry: Miscellaneous
Fabricated Products
Registered
Address:
Servosteel Pensnett Road
Dudley, DY1 2HA
United Kingdom
Incorporation Date: 12-Jun-2003
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(UK): 04797346
Director: Ian
Anthony Griffiths
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2293 - Metal Coating and Finishing
NACE 2002 Codes:
2851 - Treatment and coating of metals
NAICS 2002 Codes:
33281 - Coating, Engraving, Heat Treating, and Allied Activities
US SIC 1987:
3479 - Coating, Engraving, and Allied Services, Not Elsewhere
Classified
UK SIC 2003:
2851 - Treatment and coating of metals
Business
Description
Steel service centre comprising the purchase and supply of strip mill
products and steel processing.
More Business
Descriptions
Steel Fabricators
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate Family Members: 2 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Essar Steel International Bv |
Parent |
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Subsidiary |
Dudley |
United Kingdom |
Miscellaneous Fabricated Products |
16.4 |
82 |
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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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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Secretary |
Company Secretary |
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Directors and Shareholders Report
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Main Office Address: |
Tel: 01384 471371 |
Annual Return Date: 01 Sep 2010 |
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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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Current |
25 Apr 1979 |
Servosteel Pensnett Road, |
16 Jul 2010 |
NA |
Current:1 |
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Current |
28 Jan 1953 |
Servosteel Pensnett Road, |
16 Jul 2010 |
NA |
Current:1 |
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Current |
06 Aug 1959 |
28 Fairfield, Tasley Park, |
06 Apr 2005 |
NA |
Current:11 |
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Current |
21 Apr 1971 |
Servosteel Pensnett Road, |
01 Apr 2011 |
NA |
Current:1 |
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Current |
02 Jan 1963 |
The Old Grammar School St. Leonards Close, |
02 Apr 2007 |
NA |
Current:3 |
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Lesley Joyce |
Previous |
30 Dec 1953 |
61 Fairview Avenue, |
12 Jun 2003 |
04 Sep 2003 |
Current:1 |
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Previous |
24 Jan 1957 |
12Th. Floor Les Acanthes, 6 Avenue Des Citronniers, |
04 Sep 2003 |
21 Jun 2010 |
Current:24 |
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Previous |
16 Apr 1965 |
The Lodge, Fairfield Lane Wolverley, |
01 Feb 2008 |
30 Apr 2008 |
Current:0 |
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Previous |
07 Aug 1940 |
21 Farlands Road, Oldswinford, |
06 Apr 2005 |
04 Nov 2010 |
Current:2 |
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Previous |
18 Dec 1967 |
Racecourse House, Racecourse Lane, |
04 Sep 2003 |
21 Jun 2010 |
Current:21 |
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Previous |
07 May 1946 |
17 Granville Crest, |
14 Feb 2006 |
18 Mar 2007 |
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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Current |
06 Aug 1959 |
28 Fairfield, Tasley Park, |
06 Apr 2005 |
NA |
Current:11 |
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Dorothy May |
Previous |
11 May 1919 |
61 Fairview Avenue, |
12 Jun 2003 |
04 Sep 2003 |
Current:1 |
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Previous |
01 Jun 1959 |
20 Avoncroft Road, Stoke Heath, |
04 Sep 2003 |
06 Apr 2005 |
Current:24 |
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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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Essar Steel International BV |
1813954 Ordinary GBP 1.00 |
Ordinary |
1,813,954 |
1.00 |
1,813,954.00 |
100.00 |
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Corporate Shareholders
There are no
corporate shareholders for this company.
Annual Profit & Loss
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
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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) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Turnover |
16.4 |
10.9 |
- |
- |
- |
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Cost of Sales |
10.7 |
5.9 |
- |
- |
- |
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Gross Profit |
5.7 |
5.0 |
5.0 |
6.5 |
5.2 |
|
Depreciation |
1.3 |
1.3 |
1.3 |
1.5 |
0.9 |
|
Other Expenses |
5.0 |
5.5 |
5.0 |
6.2 |
4.7 |
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Operating Profit |
- |
-0.5 |
0.0 |
- |
- |
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Other Income |
0.1 |
0.0 |
0.0 |
0.1 |
0.3 |
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Interest Paid |
0.4 |
0.3 |
0.3 |
0.5 |
0.4 |
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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 |
- |
|
Profit Before Taxes |
0.5 |
-0.8 |
-0.3 |
-0.1 |
0.4 |
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Tax Payable / Credit |
0.1 |
0.0 |
-0.2 |
0.2 |
0.1 |
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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 |
0.4 |
-0.8 |
-0.1 |
-0.3 |
0.3 |
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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 |
82 |
80 |
97 |
96 |
99 |
|
Wages |
3.5 |
3.0 |
3.9 |
4.9 |
4.5 |
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Social Security Costs |
0.3 |
0.3 |
0.4 |
0.5 |
0.5 |
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Pensions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Pension Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Employees Remuneration |
3.8 |
3.3 |
4.3 |
5.4 |
4.9 |
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Directors Emoluments |
0.4 |
0.3 |
0.3 |
0.4 |
0.3 |
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Other Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Directors Remuneration |
0.4 |
0.3 |
0.3 |
0.4 |
0.3 |
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Highest Paid Director |
0.2 |
- |
0.1 |
- |
- |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
0.5 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Fixtures & Fittings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Plant & Vehicles |
5.8 |
6.3 |
6.9 |
9.7 |
10.3 |
|
Total Tangible Fixed Assets |
6.3 |
6.7 |
7.3 |
10.3 |
10.9 |
|
Intangible Assets |
0.2 |
0.2 |
0.2 |
0.4 |
0.5 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.6 |
|
Total Fixed Assets |
6.4 |
6.9 |
7.6 |
10.7 |
11.9 |
|
Stocks |
4.7 |
0.1 |
0.7 |
0.8 |
0.0 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
4.7 |
0.1 |
0.7 |
0.8 |
0.0 |
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Trade Debtors |
8.5 |
2.8 |
2.3 |
5.0 |
3.6 |
|
Inter-Company Debtors |
0.1 |
0.0 |
0.0 |
0.0 |
2.0 |
|
Other Debtors |
1.2 |
0.6 |
0.5 |
0.7 |
0.6 |
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Total Debtors |
9.8 |
3.4 |
2.9 |
5.7 |
6.2 |
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Cash and Equivalents |
1.9 |
0.0 |
0.1 |
0.3 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
16.4 |
3.5 |
3.6 |
6.8 |
6.2 |
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Total Assets |
22.9 |
10.4 |
11.2 |
17.5 |
18.2 |
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Trade Creditors |
2.0 |
1.2 |
2.1 |
2.6 |
3.0 |
|
Bank Overdraft |
0.7 |
- |
- |
- |
- |
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Inter-Company Creditors |
6.0 |
- |
0.0 |
0.0 |
- |
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Hire Purchase (Current Liability) |
0.5 |
0.4 |
- |
0.6 |
0.6 |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
- |
0.0 |
0.0 |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.5 |
0.4 |
0.4 |
0.6 |
0.6 |
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Total Short Term Loans |
- |
0.4 |
0.7 |
0.9 |
0.9 |
|
Accruals/Deferred Income (Current Liability) |
0.2 |
0.2 |
0.2 |
0.2 |
0.5 |
|
Social Security/VAT |
0.3 |
0.4 |
0.4 |
0.8 |
0.3 |
|
Corporation Tax |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
6.0 |
3.3 |
1.9 |
3.7 |
2.8 |
|
Total Current Liabilities |
15.7 |
5.9 |
5.8 |
8.7 |
8.0 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.8 |
1.2 |
1.6 |
2.7 |
3.3 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
0.8 |
1.2 |
1.6 |
2.7 |
3.3 |
|
Other Long Term Loans |
2.5 |
0.6 |
0.4 |
1.0 |
1.8 |
|
Accruals/Deferred Income (Long Term Liability) |
0.5 |
0.6 |
0.6 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.8 |
0.0 |
|
Total Long Term Liabilities |
3.8 |
2.3 |
2.6 |
4.5 |
5.1 |
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Deferred Taxation |
0.3 |
0.2 |
0.2 |
0.5 |
0.3 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.9 |
|
Total Provisions |
0.3 |
0.2 |
0.2 |
0.5 |
1.2 |
|
Issued Capital |
2.9 |
2.4 |
2.2 |
3.1 |
3.1 |
|
Share Premium Accounts |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
0.0 |
-0.4 |
0.3 |
0.6 |
0.8 |
|
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 |
3.0 |
1.9 |
2.6 |
3.7 |
3.9 |
|
Net Worth |
2.9 |
1.7 |
2.3 |
3.3 |
3.4 |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
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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) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
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Consolidated |
No |
No |
No |
No |
No |
|
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Net Cash Flow From Operating Activities |
-2.8 |
0.6 |
2.7 |
2.5 |
0.6 |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.3 |
-0.3 |
-0.3 |
-0.4 |
-0.1 |
|
Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
-0.5 |
|
Capital Expenditures |
-0.5 |
-0.2 |
-1.1 |
-0.7 |
0.0 |
|
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 |
2.3 |
-0.7 |
-0.8 |
-1.0 |
0.1 |
|
Increase in Cash |
-1.4 |
-0.7 |
0.4 |
0.3 |
0.0 |
Annual Ratios
Financials
in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.05 |
0.59 |
0.62 |
0.78 |
0.78 |
|
Liquidity Ratio |
0.75 |
0.57 |
0.51 |
0.69 |
0.77 |
|
Stock Turnover |
3.62 |
150.13 |
- |
- |
- |
|
Credit Period (Days) |
182.98 |
98.47 |
- |
- |
- |
|
Working Capital by Sales |
4.51% |
-23.77% |
- |
- |
- |
|
Trade Credit by Debtors |
0.23 |
0.43 |
0.91 |
0.52 |
0.83 |
|
Return on Capital |
7.36% |
-17.90% |
-4.52% |
-1.04% |
4.47% |
|
Return on Assets |
2.32% |
-7.68% |
-2.18% |
-0.52% |
2.49% |
|
Profit Margin |
3.13% |
-7.73% |
- |
- |
- |
|
Return on Shareholders Funds |
17.42% |
-41.37% |
-9.41% |
-2.45% |
11.64% |
|
Borrowing Ratio |
360.80% |
151.11% |
133.79% |
156.74% |
192.56% |
|
Equity Gearing |
13.30% |
18.57% |
23.15% |
21.08% |
21.42% |
|
Debt Gearing |
114.53% |
100.97% |
84.32% |
112.37% |
148.31% |
|
Interest Coverage |
1.46 |
-2.66 |
-0.95 |
-0.20 |
1.08 |
|
Sales by Tangible Assets |
2.69 |
1.54 |
- |
- |
- |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.2 |
0.1 |
- |
- |
- |
|
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 |
0.3 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Employee Remuneration by Sales |
23.33% |
30.15% |
- |
- |
- |
|
Creditor Days (Cost of Sales Based) |
64.52 |
78.88 |
- |
- |
- |
|
Creditor Days (Sales Based) |
42.19 |
42.83 |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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.