MIRA INFORM REPORT
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Report Date : |
12.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ICT COTTON LTD. |
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Registered Office : |
12 Bridewell Place, 3Rd Floor East United States , London, EC4V 6AP |
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Country : |
United Kingdom |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
23.08.1999 |
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Com. Reg. No.: |
03830310 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Raw Cotton Traders |
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 : |
Unknown |
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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
Ict Cotton Ltd.
12 Bridewell Place
3Rd Floor East Unit
London, EC4V 6AP
United Kingdom
Synthesis
Employees: NA
Company Type: Private Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: Societe Cotonniere Financiere Sa
Quoted Status: Non-quoted Company
Incorporation Date:
23-Aug-1999
Auditor: P M Randall And Co
Financials in: USD
(Millions)
Fiscal Year End:
30-Jun-2010
Reporting Currency: US
Dollar
Annual Sales: NA
Total Assets: 0.3
Business Description
Raw cotton traders.
Industry
Industry Business Services
ANZSIC 2006: 6999 - Other Professional,
Scientific and Technical Services Not Elsewhere Classified
NACE 2002: 7487 - Other
business activities not elsewhere classified
NAICS 2002: 5619 - Other
Support Services
UK SIC 2003: 7487 - Other
business activities not elsewhere classified
US SIC 1987: 7389 - Business
Services, Not Elsewhere Classified
Key Executives
Name Title
Marco Berri Director
News
Title Date
European cotton traders reject Uzbek NGO claims of forced child labor
Times of Central Asia (842 Words) 8-Aug-2011
Financial Summary
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FYE: 30-Jun-2010 |
USD (mil) |
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Registered No.(UK): 03830310
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
12 Bridewell Place
3Rd Floor East Unit
London, EC4V 6AP
London County
United Kingdom
Sales USD(mil): NA
Assets USD(mil): 0.3
Employees: NA
Fiscal Year End: 30-Jun-2010
Industry: Business Services
Incorporation Date: 23-Aug-1999
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(UK): 03830310
Director: Marco Berri
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
6999 - Other Professional, Scientific and Technical Services Not
Elsewhere Classified
NACE 2002 Codes:
7487 - Other business activities not elsewhere classified
NAICS 2002 Codes:
5619 - Other Support Services
US SIC 1987:
7389 - Business Services, Not Elsewhere Classified
UK SIC 2003:
7487 - Other business activities not elsewhere classified
Business
Description
Raw cotton traders.
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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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Societe Cotonniere Financiere Sa |
Parent |
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Ict Cotton Ltd. |
Subsidiary |
London |
United Kingdom |
Business Services |
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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: |
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Annual Return Date: 23 Aug 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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Marco |
Current |
13 Nov 1965 |
Via Motta 34, Lugano, |
23 Aug 1999 |
NA |
Current:1 |
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Nathalie Legros |
Previous |
21 Sep 1966 |
24 Honiton Road, Queens Park, |
23 Aug 1999 |
28 Feb 2002 |
Current:0 |
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Jennifer Jayne |
Previous |
15 Feb 1953 |
27 Hoppingwood Avenue, |
23 Aug 1999 |
01 Jul 2002 |
Current:32 |
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Corporate
Directors |
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Company Name |
Status |
Registered
Address |
Appointment Date |
Resignation Date |
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Woodford Directors Limited |
Current |
3 The Shrubberies George Lane, South Woodford, |
12 Aug 2009 |
NA |
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Westour Directors Limited |
Previous |
62 Priory Road, Noak Hill, |
01 Jul 2002 |
12 Aug 2009 |
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Jpcord Limited |
Previous |
Suite 17 City Business Centre, Lower Road, |
23 Aug 1999 |
23 Aug 1999 |
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Individual
Secretaries |
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There are no individual secretaries for this company. |
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Corporate
Secretaries |
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Company Name |
Status |
Registered
Address |
Appointment Date |
Resignation Date |
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Woodford Services Limited |
Current |
3 The Shrubberies, George Lane South Woodford, |
12 Aug 2009 |
NA |
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Westour Services Limited |
Previous |
5/6 The Shrubberies, George Lane, |
01 Jul 2002 |
12 Aug 2009 |
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Whitehats Limited |
Previous |
4Th Floor New Gallery House, 6 Vigo Street, |
23 Aug 1999 |
01 Jul 2002 |
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Jpcors Limited |
Previous |
Suite 17 City Business Centre, Lower Road, |
23 Aug 1999 |
23 Aug 1999 |
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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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Societe Cotonniere Financiere SA |
9500 Ordinary GBP 1.00 |
Ordinary |
9,500 |
1.00 |
9,500.00 |
95.00 |
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Corporate
Shareholders |
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Company Name |
Registration
Number |
Share Details |
Share Type |
# of Shares |
Share Price
(GBP) |
Share Value
(GBP) |
% of Total
Shares |
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Ivorystate Limited |
03393882 |
500 Ordinary GBP 1.00 |
Ordinary |
500 |
1.00 |
500.00 |
5.00 |
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European cotton
traders reject Uzbek NGO claims of forced child labor
Times of Central
Asia: 08 August 2011
[What follows is
the full text of the news story.]
TASHKENT, August
09, 2011 (TCA) -- A German non-governmental organization using an innovative
approach to try to get companies to cease participating in the use of forced
child labor in Uzbekistan has received a disappointing response from European
cotton traders. Yet the process has shed light on the issue and enlisted a pledge
from the traders to cease buying cotton from Uzbekistan -- if it can be proved
child labor exists.
The Berlin-based
European Center for Constitutional and Human Rights (ECCHR) tried targeting
European Union companies that trade in Uzbek cotton and profit from child labor
by using the complaints procedure of the Organisation for Economic Co-Operation
and Development (OECD), a 33-member Paris-based economic body.
ECCHR was joined
by the Uzbek-German Forum for Human Rights and other organizations in Europe
trying to get traction for their allegations that these corporations had
violated OECD guidelines. The OECD accepted the complaints for review at
different focal points in the EU countries where the various companies were
located.
After a confidential
conciliation meeting with the parties, the UK National Contact Point (NCP) for
the OECD then published on July 11 its final statements regarding ICT Cotton
Limited (ICTC) and Cargill Cotton Limited in Uzbekistan. The UK NCP concluded:
ICT notes that ECCHR
and other organisations strongly hold the view that there is systematic use of
forced child labour in cotton picking in Uzbekistan and for this reason ECCHR
believes that cessation of trading is an appropriate step. Although ICT itself
does not believe that such systematic abuses are adopted in Uzbekistan and for
this reason does not accept the request to cease trading, it acknowledges that
it is important to avoid any such practices. It also acknowledges that
businesses have a responsibility to take active steps to help to prevent such
practices in their industry and to investigate the concerns properly, so that
appropriate action can be taken to prevent any such practices if they are shown
to occur in the industry either in Uzbekistan or elsewhere.
ECCHR agreed to
drop the request for cessation of trading for the time being, and ICT said it
would "immediately suspend business relations with any supplier who will,
beyond reasonable doubt, be found to have used such practices.�
The statement
regarding Cargill Cotton Limited is similar, although it adds an important call
for an international investigation:
Cargill does not
condone the use of abusive, enforced or illegal labour wherever this may occur.
It recognises that there have been serious allegations about the systematic use
of forced child labour in Uzbekistan and would wish such allegations to be
investigated by an appropriate independent international organisation. ECCHR
believes that businesses have a responsibility to take active steps to prevent
such practices as forced child labour in the supply chain.
The cotton companies also pledged to revisit the issue in a year's time.
ECCHR Program Manager Dr. Miriam Saage-Maas has welcomed the decision
from the UK NCP:
For the first
time, cotton traders have declared themselves ready to work against child labor
in Uzbekistan, and to enter into dialogue with civil society organizations
about the situation in the country. It is now up to the corporations to show
that they take these responsibilities seriously by lending weight to their
demands. Should these measures fail to achieve results, ECCHR reserves the
right to begin renewed OECD proceedings, this time demanding an end to trade
relations with Uzbekistan.
The problem with
the demand for an international inspection is that Uzbekistan refuses to allow
any type of monitors to come into the country to check for child labor; indeed,
the government denies the problem exists at all.
Another
organization, the London-based Anti-Slavery International recently received a
discouraging answer to its appeal to the European Union to reconsider its trade
preferences for Uzbekistan -- also based on the alleged absence of evidence.
The International
Labor Organization (ILO) expressed grave concerns at its annual meeting in June
about reports of forced child labour and requested Tashkent to permit an ILO
mission to inspect the fields in Uzbekistan's various provinces during the
cotton harvest in the fall. But the Uzbek government has refused to issue the
invitation to date -- thereby helping to keep the vicious circle alive, with
both EU and corporate demands for "proof" that can only be accepted
from a multilateral body, yet no permission for that body to come and
fact-find.
In part, the
companies could take advantage of the fact that the ILO's concerns about
Uzbekistan were based on local and international NGO reports, not its own
assessment. Yet the ILO report also references UNICEF's reports, and UNICEF has
been involved in a a mitigation program conducted with the Uzbek government to
try to keep younger school-children out of the fields and in the class room and
to delay the use of high-schoolers in the field. The very presence of the
program is an indirect confirmation of the problem of forced child labor in Uzbekistan.
The OECD mediation
process is still pending in Germany and Switzerland.
(THROUGH ASIA
PULSE)
09-08 2011
Annual pro9fit & loss
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
30-Jun-2007 |
30-Jun-2006 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
USD |
USD |
USD |
USD |
USD |
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Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual
Balance Sheet
Financials
in: USD (mil)
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|
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
30-Jun-2007 |
30-Jun-2006 |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
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Exchange Rate |
1 |
1 |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Fixtures & Fittings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Plant & Vehicles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
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Total Fixed Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
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Stocks |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Debtors |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
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Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Assets |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
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Other Current Liabilities |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
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Total Current Liabilities |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
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Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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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) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
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 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Net Worth |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
Annual
Cash Flows
Financials
in: USD (mil)
|
|
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
30-Jun-2007 |
30-Jun-2006 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
No |
No |
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|
|
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Annual
Ratios
Financials in: USD
(mil)
|
|
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
30-Jun-2007 |
30-Jun-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
No |
No |
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|
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|
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Current Ratio |
0.97 |
0.80 |
0.65 |
0.59 |
0.46 |
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Liquidity Ratio |
0.97 |
0.80 |
0.65 |
0.59 |
0.46 |
|
Equity Gearing |
47.55% |
41.97% |
37.31% |
33.84% |
28.86% |
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 |
|
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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.