MIRA INFORM REPORT
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Report Date : |
21.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ASIATIC CARPETS LTD. |
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Registered Office : |
42 Lytton Road, Barnet, EN5 5BY |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.10.1977 |
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Com. Reg. No.: |
01332676 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Imports Floorings |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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
Asiatic Carpets Ltd.
Oriental Carpet Centre
105 Eade Road
London, N4 1TJ
United Kingdom
Tel: 02088002000
Fax: 02088008181
Web: www.asiatic.co.uk
Synthesis
Employees: 51
Company Type: Private Subsidiary
Corporate Family: 4
Companies
Ultimate Parent: Asiatic Carpets Holdings Ltd.
Quoted Status: Non-quoted Company
Incorporation Date:
04-Oct-1977
Auditor: Jeff Lermer And Associates
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2010
Reporting Currency: British
Pound Sterling
Annual Sales: 17.8
1
Net Income: 0.4
Total Assets: 22.2
Business Description
Asiatic Carpets
Ltd. is a family-owned business that imports floorings in the United Kingdom.
The company imports a large collection of rugs and carpets from China, India
and Pakistan. It offers a range of designer, hand and machine embroidered
carpets and rugs in various materials and finishes to its clients. In addition,
it offers a range of felt, jute and coir carpets. The company operates several
warehouses and retail stores throughout the country. (Updated by OneSource
Information Services)
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 3739 - Other Goods
Wholesaling Not Elsewhere Classified
NACE 2002: 5147 - Wholesale
of other household goods
NAICS 2002: 4232 - Furniture
and Home Furnishing Merchant Wholesalers
UK SIC 2003: 5147 - Wholesale
of other household goods
US SIC 1987: 5099 - Durable
Goods, Not Elsewhere Classified
Key Executives
|
Name |
Title |
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Jeremy Nickle |
Head of Marketing |
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Frederick Kelaty |
Secretary |
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Sharon Mozell Kelaty |
Secretary |
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George Tinnit |
IT Manager |
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Jeya Sivaguru |
Accountant |
Financial Summary
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Registered No.(UK): 01332676
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6277937
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6592392
Corporate Overview
Location
Oriental Carpet Centre
105 Eade Road
London, N4 1TJ
London County
United Kingdom
Tel: 02088002000
Fax: 02088008181
Web: www.asiatic.co.uk
Sales GBP(mil): 11.2
Assets GBP(mil): 14.6
Employees: 51
Fiscal Year End: 31-Mar-2010
Industry: Miscellaneous Capital Goods
Registered Address:
42 Lytton Road
Barnet, EN5 5BY
United Kingdom
Incorporation Date: 04-Oct-1977
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(UK): 01332676
Secretary: Sharon Mozell Kelaty
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
3739 - Other Goods Wholesaling Not Elsewhere Classified
421 - Furniture, Floor Coverings, Houseware and Textile Goods
Retailing
NACE 2002 Codes:
5244 - Retail sale of furniture, lighting equipment and household
articles not elsewhere classified
5147 - Wholesale of other household goods
NAICS 2002 Codes:
4232 - Furniture and Home Furnishing Merchant Wholesalers
442 - Furniture and Home Furnishings Stores
US SIC 1987:
5099 - Durable Goods, Not Elsewhere Classified
57 - Home Furniture, Furnishings, and
Equipment Stores
UK SIC 2003:
5147 - Wholesale of other household goods
5244 - Retail sale of furniture, lighting equipment and household
articles not elsewhere classified
Business
Description
Asiatic Carpets
Ltd. is a family-owned business that imports floorings in the United Kingdom.
The company imports a large collection of rugs and carpets from China, India
and Pakistan. It offers a range of designer, hand and machine embroidered
carpets and rugs in various materials and finishes to its clients. In addition,
it offers a range of felt, jute and coir carpets. The company operates several
warehouses and retail stores throughout the country. (Updated by OneSource
Information Services)
More Business
Descriptions
Carpet and Rug Oriental Designs
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate Family Members: 4 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Barnet |
United Kingdom |
Retail (Specialty) |
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Subsidiary |
London |
United Kingdom |
Miscellaneous Capital Goods |
17.8 |
51 |
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Subsidiary |
Barnet |
United Kingdom |
Construction Services |
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Subsidiary |
Barnet |
United Kingdom |
Business Services |
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Executive report
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Executives |
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Secretary |
Company Secretary |
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Secretary |
Company Secretary |
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Accountant |
Accounting Executive |
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Head of Marketing |
Marketing Executive |
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IT Manager |
Information Executive |
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Directors and Shareholders Report
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Main Office
Address: |
Tel: 02088002000 |
Annual Return Date: 27 Mar 2011 |
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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 |
01 Aug 1964 |
12 Linfield Close, |
10 Apr 1992 |
NA |
Current:9 |
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Current |
24 Jul 1968 |
38 Brampton Grove, Hendon, |
28 Oct 1997 |
NA |
Current:9 |
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Previous |
17 Aug 1933 |
34 Brampton Grove, |
10 Apr 1992 |
07 Aug 2005 |
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 |
01 Aug 1964 |
12 Linfield Close, |
10 Apr 1992 |
NA |
Current:9 |
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Current |
24 Jul 1968 |
38 Brampton Grove, Hendon, |
10 Apr 1994 |
NA |
Current:9 |
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Previous |
24 May 1929 |
11 Windsor Avenue, |
NA |
10 Apr 1994 |
Current:0 |
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Previous |
01 Feb 1962 |
Tudor Lodge, 46 Tenterden Grove, |
30 Dec 1999 |
05 Apr 2000 |
Current:0 |
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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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There are no individual shareholders for this company. |
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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 |
|
04710645 |
1000000 Ordinary GBP 1.00 |
Ordinary |
1,000,000 |
1.00 |
1,000,000.00 |
100.00 |
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Annual Profit & Loss
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
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|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
31-Mar-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
0.560422 |
|
Consolidated |
No |
No |
No |
No |
No |
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Total Turnover |
17.8 |
22.9 |
32.1 |
- |
23.5 |
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Cost of Sales |
- |
18.5 |
23.8 |
- |
16.7 |
|
Total Expenses |
17.4 |
- |
- |
- |
- |
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Gross Profit |
- |
4.4 |
8.3 |
10.2 |
6.8 |
|
Depreciation |
0.2 |
0.1 |
0.4 |
0.4 |
0.4 |
|
Other Expenses |
- |
4.0 |
8.8 |
9.9 |
5.9 |
|
Operating Profit |
- |
- |
- |
0.3 |
- |
|
Other Income |
0.6 |
1.5 |
1.1 |
0.0 |
0.7 |
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Interest Paid |
0.0 |
0.0 |
0.2 |
0.0 |
0.0 |
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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 |
0.0 |
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Profit Before Taxes |
1.0 |
1.8 |
0.4 |
0.3 |
1.5 |
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Tax Payable / Credit |
0.2 |
0.0 |
0.0 |
0.2 |
0.4 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.3 |
0.0 |
0.6 |
0.4 |
0.4 |
|
Profit After Taxes |
0.4 |
1.8 |
-0.2 |
-0.2 |
0.6 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.1 |
- |
0.0 |
|
Number of Employees |
51 |
95 |
127 |
43 |
43 |
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Wages |
- |
- |
5.6 |
5.5 |
4.2 |
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Social Security Costs |
- |
- |
0.0 |
0.0 |
0.0 |
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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 |
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Employees Remuneration |
2.6 |
3.1 |
5.6 |
5.5 |
4.2 |
|
Directors Emoluments |
0.0 |
0.0 |
2.0 |
2.4 |
1.7 |
|
Other Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
0.0 |
0.0 |
2.0 |
2.4 |
1.7 |
|
Highest Paid Director |
0.0 |
0.0 |
2.0 |
- |
- |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
31-Mar-2006 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
0.576518 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
4.7 |
4.5 |
7.7 |
8.6 |
7.8 |
|
Fixtures & Fittings |
0.1 |
0.2 |
0.4 |
0.5 |
0.5 |
|
Plant & Vehicles |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Tangible Fixed Assets |
4.9 |
4.8 |
8.1 |
9.2 |
8.4 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.7 |
0.6 |
2.6 |
0.9 |
0.8 |
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Total Fixed Assets |
5.6 |
5.4 |
10.7 |
10.1 |
9.2 |
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Stocks |
- |
2.5 |
- |
- |
- |
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Work in Progress |
- |
0.0 |
- |
- |
- |
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Total Stocks Work In Progress |
1.7 |
2.5 |
2.5 |
2.3 |
2.2 |
|
Trade Debtors |
4.1 |
4.9 |
7.4 |
8.4 |
4.9 |
|
Inter-Company Debtors |
10.0 |
10.0 |
- |
- |
- |
|
Other Debtors |
0.1 |
0.5 |
0.2 |
0.3 |
0.3 |
|
Total Debtors |
14.2 |
15.4 |
7.6 |
8.7 |
5.2 |
|
Cash and Equivalents |
0.7 |
0.1 |
1.3 |
0.0 |
1.2 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
16.6 |
18.0 |
11.4 |
10.9 |
8.5 |
|
Total Assets |
22.2 |
23.4 |
22.1 |
21.0 |
17.7 |
|
Trade Creditors |
0.4 |
0.5 |
0.6 |
0.6 |
0.6 |
|
Bank Overdraft |
2.7 |
5.3 |
3.5 |
0.8 |
0.6 |
|
Director Loans (Current Liability) |
- |
- |
0.1 |
0.5 |
0.8 |
|
Accruals/Deferred Income (Current Liability) |
0.1 |
0.0 |
2.4 |
2.9 |
0.2 |
|
Social Security/VAT |
0.2 |
0.1 |
0.1 |
0.3 |
1.0 |
|
Corporation Tax |
0.2 |
- |
0.0 |
0.1 |
0.5 |
|
Other Current Liabilities |
0.6 |
0.9 |
0.4 |
0.7 |
0.6 |
|
Total Current Liabilities |
4.2 |
6.8 |
7.2 |
6.1 |
4.3 |
|
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) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
1.5 |
1.4 |
2.0 |
2.0 |
1.7 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
4.5 |
4.3 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
11.9 |
10.9 |
12.9 |
12.9 |
11.6 |
|
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 |
18.0 |
16.6 |
14.9 |
14.9 |
13.4 |
|
Net Worth |
18.0 |
16.6 |
14.9 |
14.9 |
13.4 |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
31-Mar-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
0.560422 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
3.1 |
-14.9 |
0.2 |
0.0 |
2.5 |
|
Net Cash Flow from ROI and Servicing of Finance |
0.6 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Taxation |
0.0 |
0.0 |
-0.1 |
-0.6 |
-0.1 |
|
Capital Expenditures |
0.0 |
10.1 |
-0.4 |
-0.1 |
-0.3 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
-0.6 |
-0.4 |
-0.4 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
0.0 |
0.0 |
-0.4 |
-0.4 |
0.0 |
|
Increase in Cash |
3.7 |
-4.3 |
-1.4 |
-1.4 |
1.7 |
Annual Ratios
Financials
in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
31-Mar-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
0.576518 |
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Consolidated |
No |
No |
No |
No |
No |
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|
|
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Current Ratio |
3.91 |
2.63 |
1.58 |
1.79 |
1.97 |
|
Liquidity Ratio |
3.51 |
2.27 |
1.24 |
1.42 |
1.46 |
|
Stock Turnover |
9.99 |
7.77 |
12.76 |
- |
10.40 |
|
Credit Period (Days) |
87.64 |
92.81 |
84.58 |
- |
77.81 |
|
Working Capital by Sales |
72.90% |
57.24% |
13.25% |
- |
18.33% |
|
Trade Credit by Debtors |
0.10 |
0.11 |
0.08 |
0.07 |
0.13 |
|
Return on Capital |
5.25% |
9.31% |
2.72% |
2.40% |
11.01% |
|
Return on Assets |
4.25% |
6.59% |
1.83% |
1.71% |
8.32% |
|
Profit Margin |
5.56% |
7.93% |
1.28% |
- |
6.45% |
|
Return on Shareholders Funds |
5.25% |
9.31% |
2.72% |
2.40% |
11.01% |
|
Borrowing Ratio |
15.09% |
32.03% |
24.26% |
9.08% |
10.62% |
|
Equity Gearing |
80.90% |
70.84% |
67.46% |
70.95% |
75.55% |
|
Interest Coverage |
- |
- |
1.96 |
- |
32.77 |
|
Sales by Tangible Assets |
3.44 |
4.06 |
3.90 |
- |
2.71 |
|
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 |
0.3 |
0.2 |
0.3 |
- |
0.5 |
|
Capital Employed per Employee |
0.4 |
0.2 |
0.1 |
0.3 |
0.3 |
|
Tangible Assets per Employee |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Total Assets per Employee |
0.4 |
0.2 |
0.2 |
0.5 |
0.4 |
|
Employee Remuneration by Sales |
14.56% |
13.52% |
17.42% |
- |
17.98% |
|
Creditor Days (Cost of Sales Based) |
9.07 |
12.26 |
9.08 |
- |
14.60 |
|
Creditor Days (Sales Based) |
9.07 |
9.93 |
6.73 |
- |
10.37 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.22 |
|
UK Pound |
1 |
Rs.75.63 |
|
Euro |
1 |
Rs.65.65 |
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.