MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
VEENAK INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
1406 Coventry Road Yardley
Birmingham, B25 8AE |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
23.01.1991 |
|
|
|
|
Com. Reg. No.: |
02575973 |
|
|
|
|
Legal Form : |
Private Subsidiary |
|
|
|
|
line of business
: |
Wholesale of pharmaceutical products in the united kingdom
and the import and export of various consumable commodities |
|
|
|
|
No. of Employees : |
17 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED KINGDOM -
ECONOMIC
OVERVIEW
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to ?325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).
|
Source
: CIA |
Company name & address
VEENAK
INTERNATIONAL LTD.
1406 Coventry Road
Yardley
Birmingham, B25 8AE
United Kingdom
Tel: 01217650214
Fax: 01217650215
Website: www.veenakpharmaceuticals.com
Employees: 17
Company Type: Private
Subsidiary
Corporate Family: 3
Companies
Ultimate Parent: S & K
Holdings Ltd
Quoted Status: Non-quoted
Company
Incorporation Date: 23-Jan-1991
Auditor: Menzies LLP
Financials in: USD
(Millions)
Fiscal Year End: 30-Sep-2011
Reporting Currency: British
Pound Sterling
Annual Sales: 44.2
1
Net Income: (0.5)
Total Assets: 5.1
Business Description
Wholesale of pharmaceutical products in the united kingdom
and the import and export of various consumable commodities
Industry
|
Industry |
Personal and Household Products |
|
ANZSIC 2006: |
3720 - Pharmaceutical and Toiletry Goods Wholesaling |
|
NACE 2002: |
5146 - Wholesale of pharmaceutical goods |
|
NAICS 2002: |
424210 - Drugs and Druggists' Sundries Merchant
Wholesalers |
|
UK SIC 2003: |
5146 - Wholesale of pharmaceutical goods |
|
US SIC 1987: |
5122 - Drugs, Drug Proprietaries, and Druggists' Sundries |
Key Executives
|
Name |
Title |
|
Chunilal Shah |
Secretary |
|
Shan Abbas Abbas Hassam |
Director |
|
Mohamed Gulamali Kanani |
Director |
|
Abbas Mohamed Kanani |
Director |
Financial Summary
|
FYE: 30-Sep-2011 |
USD (mil) |
|
Key Figures |
|
|
Current Assets |
5.03 |
|
Fixed Assets |
0.08 |
|
Total Liabilities |
3.56 |
|
Net Worth |
1.55 |
|
Key Ratios |
|
|
Current Ratio |
1.41 |
|
Acid Test |
0.71 |
Registered No.(UK): 02575973
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6229723
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6419309
Location
1406 Coventry Road
Yardley
Birmingham, B25 8AE
West Midlands County
United Kingdom
Tel: 01217650214
Fax: 01217650215
Website: www.veenakpharmaceuticals.com
Sales GBP(mil): 27.6
Assets GBP(mil): 3.3
Employees: 17
Fiscal Year End: 30-Sep-2011
Industry: Personal
and Household Products
Registered Address:
1406 Coventry Road, South
Yardley Birmingham
West Midlands
Birmingham, B25 8AE
United Kingdom
Incorporation Date: 23-Jan-1991
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(UK): 02575973
Director: Mohamed
Gulamali Kanani
Industry
Codes
|
ANZSIC 2006 Codes: |
||
|
3720 |
- |
Pharmaceutical and Toiletry Goods Wholesaling |
|
NACE 2002 Codes: |
||
|
5146 |
- |
Wholesale of pharmaceutical goods |
|
NAICS 2002 Codes: |
||
|
424210 |
- |
Drugs and Druggists' Sundries Merchant Wholesalers |
|
US SIC 1987: |
||
|
5122 |
- |
Drugs, Drug Proprietaries, and Druggists' Sundries |
|
UK SIC 2003: |
||
|
5146 |
- |
Wholesale of pharmaceutical goods |
Business
Description
Wholesale of pharmaceutical products in the united kingdom and the import and export of various consumable commodities
More Business Descriptions
Pharmaceutical Suppliers and Wholesalers
Financial
Data
|
Financials in: |
GBP(mil) |
1 Year Growth |
|
Revenue: |
27.6 |
-14.9% |
|
Net Income: |
-0.3 |
NA |
|
Assets: |
3.3 |
NA |
|
Current Assets: |
3.2 |
|
|
Fixed Assets: |
0.0 |
|
|
Long Term Debt: |
0.0 |
|
|
Total Liabilities: |
2.3 |
|
|
Issued Capital: |
0.0 |
|
|
Working Capital: |
0.9 |
|
|
Net Worth: |
1.0 |
|
|
Date of Financial Data: |
30-Sep-2011 |
|
Key Corporate Relationships
|
Auditor: |
Menzies LLP |
|
Auditor: |
Menzies LLP |
|
|
GBP(mil) |
|
Audit Fees: |
0.0 |
|
Non Audit Fees: |
0.0 |
|
Audit Fiscal Year: |
09-30-2011 |
Corporate
Structure News
S & K
Holdings Ltd
Veenak
International Ltd.
Veenak
International Ltd.
Total Corporate Family Members: 3
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Birmingham |
United Kingdom |
Personal and Household Products |
48.2 |
33 |
|
|
Subsidiary |
Birmingham |
United Kingdom |
Personal and Household Products |
44.2 |
17 |
|
|
Subsidiary |
Birmingham |
United Kingdom |
Personal and Household Products |
|
5 |
Board of Directors
|
|
|
|||
|
Director |
Director/Board Member |
|||
|
|||||
|
Director |
Director/Board Member |
|
||
|
|||||
|
Director |
Director/Board Member |
|
||
|
|||||
Executives
|
|
|
|||
|
Secretary |
Company Secretary |
|||
|
|||||
Directors
and Shareholders Report
|
Main Office Address: |
Tel: 01217650214 |
Annual Return Date: 02
Dec 2011 |
Individual Directors
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
|
Current |
08 Sep 1952 |
38 Meadow View, |
17 Oct 2005 |
NA |
Current:5 |
|
|
|
Current |
07 May 1984 |
1406 Coventry Road, South Yardley, |
01 Jun 2012 |
NA |
Current:5 |
|
|
|
Current |
05 Mar 1985 |
1406 Coventry Road South, Yardley Birmingham, |
01 Jun 2012 |
NA |
Current:5 |
|
|
|
Current |
12 Feb 1950 |
30 Astor Drive, Mosley, |
12 Feb 1991 |
NA |
Current:8 |
|
|
|
Previous |
27 Sep 1961 |
155 Yardley Road, Acocks Green, |
02 Aug 1999 |
24 Dec 1999 |
Current:0 |
|
|
|
Previous |
08 Sep 1952 |
38 Meadow View, |
01 Oct 1993 |
NA |
Current:5 |
|
|
|
Previous |
08 Nov 1951 |
30 Astor Drive, Moseley, |
01 Oct 1993 |
17 Oct 2005 |
Current:0 |
|
|
|
Previous |
13 Nov 1953 |
38 Meadow View, Moseley, |
01 Oct 1993 |
31 Mar 1995 |
Current:0 |
|
Corporate
Directors
There are no corporate directors for this company.
|
Individual Secretaries |
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
|
Current |
12 Feb 1950 |
30 Astor Drive, Mosley, |
01 Oct 1993 |
NA |
Current:8 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Corporate
Secretaries
There are no corporate secretaries for this company.
|
Individual Shareholders |
|
There are no individual shareholders for this company. |
|
Corporate Shareholders |
|||||||
|
Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
05869110 |
36000 Ordinary GBP 1.00 |
Ordinary |
36,000 |
1.00 |
36,000.00 |
100.00 |
|
Annual Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.622972 |
0.64255 |
0.647882 |
0.507879 |
0.508116 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Turnover (UK) |
44.2 |
44.6 |
- |
- |
- |
|
Turnover (Exports) |
0.0 |
5.8 |
- |
- |
- |
|
Total Turnover |
44.2 |
50.4 |
- |
- |
- |
|
Cost of Sales |
42.3 |
48.2 |
- |
- |
- |
|
Gross Profit |
1.9 |
2.2 |
- |
- |
- |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Expenses |
2.4 |
1.5 |
- |
- |
- |
|
Operating Profit |
-0.5 |
0.8 |
- |
- |
- |
|
Other Income |
0.0 |
0.0 |
- |
- |
- |
|
Interest Paid |
0.0 |
0.0 |
- |
- |
- |
|
Exceptional Income |
0.0 |
0.0 |
- |
- |
- |
|
Discontinued Operations |
0.0 |
- |
- |
- |
- |
|
Profit Before Taxes |
-0.5 |
0.8 |
- |
- |
- |
|
Tax Payable / Credit |
0.0 |
0.2 |
- |
- |
- |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
- |
- |
- |
|
Dividends |
0.0 |
0.0 |
- |
- |
- |
|
Profit After Taxes |
-0.5 |
0.5 |
- |
- |
- |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
- |
- |
- |
|
Audit Fees |
0.0 |
0.0 |
- |
- |
- |
|
Non Audit Fees |
0.0 |
0.1 |
- |
- |
- |
|
Number of Employees |
17 |
- |
- |
- |
- |
|
Wages |
0.4 |
0.3 |
- |
- |
- |
|
Social Security Costs |
0.0 |
0.0 |
- |
- |
- |
|
Other Pension Costs |
0.0 |
0.8 |
- |
- |
- |
|
Employees Remuneration |
0.4 |
1.1 |
- |
- |
- |
|
Directors Remuneration |
0.0 |
0.8 |
- |
- |
- |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.641931 |
0.634598 |
0.625254 |
0.561026 |
0.490834 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
0.0 |
0.0 |
- |
- |
- |
|
Fixtures &
Fittings |
0.0 |
0.0 |
- |
- |
- |
|
Plant &
Vehicles |
0.0 |
0.1 |
- |
- |
- |
|
Total Tangible
Fixed Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Stocks |
2.5 |
2.0 |
- |
- |
- |
|
Work in Progress |
0.0 |
0.0 |
- |
- |
- |
|
Total Stocks Work
In Progress |
2.5 |
2.0 |
0.8 |
1.1 |
1.0 |
|
Trade Debtors |
1.5 |
3.6 |
- |
- |
- |
|
Other Debtors |
0.9 |
0.5 |
- |
- |
- |
|
Total Debtors |
2.4 |
4.1 |
2.9 |
2.6 |
3.4 |
|
Cash and
Equivalents |
0.1 |
0.0 |
0.9 |
0.0 |
0.0 |
|
Other Current
Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current
Assets |
5.0 |
6.0 |
4.6 |
3.7 |
4.4 |
|
Total Assets |
5.1 |
6.1 |
4.7 |
3.8 |
4.4 |
|
Trade Creditors |
2.0 |
1.5 |
- |
- |
- |
|
Bank Overdraft |
- |
1.4 |
- |
- |
- |
|
Inter-Company
Creditors |
0.5 |
0.8 |
- |
- |
- |
|
Director Loans
(Current Liability) |
- |
0.0 |
- |
- |
- |
|
Hire Purchase (Current
Liability) |
- |
0.0 |
- |
- |
- |
|
Finance Lease
(Current Liability) |
- |
0.0 |
- |
- |
- |
|
Total Finance
Lease/Hire Purchase (Current Liability) |
- |
0.0 |
- |
- |
- |
|
Total Short Term
Loans |
- |
0.0 |
- |
- |
- |
|
Accruals/Deferred Income
(Current Liability) |
0.1 |
0.0 |
- |
- |
- |
|
Social
Security/VAT |
- |
0.0 |
- |
- |
- |
|
Corporation Tax |
0.1 |
0.2 |
- |
- |
- |
|
Dividends (Current
Liability) |
- |
0.0 |
- |
- |
- |
|
Other Current
Liabilities |
0.8 |
0.0 |
3.1 |
2.6 |
3.2 |
|
Total Current
Liabilities |
3.6 |
4.0 |
3.1 |
2.6 |
3.2 |
|
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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Share Premium
Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation
Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
1.5 |
2.0 |
1.5 |
1.1 |
1.2 |
|
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 |
1.5 |
2.1 |
1.6 |
1.2 |
1.2 |
|
Net Worth |
1.5 |
2.1 |
1.6 |
1.2 |
1.2 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.622972 |
0.64255 |
0.647882 |
0.507879 |
0.508116 |
|
Consolidated |
No |
No |
No |
No |
No |
Annual
Ratios
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.641931 |
0.634598 |
0.625254 |
0.561026 |
0.490834 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.41 |
1.49 |
1.48 |
1.44 |
1.39 |
|
Liquidity Ratio |
0.71 |
1.01 |
1.22 |
1.00 |
1.08 |
|
Stock Turnover |
17.09 |
26.15 |
- |
- |
- |
|
Credit Period (Days) |
13.07 |
25.74 |
- |
- |
- |
|
Working Capital by Sales |
3.42% |
3.90% |
- |
- |
- |
|
Trade Credit by Debtors |
1.31 |
0.41 |
- |
- |
- |
|
Return on Capital |
-32.95% |
37.50% |
- |
- |
- |
|
Return on Assets |
-9.98% |
12.77% |
- |
- |
- |
|
Profit Margin |
-1.19% |
1.53% |
- |
- |
- |
|
Return on Shareholders Funds |
-32.95% |
37.50% |
- |
- |
- |
|
Borrowing Ratio |
34.40% |
108.98% |
- |
- |
- |
|
Equity Gearing |
30.27% |
34.05% |
33.22% |
31.59% |
28.00% |
|
Interest Coverage |
-121.73 |
- |
- |
- |
- |
|
Sales by Tangible Assets |
565.34 |
574.80 |
- |
- |
- |
|
Average Remuneration per Employee |
0.0 |
- |
- |
- |
- |
|
Profit per Employee |
0.0 |
- |
- |
- |
- |
|
Sales per Employee |
2.5 |
- |
- |
- |
- |
|
Capital Employed per Employee |
0.1 |
- |
- |
- |
- |
|
Tangible Assets per Employee |
0.0 |
- |
- |
- |
- |
|
Total Assets per Employee |
0.3 |
- |
- |
- |
- |
|
Employee Remuneration by Sales |
0.92% |
2.21% |
- |
- |
- |
|
Creditor Days (Cost of Sales Based) |
17.92 |
11.07 |
- |
- |
- |
|
Creditor Days (Sales Based) |
17.15 |
10.58 |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.