MIRA INFORM REPORT

 

Report Date :

06.06.2012

 

IDENTIFICATION DETAILS

 

Name :

SETHI SILK STORES LTD.                    

 

 

Registered Office :

Unit D Bridge Road Industrial Estate Bridge Road Southall, UB2 4AB

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.07.2011        

 

 

Date of Incorporation :

06.10.1986

 

 

Com. Reg. No.:

02061787

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Wholesale of Textiles

 

 

No. of Employees :

5

 

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 :

No Complaints

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

Company name and address

 

Top of Form

Bottom of Form

Sethi Silk Stores Ltd.

                                                                                                                                                  

 

Unit D

Bridge Road Industrial Estate

Bridge Road

Southall, UB2 4AB

United Kingdom

 

 

Tel:

020 8571 9445

 

www.dupionsilk.com

 

 

Employees:

5

Company Type:

Private Independent

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

06-Oct-1986

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Jul-2011

Reporting Currency:

British Pound Sterling

Annual Sales:

NA

Total Assets:

2.9

                                         

Business Description          

 

Wholesale of textiles.

 

Industry                

 

Industry

Apparel and Accessories

ANZSIC 2006:

3711 - Textile Product Wholesaling

NACE 2002:

5141 - Wholesale of textiles

NAICS 2002:

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

UK SIC 2003:

5141 - Wholesale of textiles

US SIC 1987:

5131 - Piece Goods, Notions, and Other Dry Good

                      

Key Executives           

   

 

Name

Title

Suman Sethi

Secretary

Sanjeev Ratanchand Sethi

Director

Ramesh Kumar Sethi

Director

    

Financial Summary                                                                     

 

FYE: 31-Jul-2011

USD (mil)

Key Figures

 

Current Assets

1.92

Fixed Assets

0.99

Total Liabilities

0.99

Net Worth

1.70

 

Key Ratios

 

Current Ratio

1.93

Acid Test

1.35

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6260631
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6091989

 

 

Corporate Overview

 

Location
Unit D
Bridge Road Industrial Estate
Bridge Road
Southall, UB2 4AB
Middlesex County
United Kingdom

 

Tel:

020 8571 9445

 

www.dupionsilk.com

Sales GBP(mil):

NA

Assets GBP(mil):

1.8

Employees:

5

Fiscal Year End:

31-Jul-2011

 

Industry:

Apparel and Accessories

Registered Address:
Unit D
Bridge Road Industrial Estate
Bridge Road Southall
Southall, UB2 4AB
United Kingdom

 

Incorporation Date:

06-Oct-1986

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(UK):

02061787

 

Director:

Ramesh Kumar Sethi

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

3711

-

Textile Product Wholesaling

 

NACE 2002 Codes:

5141

-

Wholesale of textiles

 

NAICS 2002 Codes:

424310

-

Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

 

US SIC 1987:

5131

-

Piece Goods, Notions, and Other Dry Good

 

UK SIC 2003:

5141

-

Wholesale of textiles

 

 

Business Description

Wholesale of textiles.

 

 

 

More Business Descriptions

Clothing Wholesale and Suppliers

 

 

 

 

 

 

 

Financial Data

 

Financials in:

GBP(mil)

 

Assets:

1.8

Current Assets:

1.2

 

Fixed Assets:

0.6

 

Long Term Debt:

0.0

 

Total Liabilities:

0.6

 

Issued Capital:

0.0

 

Working Capital:

0.6

 

Net Worth:

1.0

 

 

 

Date of Financial Data:

31-Jul-2011

 

1 Year Growth

1.1%

 

Key Corporate Relationships

Bank:

Barclays Bank PLC

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Ramesh Kumar Sethi

 

Director

Director/Board Member

Sanjeev Ratanchand Sethi

 

Director

Director/Board Member

 

Executives

 

Name

Title

Function

Suman Sethi

 

Secretary

Company Secretary

 

 

Directors and Shareholders Report

 

Annual Return Date: 15 Oct 2011

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Ramesh Kumar
Sethi

Current

19 Jun 1953

140 Springwell Road,
Hounslow, Middlesex TW5 9BP

17 Oct 1991

NA

Current:2
Previous:0
Disqualifications:0

 

Sanjeev Ratanchand
Sethi

Current

28 Oct 1962

64 Bulstrode Avenue,
Hounslow, Middlesex TW3 3AD

17 Oct 1991

NA

Current:3
Previous:0
Disqualifications:0

 

Naresh Kumar
Sethi

Previous

13 Aug 1957

108 Whitton Dene,
Hounslow, Middlesex TW3 2JU

17 Oct 1991

25 Sep 2011

Current:0
Previous:1
Disqualifications: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

 

Suman
Sethi

Current

NA

140 Springwell Road,
Hounslow, Middlesex TW5 9BP

17 Oct 1991

NA

Current:2
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

Individual Shareholders

 

Name

Share Details
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Naresh Kumar Sethi (Deceased)

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

33.33

Ramesh Kumar Sethi

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

33.33

Sanjeev Ratanchand Sethi

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

33.33

 

 

 

 

 

 

 

 

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-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626063

0.637195

0.636663

0.500129

0.513635

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Depreciation

0.0

0.0

0.0

0.0

0.0

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.609199

0.638529

0.603191

0.504821

0.492114

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

-

-

-

1.4

1.5

Fixtures & Fittings

-

-

-

0.1

0.1

Plant & Vehicles

-

-

-

0.0

0.0

Total Tangible Fixed Assets

1.0

1.0

1.0

1.6

1.6

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

1.0

1.0

1.0

1.6

1.6

Total Stocks Work In Progress

0.6

0.5

0.5

0.5

0.9

Total Debtors

1.3

1.1

1.2

1.3

1.3

Cash and Equivalents

0.0

0.7

0.7

0.3

0.1

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

1.9

2.3

2.4

2.1

2.2

Total Assets

2.9

3.2

3.4

3.7

3.8

Other Current Liabilities

1.0

1.2

1.1

1.2

1.2

Total Current Liabilities

1.0

1.2

1.1

1.2

1.2

Group Loans (Long Term Liability)

0.0

-

-

-

-

Director Loans (Long Term Liability)

0.0

-

-

-

-

Hire Purchase (Long Term Liability)

0.0

-

-

-

-

Leasing (Long Term Liability)

0.0

-

-

-

-

Total Hire Purchase Loans (Long Term Liability)

0.0

-

-

-

-

Other Long Term Loans

0.0

-

-

-

-

Accruals/Deferred Income (Long Term Liability)

0.0

-

-

-

-

Other Long Term Liabilities

0.0

0.3

0.4

0.6

0.7

Total Long Term Liabilities

0.0

0.3

0.4

0.6

0.7

Deferred Taxation

-

0.0

0.0

0.0

0.0

Other Provisions

0.2

0.0

0.0

0.0

0.0

Total Provisions

0.2

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

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

1.7

1.7

1.9

1.9

1.9

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

1.7

1.7

1.9

1.9

1.9

Net Worth

1.7

1.7

1.9

1.9

1.9

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626063

0.637195

0.636663

0.500129

0.513635

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

 

 

31-Jul-2011

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.609199

0.638529

0.603191

0.504821

0.492114

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.93

1.86

2.23

1.77

1.78

Liquidity Ratio

1.35

1.49

1.79

1.33

1.08

Equity Gearing

58.66%

54.08%

55.64%

51.33%

49.93%

 

 

Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.56

UK Pound

1

Rs.85.52

Euro

1

Rs.69.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.