MIRA INFORM REPORT

 

 

Report Date :

26.11.2012

 

IDENTIFICATION DETAILS

 

Name :

EURO AROMAS LTD.

 

 

Registered Office :

29 Nugent Road, Bolton, BL3 3DE

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.10.2011

 

 

Date of Incorporation :

10.10.2002

 

 

Com. Reg. No.:

04558649

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Wholesaler of perfume and cosmetics, wholesale of chemical products.

 

 

No. of Employees :

03 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 

 

Euro Aromas Ltd.

29 Nugent Road

Bolton, BL3 3DE

United Kingdom

(Trading Address)

Registered Address

Tel:   01204 659692

 

 

Synthesis     

 

Employees:                  3

Company Type:            Private Parent

Quoted Status:             Non-quoted Company

Incorporation Date:         10-Oct-2002

Auditor:                        Abbey & Co Associates

Financials in:                 USD (Millions)

Fiscal Year End:                       31-Oct-2011

Reporting Currency:       British Pound Sterling

Annual Sales:               NA

Total Assets:                0.7

 

 

Business Description     

 

Wholesale of perfume and cosmetics, wholesale of chemical products.

 

Industry             

Industry            Personal and Household Products

ANZSIC 2006:    3720 - Pharmaceutical and Toiletry Goods Wholesaling

NACE 2002:      5145 - Wholesale of perfume and cosmetics

NAICS 2002:     424210 - Drugs and Druggists' Sundries Merchant Wholesalers

UK SIC 2003:    5145 - Wholesale of perfume and cosmetics

UK SIC 2007:    4645 - Wholesale of perfume and cosmetics

US SIC 1987:    5122 - Drugs, Drug Proprietaries, and Druggists' Sundries

 

           


Key Executives   

 

Name

Title

Yusuf Ibrahim Munshi

Secretary

Javid Munshi

Director

Khalid Munshi

Director

 

 

Financial Summary

 

 

FYE: 31-Oct-2011

USD (mil)

Key Figures

 

Current Assets

0.66

Fixed Assets

0.0034

Total Liabilities

0.50

Net Worth

0.07

 

Key Ratios

 

Current Ratio

1.31

Acid Test

0.71

 

 

 

 

Corporate Overview

 

Location

29 Nugent Road

Bolton, BL3 3DE

Greater Manchester County

United Kingdom

Tel:       01204 659692

 

 

Sales GBP(mil):             NA

Assets GBP(mil):           0.4

Employees:                   3

Fiscal Year End:                        31-Oct-2011

Industry:                                    Personal and Household Products

                       


Registered Address:

29 Nugent Road

Bolton, BL3 3DE

United Kingdom

 

Incorporation Date:         10-Oct-2002

Company Type:             Private Parent

Quoted Status:              Not Quoted

Registered No.(UK):       04558649

Director:                        Javid Munshi

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3720     -          Pharmaceutical and Toiletry Goods Wholesaling

3323     -          Industrial and Agricultural Chemical Product Wholesaling

 

NACE 2002 Codes:

5145     -          Wholesale of perfume and cosmetics

5155     -          Wholesale of chemical products

 

NAICS 2002 Codes:

424210  -          Drugs and Druggists' Sundries Merchant Wholesalers

4246     -          Chemical and Allied Products Merchant Wholesalers

 

US SIC 1987:

5122     -          Drugs, Drug Proprietaries, and Druggists' Sundries

516       -          Chemicals and Allied Products

 

UK SIC 2003:

5145     -          Wholesale of perfume and cosmetics

5155     -          Wholesale of chemical products

 

UK SIC 2007:

4645     -          Wholesale of perfume and cosmetics

4675     -          Wholesale of chemical products

 

Business Description

Wholesale of perfume and cosmetics, wholesale of chemical products.

 

More Business Descriptions

Chemicals and Allied Products

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

0.4

Current Assets:

0.4

 

Fixed Assets:

0.0

 

Long Term Debt:

0.1

 

Total Liabilities:

0.4

 

Issued Capital:

NaN

 

Working Capital:

0.1

 

Net Worth:

0.0

 

 

 

Date of Financial Data:

31-Oct-2011

 

1 Year Growth

NA

 

Key Corporate Relationships

Auditor:

Abbey & Co Associates

Bank:

Lloyds Tsb Bank

 

Auditor:

Abbey & Co Associates

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Javid Munshi

 

Director

Director/Board Member

 

Age: 50

 

Khalid Munshi

 

Director

Director/Board Member

 

 

Age: 27

 

 

 

Executives

 

Name

Title

Function

 

Yusuf Ibrahim Munshi

 

Secretary

Company Secretary

 

Age: 56

 

 

Directors and Shareholders Report

 

Main Office Address:
29 Nugent Road
Bolton
United Kingdom BL3 3DE

Tel: 01204 659692

Annual Return Date: 10 Oct 2012

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Khalid 
Munshi

Current

02 Mar 1985

168 Deane Road,
Bolton, Greater Manchester BL3 5DL

01 Mar 2009

NA

Current:4
Previous:1
Disqualifications:0

 

Javid 
Munshi

Current

23 Dec 1961

29 Nugent Road,
Bolton, Greater Manchester BL3 3DE

31 Oct 2008

NA

Current:1
Previous:0
Disqualifications:0

 

Abdul Hamid 
Munshi

Previous

19 Jun 1959

81 Lumsden Street, 
Bolton, Greater Manchester BL3 6SB

29 Oct 2002

31 Oct 2008

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Hanover Directors Limited

Previous

44 Upper Belgrave Road, 
Bristol, Avon BS8 2XN

10 Oct 2002

11 Oct 2002

 

 

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Yusuf Ibrahim 
Munshi

Current

22 Oct 1956

19 Kintyre Drive, 
Bolton, Greater Manchester BL3 4PE

29 Oct 2002

NA

Current:1
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Hcs Secretarial Limited

Previous

44 Upper Belgrave Road, Clifton, 
Bristol, Avon BS8 2XN

10 Oct 2002

11 Oct 2002

 

 

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Javid Munshi

50 Ordinary GBP 1.00

Ordinary

50

1.00

50.00

50.00

Khalid Munshi

50 Ordinary GBP 1.00

Ordinary

50

1.00

50.00

50.00

 

 

 

 

 

 

 

 

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-Oct-2011

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.62326

0.643546

0.650218

0.516581

0.504347

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-Oct-2011

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.61954

0.625469

0.606667

0.618908

0.481383

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

-

0.0

0.0

0.0

0.0

Fixtures & Fittings

-

0.0

0.0

0.0

0.0

Plant & Vehicles

-

0.0

0.0

0.0

0.0

Total Tangible Fixed Assets

0.0

0.0

0.0

0.0

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

0.0

0.0

0.0

0.0

0.0

Total Stocks Work In Progress

0.3

0.3

0.3

0.1

0.1

Other Debtors

-

-

0.4

-

0.4

Total Debtors

0.3

0.2

0.4

0.1

0.4

Cash and Equivalents

0.1

0.0

0.0

0.0

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

0.7

0.6

0.7

0.2

0.5

Total Assets

0.7

0.6

0.7

0.2

0.5

Other Current Liabilities

0.5

0.5

0.5

0.2

0.4

Total Current Liabilities

0.5

0.5

0.5

0.2

0.4

Group Loans (Long Term Liability)

-

-

-

0.0

0.0

Director Loans (Long Term Liability)

-

-

-

0.0

0.0

Hire Purchase (Long Term Liability)

-

-

-

0.0

0.0

Leasing (Long Term Liability)

-

-

-

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

-

-

-

0.0

0.0

Other Long Term Loans

-

-

-

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

-

-

-

0.0

0.0

Other Long Term Liabilities

0.1

0.1

0.2

0.0

0.0

Total Long Term Liabilities

0.1

0.1

0.2

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

0.0

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

0.1

0.1

0.1

0.0

0.1

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

0.1

0.1

0.1

0.0

0.1

Net Worth

0.1

0.1

0.1

0.0

0.1

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Oct-2011

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.62326

0.643546

0.650218

0.516581

0.504347

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Oct-2011

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.61954

0.625469

0.606667

0.618908

0.481383

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.31

1.31

1.53

1.23

1.11

Liquidity Ratio

0.71

0.59

0.87

0.58

0.81

Equity Gearing

10.99%

11.20%

7.98%

20.58%

11.85%

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.