MIRA INFORM REPORT

 

 

Report Date :

10.04.2013

 

IDENTIFICATION DETAILS

 

Name :

EURO HARDWARE LTD. 

 

 

Registered Office :

Justa House, 206-208 Holbrook Lane, Coventry, CV6 4DD

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

21.12.1999

 

 

Com. Reg. No.:

03897991

 

 

Legal Form :

Private Independent Company

 

 

Line of Business :

Wholesale trade, except of motor vehicle

 

 

No. of Employees :

Not available 

 

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 :

Unknown

 

 

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 Hardware Ltd.

Justa House

206-208 Holbrook Lane

Coventry, CV6 4DD

United Kingdom

(Trading Address)

Registered Address

 

 

Synthesis  

 

Employees:                  NA

Company Type:            Private Independent

Quoted Status:             Non-quoted Company

Incorporation Date:         21-Dec-1999    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2012

Reporting Currency:       British Pound Sterling

Annual Sales:               NA

Total Assets:                1.4

 

 

Business Description     

 

Wholesale trade, except of motor vehicle

 

Industry             

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    3499 - Other Machinery and Equipment Wholesaling Not Elsewhere Classified

NACE 2002:      5187 - Wholesale of other machinery for use in industry, trade and navigation

NAICS 2002:     423490 - Other Professional Equipment and Supplies Merchant Wholesalers

UK SIC 2003:    5187 - Wholesale of other machinery for use in industry, trade and navigation

UK SIC 2007:    4669 - Wholesale of other machinery and equipment

US SIC 1987:    508 - Machinery, Equipment, and Supplies

 

           

Key Executives   

 

Name

Title

Anil Kumar Verma

Director

Rajesh Jhanji

Director

Mandeep Singh Sahota

Director

 

 

News   

 

 

Title

Date

IBM Declines as Revenue Slips on Weaker Euro, Hardware Sales
La Repubblica (577 Words)

16-Oct-2012

IBM Revenue Falls Short With Weaker Euro, Hardware Sales - Bloomberg
Wall Street Examiner (40 Words)

16-Oct-2012

IBM Declines as Revenue Trails on Weaker Euro, Hardware Sales
La Repubblica (484 Words)

16-Oct-2012

IBM Revenue Falls Short With Weaker Euro, Hardware Sales
BusinessWeek (426 Words)

16-Oct-2012

 

 

Financial Summary    

 

 

FYE: 31-Mar-2012

USD (mil)

Key Figures

 

Current Assets

1.38

Fixed Assets

0.03

Total Liabilities

0.0000

Net Worth

-0.04

 

Key Ratios

 

Current Ratio

0.95

Liquidity Ratio

0.32

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078

 

 

Corporate Overview

 

Location

Justa House

206-208 Holbrook Lane

Coventry, CV6 4DD

West Midlands County

United Kingdom

           

Sales GBP(mil):             NA

Assets GBP(mil):           0.9

Employees:                   NA

Fiscal Year End:            31-Mar-2012

Industry:                        Miscellaneous Capital Goods

           

Registered Address:

Justa House

206-208 Holbrook Lane

Coventry, CV6 4DD

United Kingdom

 

Incorporation Date:         21-Dec-1999

Company Type:             Private Independent

Quoted Status:              Not Quoted

Registered No.(UK):       03897991

Director:                        Mandeep Singh Sahota

 

Industry Codes

 

ANZSIC 2006 Codes:

3499     -          Other Machinery and Equipment Wholesaling Not Elsewhere Classified

3339     -          Other Hardware Goods Wholesaling

 

NACE 2002 Codes:

5187     -          Wholesale of other machinery for use in industry, trade and navigation

5154     -          Wholesale of hardware, plumbing and heating equipment and supplies

 

NAICS 2002 Codes:

423490  -          Other Professional Equipment and Supplies Merchant Wholesalers

4237     -          Hardware, and Plumbing and Heating Equipment and Supplies Merchant Wholesalers

 

US SIC 1987:

508       -          Machinery, Equipment, and Supplies

507       -          Hardware, and Plumbing and Heating Equipment

 

UK SIC 2003:

5187     -          Wholesale of other machinery for use in industry, trade and navigation

5154     -          Wholesale of hardware, plumbing and heating equipment and supplies

 

UK SIC 2007:

4669     -          Wholesale of other machinery and equipment

4674     -          Wholesale of hardware, plumbing and heating equipment and supplies

 

Business Description

Wholesale trade, except of motor vehicle

 

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

0.9

Current Assets:

0.9

 

Fixed Assets:

0.0

 

Long Term Debt:

0.0

 

Issued Capital:

0.0

 

Working Capital:

0.0

 

Net Worth:

0.0

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

NA

 

Key Corporate Relationships

Bank:

National Westminster Bank Plc

 

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

03-31-2012

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Rajesh Jhanji

 

Director

Director/Board Member

 

Age: 44

 

Mandeep Singh Sahota

 

Director

Director/Board Member

 

 

Age: 42

 

Anil Kumar Verma

 

Director

Director/Board Member

 

 

Age: 34

 

 

 

 

 

Executives

 

Name

Title

Function

 

Anil Kumar Verma

 

Director

Company Secretary

 

Age: 34

 

 

 

Directors and Shareholders Report

 

Main Office Address:
Justa House
206-208 Holbrook Lane
Coventry
United Kingdom CV6 4DD

 

Annual Return Date: 20 Dec 2012

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Mandeep Singh 
Sahota

Current

11 Oct 1970

Justa House 206-208 Holbrook Lane, 
Coventry, West Midlands CV6 4DD

20 Oct 2002

NA

Current:6
Previous:2
Disqualifications:0

 

Rajesh 
Jhanji

Current

24 Apr 1968

2 Gretna Road, 
Coventry, West Midlands CV3 6DP

28 Dec 1999

NA

Current:2
Previous:0
Disqualifications:0

 

Avil 
Verma

Previous

01 Nov 1978

26 Lutterworth Road, 
Coventry, West Midlands CV2 3EB

20 Oct 2002

01 Apr 2007

Current:0
Previous:1
Disqualifications:0

 

Madhu 
Bala

Previous

09 Apr 1959

26 Lutterworth Road, 
Coventry, West Midlands CV2 3EB

20 Oct 2002

01 Apr 2007

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Form 10 Directors Fd Limited

Previous

39A Leicester Road, Salford, 
Salford, Greater Manchester M7 4AS

21 Dec 1999

23 Dec 1999

 

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Anil Kumar 
Verma

Current

01 Nov 1978

26 Lutterworth Road, Wyken, 
Coventry, West Midlands CV2 3EB

28 Dec 1999

NA

Current:2
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Form 10 Secretaries Fd Limited

Previous

39A Leicester Road, Salford, 
Salford, Greater Manchester M7 4AS

21 Dec 1999

23 Dec 1999

 

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Madhu Bala

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

100.00

 

 

 

 

 

 

 

 

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-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626752

0.643394

0.627794

0.592803

0.498361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Audit Fees

0.0

0.0

0.0

0.0

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.628108

0.62385

0.659239

0.697666

0.503145

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Tangible Fixed Assets

0.0

0.0

0.0

0.1

0.1

Total Fixed Assets

0.0

0.0

0.0

0.1

0.1

Total Stocks

0.9

0.3

0.1

-

-

Trade Debtors

0.4

1.2

0.4

0.7

1.0

Cash and Equivalents

0.0

0.0

0.0

-

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

1.4

1.4

0.5

0.7

1.0

Total Assets

1.4

1.5

0.6

0.7

1.0

Trade Creditors

1.5

1.5

0.5

-

0.9

Bank Overdraft

0.0

0.0

0.0

0.0

0.0

Bank Loan Overdrafts

0.0

0.0

0.0

0.0

0.0

Total Short Term Loans

0.0

0.0

0.0

0.0

0.0

Other Current Liabilities

0.0

0.0

0.0

0.0

0.0

Total Current Liabilities

0.0

0.0

0.0

0.0

0.0

Working Capital

-0.1

-0.1

0.0

0.7

0.1

Total Long Term Loans

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.8

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.8

0.0

Issued Capital

0.0

-

-

-

-

Retained Earnings

0.0

0.0

0.0

-0.1

0.2

Total Reserve

0.0

0.0

0.0

-0.1

0.2

Total Shareholders Funds

0.0

0.0

0.0

-0.1

0.2

Net Worth

0.0

0.0

0.0

-0.1

0.2

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626752

0.643394

0.627794

0.592803

0.498361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Paid Up Equity

0.0

0.0

0.0

0.0

0.0

 

 

Annual Ratios

 

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

Filed Currency

-

-

-

-

-

Exchange Rate

-

-

-

-

-

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

0.95

0.96

1.03

-

1.12

Liquidity Ratio

0.32

0.79

0.83

-

-

Solvency Ratio

-2.79%

-2.22%

8.51%

-15.29%

16.75%

Current Debt Ratio

-36.79

-45.95

10.76

-

4.97

Long Term Debt Ratio

0.00

0.00

0.00

-

0.00

Total Debt Ratio

-36.79

-45.95

10.76

-

4.97

Debt Asset Ratio

102.79%

102.22%

91.49%

-

83.25%

Working Finance

-

-

-

80.71%

-

Stock Financing

-13.46

-3.82

7.35

-

-

Fixed Asset Investment

0.02

0.02

0.06

0.07

0.07

Shareholder Liquidity

-

-

-

-0.13

-

Stock to Total Assets

152.70%

586.23%

567.94%

-

-

Financial Strength Ratio

1.27

1.75

1.86

0.00

1.12

Reserve Movement

21.37%

-164.84%

-140.89%

-187.36%

-70.68%

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.46

UK Pound

1

Rs.83.13

Euro

1

Rs.70.99

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.