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Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
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Name : |
DIAMOND TEXTILES LTD. |
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Registered Office : |
78 Oakland Avenue Leicester, LE4 7SF |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.03.1994 |
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Com. Reg. No.: |
02905427 |
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Legal Form : |
Private Parent |
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Line of Business : |
Wholesale of textiles |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
UNITED KINGDOM - ECONOMIC
OVERVIEW
The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.
Source
: CIA
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DIAMOND TEXTILES
LTD. |
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Wholesale of textiles. |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Registered No.(UK): 02905427
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609
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ANZSIC 2006 Codes: |
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1332 |
- |
Rope, Cordage and Twine Manufacturing |
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ISIC Rev 4 Codes: |
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1399 |
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Manufacture of other textiles n.e.c. |
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NACE Rev 2 Codes: |
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1399 |
- |
Manufacture of other textiles n.e.c. |
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NAICS 2012 Codes: |
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313240 |
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Knit Fabric Mills |
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US SIC 1987: |
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2299 |
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Textile goods, Not Elsewhere Classified |
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UK SIC 2007: |
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1399 |
- |
Manufacture of other textiles n.e.c. |
Wholesale of textiles
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Financials in: |
GBP(mil) |
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Assets: |
0.3 |
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Current Assets: |
0.3 |
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Fixed Assets: |
0.0 |
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Long Term Debt: |
0.0 |
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Total Liabilities: |
0.2 |
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Issued Capital: |
0.0 |
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Working Capital: |
0.1 |
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Net Worth: |
0.1 |
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Date of Financial Data: |
31-Dec-2012 |
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Auditor: |
Y R Associates |
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Bank: |
Natwest Bank PLC |
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Auditor: |
Y R Associates |
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Auditor History |
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Y R Associates |
31-Dec-2012 |
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Y R Associates |
31-Dec-2011 |
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Y R Associates |
31-Dec-2010 |
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Y R Associates |
31-Dec-2009 |
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Y R Associates |
31-Dec-2008 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Leicester |
United Kingdom |
Textile Manufacturing |
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UK Branch/Trading address |
Leicester |
United Kingdom |
Textile Manufacturing |
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25 |
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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 |
03 Aug 1957 |
78 Oakland Avenue, |
07 Mar 1994 |
NA |
Current:3 |
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Current |
09 Jun 1952 |
78 Oakland Avenue, |
07 Mar 1994 |
NA |
Current:3 |
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Current |
12 Jun 1987 |
78 Oakland Avenue, Leicester, |
15 Mar 2011 |
NA |
Current:1 |
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Previous |
31 Aug 1978 |
78 Oakland Avenue, |
07 Mar 2001 |
16 Jun 2013 |
Current:0 |
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Previous |
10 Aug 1979 |
78 Oakland Avenue, |
07 Mar 2001 |
16 Jun 2013 |
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 |
09 Jun 1952 |
78 Oakland Avenue, |
07 Mar 1994 |
NA |
Current:3 |
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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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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Amrit Dulkoan |
389 Ordinary GBP 1.00 |
Ordinary |
389 |
1.00 |
389.00 |
38.90 |
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Gurpreet Saini |
110 Ordinary GBP 1.00 |
Ordinary |
110 |
1.00 |
110.00 |
11.00 |
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Kanwal Dulkoan |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
0.10 |
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Kirenjeet Dulkoan |
110 Ordinary GBP 1.00 |
Ordinary |
110 |
1.00 |
110.00 |
11.00 |
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Kuljeet Dulkoan |
389 Ordinary GBP 1.00 |
Ordinary |
389 |
1.00 |
389.00 |
38.90 |
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Swarn Dulkoan |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
0.10 |
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Corporate
Shareholders |
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There are no corporate shareholders for this company. |
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RO industry new gem in Diamond City's crown;
Manufacture of domestic RO plants started in Surat 20 years back |
25-Mar-2013 |
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate (Period Average) |
0.631174 |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.619061 |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
0.3 |
0.3 |
0.2 |
0.2 |
0.1 |
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Total Debtors |
0.2 |
0.5 |
0.5 |
0.4 |
0.4 |
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Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.5 |
0.8 |
0.7 |
0.7 |
0.5 |
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Total Assets |
0.5 |
0.8 |
0.7 |
0.7 |
0.5 |
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Director Loans (Current Liability) |
- |
- |
- |
- |
0.1 |
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Other Current Liabilities |
0.3 |
0.6 |
0.5 |
0.5 |
0.3 |
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Total Current Liabilities |
0.3 |
0.6 |
0.5 |
0.5 |
0.3 |
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Group Loans (Long Term Liability) |
- |
- |
- |
- |
0.0 |
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Director Loans (Long Term Liability) |
- |
- |
- |
- |
0.0 |
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Hire Purchase (Long Term Liability) |
- |
- |
- |
- |
0.0 |
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Leasing (Long Term Liability) |
- |
- |
- |
- |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
- |
- |
- |
- |
0.0 |
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Other Long Term Loans |
- |
- |
- |
- |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
- |
- |
- |
- |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Deferred Taxation |
0.0 |
- |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
0.2 |
0.1 |
0.1 |
0.1 |
0.2 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.2 |
0.1 |
0.1 |
0.1 |
0.2 |
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Net Worth |
0.2 |
0.1 |
0.1 |
0.1 |
0.2 |
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Annual Cash Flows |
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Financials in: USD (mil) |
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|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.631174 |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619061 |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
|
Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.66 |
1.27 |
1.33 |
1.40 |
1.45 |
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Liquidity Ratio |
0.80 |
0.73 |
0.97 |
0.92 |
1.03 |
|
Borrowing Ratio |
- |
- |
- |
- |
3,102.00% |
|
Equity Gearing |
3,261.00% |
1,825.00% |
2,010.00% |
2,183.00% |
3,182.00% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.34 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.