MIRA INFORM REPORT

 

 

Report Date :

16.12.2013

 

IDENTIFICATION DETAILS

 

Name :

K. ABDULEZER LTD.

 

 

Registered Office :

Main Entrance Swan Mill, Foxdenton Lane Manchester, M24 1QR

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2012

 

 

Date of Incorporation :

17.10.1952

 

 

Com. Reg. No.:

00512400

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Importing and wholesaling of fabrics and piece goods

 

 

No. of Employees :

5

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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

 

Company name & address

 

K. ABDULEZER LTD. 

 

 

31 St Andrews Street

 

 

Manchester, M1 2AH

United Kingdom

(Trading Address) 
Registered Address

0616 6438333

 

Tel:

0161 273 4823

 

 

 

Employees:

5

Company Type:

Private Subsidiary

Corporate Family:

3 Companies

Ultimate Parent:

Emitex Ltd.

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

17-Oct-1952

Auditor:

Baker Tilly UK Audit LLP

Financials in:

               

 

 

Fiscal Year End:

30-Apr-2012

Reporting Currency:

British Pound Sterling

Annual Sales:

15.8  1

Net Income:

0.3

Total Assets:

20.4

                                     

 

Business Description     

 

Importing and wholesaling of fabrics and piece goods.

 

Industry      

 

 

Industry

Clothing and Apparel Wholesale

ANZSIC 2006:

3711 - Textile Product Wholesaling

ISIC Rev 4:

4641 - Wholesale of textiles, clothing and footwear

NACE Rev 2:

4641 - Wholesale of textiles

NAICS 2012:

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

UK SIC 2007:

4641 - Wholesale of textiles

US SIC 1987:

5131 - Piece Goods, Notions, and Other Dry Good

 

 

Key Executives   

      

Name

Title

Emile Abdulezer

Director, Secretary

Gilla Abdulezer

Director

David Ian Mccullum

Director

 

 

Financial Summary

           

FYE: 30-Apr-2012

USD (mil)

Key Figures

 

Current Assets

10.74

Fixed Assets

9.70

Total Liabilities

6.50

Net Worth

13.95

 

Key Ratios

 

Current Ratio

1.65

Acid Test

1.52

 

 Registered No.(UK): 00512400

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.627861 


2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6148738

 

 

Corporate Overview

 

Location
31 St Andrews Street
Manchester, M1 2AH
Greater Manchester County 
United Kingdom

 

Tel:

0161 273 4823

 

 

Sales GBP(mil):

9.9

Assets GBP(mil):

12.6

Employees:

5

Fiscal Year End:

30-Apr-2012

 

Industry:

Apparel and Accessories

Registered Address:
Main Entrance Swan Mill
Foxdenton Lane
Manchester, M24 1QR
United Kingdom

 

Incorporation Date:

17-Oct-1952

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(UK):

00512400

 

Director:

David Ian Mccullum

 

 

Industry Codes

 

ANZSIC 2006 Codes:

3711

-

Textile Product Wholesaling

 

ISIC Rev 4 Codes:

4641

-

Wholesale of textiles, clothing and footwear

 

NACE Rev 2 Codes:

4641

-

Wholesale of textiles

 

NAICS 2012 Codes:

424310

-

Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

 

US SIC 1987:

5131

-

Piece Goods, Notions, and Other Dry Good

 

UK SIC 2007:

4641

-

Wholesale of textiles

 

 

Business Description

 

Importing and wholesaling of fabrics and piece goods.

 

 

Financial Data

 

Financials in:

GBP(mil)

 

Revenue:

9.9

Net Income:

0.2

Assets:

12.6

Current Assets:

6.6

 

Fixed Assets:

6.0

 

Long Term Debt:

0.0

 

Total Liabilities:

4.0

 

Issued Capital:

0.3

 

Working Capital:

2.6

 

Net Worth:

8.6

 

 

 

Date of Financial Data:

30-Apr-2012

 

1 Year Growth

-30.0%

NA

NA

 

 

Key Corporate Relationships

 

Auditor:

Baker Tilly UK Audit LLP

 

Auditor:

Baker Tilly UK Audit LLP

 

Auditor History

Baker Tilly UK Audit LLP

30-Apr-2012

Baker Tilly UK Audit LLP

30-Apr-2011

Baker Tilly UK Audit LLP

30-Apr-2010

Baker Tilly UK Audit LLP

30-Apr-2009

Baker Tilly UK Audit LLP

30-Apr-2008

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

04-30-2012

Corporate Structure News


Total Corporate Family Members: 3 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Source

Emitex Ltd.

Parent

Manchester

United Kingdom

Miscellaneous Professional Services

15.6

12

EXP

K. Abdulezer Ltd.

Subsidiary

Manchester

United Kingdom

Clothing and Apparel Wholesale

15.8

5

EXP

G.E.M. Textile Manufacturing Ltd.

Subsidiary

Manchester

United Kingdom

Clothing and Apparel Wholesale

14.1

5

EXP

 

 

 

Executives Report

 

Board of Directors

 

 

Name

Title

Function

 

Emile Abdulezer

 

Director, Secretary

Director/Board Member

 

Age: 76

 

Gilla Abdulezer

 

Director

Director/Board Member

 

 

Age: 66

 

David Ian Mccullum

 

Director

Director/Board Member

 

 

Age: 61

 

 

Executives

 

 

Name

Title

Function

 

Emile Abdulezer

 

Director, Secretary

Company Secretary

 

Age: 76

 

 

Directors and Shareholders Report

 

Main Office Address:
31 St Andrews Street
Manchester
United Kingdom M1 2AH

Tel: 0161 273 4823

Annual Return Date: 04 Jul 2013
Total Issued Capital (GBP 000): 300

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

David Ian 
Mccullum

Current

20 Nov 1952

8 Queensgate, Bramhall, 
Stockport, Greater Manchester SK7 1JT

04 Jul 1991

NA

Current:2
Previous:0
Disqualifications:0

 

Gilla 
Abdulezer

Current

06 Feb 1947

Flat 72 Prince Albert Court 33 Prince Albert Road, 
St John's Wood, London NW8 7LU

04 Jul 1991

NA

Current:5
Previous:0
Disqualifications:0

 

Emile 
Abdulezer

Current

06 Dec 1937

18 Valley Road, 
Cheadle, Cheshire SK8 1HY

04 Jul 1991

NA

Current:12
Previous:2
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

 

Emile 
Abdulezer

Current

06 Dec 1937

18 Valley Road,
Cheadle, Cheshire SK8 1HY

04 Jul 1991

NA

Current:12
Previous:2
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

Andrew David Abdulezer

244900 Preference GBP 1.00

Preference

244,900

1.00

244,900.00

81.63

Emile Abdulezer

55000 Preference GBP 1.00

Preference

55,000

1.00

55,000.00

18.33

 

 

 

 

 

 

 

 

 

Corporate Shareholders

 

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Emitex Limited

01437003

100 Ordinary GBP 1.00

Ordinary

100

1.00

100.00

0.03

 

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

 

Financial Glossary

 

 

 

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.627861

0.640008

0.625491

0.607152

0.498433

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Turnover

15.8

22.1

21.6

18.3

15.9

Cost of Sales

14.9

20.8

20.2

17.5

15.1

Gross Profit

0.8

1.3

1.4

0.8

0.8

Depreciation

0.0

0.0

0.0

0.0

0.1

Other Expenses

0.7

1.0

0.8

0.8

1.1

Operating Profit

0.2

0.4

0.6

0.0

-

Other Income

0.2

0.4

0.2

0.4

0.7

Interest Paid

0.0

0.0

0.0

0.0

0.0

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

0.0

Profit Before Taxes

0.4

0.8

0.9

0.4

0.4

Tax Payable / Credit

0.1

0.2

0.2

0.1

0.1

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

0.0

0.0

0.0

0.0

0.6

Profit After Taxes

0.3

0.6

0.6

0.3

-0.3

Minority Interests (Profit & Loss)

0.0

0.0

0.0

0.0

0.0

Audit Fees

0.0

0.0

0.0

0.0

0.0

Number of Employees

5

5

3

5

5

Wages

1.0

0.5

0.5

0.5

0.6

Social Security Costs

0.1

0.1

0.1

0.1

0.1

Pensions

-

-

0.0

-

-

Other Pension Costs

0.1

0.2

0.0

0.2

0.3

Employees Remuneration

1.2

0.7

0.5

0.8

1.0

Directors Emoluments

-

-

0.6

-

-

Other Costs

-

-

0.0

-

-

Directors Remuneration

1.2

0.8

0.6

0.9

11.0

Highest Paid Director

0.7

0.3

0.3

0.4

0.5

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

Financial Glossary

 

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.614874

0.599538

0.653317

0.674855

0.50491

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

0.0

0.0

0.0

0.0

0.0

Fixtures & Fittings

0.0

0.0

0.0

0.0

0.0

Plant & Vehicles

0.1

0.1

0.1

0.1

0.2

Total Tangible Fixed Assets

0.1

0.1

0.1

0.1

0.2

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

9.6

5.5

3.5

2.1

1.9

Total Fixed Assets

9.7

5.6

3.6

2.2

2.1

Stocks

0.9

1.2

1.4

1.6

2.2

Work in Progress

0.0

0.0

0.0

0.0

0.0

Total Stocks Work In Progress

0.9

1.2

1.4

1.6

2.2

Trade Debtors

-

-

0.0

0.4

0.7

Inter-Company Debtors

2.7

2.3

1.2

0.9

1.3

Other Debtors

0.3

0.2

0.1

0.2

0.2

Total Debtors

3.1

2.5

1.3

1.5

2.1

Cash and Equivalents

3.3

2.0

2.3

3.0

12.6

Other Current Assets

3.5

5.0

5.5

5.8

0.0

Total Current Assets

10.7

10.7

10.5

11.9

16.8

Total Assets

20.4

16.3

14.1

14.1

18.9

Trade Creditors

0.6

0.3

0.2

0.3

0.4

Bank Overdraft

-

0.8

-

-

-

Inter-Company Creditors

4.6

-

0.8

1.8

3.0

Accruals/Deferred Income (Current Liability)

0.1

0.1

0.1

0.1

0.1

Social Security/VAT

0.4

0.4

0.1

0.1

0.1

Corporation Tax

0.1

0.2

0.1

0.1

0.2

Other Current Liabilities

0.7

0.5

0.4

0.5

0.5

Total Current Liabilities

6.5

2.3

1.8

2.8

4.2

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

0.5

0.5

0.5

0.4

0.6

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

13.5

13.5

11.8

10.9

14.1

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

14.0

14.0

12.3

11.3

14.7

Net Worth

14.0

14.0

12.3

11.3

14.7

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

Financial Glossary

 

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.627861

0.640008

0.625491

0.607152

0.498433

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

-

-

-

-

1.5

Net Cash Flow from ROI and Servicing of Finance

-

-

-

-

0.7

Taxation

-

-

-

-

0.0

Capital Expenditures

-

-

-

-

0.0

Acquisitions and Disposals

-

-

-

-

-0.7

Paid Up Equity

-

-

-

-

-0.6

Management of Liquid Resources

-

-

-

-

0.0

Net Cash Flow From Financing

-

-

-

-

0.0

Increase in Cash

-

-

-

-

0.8

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

 

30-Apr-2012

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.614874

0.599538

0.653317

0.674855

0.50491

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.65

4.64

5.72

4.23

3.98

Liquidity Ratio

1.52

4.13

4.98

3.66

3.47

Stock Turnover

1,788.00

2,007.00

1,529.00

1,022.00

728.00

Credit Period (Days)

-

-

-

839.00

1,512.00

Working Capital by Sales

2,639.00%

3,567.00%

4,198.00%

5,547.00%

8,022.00%

Trade Credit by Debtors

-

-

-

80.00

57.00

Return on Capital

263.00%

611.00%

673.00%

348.00%

300.00%

Return on Assets

179.00%

524.00%

585.00%

278.00%

233.00%

Profit Margin

228.00%

363.00%

399.00%

239.00%

281.00%

Return on Shareholders Funds

263.00%

611.00%

673.00%

348.00%

300.00%

Borrowing Ratio

3,286.00%

582.00%

690.00%

1,558.00%

2,028.00%

Equity Gearing

6,824.00%

8,584.00%

8,696.00%

8,003.00%

7,766.00%

Sales by Tangible Assets

23,804.00

26,204.00

28,746.00

17,387.00

8,516.00

Average Remuneration per Employee

0.2

0.1

0.2

0.1

0.2

Profit per Employee

0.1

0.2

0.3

0.1

0.1

Sales per Employee

3.2

4.7

6.9

3.3

3.1

Capital Employed per Employee

2.8

2.8

4.1

2.3

2.9

Tangible Assets per Employee

0.0

0.0

0.0

0.0

0.0

Total Assets per Employee

4.1

3.3

4.7

2.8

3.8

Employee Remuneration by Sales

770.00%

317.00%

245.00%

445.00%

632.00%

Creditor Days (Cost of Sales Based)

1,380.00

453.00

449.00

699.00

904.00

Creditor Days (Sales Based)

1,307.00

426.00

420.00

669.00

856.00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.13

UK Pound

1

Rs.101.53

Euro

1

Rs.85.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.