MIRA
INFORM REPORT
|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DILBAG CLOTH HOUSE LTD. |
|
|
|
|
Registered Office : |
Duncombe Road Bradford,
BD8 9AL |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
3110.2011 |
|
|
|
|
Date of Incorporation : |
11.06.1993 |
|
|
|
|
Com. Reg. No.: |
02826388 |
|
|
|
|
Legal Form : |
Private Independent |
|
|
|
|
Line of Business : |
Importers, exporters and wholesale of textiles. |
|
|
|
|
No. of Employees : |
48 |
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 – 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 and address
DILBAG
CLOTH HOUSE LTD.
Duncombe Road
Bradford, BD8 9AL
United Kingdom
(Trading Address)
Tel: 01274521711
Fax: 01274521622
Website: www.dilbagclothhouseltd.co.uk
Employees: 48
Company Type: Private
Independent
Quoted Status: Non-quoted
Company
Incorporation Date: 11-Jun-1993
Auditor: Oracle
Accountants Ltd.
Financials in: USD (In Millions)
Fiscal Year End: 31-Oct-2011
Reporting Currency: British Pound Sterling
Annual Sales: NA
Net Income: 0.6
Total Assets: 25.2
Business Description
Importers, exporters and wholesale of textiles.
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
424310 -
Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers |
|
UK SIC 2003: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Dilbag Singh |
Secretary |
|
Bhupinder Duggal |
Company Secretary |
|
Gurmail Kaur |
Director |
|
Harpreet Singh Makkar |
Director |
|
Jaswant Singh |
Director |
Financial Summary
|
FYE: 31-Oct-2011 |
USD (mil) |
|
Key Figures |
|
|
Current Assets |
9.46 |
|
Fixed Assets |
15.72 |
|
Total Liabilities |
5.75 |
|
Net Worth |
15.13 |
|
Key Ratios |
|
|
Current Ratio |
1.64 |
|
Acid Test |
1.24 |
|
Debt Gearing |
26.57 |
Registered No.(UK): 02826388
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6232605
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6195403
Location
Duncombe Road
Bradford, BD8 9AL
West Yorkshire County
United Kingdom
Tel: 01274521711
Fax: 01274521622
Website: www.dilbagclothhouseltd.co.uk
Sales GBP(mil): NA
Assets GBP(mil): 15.6
Employees: 48
Fiscal Year End: 31-Oct-2011
Industry: Apparel
and Accessories
Registered
Address:
Dilbag Building Duncomb
Road
Ingleby Road
Bradford, BD8 9AL
United Kingdom
Incorporation Date: 11-Jun-1993
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(UK): 02826388
Director: Harpreet
Singh Makkar
|
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 |
|
UK SIC 2007: |
||
|
4641 |
- |
Wholesale of textiles |
Importers, exporters and wholesale of textiles.
More Business Descriptions
Textile Merchants
|
|
|
Auditor: |
Oracle Accountants Ltd. |
|
Bank: |
National Westminster Bank PLC |
|
Auditor: |
Oracle Accountants Ltd. |
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Auditor History |
|
|
Oracle Accountants Ltd. |
31-Oct-2011 |
|
Oracle Accountants Ltd. |
31-Oct-2010 |
|
Oracle Accountants Ltd. |
31-Oct-2009 |
|
Oracle Accountants Ltd. |
31-Oct-2008 |
|
Oracle Accountants Ltd. |
31-Oct-2007 |
|
|
GBP(mil) |
|
Audit Fees: |
0.0 |
|
Audit Fiscal Year: |
10-31-2011 |
Board of Directors
|
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|||
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives
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Company Secretary |
Company Secretary |
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Secretary |
Company Secretary |
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|||||
Directors
and Shareholders Report
|
Main Office Address: |
Tel: 01274521711 |
Annual Return Date: 11
Jun 2012 |
|
Individual Directors |
|||||||
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|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
24 Mar 1975 |
1A Woodlands Grove, Baildon, |
01 Sep 1998 |
NA |
Current:1 |
|
|
|
Current |
18 Mar 1973 |
1B Belmont Avenue, Baildon, |
01 Sep 1998 |
NA |
Current:1 |
|
|
|
Current |
11 Apr 1939 |
Heygate House, Heygate Lane, |
14 Jun 1993 |
NA |
Current:2 |
|
|
|
Current |
20 Sep 1945 |
Heygate House, Heygate Lane, |
14 Jun 1993 |
NA |
Current:1 |
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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 |
|
|
Current |
11 Apr 1939 |
Heygate House, Heygate Lane, |
14 Jun 1993 |
NA |
Current:2 |
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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 |
|
Dilbag Singh |
500000 Ordinary GBP 1.00 |
Ordinary |
500,000 |
1.00 |
500,000.00 |
50.00 |
|
Gurmail Kaur |
500000 Ordinary GBP 1.00 |
Ordinary |
500,000 |
1.00 |
500,000.00 |
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 |
|
|
|
|
|
|
|
|
Gross Profit |
3.0 |
3.1 |
3.2 |
4.8 |
4.8 |
|
Depreciation |
0.2 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Other Expenses |
2.8 |
2.7 |
2.5 |
4.1 |
3.9 |
|
Operating Profit |
0.2 |
0.5 |
0.7 |
0.7 |
0.9 |
|
Other Income |
0.9 |
0.7 |
0.7 |
0.5 |
0.3 |
|
Interest Paid |
0.3 |
0.1 |
0.2 |
0.2 |
0.1 |
|
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 |
0.8 |
1.0 |
1.1 |
1.0 |
1.1 |
|
Tax Payable / Credit |
0.2 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit After Taxes |
0.6 |
0.7 |
0.8 |
0.8 |
0.8 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
- |
- |
- |
- |
|
Number of Employees |
48 |
45 |
46 |
55 |
61 |
|
Wages |
1.2 |
1.2 |
1.2 |
1.7 |
1.8 |
|
Social Security Costs |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Pensions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Pension Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees Remuneration |
1.3 |
1.3 |
1.4 |
1.9 |
2.0 |
|
Directors Emoluments |
0.5 |
0.5 |
0.5 |
0.6 |
0.7 |
|
Other Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
0.5 |
0.5 |
0.5 |
0.6 |
0.7 |
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 |
0.6 |
0.6 |
0.7 |
13.0 |
5.9 |
|
Fixtures & Fittings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Plant & Vehicles |
0.9 |
0.7 |
0.9 |
1.0 |
1.5 |
|
Total Tangible Fixed Assets |
1.5 |
1.4 |
1.6 |
14.0 |
7.3 |
|
Intangible Assets |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Investments |
14.2 |
13.9 |
12.7 |
0.0 |
0.0 |
|
Total Fixed Assets |
15.7 |
15.3 |
14.3 |
14.1 |
7.4 |
|
Stocks |
2.3 |
2.2 |
2.1 |
2.4 |
4.2 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
2.3 |
2.2 |
2.1 |
2.4 |
4.2 |
|
Trade Debtors |
6.4 |
6.4 |
5.9 |
5.9 |
7.7 |
|
Inter-Company Debtors |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Director Loans |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Other Debtors |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Debtors |
6.6 |
6.6 |
6.1 |
6.1 |
8.0 |
|
Cash and Equivalents |
0.5 |
0.5 |
0.5 |
0.4 |
0.5 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
9.5 |
9.3 |
8.8 |
8.9 |
12.7 |
|
Total Assets |
25.2 |
24.6 |
23.1 |
23.0 |
20.2 |
|
Trade Creditors |
1.4 |
1.4 |
1.2 |
0.7 |
1.2 |
|
Bank Overdraft |
3.4 |
2.9 |
3.8 |
4.7 |
0.0 |
|
Inter-Company Creditors |
- |
- |
0.0 |
0.0 |
0.0 |
|
Director Loans (Current Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Current Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Total Short Term Loans |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Current Liability) |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Social Security/VAT |
0.5 |
0.6 |
0.5 |
0.3 |
0.6 |
|
Corporation Tax |
0.2 |
0.3 |
0.4 |
0.2 |
0.3 |
|
Dividends (Current Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
5.8 |
5.4 |
6.0 |
6.1 |
2.2 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.1 |
- |
- |
- |
- |
|
Other Long Term Loans |
4.0 |
3.1 |
1.2 |
1.9 |
- |
|
Other Long Term Liabilities |
0.2 |
0.1 |
0.2 |
0.5 |
0.1 |
|
Total Long Term Liabilities |
4.2 |
3.3 |
1.4 |
2.4 |
0.1 |
|
Deferred Taxation |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Issued Capital |
1.6 |
1.6 |
1.6 |
1.6 |
2.1 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
-1.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
15.0 |
14.2 |
13.9 |
12.7 |
15.6 |
|
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 |
15.2 |
15.8 |
15.5 |
14.3 |
17.6 |
|
Net Worth |
15.1 |
15.8 |
15.5 |
14.3 |
17.5 |
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 |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
0.3 |
0.2 |
1.6 |
2.2 |
0.3 |
|
Net Cash Flow from ROI and Servicing of Finance |
0.6 |
0.6 |
0.5 |
0.3 |
0.2 |
|
Taxation |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.1 |
|
Capital Expenditures |
-1.9 |
-1.6 |
-0.2 |
-10.2 |
0.0 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
1.1 |
1.5 |
-4.4 |
3.3 |
0.0 |
|
Increase in Cash |
-0.3 |
0.4 |
-2.7 |
-4.6 |
0.4 |
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 |
1.64 |
1.72 |
1.46 |
1.46 |
5.81 |
|
Liquidity Ratio |
1.24 |
1.31 |
1.10 |
1.06 |
3.89 |
|
Trade Credit by Debtors |
0.22 |
0.23 |
0.21 |
0.12 |
0.16 |
|
Return on Capital |
3.97% |
5.58% |
7.15% |
5.17% |
6.21% |
|
Return on Assets |
3.06% |
4.36% |
5.29% |
3.81% |
5.53% |
|
Return on Shareholders Funds |
5.08% |
6.78% |
7.86% |
6.09% |
6.33% |
|
Borrowing Ratio |
49.41% |
38.18% |
32.60% |
46.49% |
0.28% |
|
Equity Gearing |
60.23% |
64.26% |
67.24% |
62.44% |
87.39% |
|
Debt Gearing |
26.57% |
19.79% |
7.92% |
13.67% |
- |
|
Interest Coverage |
2.62 |
8.27 |
6.22 |
6.80 |
8.17 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Employed per Employee |
0.4 |
0.4 |
0.4 |
0.3 |
0.3 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.3 |
0.1 |
|
Total Assets per Employee |
0.5 |
0.5 |
0.5 |
0.4 |
0.3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.