MIRA
INFORM REPORT
|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEMSAAB (UK) LTD |
|
|
|
|
Registered Office : |
Unit 1 Park Lane
Industrial Estate Birmingham, B21 8LT |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.11.1994 |
|
|
|
|
Com. Reg. No.: |
02994728 |
|
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Legal Form : |
Private Parent |
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|
|
LINE OF BUSINESS : |
WHOLESALE AND DISTRIBUTION OF TEXTILES. |
|
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|
|
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 : |
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 and address
MEMSAAB (UK) LTD
Unit 1
Park Lane Industrial
Estate
Birmingham, B21 8LT
United Kingdom
(Registered Address)
Tel: 07546 911311
Employees: NA
Company Type: Private
Parent
Quoted Status: Non-quoted
Company
Incorporation Date: 25-Nov-1994
Financials in: USD (In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: British Pound Sterling
Annual Sales: 2.9
1
Net Income: 0.1
Total Assets: 2.8
Business Description
Wholesale and distribution of textiles.
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
424310 -
Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
|
Amarjit Singh
Bhopal |
Secretary |
|
Baljit Kaur Bhopal |
Director |
Financial Summary
|
Key Figures |
|
|
Current Assets |
2.74 |
|
Fixed Assets |
0.06 |
|
Total Liabilities |
3.36 |
|
Net Worth |
-0.56 |
|
Key Ratios |
|
|
Current Ratio |
0.82 |
|
Acid Test |
0.61 |
|
Debt Gearing |
-0.40 |
Registered No.(UK): 02994728
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.623776
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6434593
Location
Unit 1
Park Lane Industrial Estate
Birmingham, B21 8LT
West Midlands County
United Kingdom
Tel: 07546
911311
%20LTD%20%20-%20211543%2020-Feb-2013_files/image001.gif){kind=small}
Sales GBP(mil): 1.8
Assets GBP(mil): 1.8
Employees: NA
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation
Date: 25-Nov-1994
Company Type: Private
Parent
Quoted Status: Not
Quoted
Registered No.(UK): 02994728
%20LTD%20%20-%20211543%2020-Feb-2013_files/image002.gif){kind=small}
Director: Baljit
Kaur Bhopal
|
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 |
Wholesale and distribution of textiles.
|
Financials in: |
GBP(mil) |
1 Year Growth |
|
Revenue: |
1.8 |
0.7% |
|
Net Income: |
0.1 |
NA |
|
Assets: |
1.8 |
1.1% |
|
Current Assets: |
1.8 |
|
|
Fixed Assets: |
0.0 |
|
|
Long Term Debt: |
0.0 |
|
|
Total
Liabilities: |
2.2 |
|
|
Issued Capital: |
0.0 |
|
|
Working Capital: |
-0.4 |
|
|
Net Worth: |
-0.4 |
|
|
Date of Financial
Data: |
31-Dec-2011 |
|
Bank: |
National Westminster Bank PLC |
Board of Directors
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Director |
Director/Board
Member |
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Executives
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Secretary |
Company Secretary |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 07546
911311 |
Annual Return Date: 24 Nov 2012 |
|
Individual Directors |
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
21 Sep 1944 |
10 Woodland Avenue, |
01 Dec 1994 |
NA |
Current:3 |
|
|
|
Current |
01 Mar 1963 |
10 Woodland Avenue, |
01 Dec 1994 |
NA |
Current:1 |
|
|
|
Previous |
16 May 1965 |
10 Woodland Avenue, |
01 Dec 1994 |
05 Aug 2008 |
Current:0 |
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Corporate Directors |
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|||||||||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
|||||||
|
Company Directors Limited |
Previous |
788-790 Finchley Road, |
25 Nov 1994 |
22 Dec 1994 |
|
|||||||
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Individual Secretaries |
||||||||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|||||
|
Current |
NA |
Unit 1 Park Lane Industrial Estate, Handsworth, |
02 Oct 2009 |
NA |
Current:1 |
|
||||||
|
Previous |
16 May 1965 |
10 Woodland Avenue, |
01 Dec 1994 |
02 Oct 2009 |
Current:0 |
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Corporate Secretaries |
||||||||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
||||||
|
Temple Secretaries Limited |
Previous |
788-790 Finchley Road, |
25 Nov 1994 |
22 Dec 1994 |
||||||
|
Individual Shareholders |
||||||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
||||
|
Amarjit Singh Bhopal |
2 Ordinary GBP 1.00 |
Ordinary |
2 |
1.00 |
2.00 |
100.00 |
||||
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||||
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Corporate Shareholders |
|
There are no corporate shareholders for this company. |
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|
Annual Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Turnover (UK) |
2.9 |
2.8 |
2.5 |
2.5 |
4.1 |
|
Turnover (Exports) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Turnover |
2.9 |
2.8 |
2.5 |
2.5 |
4.1 |
|
Cost of Sales |
2.4 |
2.3 |
1.9 |
1.8 |
3.6 |
|
Gross Profit |
0.6 |
0.5 |
0.5 |
0.6 |
0.5 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Expenses |
0.5 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Operating Profit |
- |
- |
- |
- |
0.1 |
|
Other Income |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Interest Paid |
0.1 |
0.1 |
0.0 |
0.2 |
0.2 |
|
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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Tax Payable / Credit |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
|
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 |
0.1 |
|
Total Tangible
Fixed Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Stocks |
0.7 |
0.9 |
0.4 |
0.5 |
0.7 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work
In Progress |
0.7 |
0.9 |
0.4 |
0.5 |
0.7 |
|
Trade Debtors |
1.5 |
1.5 |
1.4 |
1.1 |
2.0 |
|
Other Debtors |
0.5 |
0.4 |
0.3 |
0.2 |
0.7 |
|
Total Debtors |
2.1 |
1.9 |
1.6 |
1.3 |
2.6 |
|
Cash and
Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current
Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current
Assets |
2.7 |
2.8 |
2.1 |
1.8 |
3.3 |
|
Total Assets |
2.8 |
2.9 |
2.2 |
1.9 |
3.4 |
|
Trade Creditors |
1.8 |
1.8 |
1.3 |
1.0 |
2.0 |
|
Bank Overdraft |
1.2 |
1.3 |
1.2 |
1.3 |
2.0 |
|
Total Finance
Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Social
Security/VAT |
- |
- |
- |
0.0 |
0.0 |
|
Other Current
Liabilities |
0.4 |
0.3 |
0.3 |
0.3 |
0.5 |
|
Total Current
Liabilities |
3.4 |
3.5 |
2.9 |
2.6 |
4.5 |
|
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 |
|
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 |
0.0 |
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 |
-0.6 |
-0.7 |
-0.8 |
-0.8 |
-1.1 |
|
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 |
-0.6 |
-0.7 |
-0.8 |
-0.8 |
-1.1 |
|
Net Worth |
-0.6 |
-0.7 |
-0.8 |
-0.8 |
-1.1 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
Annual
Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
0.82 |
0.79 |
0.71 |
0.70 |
0.73 |
|
Liquidity Ratio |
0.61 |
0.53 |
0.56 |
0.50 |
0.58 |
|
Stock Turnover |
4.23 |
3.22 |
5.78 |
3.71 |
6.09 |
|
Credit Period
(Days) |
195.94 |
188.02 |
193.04 |
200.67 |
174.35 |
|
Working Capital by
Sales |
-21.70% |
-26.03% |
-33.13% |
-41.20% |
-29.76% |
|
Trade Credit by
Debtors |
1.15 |
1.25 |
0.99 |
0.97 |
1.02 |
|
Return on Assets |
3.41% |
3.30% |
3.73% |
3.32% |
0.32% |
|
Profit Margin |
3.34% |
3.29% |
3.14% |
3.23% |
0.26% |
|
Borrowing Ratio |
-221.64% |
-203.67% |
-163.10% |
-176.69% |
-176.46% |
|
Equity Gearing |
-19.98% |
-23.15% |
-36.03% |
-40.11% |
-33.73% |
|
Debt Gearing |
-0.40% |
-1.02% |
-1.84% |
-3.01% |
-0.74% |
|
Interest Coverage |
1.19 |
1.42 |
1.82 |
0.51 |
0.05 |
|
Sales by Tangible
Assets |
45.91 |
31.64 |
29.73 |
30.50 |
49.43 |
|
Creditor Days
(Cost of Sales Based) |
277.94 |
292.31 |
244.91 |
261.80 |
203.29 |
|
Creditor Days
(Sales Based) |
225.03 |
235.74 |
191.65 |
194.12 |
177.99 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.87.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.