MIRA
INFORM REPORT
|
Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SETHI SILK STORES LTD. |
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Registered Office : |
Unit D Bridge Road
Industrial Estate Bridge Road Southall, UB2 4AB |
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Country : |
United Kingdom |
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Financials (as on) : |
31.07.2011 |
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Date of Incorporation : |
06.10.1986 |
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Com. Reg. No.: |
02061787 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of textiles. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 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
SETHI SILK STORES LTD.
Unit D
Bridge Road Industrial
Estate
Bridge Road
Southall,
UB2 4AB
United Kingdom
(Trading Address)
Tel: 020 8571 9445
Website: www.dupionsilk.com
Employees: 5
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date: 06-Oct-1986
Financials in: USD (In Millions)
Fiscal Year End: 31-Jul-2011
Reporting Currency: British Pound Sterling
Annual Sales: NA
Total Assets: 2.9
Business Description
Wholesale of textiles.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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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 |
|
Suman Sethi |
Secretary |
|
Sanjeev Ratanchand Sethi |
Director |
|
Ramesh Kumar Sethi |
Director |
Financial Summary
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FYE: 31-Jul-2011 |
USD (mil) |
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Key Figures |
|
|
Current Assets |
1.92 |
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Fixed Assets |
0.99 |
|
Total Liabilities |
0.99 |
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Net Worth |
1.70 |
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Key Ratios |
|
|
Current Ratio |
1.93 |
|
Acid Test |
1.35 |
Registered No.(UK): 02061787
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6260631
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6091989
Location
Unit D
Bridge Road Industrial Estate
Bridge Road
Southall, UB2 4AB
Middlesex County
United Kingdom
Tel: 020
8571 9445
Website: www.dupionsilk.com
Sales GBP(mil): NA
Assets GBP(mil): 1.8
Employees: 5
Fiscal Year End: 31-Jul-2011
Industry: Apparel and Accessories
Registered Address:
Unit D
Bridge Road Industrial Estate
Bridge Road Southall
Southall, UB2 4AB
United Kingdom
Incorporation Date: 06-Oct-1986
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(UK): 02061787
Director: Sanjeev Ratanchand Sethi
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ANZSIC 2006 Codes: |
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3711 |
- |
Textile Product Wholesaling |
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NACE 2002 Codes: |
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5141 |
- |
Wholesale of textiles |
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NAICS 2002 Codes: |
||
|
424310 |
- |
Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers |
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US SIC 1987: |
||
|
5131 |
- |
Piece Goods, Notions, and Other Dry Good |
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UK SIC 2003: |
||
|
5141 |
- |
Wholesale of textiles |
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UK SIC 2007: |
||
|
4641 |
- |
Wholesale of textiles |
Wholesale of textiles.
More Business Descriptions
Clothing Wholesale and
Suppliers
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Financials in: |
GBP(mil) |
1 Year Growth |
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Assets: |
1.8 |
NA |
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Current Assets: |
1.2 |
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Fixed Assets: |
0.6 |
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Long Term Debt: |
0.0 |
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Total Liabilities: |
0.6 |
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Issued Capital: |
0.0 |
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Working Capital: |
0.6 |
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Net Worth: |
1.0 |
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Date of Financial Data: |
31-Jul-2011 |
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Bank: Barclays
Bank PLC
Auditor History
Bradley Soni And Co 31-Jul-2008
Bradley Soni And Co 31-Jul-2007
Board of Directors
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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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Secretary |
Company Secretary |
Directors and Shareholders Report
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Main Office Address: |
Tel: 020 8571 9445 |
Annual
Return Date: 15 Oct 2012 |
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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 |
19 Jun 1953 |
140 Springwell Road, |
17 Oct 1991 |
NA |
Current:2 |
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Current |
28 Oct 1962 |
64 Bulstrode Avenue, |
17 Oct 1991 |
NA |
Current:3 |
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Previous |
13 Aug 1957 |
108 Whitton Dene,
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17 Oct 1991 |
25 Sep 2011 |
Current:0 |
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Corporate Directors
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 |
NA |
140 Springwell Road, |
17 Oct 1991 |
NA |
Current:2 |
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Corporate Secretaries
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 |
|
Naresh Kumar Sethi
(Deceased) |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
33.33 |
|
Ramesh Kumar Sethi |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
33.33 |
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Sanjeev Ratanchand
Sethi |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
33.33 |
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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-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
31-Jul-2007 |
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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) |
0.626063 |
0.637195 |
0.636663 |
0.500129 |
0.513635 |
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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 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
31-Jul-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.609199 |
0.638529 |
0.603191 |
0.504821 |
0.492114 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
- |
- |
- |
1.4 |
1.5 |
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Fixtures & Fittings |
- |
- |
- |
0.1 |
0.1 |
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Plant & Vehicles |
- |
- |
- |
0.0 |
0.0 |
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Total Tangible Fixed Assets |
1.0 |
1.0 |
1.0 |
1.6 |
1.6 |
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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 |
1.0 |
1.0 |
1.0 |
1.6 |
1.6 |
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Total Stocks Work In Progress |
0.6 |
0.5 |
0.5 |
0.5 |
0.9 |
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Total Debtors |
1.3 |
1.1 |
1.2 |
1.3 |
1.3 |
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Cash and Equivalents |
0.0 |
0.7 |
0.7 |
0.3 |
0.1 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
1.9 |
2.3 |
2.4 |
2.1 |
2.2 |
|
Total Assets |
2.9 |
3.2 |
3.4 |
3.7 |
3.8 |
|
Other Current Liabilities |
1.0 |
1.2 |
1.1 |
1.2 |
1.2 |
|
Total Current Liabilities |
1.0 |
1.2 |
1.1 |
1.2 |
1.2 |
|
Group Loans (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Director Loans (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Hire Purchase (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Leasing (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Other Long Term Loans |
0.0 |
- |
- |
- |
- |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Other Long Term Liabilities |
0.0 |
0.3 |
0.4 |
0.6 |
0.7 |
|
Total Long Term Liabilities |
0.0 |
0.3 |
0.4 |
0.6 |
0.7 |
|
Deferred Taxation |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.2 |
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 |
1.7 |
1.7 |
1.9 |
1.9 |
1.9 |
|
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 |
1.7 |
1.7 |
1.9 |
1.9 |
1.9 |
|
Net Worth |
1.7 |
1.7 |
1.9 |
1.9 |
1.9 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
31-Jul-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.626063 |
0.637195 |
0.636663 |
0.500129 |
0.513635 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
Annual Ratios
Financials in: USD (mil)
|
|
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
31-Jul-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.609199 |
0.638529 |
0.603191 |
0.504821 |
0.492114 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.93 |
1.86 |
2.23 |
1.77 |
1.78 |
|
Liquidity Ratio |
1.35 |
1.49 |
1.79 |
1.33 |
1.08 |
|
Equity Gearing |
58.66% |
54.08% |
55.64% |
51.33% |
49.93% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.96 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.71.92 |
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.