MIRA
INFORM REPORT
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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SATSANG IMPORTS LTD. |
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Registered Office : |
287 Jersey Road, Isleworth, TW7 5PH |
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Country : |
United Kingdom |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
09.10.2007 |
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Com. Reg. No.: |
06394259 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Wholesale trade, except of motor vehicle |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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.
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Source : CIA |
Company name & address
Satsang Imports Ltd.
287 Jersey Road
Isleworth, TW7 5PH
United Kingdom
Synthesis
Employees: NA
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date:
09-Oct-2007
Financials in: USD
(Millions)
Fiscal Year End:
30-Sep-2012
Reporting Currency: British
Pound Sterling
Annual Sales: NA
Total Assets: 0.1
Business Description
Wholesale trade, except of motor vehicle
Industry
Industry Apparel and Accessories
ANZSIC 2006: 3711 - Textile
Product Wholesaling
NACE 2002: 5141 - Wholesale
of textiles
NAICS 2002: 424310 - Piece
Goods, Notions, and Other Dry Goods Merchant Wholesalers
UK SIC 2003: 5141 - Wholesale
of textiles
UK SIC 2007: 4641 - Wholesale
of textiles
US SIC 1987: 5131 - Piece
Goods, Notions, and Other Dry Good
Key Executives
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Name |
Title |
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Sangeeta Malhotra |
Director |
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Satinder Kumar Malhotra |
Chartered Accountant |
Financial Summary
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1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6347627
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.616433
Corporate Overview
Location
287 Jersey Road
Isleworth, TW7 5PH
Middlesex County
United Kingdom
Sales GBP(mil): NA
Assets GBP(mil): 0.1
Employees: NA
Fiscal Year End: 30-Sep-2012
Industry: Apparel and Accessories
Registered
Address:
287 Jersey Road
Isleworth, TW7 5PH
United Kingdom
Incorporation Date: 09-Oct-2007
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(UK): 06394259
Chartered Accountant: Satinder
Kumar Malhotra
Industry Codes
ANZSIC 2006 Codes:
3711 - Textile Product Wholesaling
3731 - Furniture and Floor Covering Wholesaling
NACE 2002 Codes:
5141 - Wholesale of textiles
5147 - Wholesale of other household goods
NAICS 2002 Codes:
424310 - Piece Goods, Notions, and Other Dry Goods Merchant
Wholesalers
423210 - Furniture Merchant Wholesalers
US SIC 1987:
5131 - Piece Goods, Notions, and Other Dry Good
5021 - Furniture
UK SIC 2003:
5141 - Wholesale of textiles
51471 - Wholesale of furniture
UK SIC 2007:
4641 - Wholesale of textiles
4647 - Wholesale of furniture, carpets and lighting equipment
Business
Description
Wholesale trade, except of motor vehicle
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Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Chartered Accountant |
Director/Board Member |
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Executives |
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Director |
Company Secretary |
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Chartered Accountant |
Accounting Executive |
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Directors
and Shareholders Report
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Main Office Address: |
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Annual Return Date: 31 Jul 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 |
12 Sep 1960 |
287 Jersey Road, |
10 Jun 2011 |
NA |
Current:3 |
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Current |
24 Jul 1954 |
287 Jersey Road, |
05 Jul 2012 |
NA |
Current:5 |
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Previous |
29 Jun 1987 |
287 Jersey Road, Oterley, |
09 Oct 2007 |
31 Jan 2012 |
Current:0 |
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Corporate Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Sdg Registrars Limited |
Previous |
41 Chalton Street, |
09 Oct 2007 |
09 Oct 2007 |
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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 |
287 Jersey Road, |
05 Jul 2012 |
NA |
Current:1 |
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Previous |
NA |
Flat10 Devonshire House, School Road, |
09 Oct 2007 |
30 Jun 2010 |
Current:0 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Sdg Secretaries Limited |
Previous |
41 Chalton Street, |
09 Oct 2007 |
09 Oct 2007 |
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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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Anuj Malhotra |
250 Ordinary GBP 1.00 |
Ordinary |
250 |
1.00 |
250.00 |
25.00 |
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Sangeeta Malhotra |
350 Ordinary GBP 1.00 |
Ordinary |
350 |
1.00 |
350.00 |
35.00 |
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Satinder Kumar Malhotra |
400 Ordinary GBP 1.00 |
Ordinary |
400 |
1.00 |
400.00 |
40.00 |
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Corporate Shareholders |
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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)
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30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate (Period Average) |
0.634763 |
0.622972 |
0.64255 |
0.647882 |
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Consolidated |
No |
No |
No |
No |
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Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
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30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.616433 |
0.641931 |
0.634598 |
0.625254 |
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Consolidated |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
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Total Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
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Total Stocks |
0.0 |
- |
- |
- |
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Trade Debtors |
0.1 |
0.2 |
0.2 |
0.1 |
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Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.1 |
0.2 |
0.2 |
0.2 |
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Total Assets |
0.1 |
0.2 |
0.2 |
0.2 |
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Trade Creditors |
0.1 |
0.2 |
0.2 |
0.1 |
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Bank Overdraft |
0.0 |
0.0 |
0.0 |
0.0 |
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Bank Loan Overdrafts |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Short Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
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Working Capital |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
- |
- |
- |
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Retained Earnings |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.0 |
0.0 |
0.0 |
0.0 |
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Net Worth |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
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|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.634763 |
0.622972 |
0.64255 |
0.647882 |
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Consolidated |
No |
No |
No |
No |
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Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Ratios
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|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
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Filed Currency |
- |
- |
- |
- |
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Exchange Rate |
- |
- |
- |
- |
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Consolidated |
No |
No |
No |
No |
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Current Ratio |
1.11 |
1.07 |
1.05 |
1.07 |
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Liquidity Ratio |
0.73 |
- |
- |
- |
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Solvency Ratio |
8.92% |
6.99% |
5.27% |
6.94% |
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Current Debt Ratio |
10.11 |
13.32 |
17.99 |
13.42 |
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Long Term Debt Ratio |
0.09 |
0.00 |
0.00 |
0.00 |
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Total Debt Ratio |
10.21 |
13.32 |
17.99 |
13.42 |
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Debt Asset Ratio |
90.18% |
93.01% |
94.73% |
93.06% |
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Working Finance |
11,100.13% |
- |
- |
- |
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Stock Financing |
3.51 |
- |
- |
- |
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Fixed Asset Investment |
0.00 |
0.00 |
0.00 |
- |
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Shareholder Liquidity |
9.92 |
- |
- |
- |
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Stock to Total Assets |
294.12% |
- |
- |
- |
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Financial Strength Ratio |
1.94 |
1.07 |
1.05 |
1.07 |
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Reserve Movement |
-28.22% |
34.97% |
27.03% |
- |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.75 |
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UK Pound |
1 |
Rs.89.91 |
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Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.