MIRA
INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
POWERPLUS ENTERPRISES LTD. |
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Registered Office : |
1 Harthill Street Manchester, M8 8AG |
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Country : |
United Kingdom |
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Financials (as on) : |
31.08.2012 |
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Date of Incorporation : |
20.08.1999 |
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Com. Reg. No.: |
03829385 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of electrical household appliances, radio and
television goods. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 and address
POWERPLUS ENTERPRISES LTD.
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1 Harthill Street Manchester, M8 8AG United Kingdom (Trading Address)
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Business Description
Wholesale of electrical household appliances, radio and
television goods.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Kulwant Kaur Dhody |
Secretary |
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Amardeep Singh Dhody |
Director |
Financial Summary
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FYE: 31-Aug-2012 |
USD (mil) |
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Registered No.(UK): 03829385
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6353669
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6333495
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ANZSIC 2006 Codes: |
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3739 |
- |
Other Goods
Wholesaling Not Elsewhere Classified |
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NACE 2002 Codes: |
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5147 |
- |
Wholesale of
other household goods |
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NAICS 2002 Codes: |
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4232 |
- |
Furniture and
Home Furnishing Merchant Wholesalers |
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US SIC 1987: |
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5099 |
- |
Durable Goods,
Not Elsewhere Classified |
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UK SIC 2003: |
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5147 |
- |
Wholesale of
other household goods |
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UK SIC 2007: |
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4649 |
- |
Wholesale of other
household goods |
Wholesale of electrical household appliances, radio and
television goods.
More Business Descriptions
Electrical Products (Sales)
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Auditor History |
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Alexander Bursk |
31-Aug-2009 |
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Alexander Bursk |
31-Aug-2008 |
Executives Report
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: 0161 834 3720 |
Annual Return Date: 20
Aug 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 |
25 May 1966 |
11 Ringley Road, Whitefield, |
24 May 2000 |
NA |
Current:4 |
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Current |
05 May 1960 |
11 Ringley Road, Whitefield, |
30 Aug 2000 |
NA |
Current:2 |
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Previous |
01 Jan 1947 |
27 Fairhaven Avenue, Whitefield, |
14 Feb 2000 |
14 Jan 2002 |
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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Company Directors Limited |
Previous |
788-790 Finchley Road, |
20 Aug 1999 |
31 Aug 1999 |
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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 |
25 May 1966 |
11 Ringley Road, Whitefield, |
31 Aug 1999 |
NA |
Current:4 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Temple Secretaries Limited |
Previous |
788-790 Finchley Road, |
20 Aug 1999 |
31 Aug 1999 |
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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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Amardeep Singh Dhody |
183734 Ordinary GBP 1.00 |
Ordinary |
183,734 |
1.00 |
183,734.00 |
51.00 |
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Kulwant Kaur Dhody |
176529 Ordinary GBP 1.00 |
Ordinary |
176,529 |
1.00 |
176,529.00 |
49.00 |
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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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31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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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 |
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Exchange Rate (Period
Average) |
0.635367 |
0.623753 |
0.640102 |
0.643147 |
0.502947 |
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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)
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31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.63335 |
0.614156 |
0.65066 |
0.613572 |
0.548261 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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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 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Stocks Work In Progress |
1.5 |
1.8 |
1.8 |
1.5 |
2.4 |
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Total Debtors |
0.7 |
0.9 |
0.8 |
0.8 |
1.1 |
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Cash and Equivalents |
0.0 |
0.0 |
0.3 |
0.2 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
2.3 |
2.7 |
2.9 |
2.5 |
3.6 |
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Total Assets |
2.4 |
2.8 |
3.0 |
2.6 |
3.7 |
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Other Current Liabilities |
1.1 |
1.5 |
1.7 |
1.2 |
2.0 |
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Total Current Liabilities |
1.1 |
1.5 |
1.7 |
1.2 |
2.0 |
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Director Loans (Long Term Liability) |
- |
- |
- |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.6 |
0.6 |
0.6 |
0.6 |
0.7 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
0.7 |
0.7 |
0.7 |
0.8 |
1.0 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
1.3 |
1.3 |
1.2 |
1.4 |
1.6 |
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Net Worth |
1.3 |
1.3 |
1.2 |
1.4 |
1.6 |
Annual
Cash Flows
Financials in: USD (mil)
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|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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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 |
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Exchange Rate (Period
Average) |
0.635367 |
0.623753 |
0.640102 |
0.643147 |
0.502947 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual
Ratios
Financials in: USD (mil)
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|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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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 |
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Exchange Rate |
0.63335 |
0.614156 |
0.65066 |
0.613572 |
0.548261 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
2.15 |
1.86 |
1.69 |
2.08 |
1.76 |
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Liquidity Ratio |
0.70 |
0.63 |
0.66 |
0.84 |
0.57 |
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Borrowing Ratio |
- |
- |
- |
0.04% |
0.07% |
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Equity Gearing |
54.18% |
47.44% |
41.97% |
53.10% |
44.21% |
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Debt Gearing |
- |
- |
- |
0.04% |
0.07% |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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|
1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)