MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
EURO FASHION MANUFACTURING CO. LTD |
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Registered Office : |
Kirkland House First
Floor 11 15 Peterborough Road Harrow,
HA1 2AX |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
03.04.1992 |
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Com. Reg. No.: |
02703810 |
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Legal Form : |
Private Independent |
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Line of Business : |
Agents in textiles, footwear etc. |
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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 : |
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) |
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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 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).
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Source : CIA |
Company name and address
EURO FASHION MANUFACTURING CO. LTD 
Kirkland House First
Floor
11 15 Peterborough Road
Harrow, HA1 2AX
United Kingdom
(Registered Address)
Employees: NA
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date: 03-Apr-1992
Auditor: John Cumming Ross
Ltd.
Financials in: USD (In Millions)
Fiscal Year End: 31-Mar-2012
Reporting Currency: British Pound Sterling
Annual Sales: NA
Total Assets: 0.8
Business Description
Agents in textiles, footwear etc.
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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Anmol Gangaramani |
Director |
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Maya Gangaramani |
Director |
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Narain Hotechand Gangaramani |
Director |
Financial Summary
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FYE: 31-Mar-2012 |
USD (mil) |
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Key Figures |
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Current Assets |
0.77 |
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Fixed Assets |
0.0039 |
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Total Liabilities |
0.39 |
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Net Worth |
0.38 |
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Key Ratios |
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Current Ratio |
1.98 |
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Acid Test |
1.98 |
Registered No.(UK): 02703810
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6281078
Location
Kirkland House First Floor
11 15 Peterborough Road
Harrow, HA1 2AX
Middlesex County
United Kingdom
Sales GBP(mil): NA
Assets GBP(mil): 0.5
Employees: NA
Fiscal Year End: 31-Mar-2012
Industry: Apparel
and Accessories
Incorporation
Date: 03-Apr-1992
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(UK): 02703810
Director: Maya
Gangaramani
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ANZSIC
2006 Codes: |
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1351 |
- |
Clothing Manufacturing |
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NACE
2002 Codes: |
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1822 |
- |
Manufacture of other outerwear |
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NAICS
2002 Codes: |
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3152 |
- |
Cut and Sew Apparel Manufacturing |
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US SIC
1987: |
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2385 |
- |
Waterproof Outerwear |
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UK SIC
2003: |
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1822 |
- |
Manufacture of other outerwear |
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UK SIC
2007: |
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1413 |
- |
Manufacture of other outerwear |
Agents in textiles, footwear etc.
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Auditor: |
John
Cumming Ross Ltd. |
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Auditor: |
John
Cumming Ross Ltd. |
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Auditor History |
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John
Cumming Ross Ltd. |
31-Mar-2012 |
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Mha
Macintyre Hudson |
31-Mar-2011 |
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Macintyre
Hudson LLP |
31-Mar-2009 |
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Hwca Ltd. |
31-Mar-2008 |
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Description |
Action Date |
Publication |
Publication Date |
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Striking Off Notice |
26-Jul-2011 |
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02-Aug-2011 |
Board of Directors
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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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Directors and Shareholders Report
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Main Office Address: |
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Annual
Return Date: 03 Apr 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 |
13 Sep 1945 |
Jasmine, Richmond Road, |
03 Apr 1992 |
NA |
Current:2 |
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Current |
14 Oct 1945 |
3601 Marina Heights Tower Dubai Marina, P O Box 261580, |
01 Oct 2009 |
NA |
Current:3 |
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Current |
03 Apr 1972 |
Kirkland House First Floor, 11-15 Peterborough Road, |
23 Apr 1992 |
NA |
Current:2 |
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Previous |
14 Oct 1945 |
3601 Marina Heights Tower Dubai Marina, P O Box 261580, |
03 Apr 1992 |
01 Oct 2009 |
Current:3 |
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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 |
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Previous |
14 Oct 1945 |
3601 Marina Heights Tower Dubai Marina, P O Box 261580, |
03 Apr 1992 |
01 Oct 2009 |
Current:3 |
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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 |
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M Gangaramani |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
50.00 |
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N Gangaramani |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
50.00 |
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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-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-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) |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
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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-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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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 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Stocks |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Director Loans |
- |
0.0 |
- |
- |
- |
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Other Debtors |
- |
0.1 |
- |
- |
- |
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Total Debtors |
0.2 |
0.1 |
0.1 |
0.0 |
0.2 |
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Cash and Equivalents |
0.5 |
0.6 |
0.5 |
0.5 |
0.5 |
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Other Current Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Current Assets |
0.8 |
0.8 |
0.7 |
0.5 |
0.8 |
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Total Assets |
0.8 |
0.8 |
0.7 |
0.6 |
0.9 |
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Director Loans (Current Liability) |
- |
- |
- |
- |
0.0 |
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Other Current Liabilities |
0.4 |
0.3 |
0.3 |
0.2 |
0.4 |
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Total Current Liabilities |
0.4 |
0.3 |
0.3 |
0.2 |
0.4 |
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Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
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 |
|
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 |
0.0 |
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 |
0.4 |
0.4 |
0.4 |
0.3 |
0.4 |
|
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 |
0.4 |
0.4 |
0.4 |
0.3 |
0.4 |
|
Net Worth |
0.4 |
0.4 |
0.4 |
0.3 |
0.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
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Annual Ratios
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
|
Consolidated |
No |
No |
No |
No |
No |
|
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Current Ratio |
1.98 |
2.39 |
2.35 |
2.69 |
2.04 |
|
Liquidity Ratio |
1.98 |
2.39 |
2.35 |
2.69 |
2.04 |
|
Borrowing Ratio |
- |
- |
- |
- |
4.16% |
|
Equity Gearing |
49.82% |
58.56% |
57.88% |
63.52% |
51.94% |
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
UK Pound |
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION
DETAILS
|
Report Prepared by : |
MNL |
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.