MIRA INFORM REPORT
|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ICON CAPITAL LIMITED |
|
|
|
|
Registered Office : |
2nd Floor 83 Pall Mall London Sw1y 5es |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
15.12.2005 |
|
|
|
|
Com. Reg. No.: |
05655059 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
Subject is involved Security broking, fund management
and other financial intermediation. |
|
|
|
|
No. of Employees : |
08 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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.
|
Source
: CIA |
REGISTERED NAME & COMPANY
SUMMARY
Summary – Company Information
|
Company Name |
ICON CAPITAL LIMITED |
Company Number |
05655059 |
|
Registered Address |
2ND FLOOR 83 PALL MALL |
Trading Address |
2ND 83 Pall Mall |
|
|
LONDON |
|
|
|
|
|
|
|
|
|
SW1Y 5ES |
|
|
|
Website Address |
|
|
|
|
Telephone Number |
02070040960 |
Fax Number |
|
|
TPS |
No |
FPS |
No |
|
Incorporation Date |
15/12/2005 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
|
Type |
Private limited with Share Capital |
|
Date of Change |
- |
Filing Date of Accounts |
14/11/2012 |
|
|
|
Share Capital |
£44,320 |
|
SIC03 |
6523 |
Currency |
GBP |
|
SIC03 Description |
OTHER FINANCIAL INTERMEDIATION (NOT ELSEWHERE
CLASSIFIED) |
||
|
SIC07 |
64999 |
||
|
SIC07 Description |
FINANCIAL INTERMEDIATION NOT ELSEWHERE
CLASSIFIED |
||
|
Principal Activity |
Security broking, fund management and other
financial intermediation. |
||
DIRECTORS/MANAGEMENT
Directors
|
Total Current Directors |
2 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company
Secretaries |
5 |
Current Directors
|
Name |
Date of Birth |
18/07/1952 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
06/06/2011 |
|
|
|
Address |
2nd Floor 83 Pall Mall, London, SW1Y 5ES |
||
|
|
|
|
|
|
Name |
Date of Birth |
20/06/1971 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
8 |
Function |
Director |
|
Appointment Date |
15/12/2005 |
|
|
|
Address |
37 Buckland Rise, Pinner, Middlsex, HA5 3QS |
||
|
|
|
|
|
Current Company Secretary
|
Name |
Date of Birth |
30/11/1976 |
|
|
Officers Title |
Mr |
Nationality |
|
|
Present Appointments |
1 |
Function |
Company Secretary |
|
Appointment Date |
07/04/2008 |
|
|
|
Address |
2nd Floor 83 Pall Mall, London, SW1Y 5ES |
||
Directors
Previous Director/Company Secretaries
|
Name |
Current Directorships |
Previous Directorships |
|
0 |
1 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
1 |
1 |
|
|
3 |
6 |
NEGATIVE INFORMATION
CCJ
|
Total Number of Exact CCJs - |
Total Value of Exact CCJs - |
||
|
Total Number of Possible CCJs - |
Total Value of Possible CCJs - |
||
|
Total Number of Satisfied CCJs - |
Total Value of Satisfied CCJs - |
||
|
Total Number of Writs - |
- |
|
|
Exact CCJ Details
There are no exact CCJ details
Possible CCJ Details
There are no possible CCJ details
Writ Details
There are no writ details
Mortgage Summary
|
Outstanding |
0 |
|
Satisfied |
0 |
Full CCJ Details
Exact CCJ Details
|
No CCJs found |
Possible CCJs Details
|
There are no possible CCJ details |
Writ Details
|
No writs found |
SHARE & SHARE CAPITAL
INFORMATION
Top 20 Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
MANU BHATNAGAR |
GBP |
44,320 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
Summary – Payment History
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/03/2012 |
£1,971,086 |
£366,496 |
£208,785 |
8 |
|
31/03/2011 |
£428,143 |
-£179,504 |
£1,100,518 |
8 |
|
31/03/2010 |
£2,157,032 |
£509,892 |
£1,280,091 |
8 |
Payment
Information Summary
|
Days Beyond Terms |
Trend Indicator |
Average
Payment Experience |
|
||||
|
Steady Improving Worsening |
|
|
Creditor & Debtor Details
Creditor Details
|
No Creditor Data |
|
Total Value |
- |
Trade Debtors / Bad Debt Detail
|
No Debtor Data |
|
Total Value |
- |
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure
Statistics
|
Group |
- |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
- |
|
Ownership Status |
|
|
Ultimate Holding Company |
- |
Group structure
No group structure
Linkages
Statistics
|
Group |
|
|
Linkages |
0 companies |
|
Countries |
In 0 countries |
FINANCIAL INFORMATION
Financials
Profit & Loss
|
|
Date Of Accounts |
31/03/12 |
|
31/03/11 |
|
31/03/10 |
|
31/03/09 |
|
31/03/08 |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
65 |
|
|
Currency |
GBP |
|
GBP |
|
GBP |
|
GBP |
|
GBP |
|
|
Consolidated A/cs |
N |
|
N |
|
Y |
|
Y |
|
N |
|
|
Turnover |
£1,971,086 |
|
£428,143 |
|
£2,157,032 |
|
£1,013,556 |
|
£1,645,533 |
|
|
Export |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Cost of Sales |
£583,523 |
|
£62,194 |
|
£464,998 |
|
£98,906 |
|
- |
|
|
Gross Profit |
£1,387,563 |
|
£365,949 |
|
£1,692,034 |
|
£914,650 |
|
- |
|
|
Wages & Salaries |
£578,745 |
|
£281,790 |
|
£695,885 |
|
£555,001 |
|
£453,122 |
|
|
Directors Emoluments |
£10,000 |
|
£36,000 |
|
£108,000 |
|
£126,970 |
|
£157,000 |
|
|
Operating Profit |
£328,454 |
|
-£308,228 |
|
£509,826 |
|
£166,779 |
|
£834,084 |
|
|
Depreciation |
£5,700 |
|
£6,000 |
|
£8,807 |
|
£8,418 |
|
£7,216 |
|
|
Audit Fees |
£5,500 |
|
£8,000 |
|
£9,500 |
|
£8,250 |
|
£6,750 |
|
|
Interest Payments |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Pre Tax Profit |
£366,496 |
|
-£179,504 |
|
£509,892 |
|
£205,187 |
|
£853,230 |
|
|
Taxation |
-£98,229 |
|
£89,760 |
|
-£147,902 |
|
-£46,063 |
|
-£229,771 |
|
|
Profit After Tax |
£268,267 |
|
-£89,744 |
|
£361,990 |
|
£159,124 |
|
£623,459 |
|
|
Dividends Payable |
£160,000 |
|
- |
|
- |
|
- |
|
- |
|
|
Retained Profit |
£108,267 |
|
-£89,744 |
|
£327,278 |
|
£133,949 |
|
£623,459 |
Balance Sheet
|
|
Date Of Accounts |
31/03/12 |
|
31/03/11 |
|
31/03/10 |
|
31/03/09 |
|
31/03/08 |
|
|
Tangible Assets |
£211,419 |
|
£210,445 |
|
£9,741 |
|
£9,635 |
|
£14,261 |
|
|
Intangible Assets |
£7,854 |
|
£10,097 |
|
£12,340 |
|
£14,583 |
|
£17,387 |
|
|
Total Fixed Assets |
£219,273 |
|
£220,542 |
|
£22,081 |
|
£24,218 |
|
£31,648 |
|
|
Stock |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Trade Debtors |
£135,785 |
|
£84,299 |
|
£323,527 |
|
£399,018 |
|
£42,647 |
|
|
Cash |
£17,887 |
|
£502,401 |
|
£1,067,270 |
|
£639,125 |
|
£1,012,733 |
|
|
Other Debtors |
£295,060 |
|
£386,117 |
|
£487,876 |
|
£27,058 |
|
£41,157 |
|
|
Miscellaneous Current Assets |
£198,578 |
|
0 |
|
0 |
|
£129,241 |
|
0 |
|
|
Total Current Assets |
£647,310 |
|
£972,817 |
|
£1,878,673 |
|
£1,194,442 |
|
£1,096,537 |
|
|
Trade Creditors |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Bank Loans & Overdrafts |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Other Short Term Finance |
£5,000 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Miscellaneous Current Liabilities |
£652,798 |
|
£92,841 |
|
£520,776 |
|
£200,670 |
|
£309,319 |
|
|
Total Current Liabilities |
£657,798 |
|
£92,841 |
|
£520,776 |
|
£200,670 |
|
£309,319 |
|
|
Bank Loans & Overdrafts and LTL |
0 |
|
0 |
|
£99,887 |
|
£65,175 |
|
0 |
|
|
Other Long Term Finance |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Long Term Liabilities |
0 |
|
0 |
|
£99,887 |
|
£65,175 |
|
0 |
Capital & Reserves
|
|
Date Of Accounts |
31/03/12 |
|
31/03/11 |
|
31/03/10 |
|
31/03/09 |
|
31/03/08 |
|
|
Called Up Share Capital |
£44,320 |
|
£200,019 |
|
£200,019 |
|
£200,019 |
|
£200,019 |
|
|
P & L Account Reserve |
£1,196 |
|
£900,499 |
|
£1,080,072 |
|
£752,796 |
|
£618,847 |
|
|
Revaluation Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Sundry Reserves |
£163,269 |
|
- |
|
- |
|
- |
|
- |
|
|
Shareholder Funds |
£208,785 |
|
£1,100,518 |
|
£1,280,091 |
|
£952,815 |
|
£818,866 |
Other Financial Items
|
|
Date Of Accounts |
31/03/12 |
|
31/03/11 |
|
31/03/10 |
|
31/03/09 |
|
31/03/08 |
|
|
Net Worth |
£200,931 |
|
£1,090,421 |
|
£1,267,751 |
|
£938,232 |
|
£801,479 |
|
|
Working Capital |
-£10,488 |
|
£879,976 |
|
£1,357,897 |
|
£993,772 |
|
£787,218 |
|
|
Total Assets |
£866,583 |
|
£1,193,359 |
|
£1,900,754 |
|
£1,218,660 |
|
£1,128,185 |
|
|
Total Liabilities |
£657,798 |
|
£92,841 |
|
£620,663 |
|
£265,845 |
|
£309,319 |
|
|
Net Assets |
£208,785 |
|
£1,100,518 |
|
£1,280,091 |
|
£952,815 |
|
£818,866 |
Cash Flow
|
|
Date Of Accounts |
31/03/12 |
|
31/03/11 |
|
31/03/10 |
|
31/03/09 |
|
31/03/08 |
|
|
Net Cashflow from Operations |
£753,846 |
|
-£290,557 |
|
£354,728 |
|
-£90,124 |
|
- |
|
|
Net Cashflow before Financing |
£515,486 |
|
-£214,958 |
|
£428,145 |
|
-£413,608 |
|
- |
|
|
Net Cashflow from Financing |
-£1,000,000 |
|
- |
|
- |
|
£40,000 |
|
- |
|
|
Increase in Cash |
-£484,514 |
|
-£214,958 |
|
£428,145 |
|
-£373,608 |
|
- |
Miscellaneous
|
|
Date Of Accounts |
31/03/12 |
|
31/03/11 |
|
31/03/10 |
|
31/03/09 |
|
31/03/08 |
|
|
Contingent Liability |
NO |
|
NO |
|
NO |
|
NO |
|
NO |
|
|
Capital Employed |
£208,785 |
|
£1,100,518 |
|
£1,379,978 |
|
£1,017,990 |
|
£818,866 |
|
|
Number of Employees |
8 |
|
8 |
|
8 |
|
7 |
|
7 |
|
|
Auditors |
KLSA LLP |
||||||||
|
|
Auditor Comments |
The audit report contains no adverse
comments |
||||||||
|
|
Bankers |
|
||||||||
|
|
Bank Branch Code |
|
||||||||
Ratios
|
|
Date Of Accounts |
31/03/12 |
31/03/11 |
31/03/10 |
31/03/09 |
31/03/08 |
|
|
Pre-tax profit margin % |
18.59 |
-41.93 |
23.64 |
20.24 |
51.85 |
|
|
Current ratio |
0.98 |
10.48 |
3.61 |
5.95 |
3.55 |
|
|
Sales/Net Working Capital |
-187.94 |
0.49 |
1.59 |
1.02 |
2.09 |
|
|
Gearing % |
0 |
0 |
7.80 |
6.80 |
0 |
|
|
Equity in % |
24.30 |
93 |
67.80 |
79.10 |
73.70 |
|
|
Creditor Days |
- |
- |
- |
- |
- |
|
|
Debtor Days |
25.07 |
71.66 |
54.59 |
143.29 |
11.79 |
|
|
Liquidity/Acid Test |
0.98 |
10.47 |
3.60 |
5.95 |
3.55 |
|
|
Return On Capital Employed % |
175.53 |
-16.31 |
36.94 |
20.15 |
104.20 |
|
|
Return On Total Assets Employed % |
42.29 |
-15.04 |
26.82 |
16.83 |
75.62 |
|
|
Current Debt Ratio |
3.15 |
0.08 |
0.40 |
0.21 |
0.37 |
|
|
Total Debt Ratio |
3.15 |
0.08 |
0.48 |
0.27 |
0.37 |
|
|
Stock Turnover Ratio % |
- |
- |
- |
- |
- |
|
|
Return on Net Assets Employed % |
175.53 |
-16.31 |
39.83 |
21.53 |
104.20 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Commentary
|
No exact match CCJs are recorded against the
company. |
|
|
The company's credit rating has dropped from
73 to 51 but the company still indicates good creditworthiness. |
|
|
The credit limit on this company has fallen
80.5% in comparison to the previously suggested credit limit. |
|
|
Sales in the latest trading period increased
360.4% on the previous trading period. |
|
|
Net Worth decreased by 81.6% during the
latest trading period. |
|
|
A 27.4% decline in Total Assets occurred
during the latest trading period. |
|
|
Pre-tax profits increased by 304.2% compared
to the previous trading period. |
|
|
The company saw a decrease in their Cash Balance
of 96.4% during the latest trading period. |
|
|
The audit report contains no adverse
comments. |
|
|
The company has undergone recent changes in
its directorships. |
|
|
The company is not part of a group. |
|
|
The company was established over 6 years
ago. |
|
Event History
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
23/11/2012 |
New Accounts Filed |
|
23/11/2012 |
New Accounts Filed |
|
24/08/2012 |
Annual Returns |
|
19/06/2012 |
Mr A.R. Abraham has left the board |
|
19/12/2011 |
New Accounts Filed |
|
18/08/2011 |
New Board Member Mr A.R. Abraham appointed |
|
08/08/2011 |
Annual Returns |
|
09/06/2011 |
Mr Y. Mendiratta has left the board |
|
09/06/2011 |
Mr A.K. Agarwal has left the board |
|
09/06/2011 |
New Board Member Mr N.L. Banszky appointed |
|
13/01/2011 |
Annual Returns |
|
01/07/2010 |
New Accounts Filed |
|
01/07/2010 |
New Accounts Filed |
|
04/01/2010 |
Annual Returns |
|
08/07/2009 |
New Accounts Filed |
Previous Company Names
|
No Previous Names found |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
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.