MIRA INFORM REPORT

 

 

Report Date :

20.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TARGA SALES LIMITED

 

 

Registered Office :

Summit House 170 Finchley Road  London NW3 6BP

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.07.2012

 

 

Date of Incorporation :

08.05.1992

 

 

Com. Reg. No.:

02712993

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject is engaged in tanning and dressing of leather

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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

Company identification

 

 

 

TARGA SALES LIMITED

 

Telephone

 

-

 

SUMMIT HOUSE 170 FINCHLEY ROAD

Fax

-

LONDON

Website

-

NW3 6BP

United Kingdom

 

 

 

Company Number: Foundation:

 

02712993

08/05/1992

 

Status:

 

Active - Accounts Filed

 

 

 

 

Main indices

 

Payment experience and credit opinion

 

 

Comments

 

No exact match CCJs are recorded against the company. The company’s credit rating has increased from not rated to 50 which indicates it is creditworthy.  The credit limit on this company has risen 10.5% in comparison to the previously

suggested credit limit.  Net Worth increased by 8.3% during the latest trading period.  The movement in accumulated

earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

A 8.5% decline in Total Assets occurred during the latest trading period. . The company is exempt from audit. No recent changes in directorship are recorded. The company is not part of a group. The company was established over 21 years ago.

 

 

Legal form

 

Private limited with Share Capital

 

 

Foundation     

 

08/05/1992

 

Company No.

 

02712993

 

 

Shareholders     

 

Name                                       Currency          Number of shares        Share type       Nominal value

ANTONIETTAGEORGIADES       GBP                             1                      ORDINARY       1

SAVAKI GEORGIADES             GBP                                         99                     ORDINARY       1

Total Share Capital                                                                                                     GBP 100

 

 

Management

 

Directors

Name Address:                                    Date of birth     Nationality       Appointment date

Mr Savaki Georgiades 7

7 Lincoln Avenue,

Southgate, London

N14 7LL                                                10/11/1951        Italian                05/08/1993

 

 

Company Secretary

 

Name Address:                        Appointment date

Ms Antonietta Georgiades

77 Lincoln Avenue, L

ondon N14 7LL                          05/08/1993

 

 

Other Known Addresses

 

Summit House, 170 Finchley Road, London NW3 6BP

 

 

Main activity

 

SIC03   Tanning and dressing of leather

SIC07   Tanning and dressing of leather


 

Turnover and Employees

 

Date of Accounts          Turnover          Employees

31.07.2010                    Not Stated         Not Stated

31.07.2011                    Not Stated         Not Stated

31.07.2012                    Not Stated         Not Stated

 

 

Supplementary data

 

 

 

Events

 

Company history

 

Date                    Action

 

03/06/2009        Annual Returns

 

04/06/2009        New Accounts Filed

 

06/05/2010        New Accounts Filed

 

27/05/2010        Annual Returns

 

10/05/2011        New Accounts Filed

 

10/05/2011        New Accounts Filed

 

18/05/2011        Annual Returns

 

09/05/2012        New Accounts Filed

 

09/05/2012        New Accounts Filed

 

 

 

Mortgage

 

Charge created              10/10/2013

Charge registered           14/10/2013

Status                           OUTSTANDING

Entitled person              NATIONAL WESTMINSTER BANK PLC;

Mortgage detail              CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF

CHARGE.


Profit & Loss

 

 

31/07/2012

52

GBP

Group: No

31/07/2011

52

GBP

Group: No

31/07/2010

52

GBP

Group: No

31/07/2009

52

GBP

Group: No

Turnover

0

0

0

0

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

0

0

0

0

Directors Emoluments

-

-

-

-

Operating Profit

-

-

-

-

Depreciation

0

0

0

0

Audit Fees

0

0

0

0

Interests Payments

-

-

-

-

Pre Tax Profit

0

0

0

0

Taxation

-

-

-

-

Profit After Tax

-

-

-

-

Dividends Payable

-

-

-

-

Retained Profit

-

-

-

-

 

 

Balance Sheet

 

 

31/07/2012

52

GBP

Group: No

31/07/2011

52

GBP

Group: No

31/07/2010

52

GBP

Group: No

31/07/2009

52

GBP

Group: No

Tangible Assets

0

0

0

0

Intangible Assets

0

0

0

0

Total Fixed Assets

0

0

0

0

Stock

5,281

12,495

27,313

53,601

Trade Debtors

718,504

692,247

747,403

364,036

Cash

118,803

216,459

238,671

378,382

Other Debtors

0

0

0

0

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

842,588

921,201

1,013,387

796,019

Trade Creditors

564,339

664,206

697,765

500,644

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

0

0

300

Miscellaneous Current Liabilities

0

0

0

0

Total Current Liabilities

564,339

664,206

697,765

500,944

Bank Loans and Overdrafts LTL

0

0

0

0

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

0

0

0

0

 

 

Capital & Reserves

 

 

31/07/2012

52

GBP

Group: No

31/07/2011

52

GBP

Group: No

31/07/2010

52

GBP

Group: No

31/07/2009

52

GBP

Group: No

Called Up Share Capital

100

100

100

100

P and L Account Reserve

278,149

256,895

315,522

294,975

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

278,249

256,995

315,622

295,075

 

 

Other Financial Items  

 

 

31/07/2012

52

GBP

Group: No

31/07/2011

52

GBP

Group: No

31/07/2010

52

GBP

Group: No

31/07/2009

52

GBP

Group: No

Net Worth

278,249

256,995

315,622

295,075

Working Capital

278,249

256,995

315,622

295,075

Total Assets

842,588

921,201

1,013,387

796,019

Total Liabilities

564,339

664,206

697,765

500,944

Net Assets

278,249

256,995

315,622

295,075

 

 

Cash Flow  

 

 

31/07/2012

52

GBP

Group: No

31/07/2011

52

GBP

Group: No

31/07/2010

52

GBP

Group: No

31/07/2009

52

GBP

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

-97,656

-22,212

-139,711

192,727

 

Miscellaneous

 

 

31/07/2012

52

GBP

Group: No

31/07/2011

52

GBP

Group: No

31/07/2010

52

GBP

Group: No

31/07/2009

52

GBP

Group: No

Capital Employed

278,249

256,995

315,622

295,075

 

Financial Ratios

 

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

1.49

1.39

1.45

1.59

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

0.00 %

0.00 %

0.00 %

0.00 %

Equity

33.02 %

27.90 %

31.15 %

37.07 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

1.48

1.36

1.41

1.48

Return on Capital Employed

0.0%

0.0%

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

0.0%

0.0%

Current Debt Ratio

2.02 %

2.58 %

2.21 %

1.69 %

Total Debt Ratio

2.02 %

2.58 %

2.21 %

1.69 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

0.0%

0.0%

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.23

UK Pound

1

Rs.100.18

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.