MIRA INFORM REPORT

 

 

Report Date :

21.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TARGA SALES LIMITED

 

 

Registered Office :

SUMMIT HOUSE 170 FINCHLEY ROAD LONDON NW3 6BP

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.07.2013

 

 

Date of Incorporation :

08.05.1992

 

 

Com. Reg. No.:

02712993

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Tanning and dressing of leather

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

 

 

 

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

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 saw a decrease in their Cash Balance of 45.1% during the latest trading period.

 

There is insufficient data to indicate a change in this companies percentage of sales. There is insufficient data to indicate a change in this companies pre-tax profit. 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.

 

 

Basic information

 

               

Legal form

Private limited with Share Capital

           

Foundation

08/05/1992       

           

Company No.

02712993         

           

Shareholders

    

Name

Currency

Number of shares

Share type

Nominal value

ANTONIETTA GEORGIADES

GBP

1

ORDINARY

1

SAVAKI GEORGIADES

GBP

99

ORDINARY

1

Total Share Capital                                                                                                                                GBP 100

               

Management

    

Company Secretary

Name

Address:

Appointment date

Ms Antonietta Georgiades

77 Lincoln Avenue, London N14 7LL

05/08/1993

 

Other Known Addresses

 

Summit House, 170 Finchley Road, London NW3 6BP

 

Business activities

 

Main Activity       

 

SIC03

Tanning and dressing of leather

 

SIC07

Tanning and dressing of leather

 

Economic data

 

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

 

 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                                                                                                                   

 

28/05/2012        Annual Returns

 

14/05/2013        New Accounts Filed

 

17/05/2013        Annual Returns

 

 

Mortgages

 

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.

 

 

Country Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

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

           

 

31/07/2012

 

31/07/2011

 

31/07/2010

 

31/07/2009

 

 

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.62.56

UK Pound

1

Rs.100.77

Euro

1

Rs.84.71

 

 

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%)

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.