|
Report Date : |
21.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
WELLTRADE SERVICES LIMITED |
|
|
|
|
Registered Office : |
Media Park
, 40b River Road Barking
Essex IG11 0DW |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.12.1995 |
|
|
|
|
Com. Reg. No.: |
03133829 |
|
|
|
|
Legal Form : |
Private limited
with Share Capital |
|
|
|
|
Line of Business : |
Manufacturing Industries |
|
|
|
|
No. of Employees : |
Not Available |
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
|
|
Telephone |
+44 020 8594 3336 |
|
|
MEDIA PARK |
Fax |
- |
|
|
40B RIVER ROAD |
Website |
||
|
BARKING |
|||
|
ESSEX |
|||
|
IG11 0DW |
|||
|
United Kingdom |
|||
|
Company Number: Foundation: |
03133829 04/12/1995 |
Status: |
Active - Accounts Filed |
No exact match CCJs are recorded against the company. The company’s credit rating has increased from 81 to 89 which indicates very good creditworthiness. Net Worth increased by 9.1% during the latest trading period. A 37.2% growth in
Total Assets occurred during the latest trading period. The audit report contains no adverse comments.
The credit limit on this company
has fallen 33.9% in comparison to the previously suggested
credit limit. Sales in the latest trading period decreased 38.7% on the previous
trading period. Pre-tax profits decreased by 67.7% compared to the previous trading period.
The company saw a decrease
in their Cash Balance of 72.7% during
the latest trading
period. No recent changes in directorship are recorded. The company
is part of a group. The company was established over 17 years ago.
Private limited with Share Capital
04/12/1995
03133829
Name Currency Number of shares Share type
Nominal value
GLORIOUS SOLUTIONS
LTD GBP 360
ORDINARY 1
Total
Share Capital GBP 360
Company Secretary
Name Address: Appointment
date
Ms Susan Mor Media Park, 40b River Road, Barking, Essex
IG110DW 09/01/1998
Name Address:
Date
of birth Nationality Appointment date
Ms Susan Mor Media
Park, 40b River Road,
Barking,Essex IG11
0DW 07/06/1969 British 04/07/2006
Mr Ofir Mor Media
Park, 40b River Road,
Barking,Essex IG11
0DW 11/04/1969 British 03/01/2007
Mr Naim Mor 234
Moshave, Beth Nefoka,
90830 05/07/2010 Israeli 01/01/1941
Ms SusanMor Media
Park, 40b River Road,
Barking,Essex IG11
0DW 07/06/1969 British 04/07/2006
Media Park, 40A-40B River Road, Barking, Essex IG11 0DW
Company No. Name Status
Country
Ultimate parent
- WTS
INTERNATIONAL HOLDINGS LTD Other
Manufacturing Industries
Turnover and Employees
Date of Accounts Turnover
Employees
31/12/2010 GBP 25,930,912 30
31/12/2011 GBP
40,888,863 34
31/12/2012 GBP
25,073,119 35
Bank Name
THE ROYAL BANK OF SCOTLAND PLC
Auditor name
SRLV
Company history
Date Action
01/02/2009 Annual Returns
26/05/2009 I. Mehl has left the board
03/08/2009 New Board Member Mr N. Mor appointed
18/08/2009 New Board Member Mr N. Mor appointed
01/09/2009 New Accounts Filed
31/12/2009 Annual Returns
16/08/2010 New Accounts Filed
17/08/2010 New Accounts Filed
15/12/2010 Annual Returns
25/06/2011 Annual Returns
27/07/2011 New Accounts Filed
27/07/2011 New Accounts Filed
20/07/2012 Annual Returns
13/08/2012 New Accounts Filed
13/08/2012 New Accounts Filed
10/07/2013 Annual Returns
10/09/2013 New Accounts Filed
10/09/2013 New Accounts Filed
|
Mortgage type |
DEBENTURE |
|
Charge created |
18/03/1999 |
|
Charge registered |
26/03/1999 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Secured amount |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
. FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROP- ERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS |
|
|
|
|
Mortgage type |
DEBENTURE |
|
Charge created |
17/08/2004 |
|
Charge registered |
19/08/2004 |
|
Status |
SATISFIED |
|
Entitled person |
HSBC BANK PLC |
|
Secured amount |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
|
|
|
|
Mortgage type |
FIRST PARTY CHARGE OVER CREDIT BALANCES |
|
Charge created |
29/09/2006 |
|
Charge registered |
05/10/2006 |
|
Status |
SATISFIED |
|
Entitled person |
BANK LEUMI (UK) PLC |
|
Mortgage detail |
BY WAY OF FIRST FIXED CHARGE ALL MONIESFROM TIME TO TIME HELD TO THE CREDIT ONANY CURRENT, DEPOSIT OR OTHER ACCOUNT OR ACCOUNTSSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS |
|
|
|
|
Mortgage type |
MEMORANDUM OF DEPOSIT |
|
Charge created |
29/09/2006 |
|
Charge registered |
05/10/2006 |
|
Status |
SATISFIED |
|
Entitled person |
BANK LEUMI (UK) PLC |
|
Mortgage detail |
ALL RIGHTS MONEYS PROPERTYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS |
|
|
|
|
Mortgage type |
DEBENTURE |
|
Charge created |
29/09/2006 |
|
Charge registered |
05/10/2006 |
|
Status |
SATISFIED |
|
Entitled person |
BANK LEUMI (UK) PLC |
|
Mortgage detail |
FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, BUILDINGS, FIXTURES, FIXED PLANTAND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS |
|
|
|
|
Mortgage type |
SUPPLEMENTAL CHATTEL MORTGAGE |
|
Charge created |
02/08/2010 |
|
Charge registered |
10/08/2010 |
|
Status |
OUTSTANDING |
|
Entitled person |
FINELINE MEDIA FINANCE, A TRADING DIVISION OF FIVE ARROWS LEASING LIM- ITED |
|
Secured amount |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED INSTRUMENT CREATING OR EV- IDENCING THE CHARGE |
|
Mortgage detail |
BY WAY OF SECURITY ALL OF ITS RIGHT, TITLE AND INTEREST IN THE NON- VESTING ASSETS TOGETHER WITH THE BENEFIT OF ALL EXISTING GUARAN- TEES, WARRANTIES AND SERVICING AND MAINTENANCE AGREEMENTS, 3 SONY HXC-100//U HD STUDIO CAMERA CHANNEL S/N:0000107,0000108. 3 SONY HXCU- 100//U HD CCU S/N:0000104,0000106. 3 SONY RCP-750 REMOTE CONTROL PANEL S/N:0128670,0128710,0128775. FOR DETAILS OF FURTHER ASSETS CHARGED PLEASE REFER TO FORM MG01. |
|
|
|
|
Mortgage type |
DEBENTURE |
|
Charge created |
09/08/2011 |
|
Charge registered |
10/08/2011 |
|
Status |
OUTSTANDING |
|
Entitled person |
HSBC BANK PLC |
|
Secured amount |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Mortgage detail |
FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN- CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY |
|
|
|
|
Mortgage type |
MORTGAGE |
|
Charge created |
04/09/2012 |
|
Charge registered |
11/09/2012 |
|
Status |
OUTSTANDING |
|
Entitled person |
AZULE LIMITED |
|
Secured amount |
GBP 450,000.00 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE |
|
Mortgage detail |
CHARGE OVER BROADCAST EQUIPMENT - 10 X NEW SONY PDW-F1600 XDCAM |
|
RECORDERS S/NOSS0100145387,S0100143903, S0100143969, S010014388A, |
|
|
S0100144735, S0100144757, S0100144397, S0100145253, S0100145297, |
|
|
S0100145343, 6 X SONY HDC2500 3G MULTIFORMAT STUDIO CAMERAS |
|
|
S/NOS S0104001562, S0104001540, S0104001731, S0104001180, S0104001630, |
|
|
S010400142, 6 X SONY RCP-RCP-1500/U JOYSTICK FOR CAMERAS S/NOS |
|
|
S010110897C, S020110886A, S02011868A, S0101108804, S0101108466, |
|
|
S0101108501 FOR DETAILS OF FURTHER GOODS CHARGED PLEASE REFER TO |
|
|
FORM MG01 SEE IMAGE FOR FULL DETAILS |
There are no County Court Judgments listed
against this company
|
|
52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Turnover |
25,073,119 |
40,888,863 |
25,930,912 |
17,760,170 |
|
Export |
- |
- |
- |
- |
|
Cost of Sales |
20,777,094 |
33,914,143 |
- |
- |
|
Gross Profit |
4,296,025 |
6,974,720 |
- |
- |
|
Wages And Salaries |
1,462,756 |
1,430,049 |
1,788,114 |
1,134,186 |
|
Directors Emoluments |
236,277 |
226,683 |
177,083 |
145,000 |
|
Operating Profit |
965,354 |
2,808,650 |
2,041,269 |
493,517 |
|
Depreciation |
160,236 |
888,124 |
566,635 |
539,548 |
|
Audit Fees |
31,600 |
32,350 |
33,075 |
- |
|
Interests Payments |
75,013 |
54,191 |
122,944 |
181,994 |
|
Pre Tax Profit |
890,341 |
2,754,459 |
1,918,325 |
314,315 |
|
Taxation |
-287,673 |
-665,577 |
-438,735 |
-64,121 |
|
Profit After Tax |
602,668 |
2,088,882 |
1,479,590 |
250,194 |
|
Dividends Payable |
0 |
0 |
0 |
0 |
|
Retained Profit |
602,668 |
2,088,882 |
1,479,590 |
250,194 |
|
|
52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Tangible Assets |
2,247,408 |
3,007,974 |
3,715,380 |
3,317,353 |
|
Intangible Assets |
0 |
0 |
0 |
0 |
|
Total Fixed Assets |
2,247,408 |
3,007,974 |
3,715,380 |
3,317,353 |
|
Stock |
2,844,937 |
2,268,822 |
15,805,598 |
7,051,793 |
|
Trade Debtors |
5,835,623 |
1,897,521 |
3,048,928 |
2,206,210 |
|
Cash |
286,192 |
1,046,792 |
4,345,500 |
499,520 |
|
Other Debtors |
6,713,810 |
4,842,817 |
5,454,461 |
5,907,283 |
|
|
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
|
Total Current Assets |
15,680,562 |
10,055,952 |
28,654,487 |
15,664,806 |
|
Trade Creditors |
1,771,856 |
1,013,168 |
2,212,653 |
3,695,801 |
|
Bank Loans and Overdraft |
1,853,072 |
956,332 |
2,194,610 |
1,988,253 |
|
Other Short Term Finance |
2,150,808 |
586,241 |
647,981 |
579,025 |
|
Miscellaneous Current Liabilities |
4,095,085 |
2,989,677 |
22,520,764 |
7,682,797 |
|
Total Current Liabilities |
9,870,821 |
5,545,418 |
27,576,008 |
13,945,876 |
|
Bank Loans and Overdrafts LTL |
2,718,598 |
1,885,885 |
2,488,396 |
4,004,052 |
|
Other Long Term Finance |
0 |
5,647 |
293,786 |
982,748 |
|
Total Long Term Liabilities |
865,526 |
929,553 |
293,786 |
2,015,799 |
|
|
52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Called Up Share Capital |
360 |
360 |
360 |
360 |
|
P and L Account Reserve |
7,191,263 |
6,588,595 |
4,499,713 |
3,020,124 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
0 |
0 |
0 |
0 |
|
Shareholders Funds |
7,191,623 |
6,588,955 |
4,500,073 |
3,020,484 |
|
|
52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Net Worth |
7,191,623 |
6,588,955 |
4,500,073 |
3,020,484 |
|
Working Capital |
5,809,741 |
4,510,534 |
1,078,479 |
1,718,930 |
|
Total Assets |
17,927,970 |
13,063,926 |
32,369,867 |
18,982,159 |
|
Total Liabilities |
10,736,347 |
6,474,971 |
27,869,794 |
15,961,675 |
|
Net Assets |
7,191,623 |
6,588,955 |
4,500,073 |
3,020,484 |
|
|
52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 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 |
-760,600 |
-3,298,708 |
3,845,980 |
-2,165,546 |
|
|
52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 52 GBP Group: No |
31/12/2009 52 GBP Group: No |
|
Capital Employed |
8,057,149 |
7,518,508 |
4,793,859 |
5,036,283 |
Name 31/12/2012 31/12/2011 31/12/2010
31/12/2009
|
Pre Tax Profit Margin |
3.55 % |
6.74 % |
7.40 % |
1.77 % |
|
Current Ration |
1.59 |
1.81 |
1.04 |
1.12 |
|
Sales or Net Working Capital |
4.32 |
9.07 |
24.04 |
10.33 |
|
Gearing |
37.80 % |
28.62 % |
55.30 % |
132.56 % |
|
Equity |
40.11 % |
50.44 % |
13.90 % |
15.91 % |
|
Creditor Days |
25.72 |
9.01 |
31.05 |
75.74 |
|
Debtor Days |
84.71 |
16.89 |
42.79 |
45.21 |
|
Liquidity or Acid test |
1.30 |
1.40 |
0.46 |
0.61 |
|
Return on Capital Employed |
11.05 % |
36.63 % |
40.01 % |
6.24 % |
|
Return on Total Assets Employed |
4.96 % |
21.08 % |
5.92 % |
1.65 % |
|
Current Debt Ratio |
1.37 % |
0.84 % |
6.12 % |
4.61 % |
|
Total Debt Ratio |
1.49 % |
0.98 % |
6.19 % |
5.28 % |
|
Stock Turnover Ratio |
11.34 % |
5.54 % |
60.95 % |
39.70 % |
|
Return on Net Assets Employed |
12.38 % |
41.80 % |
42.62 % |
10.40 % |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
|
1 |
Rs.100.77 |
|
Euro |
1 |
Rs.84.71 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.