MIRA INFORM REPORT

 

 

Report Date :

29.10.2013

 

IDENTIFICATION DETAILS

 

Name :

RS FASTENERS & FIXINGS LTD

 

 

Registered Office :

29 Waterloo Rd, Wolverhampton WV14DJ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.10.2012

 

 

Date of Incorporation :

18.10.2011

 

 

Com. Reg. No.:

07813196

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

Wholesale of Mining, Construction and Civil Engineering Machinery.

 

 

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

 

RS FASTENERS & FIXINGS LTD

29 WATERLOO RD

WOLVERHAMPTON

WV14DJ

United Kingdom

 

Telephone                     --

Fax                               --

Website                                    --

 

Company Number:      07813196

Foundation:                   18/10/2011

Status:                          Active - Accounts Filed

 

 

Comments

 

There has been no significant change in the company’s credit limit. 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 18 months ago.

 

 

Basic information

 

Legal form       Private limited with Share Capital

 

Foundation      18/10/2011

 

Company No.   07813196

 

 

Shareholders

 

Name

Currency

Number of Shares

Share Type

Nominal Value

Rajeev Ranjan

GBP

50

Ordinary

1

Saurav Kumar Mahanti

GBP

50

Ordinary

1

 

 

 

 

GBP 100

 

 

Management

 

Directors

 

Name

Address

Date of Birth

Nationality

Appointment Date

Mr. Balbir Kalair

46 Werge Road, Tetten Hall, Wolverhampton, West Midlands WV6 8TD

05.07.1964

British

10.06.2012

Mr. Saurav Kumar Mahanti

29, Waterloo Road, Wolverhampton, West Midlands WV1 4DJ

07.11.1981

Indian

06.05.2014

Mr. Rajeev Ranjan

29, Waterloo Road, Wolverhampton, West Midlands WV1 4DJ

11.03.1981

Indian

06.05.2014

 

Company Secretary

 

Name

Address

Appointment Date

Mr. Saurav Kumar Mahanti

29, Waterloo Road, Wolverhampton, West Midlands WV1 4DJ

05.08.2012

 

 

Other Known Addresses

 

29 Waterloo Road, Wolverhampton, West Midlands WV1 4DJ

 

 

Business activities

 

Main activity

Wholesale of mining, construction & civil engineering machinery

Wholesale hardware, plumbing etc.

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts                                  Turnover                                  Employees

31/10/2012                                            Not Stated                                 Not Stated

 

 

Supplementary data

 

Events

 

Company history

Date                             Action

20/10/2011        New Board Member Mr J. Carter appointed

11/11/2011        New Board Member Mr B. Kalair appointed

02/02/2012        Mr J. Carter has left the board

25/05/2012        New Company Secretary Mr S.K. Mahanti appointed

12/07/2012        New Board Member Mr S.K. Mahanti appointed

23/07/2012        New Board Member Mr R. Ranjan appointed

05/11/2012        Annual Returns

26/07/2013        New Accounts Filed

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

 

31/10/2012

56

GBP

Group: No

Turnover

-

0

-

Export

-

-

-

Cost of Sales

-

-

-

Gross Profit

-

-

-

Wages And Salaries

-

0

-

Directors Emoluments

-

-

-

Operating Profit

-

-

-

Depreciation

142

-

-

Audit Fees

-

0

-

Interests Payments

-

-

-

Pre Tax Profit

-

0

-

Taxation

-

-

-

Profit After Tax

-

-

-

Dividends Payable

-

-

-

Retained Profit

-

-

-

 

 

Balance Sheet

 

 

31/10/2012

56

GBP

Group: No

Tangible Assets

2,506

-

-

Intangible Assets

-

0

-

Total Fixed Assets

2,506

-

-

Stock

83,739

-

-

Trade Debtors

109,852

-

-

Cash

3,182

-

-

Other Debtors

-

0

-

Miscellaneous Current Assets

-

0

-

Total Current Assets

196,773

-

-

Trade Creditors

200,043

-

-

Bank Loans and Overdraft

-

0

-

Other Short Term Finance

-

0

-

Miscellaneous Current Liabilities

-

0

-

Total Current Liabilities

200,043

-

-

Bank Loans and Overdrafts LTL

-

0

-

Other Long Term Finance

-

0

-

Total Long Term Liabilities

-

0

-

 

 

Capital Reserves

 

 

31/10/2012

56

GBP

Group: No

Called Up Share Capital

-

100

-

P and L Account Reserve

-

-864

-

Revaluation Reserve

-

0

-

Sundry Reserves

-

0

-

Shareholders Funds

-

-764

-

 

 

Other Financial Items

 

 

31/10/2012

56

GBP

Group: No

Net Worth

-764

-

-

Working Capital

-3,270

-

-

Total Assets

199,279

-

-

Total Liabilities

200,043

-

-

Net Assets

-764

-

-

 

Cash Flow

 

 

31/10/2012

56

GBP

Group: No

Net Cash Flow from Operations

-

0

-

Net Cash Flow before Financing

-

0

-

Net Cash Flow from Financing

-

0

-

Increase in Cash

-

0

-

 

 

Miscellaneous

 

 

31/10/2012

56

GBP

Group: No

Capital Employed

-

-764

-

 

 

Financial Ratios

 

Name

31/10/2012

Pre Tax Profit Margin

0.0%

Current Ration

0.98

Sales or Net Working Capital

0.00

Gearing

0.00 %

Equity

-0.38 %

Creditor Days

0.00

Debtor Days

0.00

Liquidity or Acid test

0.56

Return on Capital Employed

0.0%

Return on Total Assets Employed

0.0%

Current Debt Ratio

-261.83 %

Total Debt Ratio

-261.83 %

Stock Turnover Ratio

0.0%

Return on Net Assets Employed

0.0%

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.50

UK Pound

1

Rs.99.94

Euro

1

Rs.84.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.