MIRA INFORM REPORT

 

 

Report Date :

07.09.2013

 

IDENTIFICATION DETAILS

 

Name :

I.C.S. (UK) LIMITED

 

 

Registered Office :

Neville Road, Bradford, West Yorkshire, Bd4 8tu

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

11.11.1998

 

 

Com. Reg. No.:

03665746

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·         Non-specialised wholesale food

wholesaler, Importer & Distributor of products such as

o         Pizza Boxes 

o         Flour range

o         Tomato Products

o         Chinese Products

o         Container & trays

o         Frozen Products

o         Soft Drinks

o        Utensils & equipment’s

 

 

No. of Employees :

89 (2012)

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 name & address

 

I.C.S. (UK) LIMITED

Telephone

 

+44 012 7430 1910

NEVILLE ROAD

Fax

-

BRADFORD

Website

www.icsukltd.co.uk

WEST YORKSHIRE

BD4 8TU

United Kingdom

Company Number:         03665746 Foundation:                 11/11/1998

Status:

Active - Accounts Filed

 

 

Comments

 

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 8.6% on the previous trading period.

 

Net Worth increased by 10.3% during the latest trading period. A 5.6% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 33.4% compared to the previous trading period. The company saw an increase in their Cash Balance of 202.2% during the latest trading period. The audit report contains no adverse comments.

 

There has been no significant change in the company’s credit rating. No recent changes in directorship are recorded. The company is part of a group. The company was established over 14 years ago.

 

 

Basic information

           

Legal form

Private limited with Share Capital

 

Foundation

11/11/1998

 

Company No.

03665746

 

Shareholders

 

Name                                       Currency                      Number of                    Share Type      Nominal Value

shares

ICS (UK) HOLDINGS LTD          GBP                            1,200                            ORDINARY       1

 

Total Share Capital                                                                                                                 GBP 1,200

 

 

Management

 

Company Secretary

Name

Address:

Appointment date

Ishmail Bhamji

8 Hope Street, Dews bury, West Yorkshire WF13 2BT

11/11/1998

Ishmail Bhamji

8 Hope Street, Dews bury, West Yorkshire WF12 2BT

11/11/1998

 

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Ishmail Bhamji

8 Hope Street, Dewsbury, West Yorkshire WF13 2BT

03/11/1967

British

11/11/1998

Mr Siddick Bhamji

1 Hartley Grove, Dewsbury, West Yorkshire WF13 2BL

11/11/1962

British

12/07/2004

Ishmail Bhamji

8 Hope Street, Dewsbury, West Yorkshire WF12 2BT

03/11/1967

British

11/11/1998

 

 

Other Known Addresses

 

Neville House, Neville Road, Bradford, West Yorkshire BD4 8TU

 

 

Company relationships

           

Company No.               Name                                                   Status                          Country           

Ultimate parent                                                                                                                                         

04828411                      ICS UK (HOLDINGS) LIMITED                 Active                           United Kingdom

 

 

Business activities

 

Main activity                                                                                                                                              

·         Non-specialised wholesale food.

 wholesaler, Importer & Distributor of products such as

o         Pizza Boxes 

o         Flour range

o         Tomato Products

o         Chinese Products

o         Container & trays

o         Frozen Products

o         Soft Drinks

o         Utensils & equipment’s

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts          Turnover                      Employees      

31/03/2010                    GBP 31,215,776                        84

31/03/2011                    GBP 32,997,144                        84

31/03/2012                    GBP 35,844,623                        89

 

 

Supplementary data

 

Banks

 Bank Name

Bank Branch Sort Code

HSBC BANK PLC

40-19-17

 

Auditor

Auditor name

SADOFSKYS

 

 

Events

 

Company history

Date                 Action

01/10/2008        New Accounts Filed

 

16/12/2008        Annual Returns

 

30/12/2009        Annual Returns

 

30/12/2009        New Accounts Filed

 

25/12/2010        Annual Returns

 

10/01/2011        New Accounts Filed

 

10/01/2011        New Accounts Filed

 

28/11/2011        Annual Returns

 

29/11/2011        Annual Returns

 

14/01/2012        New Accounts Filed

 

30/11/2012        Annual Returns

 

15/01/2013        New Accounts Filed

 

15/01/2013        New Accounts Filed

 

 

Mortgages

           

 

Mortgage type

DEBENTURE

Charge created

26/07/2002

Charge registered

27/07/2002

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 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

LEGAL MORTGAGE

Charge created

10/07/2003

Charge registered

11/07/2003

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

THE FREEHOLD PROPERTY KNOWN AS LAND AND BUILDINGS AT NEVILLE ROAD BRADFORD WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RE- SPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RE- SPECTOF THE PROPERTY

 

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

accounts

 

Profit & Loss

 

31/03/2012

48

GBP

Group: Yes

31/03/2011

48

GBP

Group: Yes

31/03/2010

48

GBP

Group: Yes

31/03/2009

48

GBP

Group: Yes

Turnover

35,844,623

32,997,144

31,215,776

28,493,871

Wages And Salaries

1,423,440

1,285,939

1,331,202

1,177,267

Directors Emoluments

32,370

32,370

32,370

32,370

Operating Profit

387,794

294,056

323,945

136,814

 Depreciation

156,149

127,304

126,900

107,426

Audit Fees

5,000

4,500

4,500

4,250

Interests Payments

21,680

19,670

23,099

16,865

Pre Tax Profit

366,114

274,386

300,846

125,826

Taxation

-100,955

-73,949

-89,270

-38,493

Profit After Tax

265,159

200,437

211,576

87,333

Dividends Payable

0

0

0

0

Retained Profit

265,159

200,437

211,576

87,333

Cost of Sales

28,131,637

25,913,696

-

--

--

Gross Profit

3,084,139

2,580,175

-

 

 

Balance sheet

 

31/03/2012

48

GBP

Group: Yes

31/03/2011

48

GBP

Group: Yes

31/03/2010

48

GBP

Group: Yes

31/03/2009

48

GBP

Group: Yes

Tangible Assets

2,771,937

2,760,795

2,678,944

2,489,404

Intangible Assets

0

0

0

0

Total Fixed Assets

2,771,937

2,760,795

2,678,944

2,489,404

Stock

1,920,525

2,152,148

1,283,939

1,691,279

Trade Debtors

2,898,833

2,963,319

2,474,993

3,375,939

Cash

1,162,399

384,676

313,325

207,820

Other Debtors

179,909

196,477

348,212

107,336

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

6,161,666

5,696,620

4,420,469

5,382,374

Trade Creditors

3,676,300

4,015,180

3,529,176

3,704,746

Bank Loans and Overdraft

1,530,194

994,147

155,694

1,162,240

Other Short Term Finance

13,432

14,414

14,465

16,085

Miscellaneous Current Liabilities

254,155

248,889

187,179

273,712

Total Current Liabilities

5,474,081

5,272,630

3,886,514

5,156,783

Bank Loans and Overdrafts LTL

2,159,291

1,613,666

1,003,764

2,025,912

Other Long Term Finance

554,859

559,859

808,059

831,859

Total Long Term Liabilities

629,097

619,519

848,070

863,672

 

 Capital & Reserves

 

31/03/2012

48

GBP

Group: Yes

31/03/2011

48

GBP

Group: Yes

31/03/2010

48

GBP

Group: Yes

31/03/2009

48

GBP

Group: Yes

Called Up Share Capital

1,200

1,200

1,200

1,200

P and L Account Reserve

1,705,192

1,440,033

1,239,596

1,028,020

Revaluation Reserve

1,124,033

1,124,033

1,124,033

822,103

Sundry Reserves

0

0

0

0

Shareholders Funds

2,830,425

2,565,266

2,364,829

1,851,323

 

 

Other Financial Items

 

31/03/2012

48

GBP

Group: Yes

31/03/2011

48

GBP

Group: Yes

31/03/2010

48

GBP

Group: Yes

31/03/2009

48

GBP

Group: Yes

Net Worth

2,830,425

2,565,266

2,364,829

1,851,323

Working Capital

687,585

423,990

533,955

225,591

Total Assets

8,933,603

8,457,415

7,099,413

7,871,778

Total Liabilities

6,103,178

5,892,149

4,734,584

6,020,455

Net Assets

2,830,425

2,565,266

2,364,829

1,851,323

 

 

Cash flow

 

31/03/2012

48

GBP

Group: Yes

31/03/2011

48

GBP

Group: Yes

31/03/2010

48

GBP

Group: Yes

31/03/2009

48

GBP

Group: Yes

Net CashFlow from Operations

501,023

-208,954

1,206,838

-1,205,920

Net CashFlow before Financing

247,658

-518,851

1,137,471

-1,596,061

Net CashFlow from Financing

362,837

476,397

-713,690

731,766

Increase in Cash

777,723

71,351

105,505

-410,358

 

Miscellaneous

 

31/03/2012

48

GBP

Group: Yes

31/03/2011

48

GBP

Group: Yes

31/03/2010

48

GBP

Group: Yes

31/03/2009

48

GBP

Group: Yes

Capital Employed

3,459,522

3,184,785

3,212,899

2,714,995

 

 

Financial Ratios

Name

31/03/2012

31/02/2011

31/03/2010

31/03/2009

Pre Tax Profit Margin

1.02 %

0.83 %

0.96 %

0.44 %

Current Ration

1.13

1.08

1.14

1.04

Sales or Net Working Capital

52.13

77.83

58.46

126.31

Gearing

76.29 %

62.90 %

42.45 %

109.43 %

Equity

31.68 %

30.33 %

33.31 %

23.52 %

Creditor Days

37.33

44.29

41.15

47.32

Debtor Days

29.43

32.68

28.86

43.12

Liquidity or Acid test

0.77

0.67

0.80

0.71

Return on Capital Employed

10.58 %

8.61 %

9.36 %

4.63 %

Return on Total Assets Employed

4.09 %

3.24 %

4.23 %

1.59 %

Current Debt Ratio

1.93 %

2.05 %

1.64 %

2.78 %

Total Debt Ratio

2.15 %

2.29 %

2.00 %

3.25 %

Stock Turnover Ratio

5.35 %

6.52 %

4.11 %

5.93 %

Return on Net Assets Employed

12.93 %

10.69 %

12.72 %

6.79 %

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.96

UK Pound

1

Rs.102.91

Euro

1

Rs.86.58

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.