MIRA INFORM REPORT

 

 

Report Date :

22.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

SHREE PADMAVATI EXPORT (UK) LIMITED

 

 

Registered Office :

115/117 Ealing Road, Wembley, Middlesex, Ha0 4BP

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

17.02.2005

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Retail Sale Of Textiles In Specialised Stores

 

 

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 :

No complaints

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name:

SHREE PADMAVATI EXPORT (UK) LIMITED

Company Number:

05367504

 

Registered Address

115/117 EALING ROAD

Trading Address

115-117 Ealing Road

 

WEMBLEY

 

Wembley

 

MIDDLESEX

 

Middlesex

 

HA0 4BP

 

HA0 4BP

Website Address

-

 

 

Telephone Number

02087953051

 

TPS

Fax Number

No

 

 

No

FPS

 

 

Incorporate Date

17/02/2005

 

 

Type

Private limited with Share Capital

 

 

 

FTSE Index

-

 

-

Filing Date of Accounts

25/02/2014

 

Currency GBP

 

Share Capital

£10,103

SIC0747510

Charity Number

-

 

Principal Activity: RETAIL SALE OF TEXTILES IN SPECIALISED STORES.

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Kevin Jariwala

Date of Birth

22/06/1982

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

16/04/2010

 

 

Address

115/117 Ealing Road, Wembley, Middlesex, HA0 4BP

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Chelna Jariwala

0

1

Saurin Jariwala

1

1

COMPANY DIRECTORS LIMITED

9352

196298

TEMPLE SECRETARIES LIMITED

11630

198011

 

 

NEGATIVE INFORMATION

 

CCJ

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

 

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

 

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

 

Total Number of Writs -

-

 

 

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

KEVIN JARIWALA

GBP

10,000

ORDINARY

1

99.01

SRI PADMAVATI EXPORT

GBP

100

ORDINARY

1

0.99

 

 

PAYMENT INFORMATION

 

Mortgage Summary

Total Mortgage

4

Summary

4

Satisfied

0

 

Trade debtors / Bad debts Summary

Total Number of Documented Trade

0

Total Value of Documented Trade

£0

 

Trade Payment Information

 

Average Invoice Value

363.72

Invoices available

18

Paid

18

Outstanding

0

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Enquiries Trend

There have been 4 enquiries in the last 12 months.

There are an average of 0 reports taken each month.

 

 

3 MONTHS

6 MONTHS

9 MONTHS

Enquiries

1

3

4

 

Mortgage Details

Mortgage Type:

MORTGAGE DEED

Date Charge Created:

30/04/10

 

 

Date Charge Registered:

13/05/10

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

LLOYDS TSB BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

F/H PROPERTY K/A 242 AND 242B EALING ROAD WEMBLEY MIDDLESEX & GARAGES 1 AND 2 T/N NGL463450 TOGETHERWITH ALL BUILDINGS& FIXTURES (INCLUDING TRADE FIXTURES). FIXED PLANT & MACHINERY BY WAY OF FIXED CHARGE, ALL PRESENT & FUTURE BOOK & OTHER DEBTS, FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY, IMPLEMENTS, UTENSILS, FURNITURE & EQUIPMENT BY WAY OF ASSIGNMENT. THE GOODWILL OF THE BUSINESS (IF ANY), THE FULL BENEFIT OF ALL LICENCES & GUARANTEES

 

Mortgage Type:

DEBENTURE

Date Charge Created:

14/04/10

 

 

Date Charge Registered:

15/04/10

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

LLOYDS TSB BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

14/03/08

 

 

Date Charge Registered:

27/03/08

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

F/H PROPERTY K/A 242 EALING ROAD WEMBLEY

 

Mortgage Type:

GUARANTEE & DEBENTURE

Date Charge Created:

03/03/08

 

 

Date Charge Registered:

11/03/08

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE COMPANIES NAMED THEREIN TOTHE CHARGEE

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

5

10

1

2

0

Outstanding

0

0

0

0

0

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

Summary

Holding Company

-

Ownership Status

 

Ultimate Holding Company

-

 

Group structure

No group structure

 

 

FINANCIAL INFORMATION

 

Key Financials

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employee

31/03/2013

-

-

£608,923

-

31/03/2012

-

-

£458,625

-

31/03/2011

-

-

£329,164

-

 

Profit & Loss

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

 

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

 

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

-

-

-

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

-

-

-

-

-

-

-

-

-

Depreciation

£41,190

11.7%

£36,865

12.2%

£32,849

16.7%

£28,154

-3.5%

£29,171

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Tangible Assets

£1,525,600

23.2%

£1,238,483

-1.2%

£1,253,288

-1%

£1,266,061

-2.2%

£1,294,216

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£1,525,600

23.2%

£1,238,483

-1.2%

£1,253,288

-1%

£1,266,061

-2.2%

£1,294,216

Stock

£969,355

51.4%

£640,057

95.7%

£327,005

999.9%

£15,751

-37.4%

£25,150

Trade Debtors

£633,801

31.7%

£481,422

-18.5%

£590,741

12.6%

£524,733

43.4%

£365,936

Cash

£62,933

621.5%

£8,722

-64.9%

£24,884

-48.4%

£48,218

490.5%

£8,166

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£1,666,089

47.4%

£1,130,201

19.9%

£942,630

60.1%

£588,702

47.5%

£399,252

Trade Creditors

£1,935,867

59.4%

£1,214,569

140.2%

£505,685

-42.1%

£872,891

-

0

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-100%

£84,324

Other Short Term Finance

0

-

0

-

0

-

0

-100%

£364,386

Miscellaneous Current Liabilities

0

-

0

-100%

£632,131

-

0

-100%

£287,414

Total Current Liabilities

£1,935,867

59.4%

£1,214,569

6.7%

£1,137,816

30.4%

£872,891

18.6%

£736,124

 

Bank Loans & Overdrafts and LTL

£646,899

-7%

£695,490

-4.6%

£728,938

-1.6%

£740,900

-15.2%

£873,933

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

£646,899

-7%

£695,490

-4.6%

£728,938

-1.6%

£740,900

-6.2%

£789,609

 

Capital & Reserves

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Called Up Share Capital

£10,100

-

£10,100

-

£10,100

999.9%

£100

-

£100

P & L Account Reserve

£598,823

33.5%

£448,525

40.6%

£319,064

32.5%

£240,872

43.7%

£167,635

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£608,923

32.8%

£458,625

39.3%

£329,164

36.6%

£240,972

43.7%

£167,735

 

Other Financial Items

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Worth

£608,923

32.8%

£458,625

39.3%

£329,164

36.6%

£240,972

43.7%

£167,735

Working Capital

-£269,778

-219.8%

-£84,368

56.8%

-£195,186

31.3%

-£284,189

15.6%

-£336,872

Total Assets

£3,191,689

34.7%

£2,368,684

7.9%

£2,195,918

18.4%

£1,854,763

9.5%

£1,693,468

Total Liabilities

£2,582,766

35.2%

£1,910,059

2.3%

£1,866,754

15.7%

£1,613,791

5.8%

£1,525,733

Net Assets

£608,923

32.8%

£458,625

39.3%

£329,164

36.6%

£240,972

43.7%

£167,735

 

Cash Flow

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

 

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£1,255,822

8.8%

£1,154,115

9.1%

£1,058,102

7.8%

£981,872

2.6%

£957,344

 

Ratios

 

Date Of Accounts

31/03/13

31/03/12

31/03/11

31/03/10

31/03/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

0.86

0.93

0.83

0.67

0.54

Sales/Net Working Capital

-

-

-

-

-

Gearing %

106.20

151.60

221.50

307.50

521

Equity in %

19.10

19.40

15

13

9.90

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.35

0.40

0.54

0.65

0.50

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

3.17

2.64

3.45

3.62

4.38

Total Debt Ratio

4.24

4.16

5.67

6.69

9.09

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Current Company Secretary

Name

Jasmin Shah

Date of Birth

-

Officers Title

Mr

Nationality

 

Present Appointments

1

Function

Company Secretary

Appointment Date

29/05/2014

 

 

Address

115/117 Ealing Road, Wembley, Middlesex, HA0 4BP

 

Number of Employees

-

-

-

-

-

-

-

-

-

 

Auditors

 

 

Auditor Comments

The company is exempt from audit

 

Bankers

 

 

Bank Branch Code

 

 

Status History

No Status History found

 

Event History

Date

Description

03/06/2014

Annual Returns

02/06/2014

Mrs C. Jariwala has resigned as company secretary

02/06/2014

New Company Secretary Mr J. Shah appointed

28/02/2014

New Accounts Filed

28/02/2014

New Accounts Filed

13/05/2013

Annual Returns

13/03/2013

Mr S. Jariwala has left the board

23/01/2013

New Accounts Filed

23/01/2013

New Accounts Filed

22/02/2012

Annual Returns

24/10/2011

New Accounts Filed

24/10/2011

New Accounts Filed

08/04/2011

Annual Returns

04/02/2011

Change in Reg.Office

04/02/2011

Change of Company Postcode

 

Previous Company Names

No Previous Names found

 

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

 

The company's credit rating has increased from 55 to 78 which indicates very good creditworthiness.

 

The credit limit on this company has risen 270.4% in comparison to the previously suggested credit limit.

 

There is insufficient data to indicate a change in this company's percentage of sales.

 

Net Worth increased by 32.8% during the latest trading period.

 

 

A 34.7% growth in Total Assets occurred during the latest trading period.

 

There is insufficient data to indicate a change in this company's pre-tax profit.

 

The company saw an increase in their Cash Balance of 621.5% during the latest trading period.

 

The company is exempt from audit.

 

The company has undergone recent changes in its directorships.

 

The company is not part of a group.

 

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

 

The company was established over 9 years ago.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.76

UK Pound

1

Rs.100.72

Euro

1

Rs.80.55

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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.