MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DILBAG CLOTH HOUSE LIMITED

 

 

Registered Office :

Dilbag Building Duncomb Road, Ingleby Road, Bradford, West Yorkshire, Bd8 9al

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.10.2013

 

 

Date of Incorporation :

11.06.1993

 

 

Com. Reg. No.:

02826388

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Importer, Exporter & Wholesaler of Fashion Textiles

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

 

 

No of Employees :

43 (31.10.2012)

 

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

Company identification

 

DILBAG CLOTH HOUSE LIMITED

Telephone

+44 012 7452 1711

DILBAG BUILDING DUNCOMB ROAD

Fax

-

INGLEBY ROAD

Website

www.dilbagclothhouseltd.co.uk

BRADFORD

 

 

WEST YORKSHIRE

 

 

BD8 9AL

 

 

United Kingdom

 

 

 

Company Number:

02826388

Status:

Active - Accounts Filed

Foundation:

11/06/1993

 

 

 

 

Comments

 

No exact match CCJs are recorded against the company. The company's credit rating has increased from not rated to 87 which indicates very good creditworthiness. Net Worth increased by 0.8% during the latest trading period. The company saw an increase in their Cash Balance of 30% 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 9.1% decline in Total Assets occurred during the latest trading period.

 

There is insufficient data to indicate a change in this company's percentage of sales. There has been no discernible change in the company's 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

11/06/1993

 

Company No.

02826388

 

Shareholders

Name

Currency

Number of shares

Share type

Nominal value

 

DILBAG SINGH FAMILY DISCRETIONARY TRUST NO 1

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 10

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 2

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 3

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 4

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 5

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 6

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 7

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 8

GBP

50,000

ORDINARY

1

 

DILBAG SINGH FAMILY TRUST NO 9

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY DISCRETIONARY TRUST

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

10

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

2

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

3

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

4

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

5

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

6

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

7

GBP

50,000

ORDINARY

1

 

GURMAIL KAUR FAMILY TRUST NO

8

GBP

50,000

ORDINARY

1

 

CGURMAIL KAUR FAMILY TRUST NO

9

GBP

50,000

ORDINARY

1

Total Share Capital

GBP 1,000,000

 

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Dilbag Singh

Heygate House, Heygate Lane, Baildon, West Yorkshire BD17 6SH

11/04/1939

British

14/06/1993

Mr Gurmail Kaur

Heygate House, Heygate Lane, Baildon, West Yorkshire BD17 6SH

20/09/1945

British

14/06/1993

Mr Harpreet Singh Makkar

1a Woodlands Grove, Baildon, Shipley, West Yorkshire BD17 5BD

24/03/1975

British

01/09/1998

Mr Jaswant Singh

1b Belmont Avenue, Baildon, Shipley,

West Yorkshire BD17 5AJ   

18/03/1973

British

01/09/1998

 

Company Secretary

Name

Address:

Appointment date

Dilbag Singh

Heygate House, Heygate Lane, Baildon, West

Yorkshire BD17 6SH

14/06/1993

 

 

Other Known Addresses

 

Dilbag Building Duncomb Road, Ingleby Road, Bradford, West Yorkshire BD8 9AL

 

 

Business activities

 

Main activity

Principal Activity

Importer, Exporter & Wholesaler of Fashion Textiles

 

 

Economic data

Turnover and Employees

Date of Accounts

Turnover

Employees

31/10/2011

Not Stated

48

31/10/2012

Not Stated

43

31/10/2013

Not Stated

Not Stated

 

 

Banks

 

Bank Name

Bank Branch Sort Code

NATIONAL WESTMINSTER BANK PLC

56-00-36

 

 

Auditor

 

Auditor name

ORACLE ACCOUNTANTS LIMITED

 

 

Events

 

Company history

Date

Action

24/07/2010

Annual Returns

11/08/2010

New Accounts Filed

11/08/2010

New Accounts Filed

22/06/2011

Annual Returns

26/07/2011

New Accounts Filed

26/07/2011

New Accounts Filed

10/07/2012

Annual Returns

06/08/2012

New Accounts Filed

06/08/2012

New Accounts Filed

18/07/2013

Annual Returns

07/08/2013

New Accounts Filed

05/07/2014

Annual Returns

13/08/2014

New Accounts Filed

 

 

Mortgages

 

Charge created

17/09/1993

Charge registered

24/09/1993

Status

OUTSTANDING

Entitled person

NATIONAL WESTMINSTER BANK PLC

Secured amount

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

Mortgage detail

A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROP­ERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES

 

 

Charge created              09/03/2000

Charge registered          22/03/2000

Status                           OUTSTANDING

Entitled person              NATIONAL WESTMINSTER 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 2-10 (EVEN) DUNCOMBE ROAD OFF

INGLEBY ROAD BRADFORD WEST YORKSHIRE AND THE PROCEEDS OF SALE

THEREOF FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT AND AN ASSIGNMENT OF THE GOODWILL AND CONNECTION OF ANY BUSINESS TOGETHER WITH THE FULL BENEFIT OF ALL LICENCES

 

Charge created 07/05/2008

Charge registered          08/05/2008

Status                           OUTSTANDING

Entitled person              NATIONAL WESTMINSTER BANK PLC

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail                         WILKINSON UNIT MILL GREEN WAY CLOWNE DERBYSHIRE BY WAY OF FIXED

CHARGE, THE BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE

PROPERTY AND ALL PLANT MACHINERY, FIXTURES, FITTINGS, FURNITURE,

EQUIPMENT, IMPLEMENTS AND UTENSILS. THE GOODWILL OF ANY BUSINESS

CARRIED ON AT THE PROPERTY ANDTHE PROCEEDS OF ANY INSURANCE AFFECTINGTHE PROPERTY OR ASSETS

 

Charge created              29/10/2008

Charge registered          05/11/2008

Status                           OUTSTANDING

Entitled person              SVENSKA HANDELSBANKEN AB (PUBL)

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

 

 

Mortgage detail                         RETAIL DEVELOPMENT ADWICK ROAD MEXBOROUGH FORMERLY K/A JOB

CENTRE ADWICK ROAD MEXBOROUGH T/N SYK486839 AND EACH AND EVERY PART THEREOF AND ALL BUILDINGS ERECTIONS AND STRUCTURES AND FIXTURES AND FITTINGS AND FIXED PLANT AND MACHINERY AND WITH THE BENEFIT OF ALL EXISTING AND FUTURE LEASES UNDERLEASES TENANCIES AGREEMENTS FOR LEASE RIGHTS COVENANTS UNDERTAKINGS WARRANTIES FLOATING CHARGE ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT FIXED CHARGE ALL THE BENEFIT OF AND THE RIGHT TO ENFORCE ALL CONTRACTS AND AGREEMENTS FOR THE SALE PURCHASE LEASING MORTGAGING MANAGEMENTOR OTHER DEALING WITH THE MORTGAGED PROPERTY ALL RENTS AND LICENCE FEES FLOATING CHARGE THE PROPERTY ASSETS AND RIGHTS OF THE COMPANY

 

Charge created              08/10/2010

Charge registered          13/10/2010

Status                           OUTSTANDING

Entitled person              NATIONAL WESTMINSTER BANK PLC

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

 

Mortgage detail                         UNIT 3 (128/132) YORK ROAD WEST HARTLEPOOL BEING PART T/NO CE102235

BY WAY OF FIXED CHARGE ANY OTHER INTEREST IN THE PROPERTY, ALL

RENTS RECEIVABLE AND ALL PLANTMACHINERY FIXTURES FITTINGS FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS. THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE PROPERTY AND THE PROCEEDS OF ANY INSURANCEAFFECTING THE PROPERTY OR ASSETS.

 

 

Charge created              01/03/2011

Charge registered          02/03/2011

Status                           OUTSTANDING

Entitled person              NATIONAL WESTMINSTER BANK PLC

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail                         FORMER WESTBURY MOTORS, FORE STREET, TROWBRIDGE ROAD, WESTBURY

BY WAY OF FIXED CHARGE ANY OTHER INTEREST IN THE PROPERTY, ALL RENTS RECEIVABLE AND ALL PLANT MACHINERY FIXTURES FITTINGS FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS. THE GOODWILLOF ANY BUSINESS CARRIED ON AT THE PROPERTY AND THE PROCEEDS OF ANY INSURANCE AFFECTING THE PROPERTY OR ASSETS.

 

County Court Judgments

(CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

31/10/2013

52

GBP Group: No

31/10/2012

52

GBP Group: No

31/10/2011

52

GBP Group: No

31/10/2010

52

GBP Group: No

Turnover

0

0

0

0

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

1,550,481

1,867,282

2,025,247

Wages And Salaries

0

677,977

751,890

772,427

Directors Emoluments

-

234,604

309,716

332,591

Operating Profit

-

-65,795

134,006

291,373

Depreciation

107,717

122,411

110,668

134,124

Audit Fees

0

-

4,500

4,500

Interests Payments

-

115,196

182,267

80,990

Pre Tax Profit

0

385,252

477,627

670,136

Taxation

-

128,988

-97,635

-197,878

Profit After Tax

-

514,240

379,992

472,258

Dividends Payable

-

0

0

0

Retained Profit

-

514,240

379,992

472,258

 

Balance Sheet

 

31/10/2013

52

GBP Group: No

31/10/2012

52

GBP Group: No

31/10/2011

52

GBP Group: No

31/10/2010

52

GBP Group: No

Tangible Assets

9,524,039

9,618,129

9,718,855

9,541,904

Intangible Assets

0

8,930

17,860

26,790

Total Fixed Assets

9,524,039

9,627,059

9,736,715

9,568,694

Stock

1,889,535

1,376,613

1,436,360

1,379,020

Trade Debtors

1,757,227

3,246,195

3,937,231

3,977,953

Cash

130,878

100,637

327,684

312,099

Other Debtors

0

289,663

158,348

141,154

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

3,777,640

5,013,108

5,859,623

5,810,226

Trade Creditors

1,455,809

377,545

871,223

902,498

Bank Loans and Overdraft

0

1,686,675

2,118,189

1,812,244

Other Short Term Finance

0

29,760

23,270

0

Miscellaneous Current Liabilities

0

462,042

549,968

664,258

Total Current Liabilities

1,455,809

2,556,022

3,562,650

3,379,000

Bank Loans and Overdrafts LTL

1,865,696

3,862,943

4,758,240

3,928,982

Other Long Term Finance

0

13,448

39,963

0

Total Long Term Liabilities

1,865,696

2,176,268

2,640,051

2,116,738

 

Capital & Reserves

 

31/10/2013

52

GBP Group: No

31/10/2012

52

GBP Group: No

31/10/2011

52

GBP Group: No

31/10/2010

52

GBP Group: No

Called Up Share Capital

1,000,000

1,000,000

1,000,000

1,000,000

P and L Account Reserve

9,849,711

9,777,414

9,263,174

8,883,182

Revaluation Reserve

-869,537

-869,537

-869,537

0

Sundry Reserves

0

0

0

0

Shareholders Funds

9,980,174

9,907,877

9,393,637

9,883,182

 

Other Financial Items

 

31/10/2013

52

GBP Group: No

31/10/2012

52

GBP Group: No

31/10/2011

52

GBP Group: No

31/10/2010

52

GBP Group: No

Net Worth

9,980,174

9,898,947

9,375,777

9,856,392

Working Capital

2,321,831

2,457,086

2,296,973

2,431,226

Total Assets

13,301,679

14,640,167

15,596,338

15,378,920

Total Liabilities

3,321,505

4,732,290

6,202,701

5,495,738

Net Assets

9,980,174

9,907,877

9,393,637

9,883,182

 

Cash Flow

 

31/10/2013

52

GBP Group: No

31/10/2012

52

GBP Group: No

31/10/2011

52

GBP Group: No

31/10/2010

52

GBP Group: No

Net Cash Flow from Operations

0

173,465

157,192

159,027

Net Cash Flow before Financing

0

616,173

-854,221

-705,306

Net Cash Flow from Financing

0

-411,706

682,609

969,066

Increase in Cash

30,241

-227,047

15,585

1,741

 

Miscellaneous

 

 

31/10/2013

31/10/2012

31/10/2011

31/10/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Capital Employed

11,845,870

12,084,145

12,033,688

11,999,920

 

Financial Ratios

Name

31/10/2013

31/10/2012

31/10/2011

31/10/2010

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

2.59

1.96

1.64

1.72

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

18.69 %

38.99 %

50.65 %

39.75 %

Equity

75.03 %

67.72 %

60.30 %

64.38 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

1.29

1.42

1.24

1.31

Return on Capital Employed

0.0%

3.18%

3.96 %

5.58 %

Return on Total Assets Employed

0.0%

2.63 %

3.06 %

4.35 %

Current Debt Ratio

0.14%

0.25 %

0.37 %

0.34 %

Total Debt Ratio

0.33 %

0.47 %

0.66 %

0.55 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

3.88 %

5.08 %

6.78 %

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.99.98

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.