MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ICT COTTON LIMITED

 

 

Formerly Known As :

I.C.T. INTERNATIONAL COTTON TRADING LIMITED

 

 

Registered Office :

12 Bridewell Place, 3rd Floor, East Unit, London, Ec4v 6ap

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

23.08.1999

 

 

Com. Reg. No.:

03830310

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

·         Raw cotton traders.

·         Architectural, technical consult

·         Other professional, scientific and technical activities

 

 

No. of Employee :

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 – 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

 

ICT COTTON LIMITED

Telephone -

12 BRIDEWELL PLACE

Fax -

3RD FLOOR, EAST UNIT

Website -

LONDON

 

EC4V 6AP

 

United Kingdom

 

 

Company Number:

03830310

Status:

Active - Accounts Filed

Foundation:

23/08/1999

 

 

 

 

Main indices

 

Payment experience and credit opinion

 

 

Comments

 

No exact match CCJs are recorded against the company. The company's credit rating has increased from 54 to 60 which indicates good creditworthiness. Net Worth increased by 14.1% during the latest trading period. A 7.3% growth in Total Assets occurred 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. The company saw a decrease in their Cash Balance of 100% during the latest trading period.

 

There has been no significant change in the company's credit limit. There is insufficient data to indicate a change in this company's percentage of sales. There is insufficient data to indicate a change in this company's pre-tax profit. The company is exempt from audit. No recent changes in directorship are recorded. The company is part of a group. The company was established over 15 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation

23/08/1999

 

Company No.

03830310

 

Previous Names

 

Date of Change Previous Name

08/05/2007                    I.C.T. INTERNATIONAL COTTON TRADING LIMITED

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

IVORYSTATE LTD

GBP

500

ORDINARY

1

SOCIETE COTONNIERE FINANCIERE SA

GBP

9,500

ORDINARY

1

Total Share Capital

GBP 10,000

 

Management

 

Directors

Name

Address:

Date of

birth

Nationality

Appointment date

Mr Marco Berri

Via Motta 34, Lugano, Switzerland

13/11/1965

Italian

23/08/1999

Mr Peter Beau Leigh

12 Bridewell Place, 3rd Floor, East

Unit, London EC4V 6AP

05/07/1952

British

11/11/2011

 

Company Secretary

 

Name

Address:

Appointment date

PIONEER SECRETARIAL SERVICES LTD

62 Priory Road, Romford RM3 9AP

11/11/2011

 

Other Known Addresses

 

3rd Floor, East Unit, 12 Bridewell Place, London EC4V 6AP

 

 

Company Relationships

 

Company No.

Name

Status

Country

Ultimate parent

-

SOCIETE COTONNIERE FINANCIERE SA

Other

Luxembourg

 

Business Activities

 

Main Activity

Principal Activity

Raw cotton traders. Accounts data converted from US dollars.

SIC03

Architectural, technical consult

SIC07

Other professional, scientific and technical activities n.e.c.

 

Economic data

 

Turnover and Employees

 

Date of Accounts

Turnover

Employees

30/06/2011

Not Stated

Not Stated

30/06/2012

Not Stated

Not Stated

30/06/2013

Not Stated

Not Stated

 

Supplementary data

 

Events

 

Company history

Date

Action

03/03/2010

New Accounts Filed

03/03/2010

New Accounts Filed

 

08/10/2010

Annual Returns

 

27/01/2011

New Accounts Filed

 

27/01/2011

New Accounts Filed

 

07/10/2011

Change of Company Postcode

 

10/10/2011

Annual Returns

 

16/11/2011

WOODFORD DIRECTORS LIMITED has left the board

 

16/11/2011

WOODFORD SERVICES LIMITED has resigned as company secretary

 

16/11/2011

New Company Secretary PIONEER SECRETARIAL SERVICES LTD appointed

 

16/11/2011

New Board Member Mr P.B. Leigh appointed

 

30/03/2012

New Accounts Filed

 

30/03/2012

New Accounts Filed

 

16/10/2012

Annual Returns

 

18/12/2012

Change of Company Postcode

 

08/01/2013

New Accounts Filed

 

08/01/2013

New Accounts Filed

 

09/01/2013

New Accounts Filed

 

08/11/2013

Annual Returns

 

28/01/2014

New Accounts Filed

 

28/01/2014

New Accounts Filed

 

31/10/2014

Annual Returns

 

 

Mortgages

Charge created

07/12/2006

Charge registered

22/12/2006

Status

SATISFIED

Entitled person

CREDIT AGRICOLE (SUISSE) S.A.

Secured amount

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

Mortgage detail

ALL RIGHT TITLE AND INTEREST IN AND TO ALL COMMODITIES MONIES AND

OTHER RECEIVABLES DUE ARISING OUT OF OR IN CONNECTIONWITH THE FI­NANCING SALE OR OTHER REALISATION OF COMMODITIES FINANCED BY THE

BANK SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Charge created

18/03/2008

Charge registered

03/04/2008

Status

OUTSTANDING

Entitled person

BNP PARIBAS (SUISSE) SA

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED INSTRUMENT CREATING OR EV­IDENCING THE CHARGE

Mortgage detail

ALL MONEYS AND OTHER RECEIVABLES ARISING OUT OF OR IN CONNECTION

WITH THE FINANCING CARRIAGE SALE OR OTHER DISPOSITION OF ANY AND ALL GOODS AND ALL MONEYS CREDIT OR OTHER ASSETS ALL POLICIES AND

CONTRACTS OF INSURANCE ALL GOODS ALL BILLS OF LADING WARRANTS DE­LIVERY ORDERS WAREHOUSE KEEPERS CERTIFICATES OR RECEIPTS ANDALL DOCUMENTS OF TITLE IN RESPECT OF THE GOODS

 

Charge created

04/08/2011

Charge registered

12/08/2011

Status

OUTSTANDING

Entitled person

SOCIETE GENERALE ZURICH BRANCH

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

PRESENT AND FUTURE INTERESTS IN OR OVERALL GOODS STOCK IN TRADE CASH DEPOSITS RIGHTS TO RECEIVE PAYMENT UNDER OR IN RESPECT OF

ANY DERIVATIVE OR HEDGING TRANSACTIONS THE ASSIGNED RIGHTS FLOAT­ING CHARGED OVER ALL THE UNDERTAKING PROPERTY ASSETS AND RIGHTS SEE IMAGE FOR FULL DETAILS

 

Charge created

16/09/2014

Charge registered

24/09/2014

Status

OUTSTANDING

Entitled person

CREDIT EUROPE BANK (SUISSE)SA;

 

 

Country Court Judgemetns (CCJs)

There are no country court judgments listed against this company

 

Accounts

 

Profit & Loss

 

 

30/06/2013

52

GBP

Group: No

30/06/2012

52

GBP

Group: No

30/06/2011

52

GBP

Group: No

30/06/2010

52

GBP

Group: No

Turnover

0

0

0

0

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

0

0

0

0

Directors Emoluments

-

-

-

-

Operating Profit

-

-

-

-

Depreciation

0

0

0

0

Audit Fees

0

0

0

-

Interests Payments

-

-

-

-

Pre Tax Profit

0

0

0

0

Taxation

-

-

-

-

Profit After Tax

-

-

-

-

Dividends Payable

-

-

-

-

Retained Profit

-

-

-

-

 

Balance Sheet

 

 

30/06/2013

52

GBP

Group: No

30/06/2012

52

GBP

Group: No

30/06/2011

52

GBP

Group: No

30/06/2010

52

GBP

Group: No

Tangible Assets

117,942

117,942

119,710

95,406

Intangible Assets

0

0

0

0

Total Fixed Assets

117,942

117,942

119,710

95,406

Stock

0

0

0

0

Trade Debtors

167,455

144,640

120,930

88,499

Cash

0

3,403

12,209

11,155

Other Debtors

0

0

0

0

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

167,455

148,043

133,139

99,654

Trade Creditors

124,669

125,165

131,331

102,318

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

0

0

0

Miscellaneous Current Liabilities

0

0

0

0

Total Current Liabilities

124,669

125,165

131,331

102,318

 

 

30/06/2013

30/06/2012

30/06/2011

30/06/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Bank Loans and Overdrafts LTL

0

0

0

0

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

0

0

0

0

 

Capital & Reserves

 

 

30/06/2013

52

GBP

Group: No

30/06/2012

52

GBP

Group: No

30/06/2011

52

GBP

Group: No

30/06/2010

52

GBP

Group: No

Called Up Share Capital

9,794

9,794

9,940

10,144

P and L Account Reserve

150,935

131,027

111,576

82,598

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

160,728

140,821

121,517

92,742

 

Other Financial Items

 

 

30/06/2013

52

GBP

Group: No

30/06/2012

52

GBP

Group: No

30/06/2011

52

GBP

Group: No

30/06/2010

52

GBP

Group: No

Net Worth

160,728

140,821

121,517

92,742

Working Capital

42,786

22,879

1,807

-2,664

Total Assets

285,397.49

265,985.59

252,848.19

195,059.84

Total Liabilities

124,669

125,165

131,331

102,318

Net Assets

160,728

140,821

121,517

92,742

 

Cash Flow

 

 

30/06/2013

52

GBP

Group: No

30/06/2012

52

GBP

Group: No

30/06/2011

52

GBP

Group: No

30/06/2010

52

GBP

Group: No

Net Cash Flow From Operations

0

0

0

0

 

 

30/06/2013

30/06/2012

30/06/2011

30/06/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

-3,403

-8,806

1,054

-2,303

 

Miscellaneous

 

 

30/06/2013

52

GBP

Group: No

30/06/2012

52

GBP

Group: No

30/06/2011

52

GBP

Group: No

30/06/2010

52

GBP

Group: No

Capital Employed

160,728

140,821

121,517

92,742

 

Financial Ratios

 

Name

30/06/2013

30/06/2012

30/06/2011

30/06/2010

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

1.34

1.18

1.01

0.97

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

0.00 %

0.00 %

0.00 %

0.00 %

Equity

56.32 %

52.94 %

48.06 %

47.55 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

1.34

1.18

1.01

0.97

Return on Capital Employed

0.0%

0.0%

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

0.0%

0.0%

Current Debt Ratio

0.77 %

0.88 %

1.08 %

1.10%

Total Debt Ratio

0.77 %

0.88 %

1.08 %

1.10%

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

0.0%

0.0%

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.