MIRA INFORM REPORT

 

 

Report Date :

23.06.2014

 

IDENTIFICATION DETAILS

 

Name :

MED CUISINE LTD

 

 

Registered Office :

3 Locks Yard, High Street, Sevenoaks, Tn13 1lt

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.10.2013

 

 

Date of Incorporation :

01.10.1998

 

 

Com. Reg. No.:

03642874

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·         Trading as 'Eagle Foods'

·         Subject is an agents in Food, Drink & Tobacco

·         Other Food Services

 

 

No of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow But Correct 

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

 

 

Company Name

 

MED CUISINE LIMITED

 

 

Company No

 

03642874

 

Registered Address

 

3 LOCKS YARD
HIGH STREET
SEVENOAKS
TN13 1LT

 

 

Trading Address

 

28 Trouville Road
London
SW4 8QL

 

TPS                                                -

FPS                                                No

 

 

COMPANY SUMMARY

 

Incorporation Date             01/10/1998

Type                                   Private limited with Share Capital

FTSE Index                        -

Date of Change                   -

Filing Date of Accounts      06/03/2014

Currency                            GBP

Share Capital                     £2

 

Principal Activity

·         Trading as 'Eagle Foods'

·         Subject is an agents in Food, Drink & Tobacco

·         Other Food Services

 

Commentary

 

No exact match CCJs are recorded against the company.

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

Net Worth increased by 0.5% during the latest trading period.

A 1.3% decline 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 a decrease in their Cash Balance of 48.9% 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 15 years ago.

 

 

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 -

-

 

 

Total Current Directors

1

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

3

 

Current Directors

 

Name

Joseph Louis

Date of Birth

25/02/1960

Officers Title

Mr

Nationality

American

Present Appointments

1

Function

Director

Appointment Date

06/10/1998

Address

28 Trouville Road, London, SW4 8QL

 

 

Current Company Secretary

 

Name

David Lindsay

Date of Birth

-

Officers Title

Mr

Nationality

Present Appointments

1

Function

Company Secretary

Appointment Date

01/09/2013

Address

9 Unit 9, 9 Grandstand Parade, Zetland, Nsw

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

JOSEPH LOUIS

GBP

2

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

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

£474

-39.8%

£787

20.9%

£651

25%

£521

-24.9%

£694

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

 

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Tangible Assets

£1,610

-31.7%

£2,358

20.9%

£1,950

24.9%

£1,561

-25.1%

£2,083

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£1,610

-31.7%

£2,358

20.9%

£1,950

24.9%

£1,561

-25.1%

£2,083

Stock

0

-

0

-

0

-

0

-

0

Trade Debtors

£345,873

167%

£129,564

-22.7%

£167,583

-38.9%

£274,155

-1.4%

£278,129

Cash

£233,220

-48.9%

£456,306

9.4%

£417,057

103%

£205,434

25%

£164,371

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£579,093

-1.2%

£585,870

0.2%

£584,640

21.9%

£479,589

8.4%

£442,500

Trade Creditors

£135,286

-6.8%

£145,089

-6.9%

£155,904

19%

£131,050

-8.7%

£143,524

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

0

-

0

-

0

-

0

-

0

Miscellaneous Current Liabilities

0

-

0

-

0

-

0

-

0

Total Current Liabilities

£135,286

-6.8%

£145,089

-6.9%

£155,904

19%

£131,050

-8.7%

£143,524

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-

0

-

0

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-

0

-

0

-

0

-

0

 

 

Capital & Reserves

 

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Called Up Share Capital

£2

-

£2

-

£2

-

£2

-

£2

P & L Account Reserve

£445,415

0.5%

£443,137

2.9%

£430,684

23%

£350,098

16.3%

£301,057

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£445,417

0.5%

£443,139

2.9%

£430,686

23%

£350,100

16.3%

£301,059

 

Other Financial Items

 

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Net Worth

£445,417

0.5%

£443,139

2.9%

£430,686

23%

£350,100

16.3%

£301,059

Working Capital

£443,807

0.7%

£440,781

2.8%

£428,736

23%

£348,539

16.6%

£298,976

Total Assets

£580,703

-1.3%

£588,228

0.3%

£586,590

21.9%

£481,150

8.2%

£444,583

Total Liabilities

£135,286

-6.8%

£145,089

-6.9%

£155,904

19%

£131,050

-8.7%

£143,524

Net Assets

£445,417

0.5%

£443,139

2.9%

£430,686

23%

£350,100

16.3%

£301,059

 

Miscellaneous

 

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£445,417

0.5%

£443,139

2.9%

£430,686

23%

£350,100

16.3%

£301,059

Number of Employees

-

-

-

-

-

-

-

-

-

Auditor Comments

The company is exempt from audit

 

Ratios

 

Date Of Accounts

31/10/13

31/10/12

31/10/11

31/10/10

31/10/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

4.28

4.04

3.75

3.66

3.08

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

0

0

0

0

Equity in %

76.70

75.30

73.40

72.80

67.70

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

4.28

4.03

3.75

3.65

3.08

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

0.30

0.32

0.36

0.37

0.47

Total Debt Ratio

0.30

0.32

0.36

0.37

0.47

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

 

Status History

 

No Status History found

 

Previous Company Names

 

No Previous Names found

 

 

Statistics

 

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Group structure

 

No group structure

 

 

Exact CCJ Details

 

No CCJs found

 

 

Possible CCJs Details

 

There are no possible CCJ details

 

Writ Details

 

No writs found

 

 

Mortgage Details

 

Mortgage Type:

DEBENTURE

Date Charge Created:

23/07/05

Date Charge Registered:

29/07/05

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

THE ROYAL BANK OF SCOTLAND PLC

Amount Secured:

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

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

 

Mortgage Type:

DEPOSIT AGREEMENT TO SECURE OWN LIABILITIES

Date Charge Created:

28/12/01

Date Charge Registered:

29/12/01

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:

ALL SUCH RIGHTS TO THE REPAYMENT OF THEDEPOSIT MEANING THE DEBT(S) ON THE ACCOUNT(S) DESCRIBED IN THE SCHEDULE BEING THE ACCOUNT WITH THE BANK DENOMINATED IN US DOLLAR A/C (DEPOSIT) AND NUMBERED 11397532 AND ANY ACCOUNT(S) FOR THE TIME BEING REPLACING THE SAME AND ALL INTEREST OWING IN RESPECT THEREOF AND ALL DEPOSITS WITH THE BANKS TREASURY DIVISION ON THE NAME OF THE BANK RE THE COMPANY

 

creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

No Creditor Data

 

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

-

-

No Debtor Data

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Christopher Kuranz

0

1

COMPANY DIRECTORS LIMITED

9352

196298

TEMPLE SECRETARIES LIMITED

11630

198011

 

 

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

 

 

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.28

UK Pound

1

Rs.102.77

Euro

1

Rs.82.12

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.