MIRA
INFORM REPORT
|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARDOUR WORLD LTD. |
|
|
|
|
Registered Office : |
York House 8th Floor Empire Way, Wembley, HA9 0PA |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
22.04.2003 |
|
|
|
|
Com. Reg. No.: |
04741345 |
|
|
|
|
Legal Form : |
Private Independent |
|
|
|
|
Line of Business : |
Wholesalers of Metal Product |
|
|
|
|
No. of Employees : |
13 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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 and address
ARDOUR WORLD LTD.
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Description
Metal Product Whslr
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
423520 - Coal and Other Mineral and Ore Merchant
Wholesalers |
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Ashish Chaudhari |
Director, Secretary |
|
Sundip Goyal |
Director |
Financial Summary
|
FYE: 31-Mar-2013 |
USD (mil) |
||||||||||||||||
|
|||||||||||||||||
Registered No.(UK): 04741345
1 - Profit & Loss Item Exchange Rate: USD
1 = GBP 0.6329098
2 - Balance Sheet Item Exchange Rate: USD 1 =
GBP 0.6591356
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
ANZSIC 2006 Codes: |
||
|
3322 |
- |
Metal and Mineral Wholesaling |
|
ISIC Rev 4 Codes: |
||
|
4662 |
- |
Wholesale of metals and metal ores |
|
NACE Rev 2 Codes: |
||
|
4672 |
- |
Wholesale of metals and metal ores |
|
NAICS 2012 Codes: |
||
|
423520 |
- |
Coal and Other Mineral and Ore Merchant Wholesalers |
|
US SIC 1987: |
||
|
505 |
- |
Metals and Minerals, Except Petroleum |
|
UK SIC 2007: |
||
|
4672 |
- |
Wholesale of metals and metal ores |
Metal trading.
More Business Descriptions
Metal Product Whslr
|
|
|
||||||||||||||||||||||||||||||||
Executives Report
|
Board of
Directors |
|
|
|
|
|||
|
Director, Secretary |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
|
|
||
|
||||||
|
Executives |
|
|
|
|
|||
|
Director, Secretary |
Company Secretary |
|
|||
|
||||||
Directors
and Shareholders Report
|
Main Office Address: |
Tel: 020 8782 8744 |
Annual Return Date: 22 Apr 2013 |
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
08 Jan 1979 |
York House 8Th Floor Empire Way, |
01 Feb 2006 |
NA |
Current:5 |
|
|
|
Current |
12 Oct 1971 |
1 Little Rowsham Court South Hill Avenue, |
29 Apr 2003 |
NA |
Current:4 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Directors |
||||
|
|
||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
Form 10 Directors Fd Limited |
Previous |
39A Leicester Road, Salford, |
22 Apr 2003 |
28 Apr 2003 |
|
|
||||
|
|
||||
|
|
||||
|
Individual Secretaries |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
08 Jan 1979 |
York House 8Th Floor Empire Way, |
04 Nov 2003 |
NA |
Current:5 |
|
|
|
Previous |
26 Nov 1977 |
Flat 1A 84 Station Road, |
29 Apr 2003 |
05 Jun 2003 |
Current:0 |
|
|
|
Previous |
25 Dec 1956 |
35 Delamere Road, |
17 Jun 2003 |
04 Nov 2003 |
Current:1 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Secretaries |
||||
|
|
||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
Form 10 Secretaries Fd Limited |
Previous |
1St Floor 47, Bury New Road Prestwich, |
22 Apr 2003 |
28 Apr 2003 |
|
|
||||
|
|
||||
|
|
||||
|
Individual Shareholders |
||||||
|
|
||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Ashish Chaudhari |
200000 Ordinary GBP 1.00 |
Ordinary |
200,000 |
1.00 |
200,000.00 |
50.00 |
|
Sundip Goyal |
96000 Ordinary GBP 1.00 |
Ordinary |
96,000 |
1.00 |
96,000.00 |
24.00 |
|
Vanita Goyal |
104000 Ordinary GBP 1.00 |
Ordinary |
104,000 |
1.00 |
104,000.00 |
26.00 |
|
|
|
|
|
|
|
|
|
Corporate Shareholders |
|
|
|
There are no corporate shareholders for this company. |
|
|
Annual Profit & Loss
|
Financials in:
USD (mil) |
|
|
Except for share
items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Turnover (UK) |
32.3 |
0.0 |
- |
- |
- |
|
Turnover (Exports) |
86.9 |
103.7 |
- |
- |
- |
|
Total Turnover |
119.2 |
103.7 |
69.6 |
- |
- |
|
Cost of Sales |
115.5 |
102.2 |
67.0 |
- |
- |
|
Gross Profit |
3.7 |
1.5 |
2.6 |
- |
- |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Expenses |
4.0 |
1.4 |
0.8 |
- |
- |
|
Operating Profit |
-0.2 |
0.0 |
1.7 |
- |
- |
|
Other Income |
0.2 |
0.0 |
0.0 |
- |
- |
|
Interest Paid |
0.1 |
0.0 |
0.0 |
- |
- |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Discontinued Operations |
0.0 |
0.0 |
0.0 |
- |
- |
|
Profit Before Taxes |
-0.1 |
0.0 |
1.7 |
- |
- |
|
Tax Payable / Credit |
0.0 |
0.0 |
0.5 |
- |
- |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
- |
- |
|
Dividends |
0.4 |
0.1 |
0.1 |
- |
- |
|
Profit After Taxes |
-0.5 |
-0.2 |
1.1 |
- |
- |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
- |
- |
|
Non Audit Fees |
0.0 |
0.0 |
0.0 |
- |
- |
|
Number of Employees |
13 |
10 |
9 |
- |
- |
|
Wages |
0.2 |
0.2 |
0.2 |
- |
- |
|
Social Security Costs |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Pension Costs |
0.0 |
0.0 |
0.0 |
- |
- |
|
Employees Remuneration |
0.2 |
0.2 |
0.2 |
- |
- |
|
Directors Remuneration |
0.0 |
0.0 |
0.0 |
- |
- |
Annual Balance Sheet
|
|
|
Financials in: USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
0.0 |
0.0 |
0.0 |
- |
- |
|
Fixtures & Fittings |
0.0 |
0.0 |
0.0 |
- |
- |
|
Plant & Vehicles |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Stocks |
- |
2.0 |
0.2 |
- |
- |
|
Work in Progress |
- |
0.0 |
0.0 |
- |
- |
|
Total Stocks Work In Progress |
2.0 |
2.0 |
0.2 |
2.1 |
0.6 |
|
Trade Debtors |
9.1 |
6.1 |
7.0 |
- |
- |
|
Other Debtors |
1.2 |
1.9 |
1.0 |
- |
- |
|
Total Debtors |
10.4 |
8.0 |
8.0 |
3.6 |
2.3 |
|
Cash and Equivalents |
1.1 |
0.4 |
1.4 |
0.2 |
0.3 |
|
Other Current Assets |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
13.4 |
10.6 |
9.6 |
5.9 |
3.1 |
|
Total Assets |
13.4 |
10.6 |
9.6 |
5.9 |
3.1 |
|
Trade Creditors |
7.1 |
3.5 |
6.1 |
- |
- |
|
Bank Overdraft |
3.4 |
2.0 |
0.0 |
- |
- |
|
Inter-Company Creditors |
- |
1.2 |
- |
- |
- |
|
Director Loans (Current Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Hire Purchase (Current Liability) |
- |
0.0 |
- |
- |
- |
|
Finance Lease (Current Liability) |
- |
0.0 |
- |
- |
- |
|
Total Finance Lease/Hire Purchase (Current Liability) |
- |
0.0 |
- |
- |
- |
|
Total Short Term Loans |
- |
0.0 |
- |
- |
- |
|
Accruals/Deferred Income (Current Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Social Security/VAT |
0.0 |
0.0 |
0.0 |
- |
- |
|
Corporation Tax |
0.0 |
0.0 |
0.5 |
- |
- |
|
Dividends (Current Liability) |
- |
0.0 |
- |
- |
- |
|
Other Current Liabilities |
0.6 |
1.0 |
0.0 |
4.2 |
2.3 |
|
Total Current Liabilities |
11.1 |
7.8 |
6.7 |
4.2 |
2.3 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.6 |
0.6 |
0.6 |
0.6 |
0.1 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
1.7 |
2.2 |
2.3 |
1.1 |
0.7 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
2.3 |
2.8 |
3.0 |
1.7 |
0.8 |
|
Net Worth |
2.3 |
2.8 |
3.0 |
1.7 |
0.8 |
Annual Cash Flows
|
|
|
|
|
Financials in: USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
-0.5 |
-2.2 |
1.8 |
- |
- |
|
Net Cash Flow from ROI and Servicing of Finance |
0.1 |
0.0 |
0.0 |
- |
- |
|
Taxation |
0.0 |
-0.5 |
-0.6 |
- |
- |
|
Capital Expenditures |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
- |
- |
|
Paid Up Equity |
-0.4 |
-0.1 |
-0.1 |
- |
- |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Cash Flow From Financing |
0.0 |
0.0 |
0.0 |
- |
- |
|
Increase in Cash |
-0.8 |
-3.0 |
1.1 |
- |
- |
Annual Ratios
|
|
|
|
|
Financials in: USD (mil) |
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.20 |
1.36 |
1.44 |
1.41 |
1.37 |
|
Liquidity Ratio |
1.03 |
1.10 |
1.41 |
0.92 |
1.11 |
|
Stock Turnover |
58.67 |
50.85 |
296.86 |
- |
- |
|
Credit Period (Days) |
29.15 |
21.53 |
35.57 |
- |
- |
|
Working Capital by Sales |
1.97% |
2.69% |
4.12% |
- |
- |
|
Trade Credit by Debtors |
0.78 |
0.58 |
0.88 |
- |
- |
|
Return on Capital |
-5.44% |
-0.34% |
60.09% |
- |
- |
|
Return on Assets |
-0.92% |
-0.09% |
18.55% |
- |
- |
|
Profit Margin |
-0.11% |
-0.01% |
2.49% |
- |
- |
|
Return on Shareholders Funds |
-5.44% |
-0.34% |
60.09% |
- |
- |
|
Borrowing Ratio |
148.88% |
114.36% |
0.31% |
- |
- |
|
Equity Gearing |
16.94% |
26.45% |
30.87% |
29.23% |
27.02% |
|
Interest Coverage |
-1.65 |
-0.28 |
161.70 |
- |
- |
|
Sales by Tangible Assets |
1,000,657.00 |
802,328.00 |
458,677.00 |
- |
- |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
- |
- |
|
Profit per Employee |
0.0 |
0.0 |
0.2 |
- |
- |
|
Sales per Employee |
8.8 |
10.3 |
8.0 |
- |
- |
|
Capital Employed per Employee |
0.2 |
0.3 |
0.3 |
- |
- |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Assets per Employee |
1.0 |
1.1 |
1.1 |
- |
- |
|
Employee Remuneration by Sales |
0.17% |
0.19% |
0.23% |
- |
- |
|
Creditor Days (Cost of Sales Based) |
23.50 |
12.65 |
32.35 |
- |
- |
|
Creditor Days (Sales Based) |
22.77 |
12.47 |
31.15 |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.13 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.