MIRA INFORM REPORT

 

 

Report Date :

19.11.2014

 

IDENTIFICATION DETAILS

 

Name :

BYCITY LIVING LIMITED

 

 

Registered Office :

85 Brunner Road Walthamstow London E17 7nw

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

13.02.2004

 

 

Com. Reg. No.:

05043715

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Soft furnishing and home ware products.

 

 

No. of Employees :

15 / 20

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 Ł375 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

 

 

BYCITY LIVING LIMITED

 

Telephone

 

+44 020 8521 5653

 

85 BRUNNER ROAD WALTHAMSTOW LONDON

E17 7NW United Kingdom

Fax

-

Website

e-mail

www.bycity.co.uk

info@bycity.co.uk

 

Company Number:

 

Foundation:

 

05043715

 

13/02/2004

 

Status:

 

VAT No:

 

Active - Accounts Filed

 

N/A

 

 

 

Comments  

 

No exact match CCJs are recorded against the company.

A 7.8% growth in Total Assets occurred during the latest trading period.  The company saw an increase in their Cash Balance of 101.1% during the latest trading period.

Net Worth decreased by 11% during the latest trading period. The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

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. The company has undergone recent changes in its directorships. The company is not part of a group. The company was established over 10 years ago.

 

Legal form

Private limited with Share Capital

 

Foundation

13/02/2004

 

Company No.

05043715

 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

BUKHARI NISAR

GBP

5

ORDINARY

1

MAHROOF WAHEED

GBP

24

ORDINARY

1

EXECUTORS OF ESTATE OF MR ABDUL MAHROOF

GBP

22

ORDINARY

1

MR MOHIT JAIN

GBP

24

ORDINARY

1

MR ZAHED MAHROOF

GBP

25

ORDINARY

1

Total Share Capital                                                                                                                                GBP 100

 

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr Zahed Mahroof

44 Herongate Road, Wanstead, London E12 5EG

16/10/1974

British

13/02/2004

Mr Mohit Jain

8 Wiseman Road, Leyton, London E10 7BU

27/07/1976

British

23/11/2007

Mr Waheed Mahroof

16 The Risings, Walthamstow, London E17 3PJ

09/06/1973

British

31/01/2013

Mrs Fozia Mahroof

44 Herongate Road, Wanstead, London E12 5EG

04/09/1976

British

02/01/2014

 

 

Company Secretary

 

Name

Address:

Appointment date

Mr Zahed Mahroof

44 Herongate Road, Wanstead, London E12 5EG

13/02/2004

 

 

Other Known Addresses

 

85 Brunner Road, Walthamstow, London E17 7NW

 

Business activities

 

Main activity

 

Principal Activity           Soft furnishing and home ware products.

SIC03                           Other business activities

SIC07                           Other business support service activities n.e.c.

 

 

Supplementary data

 

Events

 

Company history

 

Date                 Action

 

12/02/2010        New Accounts Filed

12/02/2010        New Accounts Filed

02/03/2010        Annual Returns

07/01/2011        New Accounts Filed

26/02/2011        Annual Returns

09/02/2012        New Accounts Filed

20/03/2012        Mr A. Mahroof has left the board

21/03/2012        Annual Returns

08/01/2013        New Accounts Filed

08/01/2013        New Accounts Filed

15/02/2013        New Board Member Mr W. Mahroof appointed

13/05/2013        Annual Returns

30/12/2013        New Accounts Filed

26/02/2014        Annual Returns

03/03/2014        New Board Member Mrs F. Mahroof appointed

 

 

Mortgages

 

Charge created

21/06/2005

Charge registered

09/07/2005

Status

OUTSTANDING

Entitled person

HSBC BANK PLC

Secured amount

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

Mortgage detail

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

 

 

Charge created

05/08/2008

Charge registered

07/08/2008

Status

OUTSTANDING

Entitled person

HSBC INVOICE FINANCE (UK) LTD

Secured amount

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

Mortgage detail

BY WAY OF FLOATING CHARGE ALL THE UNDERTAKING OF THE COMPANY AND ALL ASSETS WHATSOEVER AND WHERESOEVER INCLUDING STOCK IN TRADE AND UNCALLED CAPITAL BUT EXCLUDING ANY DEBTS AND ASSOCIATED RIGHTS RELATING THERETO

 

 

Charge created

05/08/2008

Charge registered

07/08/2008

Status

OUTSTANDING

Entitled person

HSBC INVOICE FINANCE (UK) LTD

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMEN- TIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Mortgage detail

BY WAY OF FIXED EQUITABLE CHARGE ALL DEBTS PURCHASED OR PURPORTED TO BE PURCHASED BY THE SECURITY HOLDER PURSUANT TO ANAGREEMENT FOR THE PURCHASE OF DEBTS BETWEEN THE SECURITY HOLDER AND THE COMPANY(INCLUDING ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER FOR ANY REASON

 

 

Charge created

30/04/2010

Charge registered

06/05/2010

Status

OUTSTANDING

Entitled person

HSBC BANK PLC

Secured amount

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

Mortgage detail

86 BRUNNER ROAD WALTHAMSTOW LONDON, EGL549511 TOGETHER WITH ALL FIXTURES AND FITTINGS, NOW OR AT ANY TIME HEREAFTER, ON THE PROP- ERTY. THE BENEFITS OF ALL RIGHTS,LICENCES AND THE GOODWILL OF THE MORTGAGOR IN RELATION TO THE BUSINESS, FROM TIMETO TIME, CARRIED ON AT THE PROPERTY SEEIMAGE FOR FULL DETAILS

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

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

13,347

13,230

13,231

0

Audit Fees

0

0

0

0

Interests Payments

-

-

-

-

Pre Tax Profit

0

0

0

0

Taxation

-

-

-

-

Profit After Tax

-

-

-

-

Dividends Payable

-

-

-

-

Retained Profit

-

-

-

-

 

Balance Sheet

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Tangible Assets

291,528

304,305

317,535

0

Intangible Assets

0

0

0

0

Total Fixed Assets

291,528

304,305

317,535

0

Stock

71,270

77,387

62,738

104,942

Trade Debtors

233,997

323,900

260,001

211,326

Cash

353,423

175,766

267,972

447,288

Other Debtors

0

0

0

0

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

658,690

577,053

590,711

763,556

Trade Creditors

583,939

478,725

549,457

644,461

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

583,939

478,725

549,457

644,461

Bank Loans and Overdrafts LTL

170,835

183,061

197,700

0

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

170,835

183,061

197,700

0

 

Capital & Reserves

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Called Up Share Capital

100

100

100

100

P and L Account Reserve

195,344

219,472

160,989

118,995

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

195,444

219,572

161,089

119,095

 

Other Financial Items

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Net Worth

195,444

219,572

161,089

119,095

Working Capital

74,751

98,328

41,254

119,095

Total Assets

950,218

881,358

908,246

763,556

Total Liabilities

754,774

661,786

747,157

644,461

Net Assets

195,444

219,572

161,089

119,095

 

Cash Flow

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

177,657

-92,206

-179,316

425,203

 

Miscellaneous

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Capital Employed

366,279

402,633

358,789

119,095

 

Financial Ratios

 

Name                                                                     31/03/2013     31/03/2012    31/03/2011   31/03/2010

 

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

1.13

1.21

1.08

1.18

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

87.41 %

83.37 %

122.73 %

0.00 %

Equity

20.57 %

24.91 %

17.74 %

15.60 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

1.00

1.04

0.96

1.02

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

2.98 %

2.18 %

3.41 %

5.41 %

Total Debt Ratio

3.86 %

3.01 %

4.63 %

5.41 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

0.0%

0.0%

 

Remarks

 

The abbreviated balance sheet reports the general financial position as satisfactory, however a loss is recorded but shareholder’s fund is held at an acceptable level. Remains to be seen how the company trades in the financial year ended March 2014

Apparent Net Loss Year Ended 31/03/2013 – 24,128GBP

Apparent Net Profit Year Ended 31/03/2012 – 58,483GBP

 

Activity: Manufacturers of outerwear garments for male and females in the U.K.  Specialising in suede, leather, faux fur, PU and bonded garments

 

Trading Address ( confirmed): 85 Brunner Road London E17 7NW

 

Branches: None

 

Employees: 15 / 20

 

Bank: HSBC Bank PLC


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.81

UK Pound

1

Rs.96.77

Euro

1

Rs.77.09

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

               

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.