MIRA INFORM REPORT

 

 

Report Date :

27.09.2014

 

IDENTIFICATION DETAILS

 

Name :

CROWN HIDES LIMITED

 

 

Registered Office :

Adla House, 2A Hayes Crescent, Golden Green, London NW11 0DE

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.07.2013

 

 

Date of Incorporation :

31.07.2009

 

 

Com. Reg. No.:

06977562

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

·         Tanning and Dressing of Leather

Dealing in Raw and Processed Hides and Skins.

 

 

No. of Employees :

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 – 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 £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

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name

 

CROWN HIDES LIMITED

 

 

DIRECTORS/MANAGEMENT

 

Total Current Directors

2

Total Current Secretaries

0

Total Previous Directors / Company Secretaries

4

 

 

Current directors

Name

Geoffrey Raymond Gluckman

Date of Birth

21/04/1955

Officers Title

Mr

Nationality

Dutch

Present Appointments

4

Function

Director

Appointment Date

21/11/2011

 

 

Address

Adla House 2a Hayes Crescent, Golders Green, London, NW11 0DE

 

Name

Lynn Shireen Gluckman

Date of Birth

01/07/1957

Officers Title

Mrs

Nationality

Dutch

Present Appointments

1

Function

Director

Appointment Date

01/11/2010

 

 

Address

Adla House 2a Hayes Crescent, Golders Green, London, NW11 0DE

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Nicolas John Stephens

11

9

Martin Ian Zulberg

4

4

Piyush Kumar Jaipuria

1

1

Christina Cornelia Van Den Berg

218

181

 

 

NEGATIVE INFORMATION

 

Trade Debtors / Bad Debt Summary                                          --

Total Number of Documented Trade                                         0

Total Value of Documented Trade                                            £0

 

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 29% on the previous trading period.

Net Worth increased by 85.2% during the latest trading period.

A 54.2% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 221.6% compared to the previous trading period.

The company saw an increase in their Cash Balance of 600.4% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 5 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 -

-

 

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

HANSARD TRUST COMPANY LTD

GBP

100

ORDINARY

1

100

 

 

PAYMENT INFORMATION

 

Payment Information

 

Trade Payment Information

 

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.

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

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.

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

 

 

 

 

 

Outstanding

 

 

 

 

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

HANSARD TRUST CO LTD

 

Group Structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

HANSARD TRUST CO LTD

 

N/A

-

-

 

CROWN HIDES LIMITED

 

06977562

31.07.2013

N

£18,745,160

 

 

FINANCIAL INFORMATION

 

Profit & Loss

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

-

 

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

-

 

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

-

 

Consoli-

dated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

-

Turnover

£18,745,160

29%

£14,530,984

-5.4%

£15,354,433

50.3%

£10,218,027

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

£657,773

6.8%

£615,816

10%

£559,881

-5.7%

£593,699

-

-

Directors Emoluments

£339,559

7.1%

£317,028

13.9%

£278,376

-4.4%

£291,284

-

-

Operating Profit

£825,068

194.2%

£280,456

-31.9%

£411,805

15.4%

£356,934

-

-

Depreciation

£3,378

99.4%

£1,694

8.3%

£1,564

-57.5%

£3,681

-

-

Audit Fees

£5,272

30.6%

£4,037

-37%

£6,407

-

-

-

-

Interest Payments

£27,511

-17%

£33,139

-1.6%

£33,688

61.2%

£20,899

-

-

Pre Tax Profit

£797,461

221.6%

£247,944

-34.4%

£378,201

12.5%

£336,098

-

-

Taxation

-£185,511

-251.2%

-£52,816

36.1%

-£82,637

-9.7%

-£75,324

-

-

Profit After Tax

£611,951

213.6%

£195,128

-34%

£295,564

13.3%

£260,774

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£611,951

213.6%

£195,128

-34%

£295,564

13.3%

£260,774

-

-

 

Balance Sheet

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

-

Tangible Assets

£8,880

13.6%

£7,819

72.1%

£4,544

114.4%

£2,119

-

-

Intangible Assets

0

-

0

-

0

-

0

-

-

Total Fixed Assets

£8,880

13.6%

£7,819

72.1%

£4,544

114.4%

£2,119

-

-

Stock

£1,413,188

22.2%

£1,156,534

-0.1%

£1,157,885

34.5%

£861,115

-

-

Trade Debtors

£2,107,157

56.7%

£1,344,519

-16.8%

£1,616,860

5.1%

£1,538,141

-

-

Cash

£549,205

600.4%

£78,416

729.5%

£9,453

-92.8%

£132,026

-

-

Other Debtors

£57,282

-39.6%

£94,820

4%

£91,137

95.3%

£46,665

-

-

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

-

Total Current Assets

£4,126,832

54.3%

£2,674,289

-7%

£2,875,334

11.5%

£2,577,947

-

-

Trade Creditors

£1,124,230

-1.8%

£1,145,259

-18.2%

£1,399,642

-12.2%

£1,594,964

-

-

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

-

Other Short Term Finance

0

-

0

-

0

-

0

-

-

Miscellaneous Current Liabilities

£704,477

34.2%

£524,800

14.3%

£458,959

103.5%

£225,497

-

-

Total Current Liabilities

£1,828,706

9.5%

£1,670,059

-10.1%

£1,858,601

2.1%

£1,820,461

-

-

Bank Loans & Overdrafts and LTL

£977,051

232.3%

£294,045

-36.7%

£464,836

-6.8%

£498,729

-

-

Other Long Term Finance

£61,117

-56.6%

£140,852

-16.9%

£169,509

0.2%

£169,133

-

-

Total Long Term Liabilities

£977,051

232.3%

£294,045

-36.7%

£464,836

-6.8%

£498,729

-

-

 

 

Capital & Reserves

 

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

-

Called Up Share Capital

£97

-

£97

-6%

£103

-

£103

-

-

P & L Account Reserve

£1,329,857

85.2%

£717,907

29%

£556,338

113.3%

£260,774

-

-

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£1,329,954

85.2%

£718,004

29%

£556,441

113.3%

£260,877

-

 

 

Other Financial Items

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

-

Net Worth

£1,329,954

85.2%

£718,004

29%

£556,441

113.3%

£260,877

-

-

Working Capital

£2,298,125

128.8%

£1,004,230

-1.2%

£1,016,733

34.2%

£757,487

-

-

Total Assets

£4,135,711

54.2%

£2,682,108

-6.9%

£2,879,878

11.6%

£2,580,067

-

-

Total Liabilities

£2,805,757

42.9%

£1,964,104

-15.5%

£2,323,436

0.2%

£2,319,190

-

-

Net Assets

£1,329,954

85.2%

£718,004

29%

£556,441

113.3%

£260,877

-

-

 

Cash Flow

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

-

Net Cashflow from Operations

-£127,355

-138.9%

£327,691

999.9%

£24,237

107.1%

-£340,170

-

-

Net Cashflow before Financing

-£212,216

-200%

£212,284

339.4%

-£88,679

75.8%

-£366,806

-

-

Net Cashflow from Financing

£683,006

578.5%

-£142,751

-321.2%

-£33,893

-106.8%

£498,832

-

-

Increase in Cash

£470,789

577.1%

£69,533

156.7%

-£122,573

-192.8%

£132,026

-

-

 

Miscellaneous

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

-

Net Cashflow from Operations

-£127,355

-138.9%

£327,691

999.9%

£24,237

107.1%

-£340,170

-

-

Net Cashflow before Financing

-£212,216

-200%

£212,284

339.4%

-£88,679

75.8%

-£366,806

-

-

Net Cashflow from Financing

£683,006

578.5%

-£142,751

-321.2%

-£33,893

-106.8%

£498,832

-

-

 

Increase in Cash

£470,789

577.1%

£69,533

156.7%

-£122,573

-192.8%

£132,026

-

-

 

Ratios

Date Of Accounts

31/07/13

31/07/12

31/07/11

31/07/10

-

 

Pre-tax profit margin %

4.25

1.71

2.46

3.29

-

 

Current ratio

2.26

1.60

1.55

1.42

-

 

Sales/Net Working Capital

8.16

14.47

15.10

13.49

-

 

Gearing %

73.50

41

83.50

191.20

-

 

Equity in %

32.20

26.80

19.30

10.10

-

 

Creditor Days

21.83

28.68

33.18

56.81

-

 

Debtor Days

40.91

33.68

38.33

54.79

-

Liquidity/Acid Test

1.48

0.90

0.92

0.94

-

Return On Capital Employed %

34.56

24.49

37.03

44.24

-

Return On Total Assets Employed %

19.28

9.24

13.13

13.02

-

Current Debt Ratio

1.37

2.32

3.34

6.97

-

Total Debt Ratio

2.10

2.73

4.17

8.88

-

Stock Turnover Ratio %

7.53

7.95

7.54

8.42

-

Return on Net Assets Employed %

59.96

34.53

67.96

128.83

-

 

 

FOREIGN EXCHANGE RATES

 

NA

 

 

ADDITIONAL INFORMATION

 

Mortgage Summary

Total Mortgage                                       0

Outstanding                                           0

Satisfied                                                0

 

Status History

No Status History found

 

 

Event History

Date

Description

06/08/2014

Annual Returns

07/07/2014

Mr P.K. Jaipuria has left the board

30/04/2014

New Accounts Filed

30/04/2014

New Accounts Filed

23/09/2013

New Accounts Filed

05/08/2013

Annual Returns

02/08/2013

Mr N.J. Stephens has left the board

26/03/2013

New Accounts Filed

03/08/2012

Annual Returns

18/01/2012

New Accounts Filed

18/01/2012

New Accounts Filed

02/12/2011

New Board Member Mr G.R. Gluckman appointed

15/08/2011

Annual Returns

12/02/2011

New Accounts Filed

30/11/2010

New Board Member Mrs L.S. Gluckman appointed

 

 

Previous Company Names

 

Date

Previous Name

02/10/2009

CROWN HIDES LIMITED

 

 

NOTES & COMMENTS

 

NA

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.45

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

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.