MIRA INFORM REPORT

 

 

Report Date :

29.09.2014

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE FIBRES LIMITED

 

 

Registered Office :

7th Floor, Hyde House, The Hyde, Edgware Road, London, Nw9 6lh

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.04.2004

 

 

Com. Reg. No.:

05102386

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject is an International company that sources all grades of Recovered paper for the paper manufacturing industry

 

 

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

 

 

 

 

Company name & address

 

Company Name:

RELIANCE FIBRES LIMITED

Company No:

05102386

 

Registered Address:

7th Floor,  HYDE HOUSE

The Hyde, EDGWARE ROAD

LONDON

NW9 6LH

 

 

Company summary

 

               

Company Name

RELIANCE FIBRES LIMITED

Company Number

05102386

Registered Address

7th Floor, Hyde House

The Hyde, Edgware Road

London, NW9 6LH, UK.

 

Trading Address

7th Floor, Hyde House

The Hyde, Edgware Road

London, NW9 6LH, UK.

 

 

 

 

 

 

 

 

 

 

Website Address

http://www.reliancefibres.com

 

 

Telephone Number

+44 20 8200 4000

Fax Number

+44 20 8181 6331

TPS

Yes

 

 

Incorporation Date

15/04/2004

Company Status

Active - Accounts Filed

Previous Name

 

Type

Private limited with Share Capital

Date of Change

-

Filing Date of Accounts

29/06/2013

 

 

Share Capital

£100,000

SIC03

6340

Currency

GBP

SIC03 Description

Other transport agencies

SIC07

52290

SIC07 Description

OTHER TRANSPORTATION SUPPORT ACTIVITIES

Principal Activity

Subject is an International company that sources all grades of Recovered paper for the paper manufacturing industry

 

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 decreased by 0.9% during the latest trading period.

A 5.8% 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 an increase in their Cash Balance of 81.4% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

The company was established over 10 years ago.



Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder Funds

Employees

31/12/2012

-

-

£408,384

-

31/12/2011

-

-

£412,050

-

31/12/2010

-

-

£367,176

-

 

 

Payment Information Summary

 

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

 

 

N/A

16

Company DBT

UK Average DBT

Steady

  

ImprovingWorsening

 

Be the first to leave a payment experience 
for this company
Within Terms91+ Days

 

 

 

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

 

There are no exact CCJ details

Possible CCJ Details

 

There are no possible CCJ details

 

Writ Details

 

There are no writ details

 

Mortgage Summary

 

Outstanding

2

Satisfied

2

 

Total Current Directors

2

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

6

 

Current Directors

 

Name

Pankaj Chowdhary

Date of Birth

25/09/1966

Officers Title

Mr

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

15/04/2004

 

 

Address

20 Edgeworth Crescent, London, London, NW4 4HG

 

 

 

 

 

Name

Vibha Chowdhary

Date of Birth

17/03/1969

Officers Title

Mrs

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

12/04/2010

 

 

Address

20 Edgeworth Crescent, London, London, NW4 4HG

 

 

 

 

 

 

Current Company Secretary

 

Name

Vibha Chowdhary

Date of Birth

-

Officers Title

Mrs

Nationality

 

Present Appointments

1

Function

Company Secretary

Appointment Date

07/09/2010

 

 

Address

20 Edgeworth Crescent, London, London, NW4 4HG

 

 

 

 

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

PANKAJ CHOWDHARY

GBP

55,000

ORDINARY

1

55

VIBHA CHOWDHARY

GBP

45,000

ORDINARY

1

45

 

Profit & Loss

 

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

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

£6,336

£7,637

£8,959

£5,815

£2,257

Audit Fees

-

-

-

-

-

Interest Payments

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

Taxation

-

-

-

-

-

Profit After Tax

-

-

-

-

-

Dividends Payable

-

-

-

-

-

Retained Profit

-

-

-

-

-

 

Balance Sheet

 

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

Tangible Assets

£20,172

£22,910

£26,877

£25,149

£5,701

Intangible Assets

0

0

0

0

0

Total Fixed Assets

£20,172

£22,910

£26,877

£25,149

£5,701

Stock

£67,867

£136,013

0

0

0

Trade Debtors

£1,125,121

£1,319,676

£1,452,200

£1,468,891

£777,347

Cash

£372,129

£205,153

£343,735

£256,653

£51,174

Other Debtors

0

0

0

0

0

Miscellaneous Current Assets

0

0

0

0

0

Total Current Assets

£1,565,117

£1,660,842

£1,795,935

£1,725,544

£828,521

Trade Creditors

£1,175,374

£1,241,161

£1,293,297

£1,279,140

£591,376

Bank Loans & Overdrafts

0

0

0

0

0

Other Short Term Finance

0

£28,737

£159,992

£210,538

£86,054

Miscellaneous Current Liabilities

0

0

0

0

0

Total Current Liabilities

£1,175,374

£1,269,898

£1,453,289

£1,489,678

£677,430

Bank Loans & Overdrafts and LTL

£1,531

£1,804

£2,347

£1,547

0

Other Long Term Finance

0

0

0

0

0

Total Long Term Liabilities

£1,531

£1,804

£2,347

£1,547

0

 

Capital & Reserves

 

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

Called Up Share Capital

£100,000

£100,000

£100,000

£100,000

£100,000

P & L Account Reserve

£308,384

£312,050

£267,176

£159,468

£56,792

Revaluation Reserve

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

Shareholder Funds

£408,384

£412,050

£367,176

£259,468

£156,792

 

Other Financial Items

 

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

Net Worth

£408,384

£412,050

£367,176

£259,468

£156,792

Working Capital

£389,743

£390,944

£342,646

£235,866

£151,091

Total Assets

£1,585,289

£1,683,752

£1,822,812

£1,750,693

£834,222

Total Liabilities

£1,176,905

£1,271,702

£1,455,636

£1,491,225

£677,430

Net Assets

£408,384

£412,050

£367,176

£259,468

£156,792

 

Miscellaneous

 

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

 

Contingent Liability

NO

NO

NO

NO

NO

 

Capital Employed

£409,915

£413,854

£369,523

£261,015

£156,792

 

Number of Employees

-

-

-

-

-

 

Auditors

WP AUDIT LIMITED

Auditor Comments

The audit report contains no adverse comments

Bankers

STATE BANK OF INDIA

 

Ratios

 

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

Pre-tax profit margin %

-

-

-

-

-

Current ratio

1.33

1.31

1.24

1.16

1.22

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0.40

0.40

0.60

0.60

0

Equity in %

25.80

24.50

20.10

14.80

18.80

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

1.27

1.20

1.23

1.15

1.22

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

2.87

3.08

3.95

5.74

4.32

Total Debt Ratio

2.88

3.08

3.96

5.74

4.32

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

Status History

 

No Status History found

 

 

*Event History

 

Date

Description

23/04/2014

Annual Returns

11/07/2013

New Accounts Filed

14/05/2013

Annual Returns

21/05/2012

New Accounts Filed

21/05/2012

New Accounts Filed

25/04/2012

Annual Returns

20/05/2011

New Accounts Filed

20/05/2011

New Accounts Filed

11/05/2011

Annual Returns

29/09/2010

New Accounts Filed

09/09/2010

WILSON PARTNERS LIMITED has resigned as company secretary

09/09/2010

New Company Secretary Mrs V. Chowdhary appointed

18/05/2010

Annual Returns

17/05/2010

Mr M. Baid has left the board

17/05/2010

New Board Member Mrs V. Chowdhary appointed

 

Previous Company Names

 

No Previous Names found

 

 

Statistics

 

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

 

Holding Company

RELIANCE FIBRES LIMITED

Ownership Status

Ultimately Owned

Ultimate Holding Company

RELIANCE FIBRES LIMITED

Group structure

 

COMPANY NAME

 

REGISTERED NUMBER

LATEST KEY FINANCIALS

CONSOL. ACCOUNTS

TURNOVER

 RELIANCE FIBRES LIMITED

 

05102386

31.12.2012

N

 

 RELIANCE ACQUISITIONS...

 

08357411

-

N

 

 

Statistics

 

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Exact CCJ Details

 

No CCJs found

 

Possible CCJs Details

 

There are no possible CCJ details

 

Writ Details

 

No writs found

 

Mortgage Details

 

Mortgage Type:

 

Date Charge Created:

22/04/13

 

 

Date Charge Registered:

24/04/13

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

HSBC BANK PLC;

Amount Secured:

 

Details:

N /ANOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

Mortgage Type:

DEBENTURE

Date Charge Created:

15/12/11

 

 

Date Charge Registered:

16/12/11

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

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

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

 

Mortgage Type:

DEBENTURE

Date Charge Created:

11/07/05

 

 

Date Charge Registered:

15/07/05

 

 

Date Charge Satisfied:

22/09/12

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

STATE BANK OF INDIA

Amount Secured:

 

Details:

PLANT MACHINERY SECURITIES, DEBTS, INSURANCE, INTANGIBLE PROPERTY ALL OTHER PROPERTY ASSETS AND RIGHTS PRESENT AND FUTURE,SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

CHARGE OVER CASH DEPOSIT

Date Charge Created:

11/07/05

 

 

Date Charge Registered:

15/07/05

 

 

Date Charge Satisfied:

05/07/12

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

STATE BANK OF INDIA

Amount Secured:

 

Details:

THE SUM OF US$100,000 DEPOSITED IN THE ACCOUNT IN THE NAME OF THE COMPANY,SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Creditor Details

 

No Creditor Data

Total Value

-

 

Trade Debtors / Bad Debt Detail

 

No Debtor Data

Total Value

-

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Mangilal Baid

7

4

Mangilal Baid

7

4

WILSON PARTNERS LIMITED

0

7

Vibha Chowdhary

0

1

BHARDWAJ CORPORATE SERVICES LIMITED

210

20779

Ashok Bhardwaj

246

21544

 

Average Invoice Value

£77.83

Invoices available

14

Paid

14

Outstanding

0

 

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

12

2

0

0

0

Outstanding

0

0

0

0

0

 

 

 

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

 

Report Prepared by :

SMN

 

 

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.