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Report No. : |
305507 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI & SON’S LIMITED |
|
|
|
|
Formerly Known As : |
COFRESH SNACK FOODS
LIMITED |
|
|
|
|
Registered Office : |
Hamilton Office Park, 31 High View Close, Leicester, Le4 9lj |
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|
|
|
Country : |
United Kingdom |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
21.03.2002 |
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|
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Com. Reg. No.: |
04400698 |
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|
|
|
Legal Form : |
Private Limited with Share Capital |
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|
|
|
Line of Business : |
· Engaged as Leading brand of Indian and Ethnic Snacks ·
Engaged as Manufacturing and wholesaling of Food Products Subject product ranges includes
:- SNACK ON ·
Eat
Real Bars ·
Hummus
& Lentil Chips ·
Savoury
Snacks & Mixes ·
Potato
Snacks ·
Cassava
Snacks ·
Snack
Bars ·
Nuts
& Corn Nuts ·
Quinoa
Chips Dip In ·
Table
Sauces & Dips Cook With ·
Cooking
Sauces ·
Marinades Gluten Free ·
Available
Gluten Free Products Kosher ·
Available Kosher Products |
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|
|
|
No of Employees : |
80 (31.12.2013) |
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 |
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Payment Behaviour : |
No Complaints |
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Kingdom |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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LAKSHMI
& SON’S LIMITED |
Telephone |
+44(0) 116 246 4101 |
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|
|
HAMILTON OFFICE PARK |
Fax |
+44(0) 116 246 4781 |
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31 HIGH VIEW CLOSE |
Website |
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LEICESTER |
||||
|
LE4 9LJ |
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United Kingdom |
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Company Number:
Foundation: |
04400698 21/03/2002 |
Status: VAT No: |
Active - Accounts Filed N/A |
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Comments
This company’s return on total assets employed ratio indicates a highly efficient use of assets. The company has more cash than short term bank borrowings.
This company trades in an industry with a higher level of corporate failures.
This company has been treated as a Medium company in respect of the rating/limit generated.
This company’s ratio of total liabilities to total assets indicates the presence of moderate equity funding.
Private Limited with Share Capital
21/03/2002
04400698
Date of Change Previous Name
03/08/2010 COFRESH SNACK FOODS LIMITED
|
Name |
Currency |
Number of shares |
Share type |
Nominal value |
|
|
ARUN PATEL |
GBP |
20 |
ORDINARY |
1 |
|
|
DHIRAJLAL PATEL |
GBP |
20 |
ORDINARY |
1 |
|
|
DINESH BHAI
PATEL |
GBP |
20 |
ORDINARY |
1 |
|
|
MINESH PATEL |
GBP |
20 |
ORDINARY |
1 |
|
|
PRIYESH PATEL |
GBP |
20 |
ORDINARY |
1 |
|
|
Total
Share Capital
GBP 100 |
|
||||
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Directors |
|||||||
|
Name |
Address: |
Date of birth |
Nationality |
Appointment date |
|||
|
Mr David Anthony Page |
Drapers House Farm Finch Lane, Appley Bridge, Wigan, West Lancashire WN6 9DU |
16/09/1947 |
British |
01/11/2012 |
|||
|
Dineshbhai Patel |
20 Abbots Road South, Leicester, Leicestershire LE5 1DA |
28/07/1941 |
British |
21/03/2002 |
|||
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Mr Dhirajlal Patel |
7 Baycliff Close, Leicester, Leicestershire LE3 9BE |
23/05/1951 |
British |
21/03/2002 |
|||
|
Mr Arun Patel |
7 Stowe Close, Leicester, Leicestershire LE3 9ES |
20/06/1960 |
British |
21/03/2002 |
|||
|
Mr Priyesh Dineshbhai Patel |
20 Abbots Road South, Leicester, Leicestershire LE5 1DA |
04/03/1972 |
British |
21/03/2002 |
|||
|
Mr Minesh Patel |
20 Abbots Road South, Leicester, Leicestershire LE5 1DA |
14/12/1973 |
British |
21/03/2002 |
|||
|
Company
Secretary |
||
|
Name |
Address: |
Appointment date |
|
Mr Priyesh Dineshbhai Patel |
20 Abbots
Road South, Leicester, Leicestershire LE5 1DA |
21/03/2002 |
· Cofresh House, Leicester, Leicestershire LE4 9LR
· Hamilton Office Park, 31 High View Close, Leicester, Leicestershire LE4 9LJ
Main Activity
· Engaged as Leading brand of Indian and Ethnic Snacks
·
Engaged as Manufacturing and wholesaling of Food Products
Subject product ranges includes :-
SNACK ON
·
Eat
Real Bars
·
Hummus
& Lentil Chips
·
Savoury
Snacks & Mixes
·
Potato
Snacks
·
Cassava
Snacks
·
Snack
Bars
·
Nuts
& Corn Nuts
·
Quinoa
Chips
Dip In
·
Table
Sauces & Dips
Cook With
·
Cooking
Sauces
·
Marinades
Gluten Free
·
Available
Gluten Free Products
Kosher
·
Available
Kosher Products
Turnover
and Employees
|
Date of accounts |
Turnover |
Employees |
|
31/12/2011 |
GBP 18,200,470 |
65 |
|
31/12/2012 |
GBP 17,633,817 |
65 |
|
31/12/2013 |
GBP 18,687,918 |
80 |
|
Bank Name |
Bank Branch Sort
Code |
|
HSBC BANK PLC |
40-28-04 |
Auditor name
HW LEICESTER LLP
(CCJs)
There are no County Court Judgments listed
against this company
Company History
|
Date |
Action |
|
|
28/04/2010 |
Annual Returns |
|
|
05/08/2010 |
Change of Name |
|
|
01/04/2011 |
Annual Returns |
|
|
03/09/2011 |
New Accounts Filed |
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|
03/09/2011 |
New Accounts Filed |
|
|
02/04/2012 |
Annual Returns |
|
|
29/06/2012 |
New Accounts Filed |
|
|
29/06/2012 |
New Accounts Filed |
|
|
09/11/2012 |
New Board Member Mr D.A. Page appointed |
|
|
15/04/2013 |
Annual Returns |
|
|
22/06/2013 |
New Accounts Filed |
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|
11/04/2014 |
Annual Returns |
|
|
18/06/2014 |
New Accounts Filed |
|
|
18/06/2014 |
New Accounts Filed |
|
Profit & Loss
|
|
31/12/2013 52 GBP Group: No |
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 78 GBP Group: No |
|
Turnover |
18,687,918 |
17,633,817 |
18,200,470 |
20,385,687 |
|
Export |
- |
- |
- |
- |
|
Cost of Sales |
14,104,157 |
14,250,273 |
15,623,744 |
16,189,093 |
|
Gross Profit |
4,583,761 |
3,383,544 |
2,576,726 |
4,196,594 |
|
Wages And Salaries |
1,139,772 |
904,264 |
823,327 |
1,059,630 |
|
Directors Emoluments |
74,007 |
45,143 |
35,037 |
50,664 |
|
Operating Profit |
1,999,995 |
1,138,492 |
753,048 |
1,896,092 |
|
Depreciation |
144,260 |
136,446 |
116,028 |
145,053 |
|
Audit Fees |
9,000 |
9,000 |
9,000 |
9,000 |
|
Interests Payments |
6,925 |
7,368 |
12,015 |
5,022 |
|
Pre Tax Profit |
2,004,985 |
1,183,832 |
759,903 |
1,893,334 |
|
Taxation |
-462,022 |
-318,673 |
-208,026 |
-554,254 |
|
Profit After
Tax |
1,542,963 |
865,159 |
551,877 |
1,339,080 |
|
Dividends Payable |
75,000 |
125,000 |
0 |
0 |
|
Retained Profit |
1,467,963 |
740,159 |
551,877 |
1,339,080 |
Balance Sheet
|
|
31/12/2013 52 GBP Group: No |
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 78 GBP Group: No |
|
Tangible Assets |
745,856 |
697,209 |
582,045 |
557,973 |
|
Intangible Assets |
786,100 |
879,500 |
952,500 |
1,042,500 |
|
Total Fixed Assets |
1,531,956 |
1,576,709 |
1,534,545 |
1,600,473 |
|
Stock |
2,380,728 |
2,199,561 |
2,407,010 |
1,544,947 |
|
Trade Debtors |
3,229,091 |
2,647,176 |
2,659,326 |
2,934,840 |
|
Cash |
2,176,957 |
1,453,701 |
737,634 |
1,626,176 |
|
Other Debtors |
137,893 |
119,384 |
65,933 |
223,483 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
|
Total Current
Assets |
7,924,669 |
6,419,822 |
5,869,903 |
6,329,446 |
|
Trade Creditors |
1,942,142 |
2,139,094 |
2,363,950 |
1,657,674 |
|
Bank Loans
and Overdraft |
14,600 |
14,600 |
0 |
13,086 |
|
Other Short Term Finance |
0 |
0 |
0 |
0 |
|
Miscellaneous Current
Liabilities |
623,158 |
351,470 |
259,037 |
691,282 |
|
Total Current
Liabilities |
2,579,900 |
2,505,164 |
2,622,987 |
2,362,042 |
|
Bank Loans
and Overdrafts LTL |
647,245 |
729,850 |
745,503 |
2,096,882 |
|
Other Long
Term Finance |
351,781 |
428,349 |
435,276 |
1,776,668 |
|
Total Long Term Liabilities |
632,645 |
715,250 |
745,503 |
2,083,796 |
Capital & Reserves
|
|
31/12/2013 52 GBP Group: No |
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 78 GBP Group: No |
|
Called Up Share Capital |
100 |
100 |
100 |
100 |
|
P and L Account Reserve |
6,243,980 |
4,776,017 |
4,035,858 |
3,483,981 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
0 |
0 |
0 |
0 |
|
Shareholders Funds |
6,244,080 |
4,776,117 |
4,035,958 |
3,484,081 |
Other Financial Items
|
|
31/12/2013 52 GBP Group: No |
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 78 GBP Group: No |
|
Net Worth |
5,457,980 |
3,896,617 |
3,083,458 |
2,441,581 |
|
Working Capital |
5,344,769 |
3,914,658 |
3,246,916 |
3,967,404 |
|
Total Assets |
9,456,625 |
7,996,531 |
7,404,448 |
7,929,919 |
|
Total Liabilities |
3,212,545 |
3,220,414 |
3,368,490 |
4,445,838 |
|
Net Assets |
6,244,080 |
4,776,117 |
4,035,958 |
3,484,081 |
Cash Flow
|
|
31/12/2013 52 GBP Group: No |
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 78 GBP Group: No |
|
Net Cash
Flow from Operations |
1,307,445 |
1,284,578 |
160,214 |
688,447 |
|
Net Cash
Flow before Financing |
737,448 |
729,785 |
-561,694 |
301,689 |
|
Net Cash
Flow from Financing |
-14,192 |
-13,718 |
-326,848 |
559,262 |
|
Increase in Cash |
723,256 |
716,067 |
-888,542 |
860,950 |
Miscellaneous
|
|
31/12/2013 52 GBP Group: No |
31/12/2012 52 GBP Group: No |
31/12/2011 52 GBP Group: No |
31/12/2010 78 GBP Group: No |
|
Capital Employed |
6,876,725 |
5,491,367 |
4,781,461 |
5,567,877 |
Financial Ratios
Name 31/12/2013 31/12/2012
31/12/2011 31/12/2010
|
Pre Tax Profit Margin |
10.73 % |
6.71 % |
4.18 % |
9.29 % |
|
Current Ration |
3.07 |
2.56 |
2.24 |
2.68 |
|
Sales or Net Working Capital |
3.50 |
4.50 |
5.61 |
5.14 |
|
Gearing |
10.37 % |
15.28 % |
18.47 % |
60.18 % |
|
Equity |
72.02 % |
67.11 % |
62.55 % |
50.59 % |
|
Creditor Days |
37.82 |
44.15 |
47.27 |
44.39 |
|
Debtor Days |
62.89 |
54.64 |
53.18 |
78.60 |
|
Liquidity or Acid test |
2.14 |
1.68 |
1.32 |
2.02 |
|
Return on Capital Employed |
29.15 % |
21.55 % |
15.89 % |
34.00 % |
|
Return on Total
Assets Employed |
21.20 % |
14.80 % |
10.26 % |
23.87 % |
|
Current Debt Ratio |
0.41 % |
0.52 % |
0.64 % |
0.67 % |
|
Total Debt Ratio |
0.51 % |
0.67 % |
0.83 % |
1.27 % |
|
Stock Turnover Ratio |
12.73 % |
12.47 % |
13.22 % |
7.57 % |
|
Return on Net Assets
Employed |
32.11 % |
24.78 % |
18.82 % |
54.34 % |
Remarks
Achieving good levels of turnover and profitability. The general financial position appears to be in order and despite payment of dividend good reserves have been built up. Company should continue to trade well for the foreseeable future.
Next accounts due to be filled by 30/09/2015
Activity: Leading brand of Indian and ethnic snacks
Trading Address: Cofresh House Lewisher Road Leicester LE4 9LR
Branches: Group operates Worldwide
Employees: 80
Bank: HSBC Bank PLC
Please Note:-
Cofresh snack foods limited is the previous name now known as Lakshami & Sons Ltd
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
UK Pound |
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.