MIRA INFORM REPORT

 

 

Report No. :

308415

Report Date :

19.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MEMSAAB (UK) LIMITED

 

 

Registered Office :

Unit 1, Park Lane Industrial Estate, Birmingham, West Midland, B21 8lt

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

25.11.1994

 

 

Com. Reg. No.:

02994728

 

 

Legal Form :

Private Limited With Share Capital         

 

 

Line of Business :

·         Subject is an Asian fashion retailer outlet from luxury Asian designer brands clothing to beautiful the accessories such as Jewellery, Designer Bags and Shoes.

·         Wholesaler of Ladies Fashion Wear

 

Subject product ranges includes:

 

Clothes

·         Salwar Kameez

·         Party wear

·         Wedding wear

·         Summer Lawn/Cottons

·         Pakistani Designer wear

·         Readymade Kurta/Shirts

 

 

Shoes

·         Flats

·         Evening Wear

·         Casual Wear

·         Platforms

·         Kidswear

 

Accessories

·         Memsaab Bespoke Jewellery

·         Evening Clutch

·         Bridal Necklace Set

·         Necklace Sets

·         Long Necklaces

·         Headpieces

·         Sari Belt

·         Payal

·         Jummer

·         Tikka

·         Diamante Bangles

·         Bangles

·         Nose Rings

·         Earrings

·         Studs

·         Handpieces

·         Rings

 

 

No of Employees :

02 to 05 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

MEMSAAB (UK) LIMITED

Telephone

0121 553 5444

 

UNIT 1

Fax

-

PARK LANE INDUSTRIAL ESTATE

Website

www.memsaabonline.com

BIRMINGHAM

WEST MIDLAND

B21 8LT

United Kingdom

Company Number:

 

Foundation:

02994728

 

25/11/1994

Status:

 

VAT No:

Active - Accounts Filed

 

N/A

 

 

           

Comments  

 

There has been an increase in shareholder’s funds compared with the previous balance sheet.

 

The latest Balance Sheet indicates a negative net working capital position.

 

The negative debt/equity ratio indicates a Balance Sheet deficiency funded by creditors/debt.

 

This company has been treated as a Small company.

 

This company has only made late payments on a low percentage of invoices.

 

This company trades in an industry with a moderate level of corporate failures.           

 

 

Basic information

           

Legal form

Private limited with Share Capital           

           

Foundation

25/11/1994       

           

Company No.

02994728         

           

Shareholders

Name                                       Currency          Number of shares         Share type        Nominal value

MR AMARJIT SINGH BHOPAL   GBP                 2                                  ORDINARY       1

 

Total Share Capital                                                                                                       GBP 2

 

Management   

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Baljit Kaur Bhopal

10 Woodland Avenue, Slough, Berkshire SL1 3BU

21/09/1944

British

01/12/1994

Amarjit Singh Bhopal

10 Woodland Avenue, Slough, Berkshire SL1 3BU

01/03/1963

British

01/12/1994

 

Company Secretary

Name

Address:

Appointment date

Mr Amarjit Singh Bhopal

Unit 1 Park Lane Industrial Estate, Handsworth, Birmingham, West Midland B21 8LT

02/10/2009

 

Other Known Addresses   

 

·         Monument Road, Woking, Surrey GU21 5LR

·         Unit 1, Park Lane, Handsworth, Birmingham, West Midlands B21 8LT

·         Unit A6 Bridge Road Industrial Esta, Bridge Road, Southall, Middlesex UB2 4AY      

 

 

Business activities

 

Main Activity

·         Subject is an Asian fashion retailer outlet from luxury Asian designer brands clothing to beautiful the accessories such as Jewellery, Designer Bags and Shoes.

·         Wholesaler of Ladies Fashion Wear

 

Subject product ranges includes:

 

Clothes

·         Salwar Kameez

·         Party wear

·         Wedding wear

·         Summer Lawn/Cottons

·         Pakistani Designer wear

·         Readymade Kurta/Shirts

 

Shoes

·         Flats

·         Evening Wear

·         Casual Wear

·         Platforms

·         Kidswear

 

Accessories

·         Memsaab Bespoke Jewellery

·         Evening Clutch

·         Bridal Necklace Set

·         Necklace Sets

·         Long Necklaces

·         Headpieces

·         Sari Belt

·         Payal

·         Jummer

·         Tikka

·         Diamante Bangles

·         Bangles

·         Nose Rings

·         Earrings

·         Studs

·         Handpieces

·         Rings

 

 

Economic data

 

Turnover and Employees

Date of Accounts

Turnover

Employees

31/12/2011

GBP 1,840,016

Not Stated

31/12/2012

Not Stated

Not Stated

31/12/2013

Not Stated

Not Stated

 

 

Banks

 

Bank Name

NATIONAL WESTMINSTER BANK PLC

 

Events

 

Company History

Date                             Action

07/10/2010                    New Accounts Filed

29/11/2010                    Annual Returns

24/06/2011                    Mr A.S. Bhopal has resigned as company secretary

24/06/2011                    New Company Secretary Mr A.S. Bhopal appointed

16/09/2011                    Change in Reg.Office

16/09/2011                    Change of Company Postcode

20/09/2011                    New Accounts Filed

20/09/2011                    New Accounts Filed

02/12/2011                    Annual Returns

19/04/2012

Change in Reg.Office

19/04/2012

Change of Company Postcode

26/09/2012

New Accounts Filed

03/12/2012

Annual Returns

25/11/2013

New Accounts Filed

28/11/2013

Annual Returns

17/04/2014

New Accounts Filed

03/12/2014

Annual Returns

 

 

Mortgages

 

 

Charge created

22/01/1996

Charge registered

29/01/1996

Status

SATISFIED

Entitled person

NATIONAL WESTMINSTER BANK PLC

Secured amount

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

Mortgage detail

A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROP- ERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLE- MENTS UTENSILS FURNITURE AND EQUIPMENT AND AN ASSIGNMENT OF THE GOODWILL AND CONNECTION OF ANY BUSINESS TOGETHER WITH THE FULL BENEFIT OF ALL LICENCES

 

 

Charge created

30/09/1998

Charge registered

17/10/1998

Status

SATISFIED

Entitled person

NATIONAL WESTMINSTER BANK PLC

Secured amount

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

Mortgage detail

UNIT A6 BRIDGE ROAD INDUSTRIAL ESTATE BRIDGE ROAD SOUTHALL MIDDLE- SEX AND THE PROCEEDS OF SALE THEREOF FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIP- MENT AND AN ASSIGNMENT OF THE GOODWILL AND CONNECTION OF ANY BUSINESS TOGETHER WITH THE FULL BENEFIT OF ALL LICENCES

 

 

Charge created

17/05/2004

Charge registered

04/06/2004

Status

OUTSTANDING

Entitled person

STATE BANK OF INDIA

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

30/07/2004

Charge registered

11/08/2004

Status

OUTSTANDING

Entitled person

STATE BANK OF INDIA

Secured amount

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

Mortgage detail

THE F/H PROPERTY K/A UNIT A6 BRIDGE ROAD INDUSTRIAL ESTATE, BRIDGE ROAD, SOUTHALL, MIDDLESEX T/NO AGL66549

 

 

County Court Judgments

(CCJs)

There are no County Court Judgments listed against this company         

 

 

Accounts

 

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

52

GBP

Group: No

Turnover

0

0

1,840,016

1,827,260

Export

-

-

0

0

Cost of Sales

-

-

1,489,724

1,473,645

Gross Profit

-

-

350,292

353,615

Wages And Salaries

0

0

0

0

Directors Emoluments

-

-

12,000

12,000

Operating Profit

-

-

112,269

80,942

Depreciation

10,260

10,165

13,360

11,348

Audit Fees

0

0

0

0

Interests Payments

-

-

51,727

42,395

Pre Tax Profit

0

0

61,542

60,101

Taxation

-

-

0

0

Profit After Tax

-

-

61,542

60,101

Dividends Payable

-

-

0

0

Retained Profit

-

-

61,542

60,101

 

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

52

GBP

Group: No

Tangible Assets

30,787

30,504

40,083

57,748

Intangible Assets

0

0

0

0

Total Fixed Assets

30,787

30,504

40,083

57,748

Stock

442,393

480,243

435,453

567,222

Trade Debtors

984,849

1,200,897

987,786

941,240

Cash

22,051

9,011

0

0

Other Debtors

0

0

340,865

257,508

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

1,449,293

1,690,151

1,764,104

1,765,970

Trade Creditors

1,675,880

2,001,648

1,134,410

1,180,154

Bank Loans and Overdraft

0

0

794,860

849,686

Other Short Term Finance

0

0

2,869

5,701

Miscellaneous Current Liabilities

0

0

231,171

205,978

Total Current Liabilities

1,675,880

2,001,648

2,163,310

2,241,519

Bank Loans and Overdrafts LTL

0

0

796,301

853,991

Other Long Term Finance

0

0

1,441

4,305

Total Long Term Liabilities

0

0

1,441

4,305

 

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

52

GBP

Group: No

Called Up Share Capital

2

2

2

2

P and L Account Reserve

-195,802

-280,995

-360,566

-422,108

Shareholders Funds

-195,800

-280,993

-360,564

-422,106

 

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

52

GBP

Group: No

Total Assets

1,480,080

1,720,655

1,804,187

1,823,718

Total Liabilities

1,675,880

2,001,648

2,164,751

2,245,824

 

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

52

GBP

Group: No

Increase in Cash

13,040

9,011

0

0

 

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

52

GBP

Group: No

Capital Employed

-195,800

-280,993

-359,123

-417,801

 

Financial Ratios

 

Name

31/12/2013

31/12/2012

31/12/2011

31/12/2010

Pre Tax Profit Margin

0.0%

0.0%

3.34 %

3.29 %

Current Ration

0.86

0.84

0.82

0.79

Sales or Net Working Capital

0.00

0.00

-4.61

-3.84

Gearing

0.00 %

0.00 %

-220.85 %

-202.32 %

Equity

-13.23 %

-16.33 %

-19.98 %

-23.15 %

Creditor Days

0.00

0.00

224.41

235.09

Debtor Days

0.00

0.00

195.40

187.50

Liquidity or Acid test

0.60

0.60

0.61

0.53

Return on Capital Employed

0.0%

0.0%

-17.13 %

-14.38 %

Return on Total Assets Employed

0.0%

0.0%

3.41 %

3.29 %

Current Debt Ratio

-8.55 %

-7.12 %

-5.99 %

-5.31 %

Total Debt Ratio

-8.55 %

-7.12 %

-6.00 %

-5.32 %

Stock Turnover Ratio

0.0%

0.0%

23.66 %

31.04 %

Return on Net Assets Employed

0.0%

0.0%

-17.06 %

-14.23 %

 

Remarks

The abbreviated balance sheet reports a weak but improving financial position. However there remains a deficit in the P & L Account Reserve and shareholder’s funds. Based on this information the company appears to be trading in an insolvent position. Remains to be seen how the company trades in the financial year ended December 2014

 

Apparent Net Profit Year Ended 31/12/2013 – 85,193GBP

Apparent Net Profit Year Ended 31/12/2012 – 79,571GBP

 

Activity:                                   

·         Subject is an Asian fashion retailer outlet from luxury Asian designer brands clothing to beautiful the accessories such as Jewellery, Designer Bags and Shoes.

·         Wholesaler of Ladies Fashion Wear

 

Trading Address Confirmed : Unit 1, Park Lane, Handsworth, Birmingham, West Midlands, B21 8LE

 

Employees:                              02 to 05 employees

 

Bank:                                       National Westminster Bank PLC

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.25

UK Pound

1

Rs.95.57

Euro

1

Rs.71.01

 

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%)

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.