|
Report No. : |
305450 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARDOUR WORLD LIMITED |
|
|
|
|
Registered Office : |
55 Lowlands Road, Grove House, Harrow On The Hill, Middlesex, HA1 3AW |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
22.04.2003 |
|
|
|
|
Com. Reg. No.: |
04741345 |
|
|
|
|
Legal Form : |
Private Limited with Share Capital |
|
|
|
|
Line of Business : |
Trading and Wholesale of Metals and Metal Ores. |
|
|
|
|
No. of Employees : |
13 |
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 – 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 |
|
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 |
|
ARDOURWORLD LIMITED |
Telephone |
+44 208 4234449 |
|
55 LOWLANDS ROAD |
Fax |
+44 208 4220808 |
|
GROVE HOUSE |
Website |
|
|
HARROW ON THE HILL |
|
|
|
MIDDLESEX |
|
|
|
HA1 3AW, United Kingdom |
|
|
|
|
|
|
|
Company Number |
04741345 |
Status: Active - Accounts Filed |
|
Foundation |
22/04/2003 |
VAT No.: N/A |
Comments
This company’s
return on total assets employed ratio indicates
a relatively efficient use of assets. This company
trades in an industry
with a lower 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.
This company’s bank loans and overdrafts (less cash) account for a moderate
percentage of short term liabilities.
LEGAL FORM
Private limited with Share Capital
FOUNDATION
22/04/2003
COMPANY NO.
04741345
SHAREHOLDERS
|
Name |
Currency |
Number
of shares |
Share
type |
Nominal value |
|
MR ASHISH CHAUDHARI |
GBP |
200,000 |
ORDINARY |
1 |
|
MR SUNDIP
GOYAL |
GBP |
96,000 |
ORDINARY |
1 |
|
MRS VANITA GOYAL |
GBP |
104,000 |
ORDINARY |
1 |
|
Total Share Capital GBP 400,000 |
||||
MANAGEMENT
|
Directors |
||||
|
Name |
Address: |
Date
of birth |
Nationality |
Appointment date |
|
Mr. Sundip
Goyal |
55 Lowlands Road,
Grove House, Harrow
On The Hill,
Middlesex HA1 3AW |
12/10/1971 |
Indian |
29/04/2003 |
|
Mr. Ashish
Chaudhari |
55 Lowlands Road,
Grove House, Harrow
On The Hill,
Middlesex HA1 3AW |
08/01/1979 |
Indian |
01/02/2006 |
|
Company Secretary |
||
|
Name |
Address: |
Appointment date |
|
Mr. Ashish
Chaudhari |
55 Lowlands Road,
Grove House, Harrow On The Hill, Middlesex HA1
3AW |
04/11/2003 |
Other Known Addresses
Grove House, 55 Lowlands Road,
Harrow, Middlesex HA1 3AW
York House, 8th Floor, Empire Way,
Wembley, Middlesex
HA9 0PA
Main Activity
Principal Activity Metal
trading.
SIC03 Wholesale of
metals and metal ores
SIC07 Wholesale of
metals and metal ores
Turnover and Employees
|
Date of Accounts |
Turnover
|
Employees
|
|
31/03/2012 |
GBP 87,401,420 |
10 |
|
31/03/2013 |
GBP 75,459,579 |
13 |
|
31/03/2014 |
GBP 73,113,285 |
13 |
Banks
|
Bank
Name |
Bank
Branch Sort Code |
|
BARCLAYS
BANK PLC |
20-00-00 |
Auditor
Auditor Name
King & King
Events
|
Company History |
|
|
Date |
Action |
|
06/03/2010 |
New
Accounts Filed |
|
06/03/2010 |
New
Accounts Filed |
|
12/06/2010 |
Annual
Returns |
|
29/07/2010 |
Change
in Reg.Office |
|
29/07/2010 |
Change
of Company Postcode |
|
20/08/2010 |
New
Accounts Filed |
|
14/05/2011 |
Annual
Returns |
|
02/09/2011 |
New
Accounts Filed |
|
02/09/2011 |
New
Accounts Filed |
|
10/07/2012 |
Annual
Returns |
|
12/01/2013 |
New
Accounts Filed |
|
12/01/2013 |
New
Accounts Filed |
|
29/04/2013 |
Annual
Returns |
|
11/02/2014 |
New
Accounts Filed |
|
11/02/2014 |
New
Accounts Filed |
|
05/05/2014 |
Change
in Reg. Office |
|
05/05/2014 |
Change
of Company Postcode |
|
13/06/2014 |
Annual
Returns |
|
10/11/2014 |
New
Accounts Filed |
Mortgages
|
Charge created |
19/09/2007 |
|
Charge registered |
05/10/2007 |
|
Status |
SATISFIED |
|
Entitled
person |
FORTIS BANK SA-NV
UK BRANCH |
|
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 |
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 SEE THE MORTGAGE
CHARGE DOCUMENT FOR FULL DETAILS |
|
|
|
|
Charge created |
19/09/2007 |
|
Charge registered |
03/10/2007 |
|
Status |
OUTSTANDING |
|
Entitled
person |
FORTIS BANK S.A./N.V. |
|
Secured amount |
ALL MONIES DUE
OR TO BECOME DUE
FROM THE COMPANY
TO THE CHARGEE UNDER THE TERMSOF THE
AFOREMENTIONED INSTRUMENT CREATING OR EV- IDENCING THE CHARGE |
|
Mortgage
detail |
ALL BILLS OF EXCHANGE PROMISSORY NOTES AND OTHER
NEGOTIABLE IN- STRUMENTS (THE
PLEDGED DOCUMENTS) AND ALL PRODUCE AND GOODS (THE PLEDGED
GOODS) SEE THE MORTGAGE
CHARGE DOCUMENT FOR FULL DETAILS |
|
|
|
|
Charge created |
24/06/2008 |
|
Charge registered |
01/07/2008 |
|
Status |
OUTSTANDING |
|
Entitled
person |
CHESTERFIELD INVESTMENTS (NO.5)
LIMITED |
|
Secured amount |
GBP 1,425 DUE
OR TO BECOME
DUE FROM THE COMPANY
TO THE CHARGEE |
|
Mortgage
detail |
GBP 1,425 AS SECURITY FOR THE PAYMENT OF RENTS RESERVED BY THE LEASE. SEE IMAGE FOR FULL DETAILS |
|
|
|
|
Charge created |
09/09/2010 |
|
Charge registered |
14/09/2010 |
|
Status |
OUTSTANDING |
|
Entitled
person |
CHESTERFIELD INVESTMENTS (NO.5)
LIMITED |
|
Secured amount |
ALL MONIES DUE
OR TO BECOME DUE
FROM THE COMPANY
TO THE CHARGEE UNDER THE TERMSOF THE
AFOREMENTIONED INSTRUMENT CREATING OR EV- IDENCING THE CHARGE |
|
Mortgage
detail |
THE SUM FROM TIME TO TIME STANDING TO THE CREDIT OF A DEPOSIT
AC- COUNT SEE IMAGEFOR FULL
DETAILS |
|
|
|
|
Charge created |
22/07/2011 |
|
Charge registered |
29/07/2011 |
|
Status |
OUTSTANDING |
|
Entitled
person |
SANTANDER UK PLC |
|
Secured amount |
ALL MONIES DUE OR TO BECOME
DUE FROM THE COMPANY TO THE GROUP
(OR ANY GROUP MEMBER)
ON ANY ACCOUNT WHATSOEVER UNDER
THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE |
|
Mortgage
detail |
FIXED AND FLOATING CHARGE
OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS
PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN- CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED
PLANT AND MACHINERY SEE IM- AGEFOR
FULL DETAILS |
|
|
|
|
Charge created |
18/02/2013 |
|
Charge registered |
23/02/2013 |
|
Status |
OUTSTANDING |
|
Entitled
person |
CHESTERFIELD INVESTMENTS (NO.5)
LIMITED |
|
Secured amount |
ALL MONIES DUE
OR TO BECOME DUE
FROM THE COMPANY
TO THE CHARGEE UNDER THE TERMSOF THE
AFOREMENTIONED INSTRUMENT CREATING OR EV- IDENCING THE CHARGE |
|
Mortgage
detail |
THE SUM FROM TIME TO TIME STANDING TO THE CREDIT OF A DEPOSIT
AC- COUNT AT BARCLAYS BANK PLC OR ANY OTHER ACCOUNT AND ALLINTEREST AND OTHER SUMS
CREDITED TO EITHER SUCH
ACCOUNT |
|
|
|
|
Charge created |
14/10/2014 |
|
Charge registered |
15/10/2014 |
|
Status |
OUTSTANDING |
|
Entitled
person |
LLOYDS BANK PLC; |
|
Mortgage
detail |
CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING
OF THE COMPANY.CONTAINS NEGATIVE PLEDGE. |
County Court Judgments (CCJs)
There are no County Court Judgments listed against this company
PROFIT & LOSS
|
|
52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Turnover |
73,113,285 |
75,459,579 |
87,401,420 |
44,789,855 |
|
Export |
70,973,948 |
- |
- |
44,789,855 |
|
Cost of Sales |
71,120,509 |
73,104,038 |
85,607,843 |
43,130,905 |
|
Gross Profit |
1,992,776 |
2,355,541 |
1,793,577 |
1,658,950 |
|
Wages And Salaries |
146,228 |
121,447 |
115,103 |
97,580 |
|
Directors Emoluments |
24,000 |
24,000 |
24,000 |
24,000 |
|
|
31/03/2014 52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Operating Profit |
782,613 |
-146,519 |
-76,460 |
1,121,300 |
|
Depreciation |
30,755 |
2,513 |
2,700 |
3,255 |
|
Audit Fees |
10,000 |
10,816 |
11,228 |
6,000 |
|
Interests Payments |
66,473 |
49,440 |
21,457 |
6,892 |
|
Pre Tax Profit |
720,045 |
-81,365 |
63,017 |
1,114,408 |
|
Taxation |
-142,963 |
-10,997 |
-14,051 |
-303,761 |
|
Profit After
Tax |
577,082 |
-92,362 |
48,966 |
810,647 |
|
Dividends Payable |
179,850 |
225,037 |
90,000 |
90,000 |
|
Retained Profit |
397,232 |
-317,399 |
-41,034 |
720,647 |
BALANCE SHEET
|
|
52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Tangible Assets |
104,676 |
7,541 |
9,674 |
9,765 |
|
Intangible Assets |
0 |
0 |
0 |
0 |
|
Total Fixed Assets |
104,676 |
7,541 |
9,674 |
9,765 |
|
Stock |
1,324,241 |
1,286,174 |
1,278,092 |
150,878 |
|
Trade Debtors |
5,479,603 |
6,025,806 |
3,973,787 |
4,365,390 |
|
Cash |
810,120 |
694,154 |
243,060 |
846,786 |
|
Other Debtors |
976,695 |
819,384 |
1,194,371 |
634,700 |
|
Miscellaneous Current Assets |
79,269 |
0 |
0 |
0 |
|
Total Current Assets |
8,669,928 |
8,825,518 |
6,689,310 |
5,997,754 |
|
Trade Creditors |
3,558,463 |
4,706,953 |
2,942,127 |
3,823,015 |
|
Bank Loans
and Overdraft |
2,200,930 |
2,227,007 |
1,275,262 |
25 |
|
Other Short Term Finance |
575,430 |
430 |
8,430 |
5,702 |
|
Miscellaneous Current
Liabilities |
397,155 |
402,546 |
659,643 |
324,221 |
|
Total Current Liabilities |
6,731,978 |
7,336,936 |
4,885,462 |
4,152,963 |
|
Bank Loans
and Overdrafts LTL |
2,200,930 |
2,227,007 |
1,275,262 |
25 |
|
Other Long
Term Finance |
0 |
0 |
0 |
0 |
|
Total Long Term Liabilities |
0 |
0 |
0 |
0 |
CAPITAL &
RESERVES
|
|
52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Called Up Share
Capital |
400,000 |
400,000 |
400,000 |
400,000 |
|
P and L Account Reserve |
1,642,626 |
1,096,123 |
1,413,522 |
1,454,556 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
0 |
0 |
0 |
0 |
|
Shareholders Funds |
2,042,626 |
1,496,123 |
1,813,522 |
1,854,556 |
OTHER FINANCIAL
ITEMS
|
|
52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Net Worth |
2,042,626 |
1,496,123 |
1,813,522 |
1,854,556 |
|
Working Capital |
1,937,950 |
1,488,582 |
1,803,848 |
1,844,791 |
|
Total Assets |
8,774,604 |
8,833,059 |
6,698,984 |
6,007,519 |
|
Total Liabilities |
6,731,978 |
7,336,936 |
4,885,462 |
4,152,963 |
|
Net Assets |
2,042,626 |
1,496,123 |
1,813,522 |
1,854,556 |
CASH FLOW
|
|
52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Net Cash Flow from
Operations |
519,514 |
-337,668 |
-1,449,585 |
1,178,624 |
|
Net Cash Flow before Financing |
147,417 |
-500,651 |
-1,878,963 |
683,164 |
|
Net Cash Flow from
Financing |
0 |
0 |
0 |
0 |
|
Increase
in Cash |
115,966 |
451,094 |
-603,726 |
683,189 |
MISCELLANEOUS
|
|
52 GBP Group: No |
31/03/2013 52 GBP Group: Yes |
31/03/2012 52 GBP Group: Yes |
31/03/2011 52 GBP Group: No |
|
Capital
Employed |
2,042,626 |
1,496,123 |
1,813,522 |
1,854,556 |
FINANCIAL RATIOS
|
Name |
31.03.2014 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Pre Tax Profit Margin |
0.98 % |
-0.11 % |
0.07 % |
2.49 % |
|
Current
Ration |
1.29 |
1.20 |
1.37 |
1.44 |
|
Sales or Net Working
Capital |
37.73 |
50.69 |
48.45 |
24.28 |
|
Gearing |
107.75 % |
148.85 % |
70.32 % |
0.00 % |
|
Equity |
23.28 % |
16.94 % |
27.07 % |
30.87 % |
|
Creditor
Days |
17.71 |
22.70 |
12.25 |
31.06 |
|
Debtor Days |
27.28 |
29.06 |
16.54 |
35.47 |
|
Liquidity
or Acid test |
1.09 |
1.02 |
1.10 |
1.40 |
|
Return on Capital
Employed |
35.25 % |
-5.43 % |
3.47 % |
60.09 % |
|
Return on Total Assets Employed |
8.20 % |
-0.92 % |
0.94 % |
18.55 % |
|
Current Debt Ratio |
3.29 % |
4.90 % |
2.69 % |
2.23 % |
|
Total Debt Ratio |
3.29 % |
4.90 % |
2.69 % |
2.23 % |
|
Stock Turnover Ratio |
1.81 % |
1.70 % |
1.46 % |
0.33 % |
|
Return on Net
Assets Employed |
35.25 % |
-5.43 % |
3.47 % |
60.09 % |
Achieving good levels of turnover and profitability. The general
financial position seems to be in order and despite regular dividends being
paid year on year good reserves have been maintained. Remains to be seen how it
further performs in 2013/2014.
Activity: International Trading & Sourcing of Non Ferrous Metal
Scrap Products Worldwide
Trading Address: Grove House, 55 Lowlands Road, Harrow on the Hill,
Middlesex HA1 3AW
Branches: Together with it’s associate company Global Metalcorp Ltd
operate branches in USA, Singapore and Hong Kong
Employees: 13
Bank: Barclays Bank PLC
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.