|
Report No. : |
310732 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SETHI SILK STORES
LIMITED |
|
|
|
|
Registered Office : |
Unit D, Bridge Road
Industrial Estate, Bridge Road, Southall UB2 4AB |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.07.2013 |
|
|
|
|
Date of Incorporation : |
06.10.1986 |
|
|
|
|
Com. Reg. No.: |
02061787 |
|
|
|
|
Legal Form : |
Private limited
with Share Capital |
|
|
|
|
Line of Business : |
Wholesaler of textiles. [NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
|
|
|
|
No of Employees : |
Not Available [NOTE: We tried to confirm the
number of employees but no one is ready to part any information from the
company management.] |
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 – 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 £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 SETHI
SILK STORES LIMITED
Company No: 02061787
Company Status: Active - Accounts Filed
Registered
Address
UNIT D
BRIDGE ROAD INDUSTRIAL ESTATE
BRIDGE ROAD, SOUTHALL
UB2 4AB
Trading
Address
Unit
D
Bridge Road Industrial Estate
Bridge Road
Southall, Middlesex
UB2 4AB
Website
Address http://www.dupionsilk.com
Telephone Number 02085719445
TPS No
FPS No
Incorporation Date 06/10/1986
Type Private
limited with Share Capital
Filing Date of Accounts 30/04/2014
Currency GBP
Share Capital £3
Principal Activity Wholesaler
of textiles.
Year to Date Shareholder
Funds
31/07/2013 £1,065,947
31/07/2012 £1,038,539
31/07/2011 £1,038,163
Total Mortgage 5
Outstanding 5
Satisfied 0
Total Number of Documented Trade 2
Total Value of Documented Trade £54,762
|
This company has been treated as a Small company |
|
This company has only made late payments on a low percentage of
invoices. |
|
The latest Balance Sheet indicates a very positive net working capital
position. |
|
There has been an increase in shareholders funds compared with the
previous balance sheet. |
|
This company trades in an industry with a moderate level of corporate failures. |
|
Name |
Ramesh Kumar Sethi |
Date of Birth |
19/06/1953 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
4 |
Function |
Director |
|
Appointment Date |
17/10/1991 |
||
|
Address |
140 Springwell Road, Hounslow, Middlesex, TW5 9BP |
||
|
Name |
Sanjeev Ratanchand Sethi |
Date of Birth |
28/10/1962 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
5 |
Function |
Director |
|
Appointment Date |
17/10/1991 |
||
|
Address |
64 Bulstrode Avenue, Hounslow, Middlesex, TW3 3AD |
||
|
Name |
Suman Sethi |
Date of Birth |
- |
|
Officers Title |
Mrs |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Company Secretary |
|
Appointment Date |
17/10/1991 |
||
|
Address |
140 Springwell Road, Hounslow, Middlesex, TW5 9BP |
||
|
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
|
MR SANJEEV RATANCHAND SETHI |
GBP |
1 |
ORDINARY |
1 |
33.33 |
|
EXECUTORS OF NARESH KUMAR SETHI |
GBP |
1 |
ORDINARY |
1 |
33.33 |
|
MR RAMESH KUMAR SETHI |
GBP |
1 |
ORDINARY |
1 |
33.33 |
|
Date Of Accounts |
31/07/13 |
(%) |
31/07/12 |
(%) |
31/07/11 |
(%) |
31/07/10 |
(%) |
31/07/09 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Depreciation |
£4,741 |
-15.2% |
£5,593 |
-15.3% |
£6,602 |
-14.5% |
£7,726 |
-15.3% |
£9,126 |
|
Date Of Accounts |
31/07/13 |
(%) |
31/07/12 |
(%) |
31/07/11 |
(%) |
31/07/10 |
(%) |
31/07/09 |
|
Tangible Assets |
£591,144 |
-0.8% |
£595,885 |
-0.9% |
£601,478 |
-1% |
£607,681 |
-1.3% |
£615,407 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
£591,144 |
-0.8% |
£595,885 |
-0.9% |
£601,478 |
-1% |
£607,681 |
-1.3% |
£615,407 |
|
Stock |
£532,872 |
-24.6% |
£706,876 |
100.9% |
£351,842 |
21.3% |
£290,070 |
4.1% |
£278,777 |
|
Trade Debtors |
£603,478 |
-15.5% |
£714,229 |
-11.2% |
£804,285 |
14.1% |
£705,068 |
-4.6% |
£739,353 |
|
Cash |
£125,723 |
182.8% |
£44,450 |
269% |
£12,046 |
-97.4% |
£457,031 |
10.5% |
£413,441 |
|
Other Debtors |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£1,262,073 |
-13.9% |
£1,465,555 |
25.5% |
£1,168,173 |
-19.6% |
£1,452,169 |
1.4% |
£1,431,571 |
|
Trade Creditors |
£637,270 |
-28% |
£884,518 |
46.1% |
£605,607 |
-22.2% |
£778,852 |
21.2% |
£642,363 |
|
Bank Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Liabilities |
£637,270 |
-28% |
£884,518 |
46.1% |
£605,607 |
-22.2% |
£778,852 |
21.2% |
£642,363 |
|
Bank Loans & Overdrafts and LTL |
£150,000 |
8.4% |
£138,383 |
9.9% |
£125,881 |
-24.7% |
£167,099 |
-37.1% |
£265,744 |
|
Other Long Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Long Term Liabilities |
£150,000 |
8.4% |
£138,383 |
9.9% |
£125,881 |
-24.7% |
£167,099 |
-37.1% |
£265,744 |
|
Date Of Accounts |
31/07/13 |
(%) |
31/07/12 |
(%) |
31/07/11 |
(%) |
31/07/10 |
(%) |
31/07/09 |
|
Called Up Share Capital |
£3 |
- |
£3 |
- |
£3 |
- |
£3 |
- |
£3 |
|
P & L Account Reserve |
£1,065,944 |
2.6% |
£1,038,536 |
0% |
£1,038,160 |
-6.8% |
£1,113,896 |
-2.2% |
£1,138,868 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shareholder Funds |
£1,065,947 |
2.6% |
£1,038,539 |
0% |
£1,038,163 |
-6.8% |
£1,113,899 |
-2.2% |
£1,138,871 |
|
Date Of Accounts |
31/07/13 |
(%) |
31/07/12 |
(%) |
31/07/11 |
(%) |
31/07/10 |
(%) |
31/07/09 |
|
Net Worth |
£1,065,947 |
2.6% |
£1,038,539 |
0% |
£1,038,163 |
-6.8% |
£1,113,899 |
-2.2% |
£1,138,871 |
|
Working Capital |
£624,803 |
7.5% |
£581,037 |
3.3% |
£562,566 |
-16.4% |
£673,317 |
-14.7% |
£789,208 |
|
Total Assets |
£1,853,217 |
-10.1% |
£2,061,440 |
16.5% |
£1,769,651 |
-14.1% |
£2,059,850 |
0.6% |
£2,046,978 |
|
Total Liabilities |
£787,270 |
-23% |
£1,022,901 |
39.8% |
£731,488 |
-22.7% |
£945,951 |
4.2% |
£908,107 |
|
Net Assets |
£1,065,947 |
2.6% |
£1,038,539 |
0% |
£1,038,163 |
-6.8% |
£1,113,899 |
-2.2% |
£1,138,871 |
|
Date Of Accounts |
31/07/13 |
(%) |
31/07/12 |
(%) |
31/07/11 |
(%) |
31/07/10 |
(%) |
31/07/09 |
|
Contingent Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
Capital Employed |
£1,215,947 |
3.3% |
£1,176,922 |
1.1% |
£1,164,044 |
-9.1% |
£1,280,998 |
-8.8% |
£1,404,615 |
|
Auditors |
|
|
Auditor Comments |
The company is exempt from audit |
|
Bankers |
BARCLAYS BANK PLC |
|
Date Of Accounts |
31/07/13 |
31/07/12 |
31/07/11 |
31/07/10 |
31/07/09 |
|
Pre-tax profit margin % |
- |
- |
- |
- |
- |
|
Current ratio |
1.98 |
1.66 |
1.93 |
1.86 |
2.23 |
|
Sales/Net Working Capital |
- |
- |
- |
- |
- |
|
Gearing % |
14.10 |
13.30 |
12.10 |
15 |
23.30 |
|
Equity in % |
57.50 |
50.40 |
58.70 |
54.10 |
55.60 |
|
Creditor Days |
- |
- |
- |
- |
- |
|
Debtor Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid Test |
1.14 |
0.85 |
1.34 |
1.49 |
1.79 |
|
Return On Capital Employed % |
- |
- |
- |
- |
- |
|
Return On Total Assets Employed % |
- |
- |
- |
- |
- |
|
Current Debt Ratio |
0.59 |
0.85 |
0.58 |
0.69 |
0.56 |
|
Total Debt Ratio |
0.73 |
0.98 |
0.70 |
0.84 |
0.79 |
|
Stock Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return on Net Assets Employed % |
- |
- |
- |
- |
- |
|
Date |
Description |
|
17/11/2014 |
Annual Returns |
|
03/05/2014 |
New Accounts Filed |
|
19/10/2013 |
Annual Returns |
|
18/05/2013 |
New Accounts Filed |
|
22/10/2012 |
Annual Returns |
|
03/05/2012 |
New Accounts Filed |
|
03/05/2012 |
New Accounts Filed |
|
14/11/2011 |
Annual Returns |
|
11/11/2011 |
Mr N.K. Sethi has left the board |
|
03/05/2011 |
New Accounts Filed |
|
20/10/2010 |
Annual Returns |
|
05/05/2010 |
New Accounts Filed |
|
18/12/2009 |
Annual Returns |
|
29/10/2009 |
Annual Returns |
|
03/07/2009 |
New Accounts Filed |
|
Group |
- |
|
Linkages |
0 companies |
|
Countries |
In 0 countries |
|
Mortgage Type: |
LEGAL CHARGE |
||
|
Date Charge Created: |
28/05/99 |
||
|
Date Charge Registered: |
17/06/99 |
||
|
Date Charge Satisfied: |
- |
||
|
Status: |
OUTSTANDING |
||
|
Person(s) Entitled: |
BARCLAYS BANK PLC |
||
|
Amount Secured: |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
||
|
Details: |
THE PROPERTY K/A UNIT D, BRIDGE ROAD INDUSTRIAL ESTATE, SOUTHALL,
LONDON BOROUGH OF EALING. T/NO AGL44534. |
||
|
Mortgage Type: |
DEBENTURE |
||
|
Date Charge Created: |
14/06/89 |
||
|
Date Charge Registered: |
26/06/89 |
||
|
Date Charge Satisfied: |
- |
||
|
Status: |
OUTSTANDING |
||
|
Person(s) Entitled: |
BARCLAYS 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 CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND
ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL
BUILDINGS FIXTURES- INCLUDING TRADE FIXTURES FIXED PLANT AND MACHINERY. |
||
|
Mortgage Type: |
MORTGAGE |
||
|
Date Charge Created: |
17/02/89 |
||
|
Date Charge Registered: |
23/02/89 |
||
|
Date Charge Satisfied: |
- |
||
|
Status: |
OUTSTANDING |
||
|
Person(s) Entitled: |
EAGLE STAR INSURANCE COMPANY LIMITED |
||
|
Amount Secured: |
£150,000 AND ALL OTHER MONIES DUE ORTO BECOME DUE FROM THE COMPANY TO
THE CHARGEE. UNDER THE TERMS OF THE MORTGAGE |
||
|
Details: |
UNIT 14 BARRATT INDUTRIAL PARK, PARK AVENUE, SOUTHALL |
||
|
Mortgage Type: |
LEGAL CHARGE |
||
|
Date Charge Created: |
12/11/87 |
||
|
Date Charge Registered: |
23/11/87 |
||
|
Date Charge Satisfied: |
- |
||
|
Status: |
OUTSTANDING |
||
|
Person(s) Entitled: |
BARCLAYS BANK PLC |
||
|
Amount Secured: |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
||
|
Details: |
UNIT 1, INDUSTRIAL PARK, PARK AVENUE SOUTHALL, LONDON BOROUGH OF
EALING |
||
|
Mortgage Type: |
LEGAL CHARGE |
||
|
Date Charge Created: |
04/08/87 |
||
|
Date Charge Registered: |
14/08/87 |
||
|
Date Charge Satisfied: |
- |
||
|
Status: |
OUTSTANDING |
||
|
Person(s) Entitled: |
BARCLAYS BANK PLC |
||
|
Amount Secured: |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR RATAN CHAND
SETHI AND/OR PUSHPA WATI SETHI |
||
|
Details: |
UNIT 1, BARRAT INDUSTRIAL PARK, PARK AVENUE, SOUTHALL, LONDON BOROUGH
OF EALING |
||
|
Total Number of Documented Trade |
Total Value of Documented Trade |
||
|
Trade Debtors |
2 |
£54,762 |
|
|
Company Name |
Amount |
Statement Date |
|
|
Jaan @ Punjab Textiles (Leicester) Limited |
£51,048 |
26/02/2013 |
|
|
New UK Fashions Ltd |
£3,714 |
28/05/2014 |
|
|
Name |
Current Directorships |
Previous Directorships |
|
Naresh Kumar Sethi |
0 |
2 |
|
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 |
3 |
10 |
2 |
1 |
0 |
|
Outstanding |
0 |
0 |
0 |
0 |
1 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
UK Pound |
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
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.