MIRA INFORM REPORT

 

 

Report No. :

340793

Report Date :

14.09.2015

 

IDENTIFICATION DETAILS

 

Name :

NATCO FOODS LIMITED

 

 

Formerly Known As :

T.CHOITHRAM & SONS(STORES)LIMITED

 

 

Registered Office :

Unit 2 Swan Business Park Osier Way Buckingham MK18 1TB

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.11.1963

 

 

Com. Reg. No.:

00782674

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Importation, distributors and sale of foodstuffs.

 

 

No. of Employees :

150 (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

 

 

Payment Behaviour :

Slow but correct

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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. In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. 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 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

 

 

Source : CIA

 

Company name and address

 

NATCO FOODS LIMITED

 

 

Company No.

 

00782674

 

 

Company Status

 

Active - Accounts Filed

 

 

Registered Address

 

UNIT 2 SWAN BUSINESS PARK OSIER WAY BUCKINGHAM MK18 1TB

 

 

Company Summary

 

 

Registered Address      UNIT 2 SWAN BUSINESS PARK            Trading Address          Choithram House

OSIER WAY                                                                              Unit 2

BUCKINGHAM                                                                          Osier Way

MK18 1TB                                                                                 Buckingham,

                                                                                                Buckinghamshire

MK18 1TB

Website Address          http://www.natcofoods.com

Telephone Number       01280825430                                         Fax Number

TPS                              Yes                                                      FPS                              No

Incorporation Date       28/11/1963

Previous Name             T.CHOITHRAM & SONS(STORES)LIMITED

Type                             Private limited with Share Capital

FTSE Index                  -                                                           Date of Change             02/05/2003

Filing Date of Accounts 30/09/2014                                           Currency                      GBP

Share Capital               £3,250,000                                            SIC07                           46390

Charity Number            -                                                          

SIC07 Description        NON-SPECIALISED WHOLESALE OF FOOD, BEVERAGES AND TOBACCO

Principal Activity          Importation, distributors and sale of foodstuffs.

 

 

 

Key Financials

 

Year to Date

Turnover                   

Pre Tax Profit

Shareholder

Funds Employees

31/12/2013

£56,205,599

£208,951

£5,548,846

150

31/12/2012

£55,757,580

£30,018

£5,355,889

142

31/12/2011

£58,743,206

£1,107,392

£5,315,542

142

 

 

Mortgage Summary

 

Total Mortgage

4

Outstanding

3

Satisfied

1

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                   7

Total Value of Documented Trade                      £32,770

 

 

Commentary

 

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a relatively efficient use of assets.

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

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 high percentage of short term liabilities.

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

 

 

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 –

 

 

Total Current Directors                                       4

Total Current Secretaries                                    1

Total Previous Directors / Company Secretaries 4

 

Current Directors

 

Name

Ramchand Dharamdas Rajwani

Date of Birth

15/04/1930

Officers Title

Mr

Nationality

Indian

Present Appointments

7

Function

Director

Appointment Date

24/06/1991

 

 

Address

P O Box 5115, Dubai

 

 

Name

Ramesh Pohumal Thanwani

Date of Birth

03/09/1946

Officers Title

Mr

Nationality

Indian

Present Appointments

6

Function

Director

Appointment Date

24/06/1991

 

 

Address

P O Box 5115, Dubai

 

 

Name

Lekhraj Thakurdas Pagarani

Date of Birth

24/07/1954

Officers Title

Mr

Nationality

British

Present Appointments

6

Function

Director

Appointment Date

24/06/1991

 

 

Address

P.o. Box 5115, Dubai

 

 

Name

Luke Pagarani

Date of Birth

25/10/1983

Officers Title

Mr

Nationality

British

Present Appointments

5

Function

Director

Appointment Date

18/06/2013

 

 

Address

Unit 2 Swan Business Park, Osier Way, Buckingham, MK18 1TB

 

 

Current Company Secretary

 

Name

Ramesh Pohumal Thanwani

Date of Birth

-

Officers Title

Mr

Nationality

Indian

Present Appointments

6

Function

Company Secretary

Appointment Date

12/08/2003

 

 

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

T. CHOITHRAM & SONS (LONDON) LTD

GBP

3,250,000

ORDINARY

1

100

Profit and loss

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£56,205,599

0.8%

£55,757,580

-5.1%

£58,743,206

6.7%

£55,063,515

-0.8%

£55,527,370

Export

£739,190

4.8%

£705,097

12%

£629,513

-7.7%

£682,132

83.4%

£371,844

Cost of Sales

£49,537,989

1.4%

£48,835,125

-4%

£50,860,632

9.1%

£46,626,978

-3.3%

£48,235,082

Gross Profit

£6,667,610

-3.7%

£6,922,455

-12.2%

£7,882,574

-6.6%

£8,436,537

15.7%

£7,292,288

Wages & Salaries

£3,449,487

4.4%

£3,303,158

-6.1%

£3,518,453

5.2%

£3,344,118

-7.7%

£3,621,985

Directors Emoluments

£5,838

-

-

-

-

-

-

-100%

£61,061

Operating Profit

£351,166

104.2%

£171,944

-86.2%

£1,249,862

-50%

£2,500,257

145.3%

£1,019,408

Depreciation

£417,144

-7.9%

£453,046

-8.1%

£493,083

-11.9%

£559,824

5.4%

£531,130

Audit Fees

£19,700

0.3%

£19,650

-

£19,650

8.2%

£18,165

-

£18,165

Interest Payments

£142,215

0.2%

£141,926

-0.4%

£142,470

-25.7%

£191,769

-15.1%

£225,747

Pre Tax Profit

£208,951

596.1%

£30,018

-97.3%

£1,107,392

-52%

£2,308,488

190.9%

£793,661

Taxation

-£15,994

-254.8%

£10,329

103.8%

-£271,764

27%

-£372,414

-

-

Profit After Tax

£192,957

378.2%

£40,347

-95.2%

£835,628

-56.8%

£1,936,074

143.9%

£793,661

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£192,957

378.2%

£40,347

-95.2%

£835,628

-56.8%

£1,936,074

143.9%

£793,661

 

 

Balance Sheet

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

£3,545,274

9.5%

£3,238,644

-5.7%

£3,434,162

-10.2%

£3,824,532

-4.7%

£4,014,305

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£3,545,274

9.5%

£3,238,644

-5.7%

£3,434,162

-10.2%

£3,824,532

-4.7%

£4,014,305

Stock

£8,661,756

-2.1%

£8,848,817

-2.8%

£9,104,443

4.2%

£8,736,001

4.2%

£8,382,645

Trade Debtors

£5,358,154

0.9%

£5,309,756

-12.3%

£6,056,453

9.6%

£5,525,777

8.1%

£5,110,360

Cash

£4,250

-

£4,250

-

£4,250

-98.6%

£301,867

-9.8%

£334,553

Other Debtors

£928,366

61.1%

£576,362

4.9%

£549,569

98.7%

£276,535

-69.4%

£903,922

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£14,952,526

1.4%

£14,739,185

-6.2%

£15,714,715

5.9%

£14,840,180

0.7%

£14,731,480

Trade Creditors

£4,945,115

-0.9%

£4,987,556

-7.2%

£5,373,511

2.8%

£5,227,954

-14.4%

£6,104,569

Bank Loans & Overdrafts

£3,603,758

4.3%

£3,453,653

-20.5%

£4,344,022

58.5%

£2,740,525

-18.5%

£3,363,511

Other Short Term Finance

£3,396,334

2.9%

£3,301,196

9%

£3,028,010

-16%

£3,604,433

-13.6%

£4,169,512

Miscellaneous Current Liabilities

£308,576

-15.7%

£366,033

-35.9%

£570,854

0.9%

£565,578

13%

£500,514

Total Current Liabilities

£12,253,783

1.2%

£12,108,438

-9.1%

£13,316,397

9.7%

£12,138,490

-14.1%

£14,138,106

Bank Loans & Overdrafts and LTL

£4,298,929

8.4%

£3,967,155

-18.4%

£4,860,960

1.5%

£4,786,833

-11.8%

£5,427,350

Other Long Term Finance

£221,553

325.5%

£52,064

53.3%

£33,958

-98%

£1,661,385

-19.5%

£2,063,839

Total Long Term Liabilities

£695,171

35.4%

£513,502

-0.7%

£516,938

-74.7%

£2,046,308

-0.8%

£2,063,839

Capital & Reserves

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Called Up Share Capital

£3,250,000

-

£3,250,000

-

£3,250,000

-

£3,250,000

-

£3,250,000

P & L Account Reserve

£2,298,846

9.2%

£2,105,889

2%

£2,065,542

67.9%

£1,229,914

274.2%

-£706,160

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£5,548,846

3.6%

£5,355,889

0.8%

£5,315,542

18.7%

£4,479,914

76.1%

£2,543,840

 

 

Other Financial Items

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

£5,548,846

3.6%

£5,355,889

0.8%

£5,315,542

18.7%

£4,479,914

76.1%

£2,543,840

Working Capital

£2,698,743

2.6%

£2,630,747

9.7%

£2,398,318

-11.2%

£2,701,690

355.3%

£593,374

Total Assets

£18,497,800

2.9%

£17,977,829

-6.1%

£19,148,877

2.6%

£18,664,712

-0.4%

£18,745,785

Total Liabilities

£12,948,954

2.6%

£12,621,940

-8.8%

£13,833,335

-2.5%

£14,184,798

-12.5%

£16,201,945

Net Assets

£5,548,846

3.6%

£5,355,889

0.8%

£5,315,542

18.7%

£4,479,914

76.1%

£2,543,840

 

 

Cash Flow

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

 

Miscellaneous

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£6,244,017

6.4%

£5,869,391

0.6%

£5,832,480

-10.6%

£6,526,222

41.6%

£4,607,679

Number of Employees

150

5.6%

142

-

142

-3.4%

147

-2.6%

151

Auditors

BDO LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

0.37

0.05

1.89

4.19

1.43

Current ratio

1.22

1.22

1.18

1.22

1.04

Sales/Net Working Capital

20.83

21.19

24.49

20.38

93.58

Gearing %

77.50

74.10

91.40

106.90

213.40

Equity in %

30

29.80

27.80

24

13.60

Creditor Days

32.02

32.56

33.29

34.55

40.01

Debtor Days

34.70

34.66

37.52

36.52

33.50

Liquidity/Acid Test

0.51

0.48

0.49

0.50

0.44

Return On Capital Employed %

3.34

0.51

18.98

35.37

17.22

Return On Total Assets Employed %

1.12

0.16

5.78

12.36

4.23

Current Debt Ratio

2.20

2.26

2.50

2.70

5.55

Total Debt Ratio

2.33

2.35

2.60

3.16

6.36

Stock Turnover Ratio %

15.41

15.87

15.49

15.86

15.09

Return on Net Assets Employed %

3.76

0.56

20.83

51.52

31.19

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

Event History

 

Date

Description

14/10/2014

New Accounts Filed

14/10/2014

New Accounts Filed

08/07/2014

Annual Returns

14/10/2013

New Accounts Filed

14/10/2013

New Accounts Filed

08/07/2013

Annual Returns

02/07/2013

New Board Member Mr L. Pagarani appointed

25/07/2012

New Accounts Filed

06/07/2012

Annual Returns

15/07/2011

New Accounts Filed

08/07/2011

Annual Returns

07/07/2010

Annual Returns

25/06/2010

New Accounts Filed

25/06/2010

New Accounts Filed

01/02/2010

Mr K.T. Pagarani has left the board

 

 

Previous Company Names

 

Date

Previous Name

02/05/2003

T.CHOITHRAM & SONS(STORES)LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

5 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

T.CHOITHRAM & SONS(LONDON)LIMITED

Ownership Status

Wholly Owned

Ultimate Holding Company

T CHOITHRAM INTERNATIONAL SA

 

 

Group Structure Full

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

T CHOITHRAM INTERNATIONA...

N/A

-

-

T.CHOITHRAM & SONS(LON...

00673744

31.12.2013

Y

£68,101,257

TRIGON SNACKS TRADIN...

08711597

-

N

NATCO FOODS LIMITED

00782674

31.12.2013

N

£56,205,599

NATCO NATURAL FOOD...

03289857

31.12.2013

N

 

 

Mortgage Details

 

Mortgage Type:

CERTIFICATE OF PLEDGE

Date Charge Created:

30/03/93

Date Charge Registered:

14/04/93

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

BANK OF INDIA

Amount Secured:

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

Details:

ALL GOODS WHICH ARE NOW OR WHICH SHALL BE HEREAFTER DELIVERED BY THE COMPANY INTO THE POSSESSION OFBANK OF INDIA OR IT\S AGENTS ON BANK OF INDIA\S BEHALF AND UPON ALL BILLS OF LADING, WARRANTS, DELIVERY ORDERS AND UPON ALL DOCUMENTS OF TITLE AND SECURITIES WHATSOEVER WHICH ARE NOW OR WHICH SHALL BEHEREAFTER DEPOSITED BY THE COMPANY WITH BANK OF INDIA.

 

Mortgage Type:

LETTER OF HYPOTHECATION

Date Charge Created:

30/03/93

Date Charge Registered:

14/04/93

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

BANK OF INDIA

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

Details:

ALL BILLS AND/OR DOCUMENTS WHICH THE COMPANY MAY FROM TIME TO TIME HAND TO BANKOF INDIA FOR PURCHASEOR DISCOUNT OR AGAINST WHICH BANK OF INDIA MAY MAKE ADVANCES AND THE GOODS THEREBY REPRESENTED ANDTHE PROCEEDS THEREOF.

 

Mortgage Type:

A GENERAL LETTER OF HYPOTHECATION

Date Charge Created:

05/06/91

Date Charge Registered:

15/06/91

Date Charge Satisfied:

23/08/93

Status:

SATISFIED

Person(s) Entitled:

BANK OF BARODA

Amount Secured:

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

Details:

ALL BILLS OF EXCHANGE PROMISSORY NOTES AND NEGOTIABLE INSTRUMENTS OF ANY DESCRIPTIONPLEASE SEE FORM395 FOR DETAILS

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

24/04/91

Date Charge Registered:

25/04/91

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 2 PUMP LANE HAYES

 

 

Creditor Details

 

 

No Creditor Data

 

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

7

£32,770

 

Company Name

Amount

Statement Date

G B Goods Ltd

£12,604

08/07/2014

Fruitasia Limited

£5,680

19/03/2013

Ashafood (UK) Ltd

£5,214

14/10/2014

Ahmeds Valley Food Ltd

£4,603

09/05/2014

Chambers & Knight Limited

£1,980

09/07/2014

Fresher Foods Ltd

£1,680

01/02/2012

Al Zam Zam Foods Ltd

£1,009

05/06/2014

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Kishore Thakurdas Pagarani

0

6

Thakurdas Choithram Pagarani

0

5

Sakti Bhattacharya

0

6

Jaiprakash Thakurdas Pagarani

0

1

 

Average Invoice Value

Ł6604.32

Invoices available

63

Paid

59

Outstanding

4

 

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

23

16

7

2

11

Outstanding

0

2

1

0

1

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.39

UK Pound

1

Rs.102.59

Euro

1

Rs.74.90

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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.