|
|
|
MIRA
INFORM REPORT
|
Report No. : |
494593 |
|
Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VARMA UK LIMITED |
|
|
|
|
Formerly Known As : |
VARMASONS LIMITED MIKRA LIMITED |
|
|
|
|
Registered Office : |
28 Berry Avenue Watford Hertfordshire Wd24 6ry |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.05.2017 |
|
|
|
|
Date of Incorporation : |
30.05.1997 |
|
|
|
|
Com. Reg. No.: |
03378795 |
|
|
|
|
Legal Form : |
Private limited
with Share Capital |
|
|
|
|
Line of Business : |
Subject is
engaged in wholesale of clothing and footwear. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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; the UK has been a net importer of energy since 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 the UK’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 then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.
The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.
|
Source
: CIA |
Company name and address
Company
Name: VARMA UK LIMITED
Company
No: 03378795
Company
Status: Active - Accounts
Filed
Registered
Address: 28 BERRY AVENUEWATFORDHERTFORDSHIREWD24
6RY
Company Summary
Registered Address 28 BERRY AVENUE
WATFORD
HERTFORDSHIRE
WD24 6RY
Trading Address 28 Berry Avenue
Watford
Hertfordshire
WD24 6RY
Website
Address -
Telephone
Number 01923221166
Fax
Number
TPS Yes
FPS Yes
Incorporation
Date 30/05/1997
Previous
Name VARMASONS LIMITED
Type Private limited with
Share Capital
FTSE
Index -
Date
of Change 20/06/1997
Filing
Date of Accounts 20/01/2018
Currency GBP
Share
Capital £100
SIC07 46420
Charity
Number -
SIC07
Description WHOLESALE OF CLOTHING
AND FOOTWEAR
Principal
Activity Importers, exporters
and wholesalers og garments.
Additional Information
CCJ's 0 (£0)
No
CCJ Information To Display
Ultimate
Holding Company -
Accountant ZAM ACCOUNTING LTD
Mortgages 1
Group 0 companies
Linkages 0 companies
Countries In 0 countries
Key Financials
Year
to Date Turnover Pre Tax Profit Shareholder's Funds Employees
31/05/2017 - - -£17,105 -
31/05/2016 - - -£20,339 -
31/05/2015 - - -£23,219 -
Mortgage Summary
Total
Mortgage 1
Outstanding 0
Satisfied 1
Trade Debtors / Bad Debt Summary
Total
Number of Documented Trade 0
Total
Value of Documented Trade £0
Commentary
|
This
company has been treated as a Small company in respect of the rating/limit
generated. |
|
|
The
latest Balance Sheet indicates a negative net working capital position. |
|
|
The
latest cash balances are considered to be low in terms of the overall
outstanding creditor obligations. |
|
|
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. |
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 - |
- |
Enquiries
Trend
|
The
last enquiry date was 20/11/2017 |
|
There
have been 6 enquiries in the last 12 months. |
|
There
are an average of 1 reports taken each month. |
|
Total
Current Directors |
1 |
Total
Current Secretaries |
1 |
|
Total
Previous Directors / Company Secretaries |
4 |
Total
Person's With Significant Control |
1 |
Current Directors
|
Title |
Mr |
Function |
Director |
|
Name |
Naveen
Joseph Varma |
Nationality |
British |
|
Date
of Birth |
06/1973 |
Present
Appointments |
3 |
|
Latest
Address |
28
Berry Avenue, Watford, Hertfordshire |
Appointment
Date |
04/06/2015 |
|
Post
Code |
WD24
6RY |
||
Current Company Secretary
|
Title |
Mr |
Function |
Company
Secretary |
|
Name |
Naveen
Joseph Varma |
Nationality |
British |
|
Date
of Birth |
06/1973 |
Present
Appointments |
1 |
|
Latest
Address |
23
Valley Avenue, London |
Appointment
Date |
09/03/2001 |
|
Post
Code |
N12
9PG |
Top Shareholders
|
Name |
Currency |
Share
Count |
Share
Type |
Nominal
Value |
%
of Total Share Count |
|
NAVEEN
JOSEPH VARMA |
GBP |
100 |
ORDINARY |
1 |
100 |
Financials
Profit
& Loss
|
Date
Of Accounts |
31/05/17 |
(%) |
31/05/16 |
(%) |
31/05/15 |
(%) |
31/05/14 |
(%) |
31/05/13 |
|
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
|
Consolidated
A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
|
|
Turnover |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Cost
of Sales |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Gross
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Wages
& Salaries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Directors
Emoluments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Operating
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Depreciation |
- |
- |
£222 |
-24.7% |
£295 |
-25.1% |
£394 |
-25% |
£525 |
|
|
Audit
Fees |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Interest
Payments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Pre
Tax Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Taxation |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Profit
After Tax |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Dividends
Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Retained
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Balance
Sheet
|
Date
Of Accounts |
31/05/17 |
(%) |
31/05/16 |
(%) |
31/05/15 |
(%) |
31/05/14 |
(%) |
31/05/13 |
|
|
|
Tangible
Assets |
£1,293 |
94.4% |
£665 |
-25% |
£887 |
-25% |
£1,182 |
-25% |
£1,576 |
|
|
Intangible
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Fixed Assets |
£1,293 |
94.4% |
£665 |
-25% |
£887 |
-25% |
£1,182 |
-25% |
£1,576 |
|
|
Stock |
0 |
-100% |
£34,413 |
-41.5% |
£58,815 |
-23.7% |
£77,054 |
-0.2% |
£77,181 |
|
|
Trade
Debtors |
£151,955 |
999.9% |
£12,161 |
12.4% |
£10,818 |
-79.8% |
£53,436 |
330.7% |
£12,406 |
|
|
Cash |
0 |
-100% |
£22,310 |
-30.9% |
£32,293 |
-35.8% |
£50,290 |
-11.3% |
£56,671 |
|
|
Other
Debtors |
0 |
-100% |
£69,961 |
- |
0 |
- |
0 |
- |
0 |
|
|
Miscellaneous
Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Current Assets |
£151,955 |
9.4% |
£138,845 |
36.2% |
£101,926 |
-43.6% |
£180,780 |
23.6% |
£146,258 |
|
|
Trade
Creditors |
£170,353 |
6.6% |
£159,849 |
26.8% |
£126,032 |
785.2% |
£14,237 |
-92.1% |
£181,195 |
|
|
Bank
Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other
Short Term Finance |
0 |
- |
0 |
- |
0 |
-100% |
£192,801 |
- |
0 |
|
|
Miscellaneous
Current Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Current Liabilities |
£170,353 |
6.6% |
£159,849 |
26.8% |
£126,032 |
-39.1% |
£207,038 |
14.3% |
£181,195 |
|
|
Bank
Loans & Overdrafts and LTL |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other
Long Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Long Term Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
.
Capital
& Reserves
|
Date
Of Accounts |
31/05/17 |
(%) |
31/05/16 |
(%) |
31/05/15 |
(%) |
31/05/14 |
(%) |
31/05/13 |
|
|
|
Called
Up Share Capital |
- |
-100% |
£100 |
- |
£100 |
- |
£100 |
- |
£100 |
|
|
P
& L Account Reserve |
-£17,105 |
16.3% |
-£20,439 |
12.4% |
-£23,319 |
7.4% |
-£25,176 |
24.8% |
-£33,461 |
|
|
Revaluation
Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Sundry
Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Shareholder
Funds |
-£17,105 |
15.9% |
-£20,339 |
12.4% |
-£23,219 |
7.4% |
-£25,076 |
24.8% |
-£33,361 |
Other
Financial Items
|
Date
Of Accounts |
31/05/17 |
(%) |
31/05/16 |
(%) |
31/05/15 |
(%) |
31/05/14 |
(%) |
31/05/13 |
|
|
|
Net
Worth |
-£17,105 |
15.9% |
-£20,339 |
12.4% |
-£23,219 |
7.4% |
-£25,076 |
24.8% |
-£33,361 |
|
|
Working
Capital |
-£18,398 |
12.4% |
-£21,004 |
12.9% |
-£24,106 |
8.2% |
-£26,258 |
24.8% |
-£34,937 |
|
|
Total
Assets |
£153,248 |
9.8% |
£139,510 |
35.7% |
£102,813 |
-43.5% |
£181,962 |
23.1% |
£147,834 |
|
|
Total
Liabilities |
£170,353 |
6.6% |
£159,849 |
26.8% |
£126,032 |
-39.1% |
£207,038 |
14.3% |
£181,195 |
|
|
Net
Assets |
-£17,105 |
15.9% |
-£20,339 |
12.4% |
-£23,219 |
7.4% |
-£25,076 |
24.8% |
-£33,361 |
Cash
Flow
|
Date
Of Accounts |
31/05/17 |
(%) |
31/05/16 |
(%) |
31/05/15 |
(%) |
31/05/14 |
(%) |
31/05/13 |
|
|
|
Net
Cashflow from Operations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Net
Cashflow before Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Net
Cashflow from Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Increase
in Cash |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Miscellaneous
|
Date
Of Accounts |
31/05/17 |
(%) |
31/05/16 |
(%) |
31/05/15 |
(%) |
31/05/14 |
(%) |
31/05/13 |
|
|
Contingent
Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
|
|
Capital
Employed |
-£17,105 |
15.9% |
-£20,339 |
12.4% |
-£23,219 |
7.4% |
-£25,076 |
24.8% |
-£33,361 |
|
|
Number
of Employees |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Accountants |
ZAM
ACCOUNTING LTD |
|||||||||
|
Auditors |
||||||||||
|
Auditor
Comments |
The
company is exempt from audit |
|||||||||
|
Bankers |
||||||||||
|
Bank
Branch Code |
||||||||||
Ratios
|
Date
Of Accounts |
31/05/17 |
31/05/16 |
31/05/15 |
31/05/14 |
31/05/13 |
|
|
|
Pre-tax
profit margin % |
- |
- |
- |
- |
- |
|
|
Current
ratio |
0.89 |
0.87 |
0.81 |
0.87 |
0.81 |
|
|
Sales/Net
Working Capital |
- |
- |
- |
- |
- |
|
|
Gearing
% |
0 |
0 |
0 |
0 |
0 |
|
|
Equity
in % |
-11.20 |
-14.60 |
-22.60 |
-13.80 |
-22.60 |
|
|
Creditor
Days |
- |
- |
- |
- |
- |
|
|
Debtor
Days |
- |
- |
- |
- |
- |
|
|
Liquidity/Acid
Test |
0.89 |
0.65 |
0.34 |
0.50 |
0.38 |
|
|
Return
On Capital Employed % |
- |
- |
- |
- |
- |
|
|
Return
On Total Assets Employed % |
- |
- |
- |
- |
- |
|
|
Current
Debt Ratio |
-9.95 |
-7.85 |
-5.42 |
-8.25 |
-5.43 |
|
|
Total
Debt Ratio |
-9.95 |
-7.85 |
-5.42 |
-8.25 |
-5.43 |
|
|
Stock
Turnover Ratio % |
- |
- |
- |
- |
- |
|
|
Return
on Net Assets Employed % |
- |
- |
- |
- |
- |
Report Notes
|
There
are no notes to display. |
Status History
|
No
Status History found |
Event History
|
Date |
Description |
|
24/01/2018 |
New
Accounts Filed |
|
18/07/2017 |
Payment
Data Update Received |
|
12/06/2017 |
Confirmation
Statement |
|
14/03/2017 |
Payment
Data Update Received |
|
03/02/2017 |
New
Accounts Filed |
|
14/09/2016 |
Payment
Data Update Received |
|
10/06/2016 |
Annual
Returns |
|
27/04/2016 |
Payment
Data Update Received |
|
08/04/2016 |
Mr
K.D. Varma has left the board |
|
21/12/2015 |
New
Accounts Filed |
|
21/12/2015 |
New
Accounts Filed |
|
09/06/2015 |
Annual
Returns |
|
08/06/2015 |
New
Board Member Mr N.J. Varma appointed |
|
08/01/2015 |
New
Accounts Filed |
|
14/06/2014 |
Annual
Returns |
Previous Company Names
|
Date |
Previous
Name |
|
20/06/1997 |
VARMASONS
LIMITED |
|
12/06/1997 |
MIKRA
LIMITED |
Writ Details
|
No
writs found |
Statistics
|
Group |
- |
|
Linkages |
0
companies |
|
Countries |
In
0 countries |
Summary
|
Holding
Company |
- |
|
Ownership
Status |
|
|
Ultimate
Holding Company |
- |
Group StructureFull
|
Mortgage Details
|
Mortgage
Type: |
DEBENTURE |
||
|
Date
Charge Created: |
14/10/98 |
||
|
Date
Charge Registered: |
17/10/98 |
||
|
Date
Charge Satisfied: |
01/11/01 |
||
|
Status: |
SATISFIED |
||
|
Person(s)
Entitled: |
AIB
GROUP (UK) LIMITED |
||
|
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
FIXTURESFIXED PLANT AND MACHINERY |
||
Previous Director/Company Secretaries
|
Name |
Current
Active Appointments |
Previous
Appointments |
Dissolved
Companies |
|||
|
Denise
Lilian Hart |
0 |
1 |
6 |
|||
|
Kiran
David Varma |
0 |
1 |
3 |
|||
|
LUFMER
LIMITED |
0 |
1093 |
7110 |
|||
|
SEMKEN
LIMITED |
0 |
1112 |
7183 |
|||
|
Total
Persons With Significant Control |
1 |
Total
Statements |
0 |
|||
|
Active |
1 |
Active |
0 |
|||
|
Ceased |
0 |
Ceased |
0 |
|||
Active Persons With Significant Control
|
Name |
Mr
Naveen Joseph Varma |
Kind |
Individual
Person With Significant Control |
|
Address |
28
Berry Avenue, Watford, Hertfordshire |
Country
Of Residence |
England |
|
Post
Code |
WD24
6RY |
Nationality |
British |
|
Date
of Birth |
06/1973 |
Notified
On |
04/06/2016 |
|
Nature
Of Control |
Ownership
Of Shares 75 To 100 Percent,Right To Appoint And Remove Directors As Firm |
Ceased Persons With Significant Control
|
No
Ceased Persons With Significant Control To Display |
Active Statements
|
No
Active Statements To Display |
Ceased Statements
|
No
Ceased Statements To Display |
|
|
Average
Invoice Value |
£76.96 |
|
Invoices
available |
4 |
|
Paid |
3 |
|
Outstanding |
1 |
|
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 |
1 |
0 |
2 |
0 |
0 |
|
Outstanding |
0 |
1 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.66 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.69 |
|
GBP |
1 |
INR 90.57 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.