MIRA INFORM REPORT

 

 

Report No. :

510544

Report Date :

21.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PRIDE ASIA FOOD LIMITED

 

 

Registered Office :

77-79 High Street Barkingside Essex Ig6 2af

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.11.2016

 

 

Date of Incorporation :

16.11.2007

 

 

Com. Reg. No.:

06428818

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject is engaged in Retail sale in non-specialised stores with food, beverages or tobacco predominating.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

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

 

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                                    : PRIDE ASIA FOOD LIMITED

Company No                                         : 06428818

Company Status                                   : Active - Accounts Filed

Registered Address                               : 77-79 HIGH STREETBARKINGSIDEESSEXIG6 2AF

 

 

Company Summary

 

Registered Address                              77-79 HIGH STREET
BARKINGSIDE
ESSEX
IG6 2AF

 

Trading Address                                  77-79 High Street
Barkingside
Ilford
Essex
IG6 2AF

 

Website Address                                  -

 

Telephone Number                               02085506132

 

Fax Number

 

TPS                                                      No

FPS                                                      Yes

Incorporation Date                               16/11/2007

 

Previous Name

 

Type                                                     Private limited with Share Capital

 

FTSE Index                                          -

Date of Change                                     -

Filing Date of Accounts                        20/06/2017

Currency                                              GBP

Share Capital                                       £2

SIC07                                                   47110

Charity Number                                    -

SIC07 Description                                RETAIL SALE IN NON-SPECIALISED STORES WITH FOOD, BEVERAGES OR TOBACCO PREDOMINATING

Principal Activity

 

Additional Information

 

CCJ's                                                   0 (£0)

 

No CCJ Information To Display

Ultimate Holding Company                  -

Accountant                                           -

Mortgages                                            3

Group                                                  0 companies

Linkages                                              0 companies

Countries                                             In 0 countries

 

 

Key Financials

 

Year to Date     Turnover          Pre Tax Profit               Shareholder's Funds                Employees

30/11/2016        -                       -                                   £76,253                         -

30/11/2015        -                       -                                   £105,776                                   -

30/11/2014        -                       -                                   £137,797                                   -

 

 

Mortgage Summary

 

Total Mortgage 3

Outstanding 2

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 positive net working capital position.

There has been a reduction 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 -

-

 

 

Current Directors

 

Title

Mr

Function

Director

Name

Brahmma Rajaratnam

Nationality

Swedish

Date of Birth

11/1968

Present Appointments

4

Latest Address

36 Torquay Gardens, Ilford, Essex

Appointment Date

16/11/2007

Post Code

IG4 5PT

 

 

Current Company Secretary

 

Title

Function

Company Secretary

Name

Ahila Rajaratnam

Nationality

British

Date of Birth

-

Present Appointments

3

Latest Address

36 Torquay Gardens, Redbridge

Appointment Date

16/11/2007

Post Code

IG4 5PT

 

 

Top Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

AHILA RAJARATNAM

GBP

1

ORDINARY

1

50

BRAHMMA RAJARATNAM

GBP

1

ORDINARY

1

50

 

 

Financial

 

Profit & Loss

Date Of Accounts

30/11/16

(%)

30/11/15

(%)

30/11/14

(%)

30/11/13

(%)

30/11/12

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

£16,853

13.5%

£14,849

19.4%

£12,437

-5.2%

£13,124

8.3%

£12,114

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

Date Of Accounts

30/11/16

(%)

30/11/15

(%)

30/11/14

(%)

30/11/13

(%)

30/11/12

Tangible Assets

£96,370

16.6%

£82,640

20.7%

£68,478

-4.5%

£71,697

10.2%

£65,084

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£96,370

16.6%

£82,640

20.7%

£68,478

-4.5%

£71,697

10.2%

£65,084

Stock

£349,963

18.5%

£295,421

-0.8%

£297,656

-13.3%

£343,510

-12.1%

£390,684

Trade Debtors

£60,350

-33.3%

£90,477

760.9%

£10,510

164.9%

£3,968

-58.6%

£9,577

Cash

£31,798

252.6%

£9,019

-25.8%

£12,152

-26.1%

£16,450

5.9%

£15,534

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

£9,685

21.3%

£7,984

0.4%

£7,950

9.1%

£7,284

8.7%

£6,702

Total Current Assets

£451,796

12.1%

£402,901

22.7%

£328,268

-11.6%

£371,212

-12.1%

£422,497

Trade Creditors

£338,686

0.9%

£335,556

62.9%

£206,030

-33.3%

£308,958

8.6%

£284,602

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

0

-

0

-

0

-

0

-100%

£34,290

Miscellaneous Current Liabilities

0

-

0

-

0

-

0

-

0

Total Current Liabilities

£338,686

0.9%

£335,556

62.9%

£206,030

-33.3%

£308,958

-3.1%

£318,892

Bank Loans & Overdrafts and LTL

£133,227

201.4%

£44,209

-16.5%

£52,919

515.8%

£8,593

-74.9%

£34,290

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

£133,227

201.4%

£44,209

-16.5%

£52,919

515.8%

£8,593

-74.9%

£34,290

.

Capital & Reserves

Date Of Accounts

30/11/16

(%)

30/11/15

(%)

30/11/14

(%)

30/11/13

(%)

30/11/12

Called Up Share Capital

£2

-

£2

-

£2

-

£2

-

£2

P & L Account Reserve

£76,251

-27.9%

£105,774

-23.2%

£137,795

9.9%

£125,356

-6.7%

£134,397

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£76,253

-27.9%

£105,776

-23.2%

£137,797

9.9%

£125,358

-6.7%

£134,399

 

Other Financial Items

Date Of Accounts

30/11/16

(%)

30/11/15

(%)

30/11/14

(%)

30/11/13

(%)

30/11/12

Net Worth

£76,253

-27.9%

£105,776

-23.2%

£137,797

9.9%

£125,358

-6.7%

£134,399

Working Capital

£113,110

68%

£67,345

-44.9%

£122,238

96.4%

£62,254

-39.9%

£103,605

Total Assets

£548,166

12.9%

£485,541

22.4%

£396,746

-10.4%

£442,909

-9.2%

£487,581

Total Liabilities

£471,913

24.3%

£379,765

46.7%

£258,949

-18.5%

£317,551

-10.1%

£353,182

Net Assets

£76,253

-27.9%

£105,776

-23.2%

£137,797

9.9%

£125,358

-6.7%

£134,399

 

Cash Flow

Date Of Accounts

30/11/16

(%)

30/11/15

(%)

30/11/14

(%)

30/11/13

(%)

30/11/12

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

Date Of Accounts

30/11/16

(%)

30/11/15

(%)

30/11/14

(%)

30/11/13

(%)

30/11/12

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£209,480

39.7%

£149,985

-21.4%

£190,716

42.4%

£133,951

-20.6%

£168,689

Number of Employees

-

-

-

-

-

-

-

-

-

Accountants

Auditors

Auditor Comments

The company is exempt from audit

 

Ratios

Date Of Accounts

30/11/16

30/11/15

30/11/14

30/11/13

30/11/12

Pre-tax profit margin %

-

-

-

-

-

Current ratio

1.33

1.20

1.59

1.20

1.32

Sales/Net Working Capital

-

-

-

-

-

Gearing %

174.70

41.80

38.40

6.90

25.50

Equity in %

13.90

21.80

34.70

28.30

27.60

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.30

0.32

0.14

0.08

0.09

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

4.44

3.17

1.49

2.46

2.37

Total Debt Ratio

6.18

3.59

1.87

2.53

2.62

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

20/12/2017

Confirmation Statement

23/06/2017

New Accounts Filed

02/12/2016

Annual Returns

11/08/2016

New Accounts Filed

05/12/2015

Annual Returns

08/07/2015

New Accounts Filed

03/04/2015

Annual Returns

01/08/2014

New Accounts Filed

11/02/2014

Annual Returns

28/03/2013

New Accounts Filed

28/03/2013

New Accounts Filed

07/01/2013

Annual Returns

21/06/2012

New Accounts Filed

21/06/2012

New Accounts Filed

26/12/2011

Annual Returns

 

Previous Company Names

No Previous Names found

 

Writ Details

No writs found

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

Ultimate Holding Company

-

 

 

Group StructureFull

No Group Structure

 

 

Mortgage Details

 

Mortgage Type:

Date Charge Created:

16/09/16

Date Charge Registered:

19/09/16

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

NATIONAL WESTMINSTER BANK PLC;

Amount Secured:

Details:

CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Mortgage Type:

Date Charge Created:

13/11/14

Date Charge Registered:

14/11/14

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC BANK PLC;

Amount Secured:

Details:

A FIXED AND FLOATING CHARGE OVER ALL ASSETSCONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

 

Mortgage Type:

DEBENTURE

Date Charge Created:

19/05/08

Date Charge Registered:

23/05/08

Date Charge Satisfied:

16/05/12

Status:

SATISFIED

Person(s) Entitled:

CLYDESDALE BANK PLC

Amount Secured:

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGEFOR FULL DETAILS

 

 

Previous Director/Company Secretaries

 

Name

Current Active Appointments

Previous Appointments

Dissolved Companies

ONLINE CORPORATE SECRETARIES LIMITED

1097

3094

14457

ONLINE NOMINEES LIMITED

0

593

1426

Total Persons With Significant Control

2

Total Statements

0

Active

2

Active

0

Ceased

0

Ceased

0

 

 

Active Persons With Significant Control

 

Name

Mr Brahmma Rajaratnam

Kind

Individual Person With Significant Control

Address

77-79 High Street, Barkingside, Essex

Country Of Residence

England

Post Code

IG6 2AF

Nationality

Swedish

Date of Birth

11/1968

Notified On

06/04/2016

Nature Of Control

Ownership of shares - between 25% and 50%

Name

Mrs Ahila Rajaratnam

Kind

Individual Person With Significant Control

Address

77-79 High Street, Barkingside, Essex

Country Of Residence

England

Post Code

IG6 2AF

Nationality

British

Date of Birth

07/1971

Notified On

06/04/2016

Nature Of Control

Ownership of shares - between 25% and 50%

 

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

£5695

Invoices available

3

Paid

3

Outstanding

0

 

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

0

0

0

0

Outstanding

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.95

UK Pound

1

INR 91.87

Euro

1

INR 80.27

GBP

1

INR 91.42

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

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)

 

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.