MIRA INFORM REPORT
|
Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
GLOPAC
LIMITED |
|
|
|
|
Registered Office : |
Sterling
House 71 Francis Road, Edgbaston, Birmingham, West Midlands, B16 8sp. |
|
|
|
|
Date of Incorporation : |
10/02/1976 |
|
|
|
|
Com. Reg. No.: |
01243706 |
|
|
|
|
Legal Form : |
Private
Limited |
|
|
|
|
Line of Business : |
Importers
of packaging materials merchants |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Identification Details
|
|
|
|
Subject Reported on |
GLOPAC LIMITED |
|
Address |
EDDISON ROAD, HAMS HALL DISTRIBUTION PK, BIRMINGHAM, WEST MIDLANDS, B46 1AB. |
|
Telephone |
01675 431000 |
Creditline Recommendations
|
|
GBP 1m-5m financial strength rating based on net worth plus net current assets/liabilities |
|
Monthly Credit Guide |
GBP 77,000 |
|
Risk Category |
LOW NORMAL RISK |
Official Company Data
|
Legal Form |
Private Limited |
|
Registration Number |
01243706 |
|
VAT Number |
GB241563968 |
|
Date of Incorporation |
10/02/1976 |
|
Registered Office |
STERLING HOUSE 71 FRANCIS ROAD, EDGBASTON, BIRMINGHAM, WEST MIDLANDS, B16 8SP. |
|
History |
17/10/1998 : The Registered Office address
changed from 614 STRATFORD ROAD, SPARKHILL, BIRMINGHAM, B1. |
|
|
15/02/2001 : The Registered Office address
changed from 49-51 SHIRLEY ROAD, ACOCKS GREEN, BIRMINGHAM,. |
|
|
31/01/2002 : Change of name from GLOBAL
TRADING (PACKAGING) LIMITED. |
|
Date of Last Annual Return to Registry |
30/04/2005 |
|
Accounts |
The last filed accounts at Companies House are those to 31/12/2004 |
|
Accounting Reference Date |
31/12 |
Operations
|
Activities |
Importers of packaging materials merchants. |
|
Nace Code |
5156 |
|
Premises |
Owned,Offices,Warehouse |
|
Staff Employed |
52 |
|
Trade Names |
GLOPAC |
|
Import Countries |
FAR EAST, EUROPE |
|
Export Countries |
No Export Activity |
|
Bankers |
HSBC BANK PLC |
|
Address |
COLESHILL. |
|
Sort Code |
401806 |
|
Auditors |
Haines Watts |
|
Branches |
317 WASHWOOD HEATH ROAD, BIRMINGHAM, WEST
MIDLANDS, B8 2XJ. |
|
|
EDDISON RD, HAMS HALL DISTRIBUTION PK,
COLESHILL BIRMINGHAM, WEST MIDLANDS, B46 1AB. |
|
Subsidiaries |
GLOBAL TRADING (PACKAGING) LIMITED |
|
|
HENWOOD PACKAGING LIMITED |
Public Record Information
|
Summary of CCJ's/Scottish Decrees |
|
No
CCJs/Scottish Decrees are recorded in our file. |
Summary of Mortgages, Charges and Satisfactions
|
Total Number of Mortgages/Charges Registered |
10 |
|
Number Outstanding |
7 |
|
Number Partially Satisfied |
0 |
|
Number Satisfied |
3 |
|
|
|
|
Date of Latest Mortgage Created |
06/10/2004 |
|
Date of Latest Satisfaction |
31/07/1998 |
Details of most recent Mortgages, Charges and Satisfactions
|
Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
|
|
18/10/2004 |
06/10/2004 |
Legal Mortgage |
395 |
Hsbc Bank Plc |
|
|
20/12/2001 |
11/12/2001 |
Legal Mortgage |
395 |
Hsbc Bank Plc |
|
|
07/08/1998 |
03/08/1998 |
Fixed Charge On Purchased Debts Which Fail To Vest |
395 |
Griffin Credit Services Limited |
|
|
23/05/1998 |
20/05/1998 |
Legal Mortgage |
395 |
Midland Bank Plc |
|
|
12/04/1997 |
08/04/1997 |
Debenture |
395 |
Midland Bank Plc |
|
31/07/1998 |
02/12/1988 |
24/11/1988 |
Mortgage Debenture |
N/A |
National Westminster Bank Plc |
|
27/07/1998 |
25/11/1988 |
18/11/1988 |
Legal Mortgage |
N/A |
National Westminster Bank Plc |
|
|
25/04/1983 |
20/04/1983 |
Legal Mortgage |
N/A |
National Westminster Bank Plc |
|
|
02/12/1982 |
29/11/1982 |
Mortgage Debenture |
N/A |
National Westminster Bank Plc |
|
16/05/1989 |
|
04/03/1985 |
Mortgage Debenture |
N/A |
|
|
It should be noted that there is no legal requirement
to file satisfaction details of mortgages/charges at Companies House. |
Other Filings and Notices
|
Date |
Source |
Description |
|
14/12/2005 |
Companies House Gazette |
Change among the directors of a company |
|
08/12/2005 |
Companies House Gazette |
Change among the directors of a company |
|
20/08/2005 |
Companies House Gazette |
Change among the directors of a company |
|
05/05/2005 |
Companies House Gazette |
Change among the directors of a company |
|
24/11/2004 |
Companies House Gazette |
Resolutions which give, vary, revoke or renew an authority for the purposes of section 80 |
|
24/11/2004 |
Companies House Gazette |
Alteration in memorandum or articles of association |
|
27/03/2004 |
Companies House Gazette |
Change among the directors of a company |
|
18/03/2004 |
Companies House Gazette |
Change among the directors of a company |
|
29/06/2002 |
Companies House Gazette |
Change among the directors of a company |
|
26/03/1998 |
Companies House Gazette |
Change among the directors of a company |
|
15/03/1997 |
Companies House Gazette |
Change among the directors of a company |
|
05/11/1988 |
Companies House Gazette |
Documents delivered by a company under section 241 (annual accounts) |
|
23/02/1985 |
Companies House Gazette |
Change among the directors of a company |
|
23/02/1985 |
Companies House Gazette |
Change in the situation of company's registered office |
Company Secretary
|
Secretary |
GARETH JAMES CROCKER |
|
Address |
WORDSWORTH HOUSE, 5A ROCKINGHAM CLOSE, DORRIDGE, WEST MIDLANDS, B93 8EH. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
16/05/1967 |
|
Appointment Date |
21/09/2005 |
|
Other Directorships |
GLOBAL TRADING (PACKAGING) LIMITED, MAPLE (159) LIMITED, GREENPAC UK LIMITED, ROCKSHIRE LIMITED, NATRATEC LIMITED |
Directors
|
Director |
SIMON SPENCER |
|
Address |
357 BIRMINGHAM ROAD, BORDESLEY, REDDITCH, WORCESTERSHIRE, B97 6RH. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
27/07/1967 |
|
Appointment Date |
01/07/2004 |
|
|
|
|
Address |
4 CARRINGTON CLOSE, MILFORD ON SEA, HAMPSHIRE, SO41 0RD. |
|
Country of Origin |
AUSTRALIA |
|
Date of Birth |
07/01/1941 |
|
Appointment Date |
01/01/2002 |
|
Other Directorships |
MELTCLEAR LIMITED, JUSTUS CORPORATION LIMITED, JUSTUS JV LIMITED |
|
|
|
|
Address |
2 BENTLEY MEWS, SHEFFORD, BEDFORDSHIRE, SG17 5AY. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
12/08/1958 |
|
Appointment Date |
01/07/2004 |
|
Other Directorships |
GREENPAC UK LIMITED, WELDON WALK PROPERTIES LIMITED |
|
|
|
|
Address |
WORDSWORTH HOUSE, 5A ROCKINGHAM CLOSE, DORRIDGE, WEST MIDLANDS, B93 8EH. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
16/05/1967 |
|
Appointment Date |
19/03/1998 |
|
Other Directorships |
GLOBAL TRADING (PACKAGING) LIMITED, MAPLE (159) LIMITED, GREENPAC UK LIMITED, ROCKSHIRE LIMITED, NATRATEC LIMITED |
|
|
|
|
Address |
2 WOODTREE CLOSE, LONDON, NW4 1HQ. |
|
Country of Origin |
UNITED KINGDOM |
|
Date of Birth |
17/01/1939 |
|
Appointment Date |
30/04/1992 |
|
Other Directorships |
BRECKNOCK PROPERTY INVESTMENTS LIMITED, ROLLSBOLA LIMITED, DANDA (U.K.) PACKAGING LIMITED, GREENPAC UK LIMITED, ROLLSBOLA (LONDON) LIMITED |
Share Capital
|
Shares |
Ordinary GBP 1.00 EACH |
|
Issued Number |
23,200 |
|
Shares |
Ordinary A GBP 1.00 EACH |
|
Issued Number |
2,900 |
|
Shares |
Ordinary B GBP 1.00 EACH |
|
Issued Number |
2,900 |
|
Principal Shareholder |
13,920 Frixos Michael |
|
|
4,640 Frixos Michael |
|
|
4,640 Amelia Michael |
|
|
2,900 Gareth James Crocker |
|
|
2,900 Neil Stewart Morrish |
|
The above reflects the principle shareholder(s) by
number of shares held, irrespective of share classification type. |
|
|
Payment Analysis
|
Aged Debtor Analysis |
|
The Aged Debtor Analysis represents the current exposure
position of the subject company. The summary shows the total amounts current
and outstanding to all contributing trade suppliers. |
|
Aged Debtor Analysis Summary |
|
|
Outstanding Balance Past Terms |
|||||||
|
Trade Suppliers |
Avg Terms (Days) |
Avg Credit Limit |
Outst Balance |
Current |
+1 Month |
+2 Months |
+3 Months |
>3 Months |
|
2 |
21 |
20000 |
355108 |
135650 |
219458 |
0 |
0 |
0 |
|
Invoice Experience |
|
The data below represents how the subject has been
trading with its suppliers, at an invoice level, over the last 12 months. Any
invoice in the tables below that is currently open/outstanding will also be
included in the aged debt analysis. |
|
Experiences Last 4 Quarters |
|
|
Past due in days (%) |
|||||
|
Amount |
Number |
Within Terms |
<30 |
<60 |
<90 |
>90 |
|
Over 25,000 GBP |
8 |
35.660 |
64.340 |
0 |
0 |
0 |
|
20,000 to 24,999 GBP |
2 |
100.000 |
0 |
0 |
0 |
0 |
|
15,000 to 19,999 GBP |
0 |
0 |
0 |
0 |
0 |
0 |
|
10,000 to 14,999 GBP |
2 |
52.293 |
47.707 |
0 |
0 |
0 |
|
5,000 to 9,999 GBP |
3 |
100.000 |
0 |
0 |
0 |
0 |
|
Less than 5,000 GBP |
7 |
72.473 |
18.308 |
9.219 |
0 |
0 |
|
Invoice Experience |
|
The following 2 tables represent invoices to show
trends in payment performance. The first show invoices in percent by quarter
and the second represents the Graydon Payment score compared to industry for
the last 6 months. |
|
Payment Analysis in Percent per Quarter |
|
|
Quarter |
|||
|
Payments Made |
3/2005 |
4/2005 |
1/2006 |
2/2006 |
|
According to terms |
36 |
0 |
51 |
0 |
|
Up to 30 days late |
59 |
100 |
48 |
0 |
|
30 to 60 days late |
4 |
0 |
0 |
0 |
|
60 to 90 days late |
0 |
0 |
0 |
0 |
|
Over 90 days late |
0 |
0 |
0 |
0 |
|
Payment Scores Last 6
Months-Compared to Industry |
|
Month |
11/2005 |
12/2005 |
1/2006 |
2/2006 |
3/2006 |
4/2006 |
|
Company |
0 |
7.0 |
8.0 |
7.0 |
8.0 |
0 |
|
Lower Quartile |
7.0 |
7.0 |
7.0 |
7.7 |
8.0 |
8.0 |
|
Median |
7.0 |
7.0 |
8.0 |
8.0 |
8.0 |
8.0 |
|
Upper Quartile |
8.0 |
8.0 |
8.0 |
8.0 |
8.0 |
8.0 |
|
|
Financial Data
|
For annual accounts images, view the |
|
Profit and Loss |
|
The following figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2004 |
31/12/2003 |
31/12/2002 |
31/12/2001 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
SALES |
20057 |
17449 |
14426 |
12057 |
|
UK sales |
19520 |
16781 |
13823 |
11634 |
|
Export |
537 |
668 |
603 |
423 |
|
Cost of goods sold |
16263 |
14217 |
11523 |
9986 |
|
GROSS PROFIT |
3794 |
3232 |
2903 |
2071 |
|
Wages and Salaries |
1376 |
1025 |
1017 |
704 |
|
Directors Emoluments |
140 |
244 |
230 |
127 |
|
Auditors Fees |
6 |
5 |
5 |
5 |
|
Trading Profit |
1548 |
788 |
521 |
349 |
|
Depreciation |
159 |
104 |
67 |
35 |
|
OPERATING PROFIT |
1389 |
684 |
454 |
314 |
|
Non Trading Income |
19 |
(49) |
|
4 |
|
Interest Payable |
268 |
224 |
209 |
169 |
|
PRE TAX PROFIT |
1140 |
411 |
245 |
149 |
|
Taxation |
136 |
50 |
59 |
45 |
|
PROFIT AFTER TAX |
1004 |
361 |
186 |
104 |
|
Dividends Payable |
160 |
|
|
|
|
RETAINED PROFITS |
844 |
361 |
186 |
104 |
|
Balance Sheet |
|
The following figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2004 |
31/12/2003 |
31/12/2002 |
31/12/2001 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
TOTAL FIXED ASSETS |
2267 |
1675 |
1603 |
1511 |
|
Tangible Assets |
2267 |
1675 |
1603 |
1511 |
|
Fixed Assets |
2267 |
1675 |
1603 |
1511 |
|
TOTAL CURRENT ASSETS |
8758 |
6269 |
5740 |
5182 |
|
Trade debtors |
4073 |
3839 |
3242 |
2893 |
|
Stocks |
2683 |
1920 |
2261 |
2190 |
|
Other Current Assets |
2002 |
510 |
237 |
99 |
|
Misc Current Assets |
112 |
10 |
20 |
11 |
|
Due From Group |
154 |
15 |
113 |
49 |
|
Cash |
1736 |
485 |
104 |
39 |
|
TOTAL ASSETS |
11025 |
7944 |
7343 |
6693 |
|
TOTAL CURRENT LIABILITIES |
8437 |
5396 |
4863 |
4299 |
|
Trade creditors |
1485 |
1234 |
1157 |
1146 |
|
Short Term Loans |
2878 |
990 |
918 |
3003 |
|
Bank Overdraft |
1626 |
|
|
251 |
|
Bank Loans |
1051 |
755 |
816 |
556 |
|
Other Finance |
72 |
53 |
16 |
2196 |
|
Due To Directors |
129 |
182 |
86 |
|
|
Other Liabilities |
4074 |
3172 |
2788 |
150 |
|
WORKING CAPITAL |
321 |
873 |
877 |
883 |
|
TOTAL LONG TERM LIABS |
140 |
944 |
1238 |
1337 |
|
Long Term Loans |
112 |
925 |
1205 |
1322 |
|
Bank loans |
|
815 |
879 |
878 |
|
Other Finance |
112 |
110 |
26 |
24 |
|
Due To Directors |
|
|
300 |
420 |
|
Other Liabilities |
28 |
19 |
33 |
15 |
|
NET ASSETS/(LIABILITIES) |
2448 |
1604 |
1242 |
1057 |
|
SHARE CAPITAL + RESERVES |
2448 |
1604 |
1242 |
1057 |
|
Share Cap + Sundry Res |
60 |
60 |
60 |
60 |
|
Issued Share Capital |
29 |
29 |
29 |
29 |
|
Sundry Reserves |
31 |
31 |
31 |
31 |
|
Profit and Loss account |
2388 |
1544 |
1182 |
997 |
|
SHAREHOLDERS FUNDS |
2448 |
1604 |
1242 |
1057 |
|
CAPITAL EMPLOYED |
2588 |
2548 |
2480 |
2394 |
|
Financial Comparison |
|
The following figures are shown in units of 1000 |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2004 |
31/12/2003 |
31/12/2002 |
31/12/2001 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Net Cashflow from Oper. |
689 |
1128 |
578 |
74 |
|
Increase in Cash |
(375) |
381 |
316 |
(349) |
|
Directors Remuneration |
140 |
244 |
230 |
127 |
|
Auditors Remuneration |
6 |
5 |
5 |
5 |
|
Liquid Assets |
5809 |
4324 |
3346 |
2932 |
|
Net Working Capital |
321 |
873 |
877 |
883 |
|
Long Term Debt(>12 Months) |
112 |
925 |
1205 |
1322 |
|
Other Deferred Liabs |
28 |
19 |
33 |
15 |
|
Tangible Net Worth(T.N.W) |
2448 |
1604 |
1242 |
1057 |
|
Equity |
2448 |
1604 |
1242 |
1057 |
|
Number of Years Trading |
28 |
27 |
26 |
25 |
|
Number of Employees |
52 |
47 |
39 |
35 |
|
Profit per Employee |
21923.1 |
8744.7 |
6282.1 |
4257.1 |
|
Sales per Employee |
385711.5 |
371255.3 |
369897.4 |
344485.7 |
|
Key Credit Ratios |
|
The following figures are shown as Ratios or
Percentages |
|
Accounts Date |
31/12/2004 |
31/12/2003 |
31/12/2002 |
31/12/2001 |
|
Current Ratio |
1 |
1.2 |
1.2 |
1.2 |
|
Long Term Debt/T.N.W |
|
0.6 |
1 |
1.3 |
|
Pre Tax Profit Margin% |
5.7 |
2.4 |
1.7 |
1.2 |
|
Gross Profit% |
18.9 |
18.5 |
20.1 |
17.2 |
|
Debtors Days (D.S.O) |
74 |
80 |
82 |
88 |
|
Creditors Days (D.P.O) |
27 |
26 |
29 |
35 |
|
Quick Ratio |
0.7 |
0.8 |
0.7 |
0.7 |
|
W.I.P/Inventory Days |
60.2 |
49.3 |
71.6 |
80 |
|
Return on Investment% |
25.8 |
17.9 |
13.4 |
5.9 |
|
Return on Assets% |
10.3 |
5.2 |
3.3 |
2.2 |
|
T.N.W/Total Assets% |
22.2 |
20.2 |
16.9 |
15.8 |
|
Return on Capital% |
44 |
16.1 |
9.9 |
6.2 |
|
Rtn on Shareholders Funds% |
46.6 |
25.6 |
19.7 |
14.1 |
|
Working Capital/Sales% |
1.6 |
5 |
6.1 |
7.3 |
|
Borrowing Ratio% |
122.1 |
119.4 |
170.9 |
409.2 |
|
Equity Gearing% |
28.5 |
25.3 |
20.4 |
18.8 |
|
Stock Turnover |
7.5 |
9.1 |
6.4 |
5.5 |
|
Days Purchases Outstanding |
33.3 |
31.7 |
36.6 |
41.9 |
Key Industry Sector Trends
|
Year |
2005 |
2004 |
2003 |
2002 |
|
Sample Size |
3299 |
6639 |
6481 |
6358 |
|
Pre-Tax Profit Margin |
5.2 |
4.1 |
3.3 |
3.2 |
|
Current Ratio |
1.5 |
1.4 |
1.4 |
1.4 |
|
Borrowing Ratio |
84.6 |
97.2 |
106 |
103.2 |
|
Return on Capital |
34.1 |
30.8 |
27.4 |
25.7 |
|
Creditors Days |
50 |
63 |
61 |
60 |
|
Above figures relate to companies in 1992 Standard
Industry Classification (Nace) sector : Wholesale of non-agricultural
intermediate products, waste and scrap |
Financial Summary
|
Auditors Qualification |
|
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2004. |
|
Turnover |
|
Turnover has increased by 15 %, a growth of GBP 2,608,000 in the period. |
|
Operating Profit |
|
Totalled GBP 1,389,000. In the year prior a Profit of GBP 684,000 was achieved. |
|
Pre Tax Profit |
|
The subject's profit increased by 177 % in the year. |
|
Working Capital |
|
The company's working capital, while remaining positive, decreased by 63 % in the period. |
|
Net Worth |
|
Net worth has increased by 53 % and now stands at GBP 2,448,000. |
|
Fixed Assets |
|
The subject's fixed assets increased during the year by GBP 592,000 to GBP 2,267,000 and are now 20 % of total assets compared with 21 % in the previous year. |
|
Long Term Liabilities |
|
The company's long term liabilities reduced during the period by 85 % and are now 6 % of net worth compared with 59 % in the previous period. |
|
Long Term Liabilities |
|
Long term liabilities are now 1 % of total liabilities compared with 12 % in the previous period. |
|
Long Term Liabilities |
|
Long term liabilities are 5 % of capital employed, a decrease of 32 % over the previous period. |
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |