MIRA
INFORM REPORT
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Report Date : |
27.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
AFRICAN CARGO
SERVICES LIMITED |
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Registered Office : |
Fairfax House,
Causton Road, Colchester, Essex, Co1 1rj |
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Country : |
United Kingdom |
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Financials (as on) : |
31.07.2005 |
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Date of Incorporation : |
25.06.1992 |
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Com. Reg. No.: |
02726044 |
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Legal Form : |
Private Limited |
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Line of Business : |
The provision of
international freight services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
GBP 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Company Name AFRICAN
CARGO SERVICES LIMITED
Address FAIRFAX HOUSE, CAUSTON ROAD, COLCHESTER,
ESSEX, CO1
1RJ.
Telephone 01206 562900
Creditline Recommendations
GBP 500k-999k financial strength rating
based on net worth plus net current assets/liabilities
Monthly Credit Guide GBP 50,000
Risk Category LOW NORMAL RISK
Official Company Data
|
Legal Form |
Private Limited |
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Registration Number |
02726044 |
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Date of Incorporation |
25/06/1992 |
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Registered Office |
FAIRFAX HOUSE, CAUSTON ROAD, COLCHESTER, ESSEX, CO1 1RJ. |
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History |
5/08/1997 : The Registered
Office address changed from 101 POINT CLEAR ROAD, ST OSYTH, CLACTON ON SE. |
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30/07/1992 : Change of
name from SIMPLEAREA LIMITED. |
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Date of Last Annual Return to Registry |
11/06/2006 |
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Accounts |
The last filed accounts at Companies House are those to 31/07/2005 |
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Accounting Reference Date |
31/07 |
Operations
Activities The provision of international freight
services. Accounts data expressed in
US Dollars.
Nace Code 6340
Staff Employed 8
Bankers NATIONAL WESTMINSTER BANK
Auditors PKF (UK) LLP
Branches FAIRFAX HO, CAUSTON RD, COLCHESTER, ESSEX, CO1 1RJ.
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
3
Number Outstanding 2
Number Partially Satisfied 0
Number Satisfied 1
Date of Latest Mortgage Created 15/02/2005
Date of Latest Satisfaction 08/03/1993
Details of most recent Mortgages,
Charges and Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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08/03/1993 |
24/02/2005 |
15/02/2005 |
Charge Of Deposit |
395 |
National Westminster Bank Plc |
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04/04/2003 |
01/04/2003 |
Charge Of Deposit |
395 |
National Westminster Bank Plc |
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08/03/1993 |
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27/10/1992 |
Charge Of Deposit |
N/A |
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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
28/01/2005 Companies
House Gazette Change among the
directors of a company
14/02/2003 Companies
House Gazette Change among the
directors of a company
29/07/1992 Companies
House Gazette Change among the
directors of a company
Company Secretary
Secretary
MR RICHARD
CHARLES KNIGHTLEY
Address 2 STATION ROAD, WIVENHOE, ESSEX, CO7 9DH.
Country of Origin UNITED KINGDOM
Date of Birth 16/07/1957
Appointment Date 22/07/1992
Other Directorships ACS FORWARDING LTD, BLUEWATER HOLDINGS
LIMITED
Directors
Director
KERRY SPENCER
Address 43 WESTERN AVENUE, BRENTWOOD, ESSEX, CM14
4XR.
Country of Origin UNITED KINGDOM
Date of Birth 11/06/1971
Appointment Date 14/01/2003
Other Directorships ACS FORWARDING LTD
Accountant
MR RICHARD CHARLES KNIGHTLEY
Address 2 STATION ROAD, WIVENHOE, ESSEX, CO7 9DH.
Country of Origin UNITED KINGDOM
Date of Birth 16/07/1957
Appointment Date 22/07/1992
Other Directorships ACS FORWARDING LTD, BLUEWATER HOLDINGS
LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 1,000
Principal Shareholder 1,000 Bluewater
Holdings Ltd
The above reflects the principle shareholder(s) by number of shares
held, irrespective of share classification type.
Holding Company BLUEWATER
HOLDINGS LIMITED
Ultimate Parent BLUEWATER HOLDINGS LIMITED
Payment Analysis
( No Payment Analysis Data is Available )
Financial Data
Profit and Loss
The following figures are shown in units
of 1000
|
Number of Weeks |
52 |
52 |
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Accounts Date |
31/07/2003 |
31/07/2002 |
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Currency |
USD |
USD |
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GROSS PROFIT |
784 |
723 |
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Wages and Salaries |
318 |
216 |
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Directors Emoluments |
146 |
116 |
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Auditors Fees |
11 |
10 |
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Trading Profit |
2 |
239 |
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Depreciation |
17 |
24 |
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OPERATING PROFIT |
(15) |
215 |
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Non Trading Income |
11 |
13 |
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Interest Payable |
34 |
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PRE TAX PROFIT |
(38) |
228 |
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Taxation |
(7) |
39 |
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PROFIT AFTER TAX |
(31) |
189 |
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Dividends Payable |
126 |
462 |
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RETAINED PROFITS |
(157) |
(273) |
Balance Sheet
The following figures are shown in units
of 1000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/07/2005 |
31/07/2004 |
31/07/2003 |
31/07/2002 |
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Currency |
USD |
USD |
USD |
USD |
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TOTAL FIXED ASSETS |
57 |
10 |
24 |
27 |
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Tangible Assets |
57 |
10 |
24 |
27 |
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Fixed Assets |
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24 |
27 |
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TOTAL CURRENT ASSETS |
4244 |
3467 |
2444 |
2220 |
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Trade debtors |
1731 |
1192 |
725 |
1173 |
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Stocks |
43 |
140 |
142 |
159 |
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Other Current Assets |
2470 |
2135 |
1577 |
888 |
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Misc Current Assets |
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|
96 |
88 |
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Cash |
2470 |
2135 |
1481 |
800 |
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TOTAL ASSETS |
4301 |
3477 |
2468 |
2247 |
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TOTAL CURRENT LIABILITIES |
3902 |
3343 |
2401 |
2023 |
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Trade creditors |
3902 |
3342 |
1056 |
840 |
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Short Term Loans |
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23 |
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Due To Group |
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23 |
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Other Liabilities |
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1 |
1345 |
1160 |
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WORKING CAPITAL |
342 |
124 |
43 |
197 |
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NET ASSETS/(LIABILITIES) |
399 |
134 |
67 |
224 |
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SHARE CAPITAL + RESERVES |
399 |
134 |
67 |
224 |
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Share Cap + Sundry Res |
2 |
2 |
2 |
2 |
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Issued Share Capital |
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|
2 |
2 |
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Profit and Loss account |
397 |
132 |
65 |
222 |
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SHAREHOLDERS FUNDS |
399 |
134 |
67 |
224 |
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CAPITAL EMPLOYED |
399 |
134 |
67 |
224 |
Financial Comparison
The following figures are shown in units
of 1000
|
Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
31/07/2005 |
31/07/2004 |
31/07/2003 |
31/07/2002 |
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Currency |
USD |
USD |
USD |
USD |
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Net Cashflow from Oper. |
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|
863 |
611 |
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Increase in Cash |
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|
680 |
23 |
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Directors Remuneration |
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|
146 |
116 |
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Auditors Remuneration |
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|
11 |
10 |
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Liquid Assets |
4201 |
3327 |
2206 |
1973 |
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Net Working Capital |
342 |
124 |
43 |
197 |
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Tangible Net Worth(T.N.W) |
399 |
134 |
67 |
224 |
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Equity |
399 |
134 |
67 |
224 |
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Number of Years Trading |
13 |
12 |
11 |
10 |
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Number of Employees |
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8 |
6 |
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Profit per Employee |
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(4750) |
38000 |
Key Credit Ratios
The following figures are shown as Ratios or Percentages
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Accounts Date |
31/07/2005 |
31/07/2004 |
31/07/2003 |
31/07/2002 |
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Current Ratio |
1.1 |
1 |
1 |
1.1 |
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Quick Ratio |
1.1 |
1 |
1 |
1 |
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Return on Investment% |
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(6) |
92.3 |
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Return on Assets% |
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(1.5) |
10.1 |
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T.N.W/Total Assets% |
9.3 |
3.9 |
2.7 |
10 |
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Return on Capital% |
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(56.7) |
101.8 |
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Rtn on Shareholders Funds% |
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(56.7) |
101.8 |
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Borrowing Ratio% |
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10.3 |
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Equity Gearing% |
10.2 |
4 |
2.8 |
11.1 |
Key Industry Sector Trends
|
Year |
2006 |
2005 |
2004 |
2003 |
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Sample Size |
434 |
2925 |
3297 |
3225 |
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Pre-Tax Profit Margin |
8.4 |
6.7 |
6.2 |
4.5 |
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Current Ratio |
1.6 |
1.4 |
1.3 |
1.3 |
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Borrowing Ratio |
52.9 |
94 |
68.6 |
81.2 |
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Return on Capital |
54.6 |
48.5 |
49.9 |
43.6 |
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Creditors Days |
54 |
81 |
70 |
81 |
Above figures relate to companies in 1992 Standard Industry Classification (Nace) sector : Activities of other transport agencies
Financial Summary
Auditors Qualification
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/07/2005.
No Turnover
The company's balance sheet total is less than GBP 5,600,000 and is a medium sized company as defined by the Companies Act. It is not required to disclose turnover but it is likely to be in the range of GBP 2,800,000 - GBP 11,200,000.
No Pre-Tax Profit
The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Shareholders Funds shown on the Balance Sheet is USD 265,000 increase. This suggests that the Company may have made a post-tax profit of USD 265,000.
Working Capital
The company's working capital has increased by 176 % in the period.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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