MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL OIL FIELD DRILLING SUPPLIES LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14/05/1980 |
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Com. Reg. No.: |
SC071447 |
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Legal Form : |
Private Limited |
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Line of Business : |
Specialist welders, mainly to the oil industry. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on INTERNATIONAL OIL
FIELD DRILLING SUPPLIES LIMITED
Address
Telephone 01355 249224
Creditline Recommendations
Monthly Credit
Guide GBP 1,000
Risk Category ABOVE
Official Company Data
Legal Form Private Limited
Registration
Number SC071447
Date of
Incorporation 14/05/1980
Registered Office
History 26/03/2002 : The
Registered Office address changed from C/O MAZARS NEVILLE
RUSSELL,
90
5/11/1999 : The
Registered Office address changed from C/O MOORES
ROWLAND
12/03/1996 : The
Registered Office address changed from JAMES SELLARS
HOUSE,
Date of Last
Annual
Return to Registry
03/08/2006
Accounts The last filed
accounts at Companies House are those to 31/03/2006
Accounting
Reference
Date 31/03
Operations
Activities Specialist
welders, mainly to the oil industry.
Nace Code 2851
Premises Offices,Factory
Bankers BANK OF
Address
Sort Code 801100
Auditors Mazars LLP
Branches
GLASGOW,
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 7
Number Outstanding
6
Number Partially
Satisfied 0
Number Satisfied 1
Date of Latest
Mortgage Registered 19/08/1992
Date of Latest
Satisfaction 19/02/1997
Details of most
recent Mortgages,
Charges and
Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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19/02/1997 |
24/08/1992 |
14/08/1992 |
Floating Charge |
410 |
Ronnie James Mincher And Others As
Trustees For Ceb Pension |
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24/08/1992 |
14/08/1992 |
Floating Charge |
410 |
Ronnie James Mincher And Others As
Trustees For Glenalmond P |
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19/08/1992 |
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Floating Charge |
N/A |
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19/08/1992 |
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Floating Charge |
N/A |
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14/03/1985 |
08/03/1985 |
Letter Of Offset |
N/A |
The Governor And Company Of The Bank Of |
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19/02/1985 |
13/02/1985 |
Letter Of Offset |
N/A |
The Governor And Company Of The Bank Of |
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19/02/1985 |
13/02/1985 |
Bond Floating Charge |
N/A |
The Governor And Company Of The Bank Of |
It should be noted
that there is no legal requirement to file satisfaction details of
mortgages/charges at Companies House.
Other Filings and
Notices
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Date |
Source |
Description |
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18/07/2005 |
Companies House Gazette |
Change among the directors of a company |
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19/05/2004 |
Companies House Gazette |
Change among the directors of a company |
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25/03/2002 |
Companies House Gazette |
Change among the directors of a company |
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18/11/2000 |
Companies House Gazette |
Change among the directors of a company |
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03/03/2000 |
Companies House Gazette |
Change among the directors of a company |
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15/04/1997 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
Secretary DANIEL FRANCIS CHURCH
Address
Country of Origin UNITED KINGDOM
Date of Birth 08/10/1954
Appointment Date 07/01/2002
Other Directorships GLENALMOND GROUP LIMITED
Directors
Director RONNIE JAMES MINCHER
Address THE
SHAWS
Country of Origin UNITED KINGDOM
Date of Birth 04/04/1944
Appointment Date 16/06/1989
Other Directorships EDMISTON, BROWN & COMPANY LIMITED, CLARMAC ENGINEERING COMPANY
LIMITED,
LIMITED, VALVE COMPONENTS LIMITED, CENTURY WELDING PRODUCTS
LIMITED
Accountant WILLIAM
SHIELDS
Address PARK
HOUSE, 13 GREENHILL PARK,
Country of Origin UNITED KINGDOM
Date of Birth 10/12/1941
Appointment Date 14/05/2004
Other Directorships WILLIAM TRIMBLE, LIMITED, EDMISTON, BROWN & COMPANY LIMITED, ORR,
POLLOCK & COMPANY LIMITED, D. & J. CROAL, LIMITED, CRAIG M. JEFFREY,
LIMITED, COOK PATON LIMITED, DUNFERMLINE PRESS LIMITED, THE,
GLENALMOND GROUP LIMITED, WEST INDEPENDENT NEWSPAPERS
LIMITED, BORDER
WEEKLIES LIMITED, RYDEN LETTINGS LIMITED,
FORTH
PRESS LIMITED, PATON COOK LIMITED,
LIMITED, HAWTHORNBANK LIMITED, YOUR RADIO FM LIMITED, BLYTH & BLYTH
CONSULTING ENGINEERS LIMITED, FIRTH FM HOLDINGS LIMITED, CASTLE ROCK
FM
DUMBARTON LIMITED, GLENTRESS AMBULANCE (2004) LIMITED,
NEWS
GROUP LIMITED, FRANK LAWRANCE (
OBSERVER
LIMITED, ARLBERG ENTERPRISES LIMITED, SLOUGH AND
OBSERVER LIMITED, SOUTH BUCKS OBSERVER LIMITED, BURNHAM OBSERVER
LIMITED, MAIDENHEAD OBSERVER LIMITED, IVER OBSERVER LIMITED, plus
others.
Share Capital
Shares Ordinary GBP 1.00
Issued Number 25,000
Principal
Shareholder 25,000 Glenalmond
Group Ltd
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Holding Company GLENALMOND GROUP
LIMITED
Ultimate Parent GLENALMOND GROUP
LIMITED
Payment Analysis
(No Payment Analysis Data is Available)
Financial Data
Profit & Loss Accounts are not available for companies categorised as small companies under the companies act.
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 78 52
Accounts Date 31/03/2006 31/03/2005 31/03/2004 30/09/2002
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 1588 1246 1325 866
Tangible Assets 1588 1246 1325 866
TOTAL CURRENT
ASSETS 2713 1248 980 1084
Trade debtors 2157 939 679 946
Stocks 556 309 300 137
Other Current
Assets 1 1
Cash 1 1
TOTAL ASSETS 4301 2494 2305 1950
TOTAL CURRENT
LIABILITIES 3624 1957 1858 1778
Trade creditors 3624 1957 1858 1778
WORKING CAPITAL (911) (709) (878) (694)
TOTAL LONG TERM
LIABS 399 233 336 143
NET ASSETS/(LIABILITIES) 278 304 111 29
SHARE CAPITAL +
RESERVES 278 304 111 29
Share Cap + Sundry
Res 25 25 25 25
Profit and Loss
account 253 279 86 4
SHAREHOLDERS FUNDS 278 304 111 29
CAPITAL EMPLOYED 677 537 447 172
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 78 52
Accounts Date 31/03/2006 31/03/2005 31/03/2004 30/09/2002
Currency GBP GBP GBP GBP
Liquid Assets 2157 939 680 947
Net Working
Capital (911) (709) (878) (694)
Other Deferred
Liabs 399 233 336 143
Tangible Net
Worth(T.N.W) 278 304 111 29
Equity 278 304 111 29
Number of Years
Trading 26 25 24 22
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/03/2006 31/03/2005 31/03/2004 30/09/2002
Current Ratio 0.7 0.6 0.5 0.6
Quick Ratio 0.6 0.5 0.4 0.5
T.N.W/Total
Assets% 6.5 12.2 4.8 1.5
Equity Gearing% 6.9 13.9 5.1 1.5
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 4994 7474 7515 7034
Pre-Tax Profit
Margin 17.1 14.5 13 10.9
Current Ratio 1.6 1.5 1.4 1.5
Borrowing Ratio 61.7 57.7 56.4 58.6
Return on Capital 67.9 65.9 61.6 43.9
Creditors Days 40 52 57 56
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector : Treatment
and coating of metals; general mechanical engineering
Financial Summary
Auditors
Qualification
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2006.
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 GBP 26,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 26,000.
Working Capital
The company's working capital deficiency increased in the period and now totals GBP 911,000.
Net Worth
Net worth reduced by GBP 26,000 during the period and now stands at GBP 278,000.
Fixed Assets
The subject's fixed assets increased during the year by GBP 342,000 to GBP 1,588,000 and are now 36 % of total assets compared with 49 % in the previous year.
Long Term
Liabilities
The company's long term liabilities increased during the period by 71% and are now 144 % of net worth compared with 77 % in the previous period.
Long Term
Liabilities
Long term liabilities are now 9 % of total liabilities compared with 9 % in the previous period.
Long Term
Liabilities
Long term liabilities are 59 % of capital employed, an increase of 16 % over the previous 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%)