MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
LANSDOWNE CHEMICALS PUBLIC LIMITED COMPANY |
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Registered Office : |
Winstons House,
Carterton, |
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Country : |
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Financials (as on) : |
31.07.2006 |
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Date of Incorporation : |
13/10/1975 |
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Com. Reg. No.: |
01229506 |
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Legal Form : |
Public Limited
Company |
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Line of Business : |
The processing and sale of chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on LANSDOWNE
CHEMICALS PUBLIC LIMITED COMPANY
Address WINSTONS HOUSE
CARTERTON IND'L,
CARTERTON,
Telephone 01993 843081
Facsimile 01993 841261
Email sales@lansdownechemicals.com
Web Address www.lansdownechemicals.com
Creditline Recommendations
Monthly Credit
Guide GBP 115,000
Risk Category LOW RISK
Official Company Data
Legal Form Public Limited
Company
Registration
Number 01229506
VAT Number GB153203213
Date of
Incorporation 13/10/1975
Registered Office WINSTONS HOUSE,
CARTERTON,
History 31/03/1995 : The
Registered Office address changed from WINSTONS HOUSE,
CARTERTON,
11/03/1988 :
Change of name from LANSDOWNE CHEMICAL COMPANY
LIMITED.
Date of Last
Annual
Return to Registry
23/03/2007
Accounts The last filed
accounts at Companies House are those to 31/07/2006
Accounting
Reference
Date 31/07
Operations
Activities The processing and sale of chemicals.
Nace Code 5155
Premises Owned, Offices, Factory
Staff Employed 20
Import Countries ALL OVER THE WORLD
Export Countries ALL OVER THE WORLD
Bankers LLOYDS TSB BANK PLC
Address CARTERTON.
Sort Code 301179
Auditors Jackson Taylor
Subsidiaries CAVENDISH TECHNOLOGY (HOLDINGS) 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 13
Number Outstanding
6
Number Partially
Satisfied 0
Number Satisfied 7
Date of Latest
Mortgage Created 16/01/2003
Date of Latest
Satisfaction 25/10/1997
Details of most
recent Mortgages,
Charges and
Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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18/01/2003 |
16/01/2003 |
Legal Charge |
395 |
The Secretary Of State For Defense |
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22/11/1997 |
19/11/1997 |
Legal Mortgage |
395 |
Lloyds Bank Plc |
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22/11/1997 |
19/11/1997 |
Legal Mortgage |
395 |
Lloyds Bank Plc |
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22/11/1997 |
19/11/1997 |
Legal Mortgage |
395 |
Lloyds Bank Plc |
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22/11/1997 |
19/11/1997 |
Single Debenture |
395 |
Lloyds Bank Plc |
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25/10/1997 |
07/08/1994 |
29/07/1994 |
Single Debenture |
395 |
Hambros Bank Limited |
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22/05/1987 |
19/05/1987 |
Debenture |
N/A |
Sumitomo Corporation ( |
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13/08/1994 |
22/07/1986 |
15/07/1986 |
Single Debenture |
N/A |
Lloyds Bank Plc |
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30/08/1984 |
20/08/1984 |
Supplemental Debenture |
N/A |
Swiss Bank Corporation |
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19/08/1980 |
15/08/1980 |
Debenture |
N/A |
Swiss Bank Corporation |
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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20/02/2004 |
Companies House Gazette |
Change among the directors of a company |
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16/02/2004 |
Companies House Gazette |
Change among the directors of a company |
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30/03/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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30/06/2001 |
Companies House Gazette |
Change among the directors of a company |
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19/12/1997 |
Companies House Gazette |
Change among the directors of a company |
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15/11/1997 |
Companies House Gazette |
Change among the directors of a company |
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31/10/1997 |
Companies House Gazette |
Change among the directors of a company |
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08/08/1996 |
Companies House Gazette |
Change among the directors of a company |
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09/11/1993 |
Companies House Gazette |
Change among the directors of a company |
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07/08/1990 |
Companies House Gazette |
Change among the directors of a company |
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03/08/1990 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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05/08/1988 |
Companies House Gazette |
Change among the directors of a company |
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26/02/1988 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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26/02/1988 |
Companies House Gazette |
Documents delivered by a company under
section 241 (annual accounts) |
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12/12/1987 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
Secretary JESSIE YULL
Address
Country of Origin UNITED KINGDOM
Date of Birth 14/02/1921
Appointment Date 23/03/1992
Other Directorships CAVENDISH TECHNOLOGY LIMITED
Directors
Director ROBERT MOSS
Address 55
MILLWOOD END LONG, HANBOROUGH,
Country of Origin UNITED KINGDOM
Date of Birth 25/09/1968
Appointment Date 04/02/2004
Managing Director DOUGLAS
JOHN CHAPLIN
Address TANERA,
BROAD TOWN ROAD FARM BROAD TOWN,
7RB.
Country of Origin UNITED KINGDOM
Date of Birth 26/09/1958
Appointment Date 31/12/2003
Director JESSIE YULL
Address
Country of Origin UNITED KINGDOM
Date of Birth 14/02/1921
Appointment Date 23/03/1992
Other Directorships CAVENDISH TECHNOLOGY LIMITED
Director GEORGE WATKINSON
YULL
Address XALET CARRECEDO, NO 5 URBANIZATION EL SALZE ELS PL, LA MASSANA
AD400, PRINCIPAT D'ANDORRA.
Country of Origin UNITED KINGDOM
Date of Birth 22/12/1943
Appointment Date 23/03/1992
Other Directorships CAVENDISH TECHNOLOGY LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 266,000
Principal
Shareholder 208,470 Cygnet
Foundation
44,000 Sumitomo
Corporation (
13,530 Jessie
Yull
The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.
Holding Company Cygnet Foundation, a company incorporated in LIECHENSTEIN
Ultimate Parent CYGNET
FOUNDATION, a company incorporated in
Payment Analysis
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 0 0 0 0 0 0
20,000 to 24,999
GBP 0 0 0 0 0 0
15,000 to 19,999
GBP 0 0 0 0 0 0
10,000 to 14,999
GBP 0 0 0 0 0 0
5,000 to 9,999 GBP 0 0 0 0 0 0
Less than 5,000
GBP 2 100.000 0 0 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 Payment score compared to industry for the last 6 months.
Payment Analysis in
Percent per Quarter
Quarter
Payments Made 4/2006 1/2007 2/2007 3/2007
According to terms 100 0 100 0
Up to 30 days late 0 0 0 0
30 to 60 days late 0 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 1/2007 2/2007 3/2007 4/2007 5/2007 6/2007
Company 0 0 0 8.0 0 0
Lower Quartile 6.9 7.0 7.8 8.0 8.0 0
Median 7.0 7.0 8.0 8.0 8.0 0
Upper Quartile 7.0 8.0 8.0 8.0 8.0 0
Payment scores range between 1.0 and 8.0. An 8.0 is a perfect score achieved through payment of all invoices according to terms. This information should be used in conjunction with other aspects of this report. A 0 score indicates no payment
Financial Data
Profit and Loss
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/07/2006 31/07/2005 31/07/2004 31/07/2003
Currency GBP GBP GBP GBP
SALES 19094 13099 12161 13265
Cost of goods sold 16448 10701 9412 10762
GROSS PROFIT 2646 2398 2749 2503
Wages and Salaries 706 666 624 566
Directors
Emoluments 183 197 224 201
Auditors Fees 20 15 19 14
Trading Profit 963 664 1167 1131
Depreciation 168 120 89 89
OPERATING PROFIT 795 544 1078 1042
Non Trading Income 1 (130) (128)
Interest Payable 123 50 30 34
PRE TAX PROFIT 673 494 918 880
Taxation 328 160 309 262
PROFIT AFTER TAX 345 334 609 618
Dividends Payable 125 450
RETAINED PROFITS 345 209 609 168
Balance Sheet
The following figures are shown in units
of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/07/2006 31/07/2005 31/07/2004 31/07/2003
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 2826 2675 2184 2159
Tangible Assets 2174 1893 1272 1117
Fixed Assets 2162 1881 1272 1117
Intermediate assets 12 12
Intangible Assets 652 782 912 1042
TOTAL CURRENT ASSETS 7355 5864 4278 4466
Trade debtors 3615 2585 2348 2390
Stocks 2995 2384 1838 2021
Other Current Assets 745 895 92 55
Misc Current Assets 16 147 17 40
Due From Group 496 748 5 5
Cash 233 70 10
TOTAL ASSETS 10181 8539 6462 6625
TOTAL CURRENT LIABILITIES 5518 4830 2962 3394
Trade creditors 3054 3307 1666 1693
Short Term Loans 1846 1219 814 771
Bank Overdraft 1684 1219 814 771
Other Finance 162
Other Liabilities 618 304 482 930
WORKING CAPITAL 1837 1034 1316 1072
TOTAL LONG TERM LIABS 608
Long Term Loans 608
Other Finance 608
NET ASSETS/(LIABILITIES) 4055 3709 3500 3231
SHARE CAPITAL + RESERVES 4055 3709 3500 3231
Share Cap + Sundry Res 840 840 840 1180
Issued Share Capital 266 266 266 300
Sundry Reserves 574 574 574 880
Revaluation Reserves 175 175 175 175
Profit and Loss account 3040 2694 2485 1876
SHAREHOLDERS FUNDS 4055 3709 3500 3231
CAPITAL EMPLOYED 4663 3709 3500 3231
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/07/2006 31/07/2005 31/07/2004 31/07/2003
Currency GBP GBP GBP GBP
Net Cashflow from
Oper. (289) 754 1389 472
Increase in Cash (983) (475) 18 (148)
Directors Remuneration 183 197 224 201
Auditors
Remuneration 20 15 19 14
Liquid Assets 3848 2585 2418 2400
Net Working
Capital 1837 1034 1316 1072
Long Term
Debt(>12 Months) 608
Tangible Net
Worth(T.N.W) 3403 2927 2588 2189
Equity 4055 3709 3500 3231
Number of Years
Trading 31 30 29 28
Number of
Employees 20 18 15 15
Profit per
Employee 33650 27444.4 61200 58666.7
Sales per Employee 954700 727722.2 810733.3 884333.3
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/07/2006 31/07/2005 31/07/2004 31/07/2003
Current Ratio 1.3 1.2 1.4 1.3
Long Term
Debt/T.N.W 0.2
Pre Tax Profit
Margin% 3.5 3.8 7.5 6.6
Gross Profit% 13.9 18.3 22.6 18.9
Debtors Days
(D.S.O) 69 72 70 66
Creditors Days
(D.P.O) 58 92 50 47
Quick Ratio 0.8 0.7 0.8 0.7
W.I.P/Inventory
Days 66.5 81.3 71.3 68.5
Return on
Investment% 12.2 11 22 22.8
Return on Assets% 6.6 5.8 14.2 13.3
T.N.W/Total
Assets% 33.4 34.3 40 33
Return on Capital% 14.4 13.3 26.2 27.2
Rtn on
Shareholders Funds% 16.6 13.3 26.2 27.2
Working
Capital/Sales% 9.6 7.9 10.8 8.1
Borrowing Ratio% 72.1 41.6 31.5 35.2
Equity Gearing% 66.2 76.8 118.2 95.2
Stock Turnover 6.4 5.5 6.6 6.6
Days Purchases
Outstanding 67.8 112.8 64.6 57.4
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 3732 6717 6691 6419
Pre-Tax Profit
Margin 4.5 4.1 4.1 3.3
Current Ratio 1.5 1.5 1.4 1.4
Borrowing Ratio 85.8 98 94.5 105.6
Return on Capital 29.9 29.6 30.9 27.4
Creditors Days 51 49 68 62
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 31/07/2006.
Turnover
Turnover increased by 46 % in the
period and now totals GBP 19,094,000.
Operating Profit
Totaled GBP 795,000. In the year
prior a Profit of GBP 544,000 was achieved.
Pre Tax Profit
The subject's profit increased by 36
% in the year.
Working Capital
The company's working capital has
increased by 78 % in the period.
Net Worth
Net worth was GBP 4,055,000.
Fixed Assets
The subject's fixed assets increased
during the year by GBP 151,000 to GBP 2,826,000 and are now 27 % of total
assets compared with 31 % in the previous year.
Long Term Liabilities
Long term liabilities were GBP
608,000 which are 6 % of total liabilities and 13 % of capital employed.
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%)