MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
WESTERN CORK LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.01.2006 |
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Date of Incorporation : |
26/09/1924 |
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Com. Reg. No.: |
00200648 |
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Legal Form : |
Private Limited |
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Line of Business : |
The manufacture and
distribution of laminate, cork, wood, mosaic, vinyl and carpet tile floor
coverings. |
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 WESTERN CORK
LIMITED
Address
Telephone 029 20376700
Creditline Recommendations
Monthly Credit
Guide GBP 250,000
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration
Number 00200648
Date of
Incorporation 26/09/1924
Registered
History 13/05/2000 : The Registered Office address changed
from
29/06/1979 : Change of name from WESTERN CORK CO.
LTD..
Date of Last
Annual
Return to Registry
12/05/2007
Registered
Objectives TO CARRY ON
BUSINESS AS DEALERS IN
Accounts The last filed
accounts at Companies House are those to 31/01/2006
Accounting
Reference
Date 31/01
Operations
Activities The manufacture
and distribution of laminate, cork, wood, mosaic, vinyl and carpet
tile
floor coverings.
Nace Code 5147
Premises Owned, Offices,
Warehouse, Factory, HEAD OFFICE
Staff Employed 63
Trade Names WESTCO
Product Names WESTCO, PARKISLEX
Import Countries ALL OVER THE WORLD
Export Countries ALL OVER THE WORLD
Bankers NATIONAL
WESTMINSTER BANK PLC
Address
Sort Code 010155
Auditors PricewaterhouseCoopers
LLP
Branches
Associated
Companies WESTERN CORK LTD,
a company incorporated in
Subsidiaries WESTCO
FLOORCOVERINGS LTD.
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 5
Number Outstanding
5
Number Partially
Satisfied 0
Number Satisfied 0
Date of Latest
Mortgage Created 09/05/1980
Details of most
recent Mortgages,
Charges and
Satisfactions
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Date Fully Satisfied |
Date |
Date |
Charge |
Form Type |
Lender |
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27/05/1980 |
09/05/1980 |
Debenture |
N/A |
National Westminster Bank Ltd |
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03/04/1979 |
27/03/1979 |
Legal Mortgage |
N/A |
County Bank Ltd |
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26/06/1978 |
21/06/1978 |
Legal Mortgage |
N/A |
County Bank Ltd |
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23/09/1977 |
08/09/1977 |
Legal Mortgage |
N/A |
National Westminster Bank Ltd |
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14/09/1977 |
07/09/1977 |
Legal Mortgage |
N/A |
County Bank Ltd |
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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22/06/2007 |
Companies House Gazette |
Change among the directors of a company |
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18/06/2007 |
Companies House Gazette |
Change among the directors of a company |
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19/05/1999 |
Companies House Gazette |
Change among the directors of a company |
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17/06/1992 |
Companies House Gazette |
Change among the directors of a company |
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13/09/1990 |
Companies House Gazette |
Change among the directors of a company |
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05/05/1989 |
Companies House Gazette |
Change among the directors of a company |
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04/11/1988 |
Companies House Gazette |
Documents delivered by a company under
section 241 (annual accounts) |
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16/07/1988 |
Companies House Gazette |
Documents delivered by a company under
section 241 (annual accounts) |
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11/04/1987 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
Secretary MR TIMOTHY
HUW THOMAS
Address
Country of Origin UNITED KINGDOM
Date of Birth 31/03/1959
Appointment Date 05/06/2007
Other
Directorships WESTERN CORK
INTERNATIONAL LIMITED, WESTCO FLOORCOVERINGS
LIMITED, WESTCO
GROUP LIMITED, FLOORMAKER LIMITED
Directors
Director MR TIMOTHY HUW THOMAS
Address
Country of
Origin UNITED KINGDOM
Date of Birth 31/03/1959
Appointment Date 05/06/2007
Other
Directorships WESTERN CORK INTERNATIONAL LIMITED, WESTCO
FLOORCOVERINGS
LIMITED, WESTCO
GROUP LIMITED, FLOORMAKER LIMITED
Managing Director MR NIGEL GERARD GIBBS
Address
Country of
Origin UNITED KINGDOM
Date of Birth 01/12/1946
Appointment Date 12/05/1991
Other
Directorships WESTERN CORK INTERNATIONAL
LIMITED, WESTCO FLOORCOVERINGS
LIMITED, WESTCO
GROUP LIMITED, FLOORMAKER LIMITED
Director MR NICHOLAS CHARLES GIBBS
Address
Country of Origin UNITED KINGDOM
Date of Birth 15/07/1959
Appointment Date 12/05/1991
Other
Directorships WESTERN CORK INTERNATIONAL
LIMITED, WESTCO FLOORCOVERINGS
LIMITED, WESTCO
GROUP LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 75,253
Principal
Shareholder 75,252 Westco
Group Ltd
1 N.G. Gibbs
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Holding Company WESTCO GROUP
LIMITED
Ultimate Parent WESTCO GROUP
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 52 52
Accounts Date 31/01/2006 31/01/2005 31/01/2004 31/01/2003
Currency GBP GBP GBP GBP
SALES 37894 45046 46815 45259
Cost of goods sold 29115 34905 37019 34423
GROSS PROFIT 8779 10141 9796 10836
Wages and Salaries 2164 2039 1743 1679
Directors
Emoluments 965 1195 800 757
Auditors Fees 9 9 8 8
Non-Audit Fees 5 5
Trading Profit 2047 3735 3476 5040
Depreciation 87 76 66 64
OPERATING PROFIT 1960 3659 3410 4976
Non Trading Income 294 585 392 150
Interest Payable 54 287 359 72
PRE TAX PROFIT 2200 3957 3443 5054
Taxation 654 1193 1036 1506
PROFIT AFTER TAX 1546 2764 2407 3548
Dividends Payable 1805 1806 2408
RETAINED PROFITS 1546 959 601 1140
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/01/2006 31/01/2005 31/01/2004 31/01/2003
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 337 391 277 271
Tangible Assets 337 391 277 271
Fixed Assets 296 286 257 249
Intermediate
assets 41 105 20 22
TOTAL CURRENT
ASSETS 17738 17981 17598 21817
Trade debtors 6066 7122 5545 12097
Stocks 8206 10423 7288 9696
Other Current
Assets 3466 436 4765 24
Misc Current
Assets 12 17 14 20
Cash 3454 419 4751 4
TOTAL ASSETS 18075 18372 17875 22088
TOTAL CURRENT
LIABILITIES 8944 10698 10492 15306
Trade creditors 3078 2598 2495 3913
Short Term Loans 796 2428 2255 5785
Bank Overdraft 3102
Due To Group 796 2428 2255 2683
Other Liabilities 5070 5672 5742 5608
WORKING CAPITAL 8794 7283 7106 6511
TOTAL LONG TERM
LIABS 6 22
Other Liabilities 6 22
NET
ASSETS/(LIABILITIES) 9125 7652 7383 6782
SHARE CAPITAL +
RESERVES 9125 7652 7383 6782
Share Cap + Sundry
Res 77 77 77 77
Issued Share
Capital 75 75 75 75
Sundry Reserves 2 2 2 2
Profit and Loss
account 9048 7575 7306 6705
SHAREHOLDERS FUNDS 9125 7652 7383 6782
CAPITAL EMPLOYED 9131 7674 7383 6782
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/01/2006 31/01/2005 31/01/2004 31/01/2003
Currency GBP GBP GBP GBP
Directors
Remuneration 965 1195 800 757
Auditors
Remuneration 9 9 8 8
Liquid Assets 9520 7541 10296 12101
Net Working
Capital 8794 7283 7106 6511
Other Deferred
Liabs 6 22
Tangible Net
Worth(T.N.W) 9125 7652 7383 6782
Equity 9125 7652 7383 6782
Number of Years
Trading 82 81 80 79
Number of
Employees 63 56 56 52
Profit per
Employee 34920.6 70660.7 61482.1 97192.3
Sales per Employee 601492.1 804392.9 835982.1 870365.4
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/01/2006 31/01/2005 31/01/2004 31/01/2003
Current Ratio 2 1.7 1.7 1.4
Pre Tax Profit
Margin% 5.8 8.8 7.4 11.2
Gross Profit% 23.2 22.5 20.9 23.9
Debtors Days
(D.S.O) 58 58 43 98
Creditors Days
(D.P.O) 30 21 19 32
Quick Ratio 1.1 0.7 1 0.8
W.I.P/Inventory
Days 102.9 109 71.9 102.8
Return on
Investment% 22.7 42 39.4 40.8
Return on Assets% 12.2 21.5 19.3 22.9
T.N.W/Total
Assets% 50.5 41.7 41.3 30.7
Return on Capital% 24.1 51.6 46.6 74.5
Rtn on
Shareholders Funds% 24.1 51.7 46.6 74.5
Working
Capital/Sales% 23.2 16.2 15.2 14.4
Borrowing Ratio% 8.7 31.7 30.5 85.3
Equity Gearing% 102 71.4 70.4 44.3
Stock Turnover 4.6 4.3 6.4 4.7
Days Purchases
Outstanding 38.6 27.2 24.6 41.5
Key Industry Sector
Trends
Year 2007 2006 2005 2004
Sample Size 58 6584 11903 12169
Pre-Tax Profit
Margin 2.3 3.2 2.6 3
Current Ratio 1.7 1.7 1.6 1.6
Borrowing Ratio 135.6 53.3 61.4 63.2
Return on Capital 50.6 32.6 32.6 34.9
Creditors Days 35 62 67 70
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector :
Wholesale of household goods
Financial Summary
Auditors
Qualification
The Auditors have
expressed a clean opinion (i.e. unqualified with no referrals) on the accounts
for the period ended 31/01/2006.
Turnover
Turnover decreased by
more than 10 % in the year and totaled GBP 37,894,000 for the period.
Operating Profit
Totaled GBP 1,960,000.
In the year prior a Profit of GBP 3,659,000 was achieved.
Pre Tax Profit
The subject's profit
decreased by 44 % over the previous year.
Working Capital
The company's working
capital has increased by 21 % in the period.
Net Worth
Net worth has
increased by 19 % and now stands at GBP 9,125,000.
Fixed Assets
The subject's fixed
assets reduced during the year by GBP 54,000 to GBP 337,000 and are now 1 % of
total assets compared with 2 % in the previous year.
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%)