MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HUDACO LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.04.2006 |
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Date of Incorporation : |
30/04/2002 |
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Com. Reg. No.: |
04428460 |
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Legal Form : |
Private Limited |
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Line of Business : |
The export of vehicle parts. |
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 : |
Unknown |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on HUDACO LIMITED
Creditline Recommendations
Monthly Credit
Guide GBP 8,400
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration Number 04428460
Date of
Incorporation 30/04/2002
Registered Office 24 OLDFIELD ROAD
BISHOPDOWN, FARM
History 6/05/2005 : The Registered Office address changed
from
BISHOPDOWN
FARM,
4/12/2002 : The Registered Office address changed
from 1 TORRS CLOSE,
SOUTH
CREST,
25/05/2002 : The Registered Office address changed
from RM COMPANY
SERVICES
LIMITED 2ND, FLOOR, 80 GR.
Date of Last
Annual
Return to Registry
22/04/2007
Accounts The last filed
accounts at Companies House are those to 30/04/2006
Accounting
Reference
Date 30/04
Operations
Activities The export of
vehicle parts.
Nace Code 5030
Auditors Atkinsons
Public Record
Information
Summary of CCJ's/Scottish
Decrees
No CCJs/Scottish Decrees are recorded in our
file.
Other Filings and
Notices
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Date |
Source |
Description |
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09/10/2003 |
Companies House Gazette |
Resolutions or agreements to which section
380 applies (relating to shares, rights or names) |
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13/09/2002 |
Companies House Gazette |
Change among the directors of a company |
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25/05/2002 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
Secretary ANTHONY
MYLES
Address
3GQ.
Country of Origin UNITED KINGDOM
Date of Birth 24/10/1956
Appointment Date 02/01/2003
Directors
Director ANTHONY
MYLES
Address
3GQ.
Country of Origin UNITED KINGDOM
Date of Birth 24/10/1956
Appointment Date 30/04/2002
Director ELIZABETH
ANN
Address
3GQ.
Country of Origin UNITED KINGDOM
Date of Birth 22/05/1956
Appointment Date 27/08/2002
Director KEITH
ANDREW BATTYE
Address 117B
Country of Origin UNITED KINGDOM
Date of Birth 19/04/1948
Appointment Date 30/04/2002
Share Capital
Shares Ordinary A GBP
1.00
Issued Number 4
Shares Ordinary B GBP
1.00
Issued Number 2
Principal
Shareholder 2 Keith
Andrew Battye
1
1 Anthony
Myles
1
1 Anthony
Myles
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
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 30/04/2006 30/04/2005 30/04/2004 30/04/2003
Currency GBP GBP GBP GBP
SALES 418 1213 1616 190
Export 418 1213 1616 190
Cost of goods sold 306 958 1264 160
GROSS PROFIT 112 255 352 30
Directors
Emoluments 10 10 10 3
Trading Profit 117 206 346 19
OPERATING PROFIT 117 206 346 19
Non Trading Income 11 12 2
PRE TAX PROFIT 128 218 348 19
Taxation 25 41 73 3
PROFIT AFTER TAX 103 177 275 16
Dividends Payable 147 196 181
RETAINED PROFITS (44) (19) 94 16
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/04/2006 30/04/2005 30/04/2004 30/04/2003
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 1 1 1 1
Tangible Assets 1 1 1 1
Fixed Assets 1 1 1 1
TOTAL CURRENT
ASSETS 335 579 1061 381
Trade debtors 9 4 22 94
Stocks 33 86
Other Current
Assets 326 542 953 287
Misc Current
Assets 1 4 9 8
Cash 325 538 944 279
TOTAL ASSETS 336 580 1062 382
TOTAL CURRENT
LIABILITIES 289 489 952 366
Trade creditors 251 433 585 247
Short Term Loans 14 14 294 116
Due To Directors 14 14 294 116
Other Liabilities 24 42 73 3
WORKING CAPITAL 46 90 109 15
NET
ASSETS/(LIABILITIES) 47 91 110 16
SHARE CAPITAL +
RESERVES 47 91 110 16
Profit and Loss
account 47 91 110 16
SHAREHOLDERS FUNDS 47 91 110 16
CAPITAL EMPLOYED 47 91 110 16
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/04/2006 30/04/2005 30/04/2004 30/04/2003
Currency GBP GBP GBP GBP
Directors
Remuneration 10 10 10 3
Liquid Assets 334 542 966 373
Net Working
Capital 46 90 109 15
Tangible Net
Worth(T.N.W) 47 91 110 16
Equity 47 91 110 16
Number of Years
Trading 4 3 2 1
Key Credit Ratios
The following figures
are shown as Ratios or Percentages
Accounts Date 30/04/2006 30/04/2005 30/04/2004 30/04/2003
Current Ratio 1.2 1.2 1.1 1
Pre Tax Profit
Margin% 30.6 18 21.5 10
Gross Profit% 26.8 21 21.8 15.8
Debtors Days
(D.S.O) 8 1 5 181
Creditors Days
(D.P.O) 219 130 132 475
Quick Ratio 1.2 1.1 1 1
W.I.P/Inventory
Days 12.6 24.8
Return on
Investment% 209.8 207.6 86.1 14.4
Return on Assets% 38.1 37.6 32.8 5
T.N.W/Total
Assets% 14 15.7 10.4 4.2
Return on Capital% 272.3 239.6 316.4 118.8
Rtn on
Shareholders Funds% 272.3 239.6 316.4 118.8
Working
Capital/Sales% 11 7.4 6.7 7.9
Borrowing Ratio% 29.8 15.4 267.3 725
Equity Gearing% 16.3 18.6 11.6 4.4
Stock Turnover 36.8 18.8
Days Purchases
Outstanding 299.4 165 168.9 563.5
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 2246 3591 3477 3099
Pre-Tax Profit
Margin 5.7 4.7 3.4 3.4
Current Ratio 1.4 1.4 1.3 1.4
Borrowing Ratio 51.9 73.7 64.1 77.6
Return on Capital 45.9 41.1 37.4 35.1
Creditors Days 53 63 66 53
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector :
Financial Summary
Auditors Qualification
The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.
Turnover
Turnover decreased by 66 % and reduced by 795,000 to GBP 418,000.
Operating Profit
Totalled GBP 117,000. In the year prior a Profit of GBP 206,000 was achieved.
Pre Tax Profit
The subject's profit decreased by 41 % over the previous year.
Working Capital
The company's working capital, while remaining positive, decreased by 49 % 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%)