MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NIKAL STEELS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
17/03/2000 |
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Com. Reg. No.: |
03950507 |
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Legal Form : |
Private Limited Liability Company (GB) |
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Line of Business : |
Wholesalers of stainless steel. |
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 : |
Usually correct |
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Litigation : |
Clear |
Company
Identification Details
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Subject Reported on |
NIKAL STEELS LIMITED |
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Trading Address |
Block 3, Unit 14, |
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Telephone |
01384-243717 |
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Credit Limit |
GBP 73,900 |
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Selling to this company? The Credit Limit is the recommended
maximum outstanding debtor exposure at any one time. |
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Contract Limit |
GBP 509,000 |
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Buying from this company? The Contract Limit is the
recommended aggregate annual value for supply contracts. |
Official Company
Data
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Legal Form |
Private Limited Liability Company (GB) |
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Registration Number |
03950507 |
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Date of Incorporation |
17/03/2000 |
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Registered Office |
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Date of Last Annual Return to Registry |
09/03/2007 |
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Activities |
Wholesalers of stainless steel |
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Accounts |
The last filed accounts cover the period to 30/06/2006 and
were filed on 14/09/2006 |
Recently Filed
Documents
Details of the most recent documents
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Date
Received |
Description |
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09/03/2007 |
Annual Return |
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30/06/2006 |
Financial Statement / Set of Accounts |
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It should be noted that there is no legal requirement to
file satisfaction details of mortgages/charges at Companies House. |
Known Directors
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DIRECTOR |
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Occupation |
SALES DIRECTOR |
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Address |
24, |
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Country of Origin |
BRITISH |
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Date of Birth |
22/04/1962 |
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Appointment Date |
17/08/2000 |
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Other Appointments |
NIKAL STEELS LIMITED |
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SECRETARY |
MS LYNNE BULLOCK |
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Address |
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Country of Origin |
BRITISH |
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Appointment Date |
11/05/2000 |
Recently Resigned
Directors (last 3)
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DIRECTOR |
MR KEVIN J LLOYD |
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Occupation |
HAULIER |
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Address |
5 , |
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Date of Birth |
11/08/1960 |
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Resignation Date |
19/03/2001 |
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DIRECTOR |
MR PAUL H WILKES |
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Occupation |
ACCOUNTANT |
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Address |
, BARNT GREEN , |
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Date of Birth |
20/11/1952 |
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Resignation Date |
10/05/2000 |
Share Summary
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Principle Shareholders: |
Type Of Share |
No. of Shares |
Value |
%age |
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Ian Bullock |
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55.00 |
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Lynne Bullock |
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25.00 |
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Nicolas Bullock |
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10.00 |
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Alexander Bullock |
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10.00 |
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Mortgages and
Charges
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Total Registered |
6 |
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Total Outstanding |
2 |
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Total Satisfied |
4 |
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Most Recent Mortgage |
30/07/2004 |
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Date Registered |
05/08/2004 |
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Type |
395 |
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Date Created |
30/07/2004 |
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Lender |
HULBERT PROPERTIES LIMITED |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR
EVIDENCING THE CHARGE |
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Details |
THE SUM OF 10,281.25 AND ANY SUMS PAID AND ANY SUCH INTEREST
EARNED ON SUCH MONIES AND RETAINED IN THE ACCOUNT |
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Satisfied? |
No |
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Date Registered |
02/07/2004 |
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Type |
395 |
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Date Created |
25/06/2004 |
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Lender |
HSBC BANK PLC |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
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Details |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL
PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL
BUILDINGS FIXTURES FIXED PLANT AND MACHINERY |
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Satisfied? |
No |
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Date Registered |
25/07/2001 |
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Type |
395 |
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Date Created |
12/07/2001 |
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Lender |
LLOYDS TSB BANK PLC |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
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Details |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL
PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED
CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY |
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Satisfied? |
Fully |
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Date Registered |
26/07/2006 |
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Type |
403A |
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Date Created |
12/07/2001 |
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Lender |
LLOYDS TSB BANK PLC |
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Details |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY
AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL
BUILDINGS FIXTURES FIXED PLANT AND MACHINERY |
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Satisfied? |
Fully |
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Date Registered |
28/06/2000 |
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Type |
395 |
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Date Created |
19/06/2000 |
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Lender |
BARCLAYS BANK PLC |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
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Details |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL
PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED
CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY |
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Satisfied? |
Fully |
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Date Registered |
28/06/2000 |
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Type |
395 |
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Date Created |
19/06/2000 |
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Lender |
BARCLAYS BANK PLC |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
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Details |
A FIXED CHARGE OVER ALL THE DEPOSITS (AS DEFINED) TOGETHER
WITH ALL INTEREST FROM TIME TO TIME THEREON SEE THE MORTGAGE CHARGE DOCUMENT
FOR FULL DETAILS |
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Satisfied? |
Fully |
Public Record
Information
Summary of CCJ's/Scottish Decrees
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There are no unsatisfied CCJs against the company. |
Operations
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Activities |
Wholesalers of stainless steel |
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Sic Code |
Description |
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5152 |
Wholesale of metals and metal ores |
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Staff Employed |
15 |
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Auditors |
Wilkes Associates Ltd |
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Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion
(i.e. unqualified with no referrals) on the latest accounts. |
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Bankers |
Barclays Bank PLC |
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Sort Codes |
209861 |
Financial Data
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The following figures are shown in units of 000 |
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Profit and Loss |
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Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
30/06/2006 |
30/06/2005 |
30/06/2004 |
30/06/2003 |
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Currency |
GBP |
GBP |
GBP |
GBP |
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Consolidated? |
No |
No |
No |
No |
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SALES |
2,368 |
2,434 |
1,704 |
1,310 |
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Cost of goods sold |
1,847 |
2,081 |
1,400 |
1,031 |
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GROSS PROFIT |
522 |
353 |
305 |
280 |
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Other Expenses |
221 |
- |
178 |
200 |
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Wages and Salaries |
13 |
13 |
21 |
8 |
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Depreciation |
27 |
35 |
21 |
16 |
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Net Operating Profit(Loss) |
301 |
156 |
126 |
80 |
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Non Trading Income |
3 |
3 |
1 |
0 |
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Total Non Trading Income |
3 |
3 |
1 |
0 |
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Interest expenses & similar (-) |
11 |
12 |
7 |
7 |
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Financial Expenses |
11 |
12 |
7 |
7 |
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PRE TAX PROFIT |
293 |
147 |
120 |
74 |
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Other Taxation |
5 |
0 |
3 |
0 |
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Taxation |
52 |
29 |
20 |
15 |
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PROFIT AFTER TAX |
236 |
118 |
97 |
60 |
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Net Profit |
236 |
118 |
97 |
60 |
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Dividends Payable |
23 |
19 |
18 |
34 |
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RETAINED PROFITS |
213 |
99 |
79 |
26 |
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Balance Sheet |
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Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
30/06/2006 |
30/06/2005 |
30/06/2004 |
30/06/2003 |
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Currency |
GBP |
GBP |
GBP |
GBP |
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Consolidated? |
No |
No |
No |
No |
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TOTAL FIXED ASSETS |
88 |
110 |
106 |
48 |
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Land & buildings |
1 |
1 |
- |
- |
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Plant, machinery & equipment |
87 |
109 |
106 |
48 |
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TOTAL CURRENT ASSETS |
1,070 |
1,150 |
710 |
446 |
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Stocks |
223 |
441 |
95 |
97 |
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Trade Debtors |
655 |
667 |
611 |
282 |
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Other Receivables |
12 |
21 |
1 |
2 |
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Prepaid expenses |
9 |
9 |
- |
17 |
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Cash |
172 |
12 |
4 |
48 |
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TOTAL ASSETS |
1,158 |
1,260 |
817 |
494 |
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TOTAL CURRENT LIABILITIES |
585 |
878 |
507 |
296 |
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Trade Creditors |
459 |
688 |
332 |
194 |
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Bank Overdraft |
8 |
99 |
50 |
8 |
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Loans From Principals |
7 |
20 |
32 |
32 |
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Taxes |
84 |
32 |
55 |
44 |
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Hire Purchase |
15 |
31 |
21 |
7 |
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Accruals & deferred income |
13 |
9 |
18 |
12 |
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WORKING CAPITAL |
485 |
272 |
203 |
149 |
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TOTAL LONG TERM LIABS |
63 |
86 |
113 |
80 |
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Taxation |
8 |
3 |
4 |
1 |
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Mortgages and loans |
44 |
31 |
63 |
73 |
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Total Hire Purchase / Leasing |
11 |
52 |
46 |
6 |
|
NET ASSETS/(LIABILITIES) |
573 |
382 |
310 |
197 |
|
SHARE CAPITAL + RESERVES |
509 |
296 |
197 |
118 |
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Issued Share Capital |
0 |
0 |
0 |
0 |
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Profit and Loss account |
509 |
296 |
197 |
118 |
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SHAREHOLDERS FUNDS |
509 |
296 |
197 |
118 |
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CAPITAL EMPLOYED |
572 |
382 |
310 |
198 |
|
TANGIBLE NET WORTH |
509 |
296 |
197 |
118 |
Key Credit Ratios
|
Accounts Date |
30/06/2006 |
30/06/2005 |
30/06/2004 |
30/06/2003 |
|
Current Ratio |
1.83 |
1.31 |
1.40 |
1.51 |
|
Profit Before Tax |
0.12 |
0.06 |
0.07 |
0.06 |
|
Creditors Days (D.P.O) |
90.76 |
120.67 |
86.62 |
68.75 |
|
Quick Ratio |
- |
- |
- |
- |
|
Return on Assets |
25.30 |
11.67 |
14.71 |
14.98 |
|
T.N.W/Total Assets |
0.44 |
0.23 |
0.24 |
0.24 |
|
Return on Capital |
51.22 |
38.48 |
38.71 |
37.37 |
|
Working Capital/Sales |
0.00 |
0.00 |
0.00 |
0.00 |
|
Equity Gearing |
0.64 |
0.99 |
0.49 |
1.18 |
|
Stock Turnover |
0.00 |
0.00 |
0.00 |
0.00 |
Financial Summary
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Turnover |
Turnover decreased by more than 3% in the period. Turnover
totaled GBP 2,368,000 for the period. |
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Operating Profit |
Totaled GBP 301,000 In the period prior a profit of
GBP 156,000 was achieved. |
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Pre Tax |
The subject made a profit of GBP 293,000 compared
with a profit of GBP 147,000 in the previous period. |
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Working Capital |
The company's working capital improved in the period by
78% |
|
Tangible Net Worth |
Net worth increased by 213,000 during the period and now
stands at GBP 509,000 |
|
Fixed Assets |
The subjects fixed assets reduced during the period by GBP
22,000 to GBP 88,000 and are now 8% of total assets compared with
9% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities reduced during the
period by 19% and are now 15% of net worth compared with 32% in the previous
period |
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Long Term Liabilities |
Long term liabilities are now 7% of total assets compared
with 8% in 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 |
|
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. |
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%)