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MIRA
INFORM REPORT
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Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRECISION HYDRAULIC CYLINDERS (UK) LIMITED |
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Registered Office : |
Bassington Ind Est, Cramlington, Northumberland, NE23 8AE |
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Country : |
United Kingdom |
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Financials (as on) : |
31.01.2007 |
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Date of Incorporation : |
15.10.2001 |
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Com. Reg. No.: |
04304337 |
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Legal Form : |
Private Limited Liability Company (GB) |
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Line of Business : |
Manufacturers of Hydraulic Cylinders |
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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Maximum Credit Limit : |
GBP 149,600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company Identification Details
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Subject Reported on |
PRECISION HYDRAULIC CYLINDERS (UK) LIMITED |
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Holding Company |
Precision Hydraulic Cylinders Inc |
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Ultimate Holding Company |
Precision Hydraulic Cylinders, Inc. |
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Trading Address |
Nelson Way,Nelson Park West,CRAMLINGTON,NE23 1WG |
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Telephone |
01670-707203 |
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This company has an average risk status and should be
treated with a degree of caution |
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Credit Limit |
GBP 149,600 |
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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 1,764,100 |
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Buying from this company? The Contract Limit is the
recommended aggregate annual value for supply contracts. |
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Official Company Data
|
Legal Form |
Private Limited Liability Company (GB) |
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Registration Number |
04304337 |
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Date of Incorporation |
15/10/2001 |
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Registered Office |
Bassington Ind Est, Cramlington, Northumberland, NE23 8AE |
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Date of Last Annual Return to
Registry |
15/10/2007 |
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Activities |
Manufacturers of hydraulic cylinders |
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Accounts |
The last filed accounts cover the period to 31/01/2007 and
were filed on 11/05/2007 |
Recently Filed Documents
Details
of the most recent documents
|
Date
Received |
Description |
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15/10/2007 |
Annual Return |
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31/01/2007 |
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 |
DIRECTOR |
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Address |
3, FORESTERS PATH SCHOOL AYCLIFFE , NEWTON
AYCLIFFE , CO DURHAM , DL5 6TA |
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Country of Origin |
BRITISH |
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Date of Birth |
05/12/1946 |
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Appointment Date |
16/10/2001 |
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Other Appointments |
PRECISION HYDRAULIC CYLINDERS (UK) LIMITED |
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DIRECTOR |
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Occupation |
VENTURE CAPITALIST |
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Address |
2518, REYNOLDS DRIVE WINSTON-SALEM , NC 27104
, USA , |
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Country of Origin |
US CITIZEN |
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Date of Birth |
29/05/1957 |
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Appointment Date |
16/10/2001 |
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Other Appointments |
PRECISION HYDRAULIC CYLINDERS (UK) LIMITED |
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DIRECTOR |
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Occupation |
CHIEF EXECUTIVE OFFICER |
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Address |
8913, CHAMPION HILLS DRIVE WILMINGTON , NC
28411 , USA , |
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Country of Origin |
AMERICAN |
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Date of Birth |
17/09/1958 |
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Appointment Date |
16/10/2001 |
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Other Appointments |
PRECISION HYDRAULIC CYLINDERS (UK) LIMITED |
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SECRETARY |
MR ROBERT SCOTT |
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Address |
3 FORESTERS PATH, SCHOOL AYCLIFFE , NEWTON
AYCLIFFE , COUNTY DURHAM , DL5 6TA |
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Country of Origin |
BRITISH |
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Date of Birth |
05/12/1946 |
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Appointment Date |
16/10/2001 |
Recently Resigned Directors (last
3)
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DIRECTOR |
MR TIMOTHY JAMES CARE |
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Occupation |
SOLICITOR |
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Address |
WEST HOUSE , WHORLTON HALL FARM , NEWCASTLE UPON
TYNE , - - |
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Date of Birth |
14/08/1961 |
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Resignation Date |
16/10/2001 |
Share Summary
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Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
%age |
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Precision Hydraulic Cylinders Inc |
ORD |
1,400,001 |
1,400,001.00 |
100.00 |
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Mortgages and Charges
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Total Registered |
3 |
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Total Outstanding |
2 |
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Total Satisfied |
1 |
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Most Recent Mortgage |
01/06/2004 |
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Date Registered |
22/06/2004 |
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Type |
395 |
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Date Created |
01/06/2004 |
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Lender |
THE ROYAL BANK OF SCOTLAND 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 |
LAND AT BASSINGTON INDUSTRIAL ESTATE BASSINGTON LANE CRAMLINGTON
FH TNO ND125638 BY WAY OF FIXED CHARGE THE BENEFIT OF ALL COVENANTS AND
RIGHTS CONCERNING THE PROPERTY AND PLANT MACHINERY FIXTURES FITTINGS
FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS THE GOODWILL OF ANY BUSINESS
CARRIED ON AT THE PROPERTY AND THE PROCEEDS OF ANY INSURANCE AFFECTING THE
PROPERTY OR ASSETS |
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Satisfied? |
No |
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Date Registered |
29/08/2002 |
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Type |
395 |
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Date Created |
15/08/2002 |
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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 UNDER THE TERMS OF THE AFOREMENTIONED
INSTRUMENT CREATING OR EVIDENCING THE CHARGE |
|
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 SEE THE MORTGAGE CHARGE
DOCUMENT FOR FULL DETAILS |
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Satisfied? |
No |
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Date Registered |
06/02/2002 |
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Type |
395 |
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Date Created |
17/01/2002 |
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Lender |
CASCADE (UK) LIMITED |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE TO THE CHARGEE AND CASCADE
US BY EACH OBLIGOR UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING
OR EVIDENCING THE CHARGE |
|
Details |
FREEHOLD LAND AT BASSINGTON INDUSTRIAL ESTATE CRAMLINGTON
NORTHUMBERLAND NE23 8AE 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 |
Public Record Information
Summary
of CCJ's/Scottish Decrees
|
There are no unsatisfied CCJs against the company. |
Operations
|
Activities |
Manufacturers of hydraulic cylinders |
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Sic Code |
Description |
|
2914 |
Manufacture of bearings, gears, gearing and driving
elements |
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Staff Employed |
13 |
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Auditors |
Grant Thornton UK LLP |
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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 |
205817 |
Financial Data
Profit and Loss
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/01/2007 |
31/01/2006 |
31/01/2005 |
31/01/2004 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
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Consolidated? |
No |
No |
No |
No |
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SALES |
6,517,844 |
5,500,327 |
2,406,535 |
5,892,062 |
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Export Sales |
3,589,216 |
4,952,960 |
- |
4,363,593 |
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Cost of goods sold |
5,608,921 |
4,750,978 |
2,385,598 |
5,400,186 |
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GROSS PROFIT |
908,923 |
749,349 |
20,937 |
491,876 |
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Other Expenses |
119,369 |
162,851 |
38,732 |
204,474 |
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General administration costs (-) |
674,355 |
467,962 |
740,497 |
1,001,459 |
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Wages and Salaries |
1,288,847 |
1,015,826 |
647,379 |
1,383,218 |
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Depreciation |
376,637 |
296,275 |
- |
205,547 |
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Net Operating Profit(Loss) |
115,199 |
118,536 |
-758,292 |
-714,057 |
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Non Trading Income |
2,034 |
6,095 |
7,979 |
6,128 |
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Group Non Trading Income |
2,747 |
17,482 |
12,482 |
28,126 |
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Total Non Trading Income |
4,781 |
23,577 |
2,258,925 |
2,357,335 |
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Interest expenses & similar (-) |
104,772 |
105,703 |
54,679 |
123,692 |
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Other financial charges |
52,368 |
66,401 |
47,674 |
- |
|
Financial Expenses |
157,140 |
172,104 |
102,353 |
123,692 |
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PRE TAX PROFIT |
-37,160 |
-29,991 |
1,398,280 |
1,519,586 |
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Other Taxation |
-10,000 |
-27,000 |
431,000 |
-14,112 |
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Taxation |
0 |
0 |
-13,174 |
0 |
|
PROFIT AFTER TAX |
-27,160 |
-2,991 |
980,454 |
1,533,698 |
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Net Loss |
27,160 |
2,991 |
- |
- |
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Dividends Payable |
0 |
1,125,000 |
0 |
0 |
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RETAINED PROFITS |
- |
- |
980,454 |
1,533,698 |
Balance Sheet
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/01/2007 |
31/01/2006 |
31/01/2005 |
31/01/2004 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
|
Consolidated? |
No |
No |
No |
No |
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TOTAL FIXED ASSETS |
4,257,567 |
4,090,742 |
3,971,337 |
491,664 |
|
Land & buildings |
1,828,684 |
1,882,089 |
1,911,793 |
372,500 |
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Plant, machinery & equipment |
2,428,883 |
2,208,653 |
2,059,544 |
119,164 |
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TOTAL CURRENT ASSETS |
2,572,694 |
2,708,721 |
4,587,771 |
3,147,056 |
|
Stocks |
1,235,937 |
851,796 |
852,079 |
204,500 |
|
Trade Debtors |
1,051,436 |
344,945 |
401,616 |
174,726 |
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Prepaid expenses |
24,920 |
28,682 |
26,864 |
24,458 |
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Group Loans |
35,493 |
986,601 |
1,674,786 |
1,253,114 |
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Cash |
224,908 |
388,057 |
1,544,734 |
1,427,549 |
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TOTAL ASSETS |
6,830,261 |
6,799,463 |
8,559,108 |
3,638,720 |
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TOTAL CURRENT LIABILITIES |
1,338,975 |
1,196,550 |
1,352,591 |
453,682 |
|
Trade Creditors |
694,494 |
590,362 |
797,902 |
268,290 |
|
Bank Overdraft |
69,142 |
75,633 |
49,235 |
- |
|
Taxes |
59,099 |
29,703 |
25,645 |
19,190 |
|
Due From Group |
1,977 |
5,557 |
- |
6,899 |
|
Hire Purchase |
290,273 |
296,683 |
275,830 |
- |
|
Accruals & deferred income |
223,990 |
198,612 |
203,979 |
155,599 |
|
WORKING CAPITAL |
1,233,719 |
1,512,171 |
3,235,180 |
2,693,374 |
|
TOTAL LONG TERM LIABS |
2,315,987 |
2,357,282 |
3,041,025 |
0 |
|
Taxation |
394,000 |
404,000 |
431,000 |
- |
|
Mortgages and loans |
1,385,786 |
1,453,451 |
1,528,841 |
- |
|
Total Hire Purchase / Leasing |
536,201 |
499,831 |
797,828 |
- |
|
NET ASSETS/(LIABILITIES) |
5,491,286 |
5,602,913 |
7,206,517 |
3,185,038 |
|
SHARE CAPITAL + RESERVES |
3,175,299 |
3,245,631 |
4,165,492 |
3,185,038 |
|
Issued Share Capital |
1,400,001 |
1,400,001 |
1,400,000 |
1,400,000 |
|
Profit and Loss account |
1,610,341 |
1,637,501 |
2,765,492 |
1,785,038 |
|
Investment grants |
164,957 |
208,129 |
- |
- |
|
SHAREHOLDERS FUNDS |
3,175,299 |
3,245,631 |
4,165,492 |
3,185,038 |
|
CAPITAL EMPLOYED |
5,491,286 |
5,602,913 |
7,206,517 |
3,185,038 |
|
TANGIBLE NET WORTH |
3,175,299 |
3,245,631 |
4,165,492 |
3,185,038 |
Key Credit Ratios
|
Accounts Date |
31/01/2007 |
31/01/2006 |
31/01/2005 |
31/01/2004 |
|
Current Ratio |
1.92 |
2.26 |
3.39 |
6.94 |
|
Profit Before Tax |
-0.01 |
-0.01 |
0.58 |
0.26 |
|
Creditors Days (D.P.O) |
45.19 |
45.36 |
122.08 |
18.13 |
|
Quick Ratio |
1.00 |
1.55 |
2.76 |
6.49 |
|
Return on Assets |
-0.54 |
-0.44 |
16.34 |
41.76 |
|
T.N.W/Total Assets |
0.46 |
0.48 |
0.49 |
0.88 |
|
Return on Capital |
-0.68 |
-0.54 |
19.40 |
47.71 |
|
Working Capital/Sales |
0.00 |
0.00 |
0.01 |
0.00 |
|
Equity Gearing |
0.08 |
0.08 |
0.06 |
- |
|
Stock Turnover |
0.00 |
0.00 |
0.01 |
0.00 |
|
Solvency (%) |
115.11 |
109.50 |
105.48 |
14.24 |
Financial Summary
|
Turnover |
Turnover increased by more than 18% in the period.
Turnover totalled GBP 6,517,844,units for the period. |
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Operating Profit |
Totalled GBP 115,199,units In the period prior a
profit of GBP 118,536,units was achieved. |
|
Pre Tax |
The subject made a loss of GBP 37,160,units compared
with a loss of GBP 29,991,units in the previous period. |
|
Working Capital |
The company's working capital decreased in the period by
18% |
|
Tangible Net Worth |
Net worth reduced by 70,332 during the period and now
stands at GBP 3,175,299,units |
|
Fixed Assets |
The subjects fixed assets increased during the period by
GBP 166,825 to GBP 4,257,567,units and are now 62% of total
assets compared with 60% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities reduced during the
period by 2% and are now 73% of net worth compared with 73% in the previous
period |
|
Long Term Liabilities |
Long term liabilities are now 34% of total assets compared
with 35% in the previous period |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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%)