MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METABRASIVE LIMITED |
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|
|
|
Registered Office : |
Creative Industries Cntr, Wolverhampton Science Pk,
Glaisher |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.02.1980 |
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Com. Reg. No.: |
01477523 |
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|
Legal Form : |
Private Limited Liability Company (GB) |
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|
Line of Business : |
Manufacturers of Metallic Abrasive Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
GBP 211,400 |
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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 |
METABRASIVE LIMITED |
|
Holding Company |
WHEELABRATOR ALLEVARD |
|
Ultimate
Holding Company |
LBO FRANCE GESTION |
|
Trading Address |
Creative Industry
Centre,Mammoth Drive, Wolverhampton Science Park,WOLVERHAMPTON,WV10 9TG |
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Telephone |
01902-792610 |
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There is a high degree of confidence this company will
prove good for the assigned Credit Limit |
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Credit Limit |
GBP 211,400 |
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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 654,900 |
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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) |
|
Registration Number |
01477523 |
|
Date of Incorporation |
06/02/1980 |
|
Registered Office |
Creative Industries Cntr, Wolverhampton Science Pk,
Glaisher |
|
Date of Last Annual Return to
Registry |
28/10/2007 |
|
Activities |
Metallic abrasive products manufacturers. |
|
Accounts |
The last filed accounts cover the period to 31/12/2006 and
were filed on 01/10/2007 |
Recently Filed Documents
Details
of the most recent documents
|
Date
Received |
Description |
|
28/10/2007 |
Annual Return |
|
31/12/2006 |
Financial Statement / Set of Accounts |
|
It should be noted that there is no legal requirement to
file satisfaction details of mortgages/charges at Companies House. |
Known Directors
|
DIRECTOR |
|
|
|
Occupation |
DIRECTOR |
|
|
Address |
LE MAS LA , PERUERE , ST VINCENT DE MERCUZE
, LE TOUVET , |
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|
Country of Origin |
FRENCH |
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|
Date of Birth |
05/12/1954 |
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|
Appointment Date |
28/10/1991 |
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|
Other Appointments |
METABRASIVE LIMITED |
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|
DIRECTOR |
|
|
|
Occupation |
COMPANY DIRECTOR |
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|
Address |
JACKSONS , HUTTON MAGNA , RICHMOND , NORTH
YORKSHIRE , DL11 7HH |
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|
Country of Origin |
BRITISH |
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|
Date of Birth |
02/06/1951 |
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|
Appointment Date |
01/01/1995 |
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Other Appointments |
METABRASIVE LIMITED |
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|
DIRECTOR |
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Occupation |
FINANCIAL DIRECTOR |
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|
Address |
75, RICHMOND DRIVE PERTON , WOLVERHAMPTON
, WV6 7RP |
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|
Country of Origin |
PORTUGUESE |
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|
Date of Birth |
17/01/1967 |
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|
Appointment Date |
22/06/2004 |
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Other Appointments |
METABRASIVE LIMITED, THOMAS ABRASIVES (EUROPE)
LIMITED |
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|
DIRECTOR |
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Occupation |
DIRECTOR |
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|
Address |
9, MANOR CLOSE PENN , WOLVERHAMPTON
, WV4 5QR |
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Country of Origin |
BRITISH |
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Date of Birth |
20/06/1947 |
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|
Appointment Date |
28/10/1991 |
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Other Appointments |
METABRASIVE LIMITED |
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SECRETARY |
MR MARTIN WALKER |
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|
Address |
JACKSON'S, HUTTON MAGNA , RICHMOND , NORTH
YORKSHIRE , DL11 7HH |
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|
Country of Origin |
BRITISH |
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|
Date of Birth |
02/06/1951 |
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|
Appointment Date |
27/11/2007 |
Recently Resigned Directors (last
3)
|
DIRECTOR |
PETER SIMPSON |
|
Occupation |
DIRECTOR |
|
Address |
58 , PINFOLD LANE , CANNOCK , STAFFS
, - - |
|
Country of Origin |
BRITISH |
|
Date of Birth |
31/01/1962 |
|
Resignation Date |
30/09/2004 |
|
DIRECTOR |
JEAN-MARIE BERNARD |
|
Occupation |
DIRECTOR |
|
Address |
6 , ALLEE DE LA , 38240 MEYLAN , FRANCE
, - - |
|
Country of Origin |
FRENCH |
|
Date of Birth |
02/06/1949 |
|
Resignation Date |
20/02/2004 |
|
DIRECTOR |
DAVID SLANEY |
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Occupation |
EUROPEAN SALES DIRECTOR |
|
Address |
122 , PINEWOOD DRIVE , BIRMINGHAM
, - - |
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Country of Origin |
BRITISH |
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Date of Birth |
25/01/1962 |
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Resignation Date |
31/10/2003 |
Share Summary
|
Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
%age |
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|
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|
WHEELABRATOR ALLEVARD |
ORD |
1,150,000 |
1,150,000.00 |
100.00 |
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|
|
|
Mortgages and Charges
|
Total Registered |
6 |
|
Total Outstanding |
2 |
|
Total Satisfied |
4 |
|
Most Recent Mortgage |
06/10/2005 |
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|
|
|
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Date Registered |
19/10/2005 |
|
Type |
395 |
|
Date Created |
06/10/2005 |
|
Lender |
THE ROYAL BANK OF SCOTLAND PLC ACTING IN ITS CAPACITY AS
SECURITY AGENT FOR THE SECURED PARTIES |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM ANY CHARGING COMPANY
OR ANY OTHER OBLIGOR TO ANY SECURED PARTY 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 |
|
Satisfied? |
No |
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|
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|
Date Registered |
07/10/2004 |
|
Type |
395 |
|
Date Created |
01/10/2004 |
|
Lender |
PRIORITY SITES LIMITED |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE |
|
Details |
BY WAY OF FIRST FIXED CHARGE THE COMPANY'S INTEREST IN THE
DEPOSIT ACCOUNT BEING A SEPARATE INTEREST EARNING ACCOUNT OR ACCOUNTS FROM
TIME TO TIME OPENED AND MAINTAINED BY THE MORTGAGEE WITH THE MORTGAGEE'S
BANKERS INTO WHICH THE INITIAL DEPOSIT OF 108,170.50 SHALL BE PAID AND ALL
MONEY FROM TIME TO TIME WITHDRAWN FROM THE DEPOSIT ACCOUNT |
|
Satisfied? |
No |
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|
|
|
Date Registered |
12/09/1997 |
|
Type |
395 |
|
Date Created |
29/08/1997 |
|
Lender |
SOCIETE GENERALE |
|
Secured On |
UNDER THE TERMS OF THE LOAN AGREEMENT (AS DEFINED) ANDOR
UNDER THE TERMS OF THIS DEBENTURE ALL MONIES DUE OR TO BECOME DUE FROM THE
COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Details |
FH LAND AND BUILDINGS LYING TO THE NORTH OF MESSINES LANE
STOCKTON-ON-TEES TN-CE93440. ESTATE ROADS AT STILLINGTON STOCKTON-ON-TEES
TN-CE126180. FH LAND AND BUILDINGS AT CAPPONFIELD WORKS BROAD LANES BILSTON
TN-WM198031. (SEE 395 FOR FURTHER PROPERTY DETAILS CHARGED). BY WAY OF SECOND
FIXED CHARGES ALL FH AND LH PROPERTY, GOODWILL AND UNCALLED CAPITAL ALL BOOK
DEBTS AND OTHER DEBTS; BY WAY OF SECOND FLOATING CHARGE THE UNDERTAKING AND
ALL ITS PROPERTY ASSETS AND RIGHTS BOTH PRESENT AND FUTURE. SEE THE MORTGAGE
CHARGE DOCUMENT FOR FULL DETAILS |
|
Satisfied? |
Fully |
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|
|
|
Date Registered |
12/09/1997 |
|
Type |
395 |
|
Date Created |
29/08/1997 |
|
Lender |
CREDIT LYONNAIS |
|
Secured On |
PURSUANT TO THE TERMS OF THE LOAN AGREEMENT (AS DEFINED)
ANDOR UNDER THE TERMS OF THIS DEBENTURE ALL MONIES DUE OR TO BECOME DUE FROM
THE COMPANY TO THE CHARGEE |
|
Details |
FH LAND AND BUILDINGS LYING TO THE NORTH OF MESSINES LANE
STOCKTON-ON-TEES TN-CE93440. ESTATE ROADS AT STILLINGTON STOCKTON-ON-TEES
TN-CE126180. FH LAND AND BUILDINGS AT CAPPONFIELD WORKS BROAD LANES BILSTON
TN-WM198031. (SEE FORM 395 FOR FULL DETAILS OF PROPERTY CHARGED). BY WAY OF
THIRD FIXED CHARGES ALL FH AND LH PROPERTY, GOODWILL AND UNCALLED CAPITAL; BY
WAY OF THIRD FLOATING CHARGE THE UNDERTAKING AND ALL ITS PROPERTY ASSETS AND
RIGHTS WHATSOEVER AND WHERESOEVER BOTH PRESENT AND FUTURE. SEE THE MORTGAGE
CHARGE DOCUMENT FOR FULL DETAILS |
|
Satisfied? |
Fully |
|
|
|
|
Date Registered |
11/09/1997 |
|
Type |
395 |
|
Date Created |
29/08/1997 |
|
Lender |
BARCLAYS BANK PLC |
|
Secured On |
BUT THE SECURITY IS ENFORCEABLE ONLY IN RESPECT OF THE
LIABILITIES UNDER THE TERMS OF A FACILITY LETTER DATED 29TH DAY OF NOVEMBER
1996 ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
|
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 |
|
Satisfied? |
Fully |
|
|
|
|
Date Registered |
08/08/1980 |
|
Type |
9999 |
|
Date Created |
07/08/1980 |
|
Lender |
WHELLABEATOR ALLEVARD |
|
Secured On |
FOR SECURING STERLING POUNDS 2,572,016.46 AND ALL OTHER
MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE |
|
Details |
1ST ALL THAT PARCEL OF LAND SITUATE NEAR AND IN PART
FRONTING TO BROAD "LANES ATBILSTON, WEST MIDLANDS" TOGETHER WITH
FIXTURES WHATSOEVER INCLUDING FIXED P & M FROM TIME TO TIME SECONDLY ALL
THE UNDERTAKING AND ITS PROPERTIES (SEE DOC M19 FOR DETAILS) |
|
Satisfied? |
Fully |
Public Record Information
Summary
of CCJ's/Scottish Decrees
There are no unsatisfied CCJs against the company.
Operations
|
Activities |
Metallic abrasive products manufacturers. |
|
Sic Code |
Description |
|
2681 |
Production of abrasive products |
|
Staff Employed |
149 |
|
Auditors |
BDO Stoy Hayward LLP |
|
Auditors Notes |
No Qualification. The Auditors have expressed a clean
opinion (i.e. unqualified with no referrals) on the latest accounts. |
|
Bankers |
Barclays Bank PLC |
|
Sort Codes |
209778 |
|
Bankers |
Societe Generale |
|
Sort Codes |
236391 |
Financial Data
|
The following figures are shown in units of 000 |
Profit and Loss
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Consolidated? |
No |
No |
No |
No |
|
SALES |
14,236 |
14,407 |
13,654 |
13,496 |
|
Change in stocks of finished goods & in work in
progress |
228 |
187 |
265 |
389 |
|
Raw materials, consumables |
8,393 |
8,043 |
7,365 |
6,477 |
|
Subcontractors and other external costs |
2,649 |
2,925 |
2,476 |
3,545 |
|
Cost of Goods Sold |
11,270 |
11,155 |
10,106 |
10,411 |
|
GROSS PROFIT |
2,966 |
3,252 |
3,548 |
3,085 |
|
Wages and Salaries |
1,427 |
1,319 |
1,316 |
2,119 |
|
Depreciation |
81 |
96 |
130 |
985 |
|
Other operating charges |
364 |
555 |
467 |
- |
|
Net Operating Profit(Loss) |
1,094 |
1,282 |
1,635 |
15 |
|
Other financial income |
559 |
328 |
2,512 |
- |
|
Total Non Trading Income |
559 |
365 |
2,661 |
110 |
|
Interest expenses & similar (-) |
367 |
379 |
72 |
106 |
|
Other financial charges |
311 |
175 |
650 |
2,920 |
|
Financial Expenses |
678 |
554 |
722 |
3,026 |
|
PRE TAX PROFIT |
975 |
1,093 |
3,574 |
-2,901 |
|
Other Taxation |
-23 |
-2 |
-1 |
- |
|
Taxation |
0 |
1 |
0 |
- |
|
PROFIT AFTER TAX |
998 |
1,094 |
3,575 |
-2,901 |
|
Net Profit |
998 |
1,094 |
3,575 |
- |
|
Dividends Payable |
0 |
0 |
0 |
0 |
|
RETAINED PROFITS |
998 |
1,094 |
3,575 |
- |
Balance Sheet
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Consolidated? |
No |
No |
No |
No |
|
TOTAL FIXED ASSETS |
703 |
987 |
1,059 |
6,108 |
|
Land & buildings |
499 |
720 |
747 |
4,961 |
|
Plant, machinery & equipment |
196 |
259 |
301 |
1,136 |
|
Intermediate Assets |
8 |
8 |
11 |
11 |
|
TOTAL CURRENT ASSETS |
5,946 |
5,955 |
6,674 |
5,714 |
|
Stocks |
1,284 |
1,447 |
1,639 |
2,000 |
|
Trade Debtors |
3,299 |
2,973 |
3,676 |
2,541 |
|
Other Receivables |
182 |
130 |
137 |
155 |
|
Prepaid expenses |
31 |
232 |
189 |
212 |
|
Group Loans |
454 |
632 |
786 |
457 |
|
Cash |
696 |
541 |
247 |
340 |
|
TOTAL ASSETS |
6,649 |
6,942 |
7,733 |
11,822 |
|
TOTAL CURRENT LIABILITIES |
3,013 |
2,795 |
4,033 |
13,765 |
|
Trade Creditors |
926 |
865 |
465 |
1,286 |
|
Taxes |
397 |
187 |
141 |
125 |
|
Other Current Liabilities |
192 |
217 |
324 |
212 |
|
Due From Group |
1,325 |
1,455 |
1,376 |
10,128 |
|
Accruals & deferred income |
173 |
71 |
569 |
495 |
|
WORKING CAPITAL |
2,933 |
3,160 |
2,641 |
-8,051 |
|
TOTAL LONG TERM LIABS |
2,794 |
4,351 |
3,185 |
1,117 |
|
Debts to group companies |
1,032 |
2,535 |
3,185 |
- |
|
Other Long Term Liabilities |
1,762 |
1,816 |
- |
1,107 |
|
NET ASSETS/(LIABILITIES) |
3,636 |
4,147 |
3,700 |
-1,943 |
|
SHARE CAPITAL + RESERVES |
842 |
-204 |
515 |
-3,060 |
|
Issued Share Capital |
15,000 |
15,000 |
15,000 |
15,000 |
|
Profit and Loss account |
-14,158 |
-15,204 |
-14,485 |
-18,060 |
|
SHAREHOLDERS FUNDS |
842 |
-204 |
515 |
-3,060 |
|
CAPITAL EMPLOYED |
3,636 |
4,147 |
3,700 |
-1,943 |
|
TANGIBLE NET WORTH |
842 |
-204 |
515 |
-3,060 |
Key Credit Ratios
|
Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
|
Current Ratio |
1.97 |
2.13 |
1.65 |
0.42 |
|
Profit Before Tax |
0.07 |
0.08 |
0.26 |
-0.21 |
|
Creditors Days (D.P.O) |
29.99 |
28.30 |
16.79 |
45.09 |
|
Quick Ratio |
1.55 |
1.61 |
1.25 |
0.27 |
|
Return on Assets |
14.68 |
15.76 |
46.28 |
-24.56 |
|
T.N.W/Total Assets |
0.13 |
-0.03 |
0.07 |
-0.26 |
|
Return on Capital |
26.82 |
26.36 |
96.59 |
149.31 |
|
Working Capital/Sales |
0.00 |
0.00 |
0.00 |
-0.01 |
|
Equity Gearing |
0.00 |
0.00 |
0.00 |
-0.03 |
|
Stock Turnover |
0.01 |
0.01 |
0.01 |
0.01 |
|
Solvency (%) |
689.67 |
-3502.94 |
1401.55 |
-486.34 |
Financial Summary
|
Turnover |
Turnover decreased by more than 1% in the period. Turnover
totalled GBP 14,236,000 for the period. |
|
Operating Profit |
Totalled GBP 1,094,000 In the period prior a profit
of GBP 1,282,000 was achieved. |
|
Pre Tax |
The subject made a profit of GBP 975,000 compared
with a profit of GBP 1,093,000 in the previous period. |
|
Working Capital |
The company's working capital decreased in the period by
7% |
|
Tangible Net Worth |
Net worth increased by 1,046,000 during the period and now
stands at GBP 842,000 |
|
Fixed Assets |
The subjects fixed assets reduced during the period by GBP
284,000 to GBP 695,000 and are now 10% of total assets compared
with 14% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities reduced during the
period by 36% and are now 332% of net worth compared with -2133% in the
previous period |
|
Long Term Liabilities |
Long term liabilities are now 42% of total assets compared
with 63% 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 |
|
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%)