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MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED |
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|
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|
Registered Office : |
Merrill Lynch Financial Cntr, 2 King Edward St, London,
EC1A 1HQ |
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Country : |
United Kingdom |
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Financials (as on) : |
28.12.2007 |
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Date of Incorporation : |
08.05.1998 |
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Com. Reg. No.: |
03563500 |
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|
Legal Form : |
Private Limited Liability Company (GB) |
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Line of Business : |
Trading Natural Gas and Electricity |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
GBP 30,000,000 |
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|
|
|
Status : |
Very Good |
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|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
Company Identification Details
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Subject Reported on |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED |
|
Holding Company |
MERRILL LYNCH COMMODITIES (EUROPE) HOLDINGS LTD |
|
Ultimate Holding Company |
Merrill Lynch & Co., Inc. |
|
Trading Address |
MERRILL LYNCH FINANCIAL CTR,2 KING EDWARD ST,LONDON,EC1A
1HQ |
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Telephone |
02076-281000 |
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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 30,000,000 |
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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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|
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Contract Limit |
GBP 582,489,000 |
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Buying from this company? The Contract Limit is the
recommended aggregate annual value for supply contracts. |
|
Official Company Data
|
|
|
|
Legal Form |
Private Limited Liability Company (GB) |
|
Registration Number |
03563500 |
|
Date of Incorporation |
08/05/1998 |
|
Registered Office |
Merrill Lynch Financial Cntr, 2 King Edward St, London,
EC1A 1HQ |
|
Date of Last Annual Return to
Registry |
31/07/2007 |
|
Activities |
Trading natural gas and electricity |
|
Accounts |
The last filed accounts cover the period to 28/12/2007 and
were filed on 04/04/2008 |
Recently Filed Documents
Details of the most recent documents
|
Date
Received |
Description |
|
31/07/2007 |
Annual Return |
|
28/12/2007 |
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
|
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||
|
DIRECTOR |
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|
Occupation |
COMPANY EXECUTIVE |
||
|
Address |
2, KING EDWARD STREET , LONDON
, EC1A 1HQ |
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|
Country of Origin |
BRITISH |
||
|
Date of Birth |
15/09/1963 |
||
|
Appointment Date |
20/01/2005 |
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|
Other Appointments |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED, MERRILL
LYNCH COMMODITIES (EUROPE) TRADING LIMITED, MERRILL LYNCH COMMODITIES
GMBH, MERRILL LYNCH EQUITIES LIMITED, MERRILL LYNCH
INTERNATIONAL, SOLIMAR SHIPPING LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
COMPANY EXECUTIVE |
||
|
Address |
2, KING EDWARD STREET , LONDON
, EC1A 1HQ |
||
|
Country of Origin |
BRITISH |
||
|
Date of Birth |
04/07/1963 |
||
|
Appointment Date |
20/01/2005 |
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|
Other Appointments |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED, MERRILL
LYNCH COMMODITIES (EUROPE) TRADING LIMITED, MERRILL LYNCH COMMODITIES
GMBH, MERRILL LYNCH INTERNATIONAL, MERRILL LYNCH, PIERCE, FENNER
& SMITH LIMITED, MLIB (HISTORIC), SOLIMAR SHIPPING LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
COMPANY EXECUTIVE |
||
|
Address |
2, KING EDWARD STREET , LONDON
, EC1A 1HQ |
||
|
Country of Origin |
BRITISH |
||
|
Date of Birth |
25/03/1955 |
||
|
Appointment Date |
20/01/2005 |
||
|
Other Appointments |
33 KING WILLIAM STREET
LTD, BENSON NOMINEES LIMITED, C.P.W. LIMITED, CHETWYND
NOMINEES LIMITED, CITYGATE NOMINEES LIMITED, HERZOG HEINE GEDULD
INTERNATIONAL LIMITED, HIBERNIAN INVESTMENTS LIMITED, MERCURY ASSET
MANAGEMENT GROUP SERVICES LTD, MERCURY ASSET MANAGEMENT LTD, MERCURY
FUND MANAGERS LIMITED, MERCURY LIFE LIMITED, MERRILL LYNCH
COMMODITIES (EUROPE) HOLDINGS LIMITED, MERRILL LYNCH COMMODITIES
(EUROPE) LIMITED, MERRILL LYNCH COMMODITIES (EUROPE) TRADING
LIMITED, MERRILL LYNCH COMMODITIES GMBH, MERRILL LYNCH CORPORATE
SERVICES LIMITED, MERRILL LYNCH EQUITIES LIMITED, MERRILL LYNCH
EUROPE FUNDING , MERRILL LYNCH EUROPE INTERMEDIATE
HOLDINGS, MERRILL LYNCH EUROPE MANAGEMENT HOLDINGS , MERRILL LYNCH
EUROPE PLC, MERRILL LYNCH GILTS (NOMINEES) LIMITED, MERRILL LYNCH
GILTS HOLDINGS LIMITED, MERRILL LYNCH GILTS INVESTMENTS
LIMITED, MERRILL LYNCH GILTS LIMITED, MERRILL LYNCH GLOBAL ASSET
MANAGEMENT LIMITED, MERRILL LYNCH HOLDINGS LIMITED, MERRILL LYNCH
INVESTMENT MANAGERS (FINANCE) LIMITED, MERRILL LYNCH INVESTMENT MANAGERS
GROUP SERVICES LIMITED, MERRILL LYNCH LIMITED, MERRILL LYNCH
NOMINEES LIMITED, MERRILL LYNCH PF&S HOLDINGS , MERRILL LYNCH
PORTFOLIO MANAGERS LIMITED, MERRILL LYNCH PRIVATE CAPITAL
LIMITED, MERRILL LYNCH UK FINANCE , MERRILL LYNCH,PIERCE,FENNER
& SMITH(BROKERS & DEALERS), ML INVEST HOLDINGS, ML UK CAPITAL
HOLDINGS , MLEIH FUNDING, MLIM CAPITAL LIMITED, MLIS
LIMITED, N.Y. NOMINEES LIMITED, PARAMOUNT NOMINEES
LIMITED, PRISMBOND LIMITED, S. N. C. NOMINEES LIMITED, SEALION
NOMINEES LIMITED, SMITH BROS (SERVICES & LEASING)
LIMITED, SMITH BROS LIMITED, SMITH BROS. PARTICIPATIONS
LIMITED, SMITH BROS.NOMINEES LIMITED (only 1st 50 directorships shown) |
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|
DIRECTOR |
|
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|
Occupation |
COMPANY EXECUTIVE |
||
|
Address |
2, KING EDWARD STREET , LONDON
, EC1A 1HQ |
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Country of Origin |
BRITISH |
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Date of Birth |
08/06/1974 |
||
|
Appointment Date |
21/11/2006 |
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|
Other Appointments |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED, MERRILL
LYNCH COMMODITIES (EUROPE) TRADING LIMITED, MERRILL LYNCH COMMODITIES
GMBH, SOLIMAR SHIPPING LIMITED |
||
|
DIRECTOR |
|
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|
Occupation |
COMPANY EXECUTIVE |
||
|
Address |
2, KING EDWARD STREET , LONDON
, EC1A 1HQ |
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Country of Origin |
AMERICAN |
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|
Date of Birth |
04/12/1960 |
||
|
Appointment Date |
21/11/2006 |
||
|
Other Appointments |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED, MERRILL
LYNCH COMMODITIES (EUROPE) TRADING LIMITED, MERRILL LYNCH COMMODITIES
GMBH, SOLIMAR SHIPPING LIMITED |
||
|
DIRECTOR |
DAVID SCOTT GOODMAN |
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Occupation |
COMPANY EXECUTIVE |
||
|
Address |
2, KING EDWARD STREET , LONDON
, EC1A 1HQ |
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|
Country of Origin |
BRITISH |
||
|
Date of Birth |
29/04/1972 |
||
|
Appointment Date |
27/02/2008 |
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Other Appointments |
MERRILL LYNCH COMMODITIES (EUROPE) LIMITED, SOLIMAR
SHIPPING LIMITED |
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|
SECRETARY |
MERRILL LYNCH CORPORATE SERVICES LTD |
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|
Address |
MERRILL LYNCH FINANCIAL CENTRE, 2 KING EDWARD STREET
, LONDON , EC1A 1HQ |
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|
Country of Origin |
|
||
|
Appointment Date |
01/11/2004 |
Recently Resigned Directors (last
3)
|
|
|
|
DIRECTOR |
TROY ALLEN MARTIN |
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Occupation |
COMPANY EXECUTIVE |
|
Address |
2 , KING EDWARD STREET , LONDON , - - |
|
Country of Origin |
AMERICAN |
|
Date of Birth |
23/04/1966 |
|
Resignation Date |
26/02/2008 |
|
DIRECTOR |
DAVID SOBOTKA |
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Occupation |
COMPANY EXECUTIVE |
|
Address |
2 , KING EDWARD STREET , LONDON , - - |
|
Country of Origin |
AMERICAN |
|
Date of Birth |
12/10/1956 |
|
Resignation Date |
26/02/2008 |
|
DIRECTOR |
OSMAN SEMERCI |
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Occupation |
COMPANY EXECUTIVE |
|
Address |
2 , KING EDWARD STREET , LONDON , - - |
|
Country of Origin |
BRITISH |
|
Date of Birth |
17/12/1967 |
|
Resignation Date |
09/10/2007 |
Share Summary
|
Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
Voting %age |
|
|
|
|
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|
MERRILL LYNCH COMMODITIES (EUROPE) HOLDINGS LTD |
ORD |
602 |
602.00 |
100.00 |
|
|
|
|
|
Mortgages and Charges
|
|
|
|
Total Registered |
3 |
|
Total Outstanding |
3 |
|
Total Satisfied |
0 |
|
Most Recent Mortgage |
12/03/2002 |
|
|
|
|
|
|
|
Date Registered |
18/03/2002 |
|
Type |
395 |
|
Date Created |
12/03/2002 |
|
Lender |
BARCLAYS BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Details |
EURO CURRENCY ACCOUNT NO 69582388 THE CHARGE CREATES A
FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM
395 (INCLUDING ALL OR ANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH
DEPOSIT(S) AND THE DEBTS REPRESENTED THEREBY) TOGETHER WITH ALL INTEREST FROM
TIME TO TIME ACCRUING THEREON IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR
FOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE
CHARGOR TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON |
|
Satisfied? |
No |
|
|
|
|
Date Registered |
10/05/1999 |
|
Type |
395 |
|
Date Created |
26/04/1999 |
|
Lender |
BARCLAYS BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Details |
ACCOUNT NUMBER 20852147 THE CHARGE CREATES A FIXED CHARGE
OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395
(INCLUDING ALL OR ANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S)
AND THE DEBTS REPRESENTED THEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO
TIME ACCRUING THEREON IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR FOR THE
PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR
TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON |
|
Satisfied? |
No |
|
|
|
|
Date Registered |
27/10/1998 |
|
Type |
395 |
|
Date Created |
14/10/1998 |
|
Lender |
BG plc |
|
Secured On |
IN RESPECT OF TRANSPORTATION CHARGES IN ACCORDANCE WITH
THE TERMS OF THE DEPOSIT AGREEMENT ALL MONIES DUE OR TO BECOME DUE FROM THE
COMPANY TO THE CHARGEE |
|
Details |
18,000 DEPOSITED IN ACCOUNT NUMBER 50959294 AT BARCLAYS
BANK PLC SOLIHULL |
|
Satisfied? |
No |
Public Record Information
Summary
of CCJ's/Scottish Decrees
There are no unsatisfied CCJs against the company.
Operations
|
|
|
|
Activities |
Trading natural gas and electricity |
|
Sic Code |
Description |
|
7484 |
Other business activities not elsewhere classified |
|
Staff Employed |
139 |
|
Auditors |
Deloitte & Touche 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 |
200000 |
Financial Data
Profit and Loss
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
28/12/2007 |
29/12/2006 |
30/12/2005 |
31/12/2004 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
000 |
000 |
units |
units |
|
Consolidated? |
No |
No |
Yes |
Yes |
|
SALES |
194,991 |
287,669 |
155,179,474 |
52,591,774 |
|
Cost of goods sold |
0 |
0 |
0 |
0 |
|
GROSS PROFIT |
194,991 |
287,669 |
155,179,474 |
52,591,774 |
|
General administration costs (-) |
75,054 |
54,344 |
37,206,764 |
28,805,830 |
|
Wages and Salaries |
53,793 |
45,251 |
27,695,501 |
13,396,382 |
|
Net Operating Profit(Loss) |
119,937 |
233,325 |
117,972,710 |
23,821,194 |
|
Non Trading Income |
662 |
192 |
105,264 |
1,854,485 |
|
Group Non Trading Income |
25,547 |
10,686 |
6,634,844 |
862,185 |
|
Total Non Trading Income |
26,209 |
10,878 |
6,740,108 |
2,716,670 |
|
Interest expenses & similar (-) |
8,271 |
4,176 |
1,475,272 |
244,187 |
|
Other financial charges |
17,657 |
825 |
834,018 |
2,701,648 |
|
Financial Expenses |
25,928 |
5,001 |
2,309,290 |
2,945,835 |
|
PRE TAX PROFIT |
120,218 |
239,202 |
122,403,528 |
23,592,029 |
|
Other Taxation |
579 |
-448 |
127,958 |
-1,309,450 |
|
Taxation |
37,314 |
72,120 |
36,725,854 |
8,420,824 |
|
PROFIT AFTER TAX |
82,325 |
167,530 |
85,549,716 |
16,480,655 |
|
Net Profit |
82,325 |
167,530 |
85,549,716 |
16,480,655 |
|
Dividends Payable |
0 |
190,000 |
0 |
0 |
|
RETAINED PROFITS |
82,325 |
-22,470 |
85,549,716 |
16,480,655 |
Balance Sheet
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
28/12/2007 |
29/12/2006 |
30/12/2005 |
31/12/2004 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
000 |
000 |
units |
units |
|
Consolidated? |
No |
No |
Yes |
Yes |
|
TOTAL FIXED ASSETS |
1,101 |
732 |
270,523 |
704,006 |
|
Intermediate Assets |
1,101 |
732 |
- |
- |
|
TOTAL CURRENT ASSETS |
3,863,691 |
1,337,779 |
1,350,027,469 |
1,966,859,365 |
|
Stocks |
2,024,355 |
24,510 |
57,315,011 |
- |
|
Trade Debtors |
143,735 |
1,042,807 |
1,355,553 |
15,802,997 |
|
Other Receivables |
109,419 |
817 |
20,460,700 |
77,415,616 |
|
Prepaid expenses |
1,036 |
1,215 |
1,224,707 |
197,507 |
|
Group Loans |
1,562,550 |
245,638 |
127,847,533 |
123,217,342 |
|
Cash |
20,289 |
20,936 |
10,421,596 |
16,152,338 |
|
Tax Recoverable |
2,306 |
1,856 |
1,173,729 |
1,301,687 |
|
own shares |
1 |
- |
1,130,228,640 |
1,732,771,878 |
|
TOTAL ASSETS |
3,864,792 |
1,338,511 |
1,350,297,992 |
1,967,563,371 |
|
TOTAL CURRENT LIABILITIES |
2,045,801 |
784,849 |
962,995,396 |
1,755,444,789 |
|
Taxes |
24,843 |
48,421 |
24,724,408 |
4,541,372 |
|
Other Current Liabilities |
1,997,116 |
45,046 |
905,309,266 |
1,610,079,970 |
|
Due From Group |
23,842 |
22,462 |
7,459,061 |
109,126,871 |
|
WORKING CAPITAL |
1,817,890 |
552,930 |
387,032,073 |
211,414,576 |
|
TOTAL LONG TERM LIABS |
1,236,502 |
350,555 |
155,237,505 |
65,449,240 |
|
Debts to group companies |
11,502 |
- |
- |
- |
|
Other Long Term Liabilities |
1,225,000 |
350,555 |
155,237,505 |
65,449,240 |
|
NET ASSETS/(LIABILITIES) |
1,818,991 |
553,662 |
387,302,596 |
212,118,582 |
|
SHARE CAPITAL + RESERVES |
582,489 |
203,107 |
232,065,091 |
146,669,342 |
|
Issued Share Capital |
2 |
1 |
602 |
602 |
|
Share Premium Accounts |
393,085 |
93,086 |
93,085,900 |
93,085,900 |
|
Reserves |
6,253 |
6,253 |
6,253,121 |
6,253,121 |
|
Profit and Loss account |
183,149 |
103,767 |
132,725,468 |
47,329,719 |
|
SHAREHOLDERS FUNDS |
582,489 |
203,107 |
232,065,091 |
146,669,342 |
|
CAPITAL EMPLOYED |
1,818,991 |
553,662 |
387,302,596 |
212,118,582 |
|
TANGIBLE NET WORTH |
582,489 |
203,107 |
232,065,091 |
146,669,342 |
Key Credit Ratios
|
Accounts Date |
28/12/2007 |
29/12/2006 |
30/12/2005 |
31/12/2004 |
|
Current Ratio |
1.89 |
1.70 |
1.40 |
1.12 |
|
Profit Before Tax |
0.62 |
0.83 |
0.79 |
0.45 |
|
Quick Ratio |
0.90 |
1.67 |
1.34 |
- |
|
Return on Assets |
- |
- |
9.06 |
1.20 |
|
T.N.W/Total Assets |
0.15 |
0.15 |
0.17 |
0.07 |
|
Return on Capital |
6.61 |
43.20 |
31.60 |
11.12 |
|
Working Capital/Sales |
0.09 |
0.02 |
0.02 |
0.04 |
|
Equity Gearing |
0.00 |
0.01 |
0.01 |
0.02 |
|
Stock Turnover |
0.00 |
0.00 |
0.00 |
0.00 |
|
Solvency (%) |
563.50 |
559.02 |
481.86 |
1241.50 |
Financial Summary
|
Turnover |
Turnover decreased by more than 32% in the period.
Turnover totalled GBP 194,991,000 for the period. |
|
Operating Profit |
Totalled GBP 119,937,000 In the period prior a
profit of GBP 233,325,000 was achieved. |
|
Pre Tax |
The subject made a profit of GBP 120,218,000
compared with a profit of GBP 239,202,000 in the previous period. |
|
Working Capital |
The company's working capital improved in the period by
229% |
|
Tangible Net Worth |
Net worth increased by 379,382,000 during the period and
now stands at GBP 582,489,000 |
|
Long Term Liabilities |
The company's long term liabilities increased during the
period by 253% and are now 212% of net worth compared with 173% in the
previous period |
|
Long Term Liabilities |
Long term liabilities are now 32% of total assets compared
with 26% 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%)