MIRA INFORM REPORT

 

 

 

Report Date :

11.09.2008

 

IDENTIFICATION DETAILS

 

Name :

SITA METAL RECYCLING LIMITED

 

 

Formerly Known as :

EASCO LIMITED

 

 

Registered Office :

Sita House, Grenfell Road, Maidenhead, Berkshire SL6 1ES

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2006

 

 

Date of Incorporation :

22.10.1984       

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Recycling of Metal Waste and Scrap

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

Name of the company

 

SITA METAL RECYCLING LIMITED

Number                                    01857625

 

 

company summary

 

Address                                                           SITA HOUSE,
GRENFELL ROAD,
MAIDENHEAD,
BERKSHIRE SL6 1ES

Postcode                                                          SL6 1ES

Phone                                                              01628513100

Type                                                                Private limited with Share Capital                      

 

Company Status                                               Financial Statements too old                            

Incorporated Date                                              22/10/1984    

 

 

Active CCJ's                              0

Value of CCJ's [£]                      £0

Number Of Writs                        1

 

Current Directors                        3

Total Directorships                     more than 200 directorships

 

Trading to Date                          30/04/06            30/04/05            30/04/04

Turnover                                    £43,328,000      £29,591,000      £21,070,000

Shareholder Funds                     £8,268,000        £6,423,000        £3,378,000

Employees                                96                     86                     82

 

 

Trends

 Profitability

Liquidity

Shareholders Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

company information

 

 

Registered Address

Trading Address

 

Telephone Number

01628513100

Telephone Number

 

 

TPS

N

TPS

 

 

Address

Address

 

SITA HOUSE
GRENFELL ROAD
MAIDENHEAD
BERKSHIRE SL6 1ES

Sita House
Grenfell Road
Maidenhead
SL6 1ES

 

 

 

 

 

 

 

 

Web Address

sita.co.uk

Incorporation Date

22/10/1984

 

Type of Accounts

Full Accounts

Filing Date of Accounts

20/10/2006

 

Company Type

Private Limited With Share Capital

Date of Latest Accounts

30/04/2006

 

Annual Return

21/08/2008

 

 

 

 

 

 

Previous Name(s)

 

Changed:

05/09/2007

Easco Limited

 

 

 

 

 

 

 

Industry:

 

Wholesale Metal And Machinery Merchants, Skip Hireand Industrial Services.

 

 

 

 

 

 

 

 

 

 

 

 

SIC Code

Description

 

3710

Recycling Of Metal Waste & Scrap

 

 

 

 

 

 

 

Mortgage Charges

 

Outstanding

3

Satisfied

5

 

 

 

 

 

 

 

Shareholders

 

Share Capital

100

Currency

Gbp

 

 

 

 

 

 

 

Previous Names Details

 

 

 

 

Previous Name(s)

 

Changed :

05/09/2007

Easco Limited

 

Changed :

22/09/1994

East Anglia Scrap Processing Co. Limited

 

Changed :

09/03/1992

East Anglia (scrap Processing) Limited

 

Changed :

07/12/1984

Salfex Limited

 

 

 

Secondary Industry Code Details

 

 

 

 

SIC Code

Description

 

3710

 

 

Recycling Of Metal Waste & Scrap

 

 

 

Mortgage Details

 

 

 

 

Mortgage Type:

chattel mortgage

 

Date Charge Created:

06/09/2005

Date Charge Registered:

09/09/2005

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

hammerhill high top defragmentiser s/no 74104 all additions and improvements the reto and replacements thereof from time to hold unto the bank

 

 

 

 

Mortgage Type:

assignment and charge of contract

 

Date Charge Created:

06/09/2005

Date Charge Registered:

09/09/2005

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

all its rights,title and interest in the following assets (a) the charged contra cts and (b) the contract proceeds

 

 

 

 

Mortgage Type:

debenture

 

Date Charge Created:

06/09/2005

Date Charge Registered:

09/09/2005

 

Date Charge Satisfied:

 

Status:

Outstanding

 

Person(s) Entitled:

HSBC BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

 

Mortgage Type:

debenture

 

Date Charge Created:

28/07/2003

Date Charge Registered:

31/07/2003

 

Date Charge Satisfied:

09/09/2005

Status:

Satisfied

 

Person(s) Entitled:

THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

 

Mortgage Type:

chattel mortgage

 

Date Charge Created:

28/07/2003

Date Charge Registered:

31/07/2003

 

Date Charge Satisfied:

09/09/2005

Status:

Satisfied

 

Person(s) Entitled:

THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

a hammerhill high top defragmentiser mod el 74104

 

 

 

Mortgage Type:

a deed of admission to an omnibus guarantee and set-off agreement

 

Date Charge Created:

30/09/2002

Date Charge Registered:

08/10/2002

 

Date Charge Satisfied:

31/07/2003

Status:

Satisfied

 

Person(s) Entitled:

LLOYDS TSB BANK PLC

 

Amount Secured:

all monies due or to become due from the company and/or all or any of the othercompanies named therein to the chargee on any account whatsoever.

 

Details:

any sum or sums standing to the credit o f any present or future account of the c ompany with the bank

 

 

 

 

Mortgage Type:

a deed of admission to an omnibus letterof set-off dated 30th january 2001

 

Date Charge Created:

29/05/2002

Date Charge Registered:

01/06/2002

 

Date Charge Satisfied:

31/07/2003

Status:

Satisfied

 

Person(s) Entitled:

LLOYDS TSB BANK PLC

 

Amount Secured:

all monies due or to become due from the company and/or all or any of the othercompanies named therein to the chargee on any account whatsoever.

 

Details:

any sum or sums for the time being stand ing to the credit of any present or futu re account of the company with the bank

 

 

 

 

Mortgage Type:

single debenture

 

Date Charge Created:

28/03/1988

Date Charge Registered:

14/04/1988

 

Date Charge Satisfied:

31/07/2003

Status:

Satisfied

 

Person(s) Entitled:

LLOYDS BANK PLC

 

Amount Secured:

all monies due or to become due from the company to the chargee on any account whatsoever.

 

Details:

(including trade fixtures) 01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

 Shareholders Details

 

 

                                                                             Name          Shares

                                                                             Spc Holdings Ltd       90 Ordinary Gbp 1.00

                                                                             Andre Paul Serruys   9 Ordinary Gbp 1.00

                                                                             Richard Cubitt           1 Ordinary Gbp 1.00

 

 

 

Trading Address Details  

 

   Address                                                                                         Telephone Number               TCPS

   Sita House Grenfell Road Maidenhead SL6 1ES                                                                           

 

 

 

 

 

 

 

accounts

 

PROFIT & LOSS

 

Annual Accounts

05/05-04/06

Change (%)

05/04-04/05

Change (%)

05/03-04/04

 

Months

12

-

12

-

12

 

Currency

GBP

-

GBP

-

GBP

 

Consolidated A/cs

N

-

N

-

N

 

Turnover

43,328,000

46.4 %

29,591,000

40.4 %

21,070,000

 

Export

26,556,000

20.6 %

22,027,000

51.1 %

14,579,000

 

Cost of Sales

33,026,000

71.1 %

19,298,000

19.2 %

16,185,000

 

Gross Profit

10,302,000

0.1 %

10,293,000

110.7 %

4,884,000

 

Wages & Salaries

2,361,000

13.4 %

2,082,000

19.1 %

1,748,000

 

Directors Emoluments

84,000

37.7 %

61,000

3.4 %

59,000

 

Operating Profits

3,791,000

-15.9 %

4,509,000

251.2 %

1,284,000

 

Depreciation

974,000

12.0 %

870,000

-10.3 %

970,000

 

Audit Fees

15,000

50.0 %

10,000

42.9 %

7,000

 

Interest Payments

720,000

145.7 %

293,000

17.7 %

249,000

 

Pre Tax Profit

3,156,000

-28.0 %

4,383,000

189.1 %

1,516,000

 

Taxation

-922,000

31.1 %

-1,338,000

-265.6 %

-366,000

 

Profit After Tax

2,234,000

-26.6 %

3,045,000

164.8 %

1,150,000

 

Dividends Payable

-

-

-

-100.0 %

153,000

 

Retained Profits

2,235,000

-26.6 %

3,044,000

205.6 %

996,000

 

BALANCE SHEET

 

Annual Accounts

05/05-04/06

Change (%)

05/04-04/05

Change (%)

05/03-04/04

 

Tangible Assets

20,385,000

286.7 %

5,272,000

12.2 %

4,697,000

 

Intangible Assets

-

-

-

-

-

 

Total Fix Assets

20,385,000

286.7 %

5,272,000

12.2 %

4,697,000

 

Total Current Assets

12,323,000

39.7 %

8,823,000

-14.0 %

10,260,000

 

Trade Debtors

6,936,000

46.8 %

4,726,000

124.5 %

2,105,000

 

Stock

2,181,000

86.4 %

1,170,000

23.5 %

947,000

 

Cash

5,000

-80.8 %

26,000

-99.5 %

4,965,000

 

Other Current Assets

3,201,000

10.3 %

2,901,000

29.3 %

2,243,000

 

Increase In Cash

-21,000

99.6 %

-4,939,000

-214.6 %

4,310,000

 

Miscellaneous Current Assets

-

-

-

-

-

 

Total Assets

32,708,000

132.1 %

14,095,000

-5.8 %

14,957,000

 

Total Current Liabilities

15,539,000

149.1 %

6,239,000

-37.0 %

9,908,000

 

Trade Creditors

2,468,000

52.7 %

1,616,000

3.5 %

1,562,000

 

Bank Overdraft

8,975,000

462.3 %

1,596,000

-77.1 %

6,959,000

 

Other Short Term Fin

2,304,000

194.3 %

783,000

82.9 %

428,000

 

Miscellaneous Current Liabilities

1,793,000

-20.1 %

2,243,000

133.6 %

960,000

 

Other Long Term Fin

8,554,000

741.1 %

1,017,000

-20.4 %

1,277,000

 

Total Long Term Liabilities

8,900,000

521.1 %

1,433,000

-14.2 %

1,671,000

 

Bank Overdraft & LTL

17,875,000

490.1 %

3,029,000

-64.9 %

8,630,000

 

Total Liabilities

24,439,000

218.5 %

7,672,000

-33.7 %

11,579,000

 

Net Assets

8,269,000

28.7 %

6,423,000

90.1 %

3,378,000

 

Working Capital

-3,216,000

-224.5 %

2,584,000

634.1 %

352,000

 

CAPITALS & RESERVES

 

Annual Accounts

05/05-04/06

Change (%)

05/04-04/05

Change (%)

05/03-04/04

 

Paid up equity

-

-

-

-

-

 

P&L Account Reserve

8,268,000

28.7 %

6,423,000

90.1 %

3,378,000

 

Sundry Reserves

-

-

-

-

-

 

Revaluation Reserve

-

-

-

-

-

 

Shareholder Funds

8,268,000

28.7 %

6,423,000

90.1 %

3,378,000

 

Net Worth

8,268,000

28.7 %

6,423,000

90.1 %

3,378,000

 

MISCELLANEOUS

 

Annual Accounts

05/05-04/06

Change (%)

05/04-04/05

Change (%)

05/03-04/04

 

Net Cashflow from Operations

-

-

-

-

-

 

Net Cashflow before Financing

-

-

-

-

-

 

Net Cashflow from Financing

-

-

-

-

-

 

Contingent Liability

YES

-

YES

-

YES

 

Capital Employed

17,169,000

118.5 %

7,856,000

55.6 %

5,050,000

 

 

NO OF EMPLOYEES

96

11.6 %

86

4.9 %

82

     

Auditors

LOVEWELL BLAKE & CO

 

AuditQualification

No Adverse Comments

 

Bankers

LLOYDS TSB BANK PLC

 

BankBranchCode

30-00-09

 

RATIOS

 

Annual Accounts

05/05-04/06

05/04-04/05

05/03-04/04

 

Pre-tax profit margin %

7.3 %

14.8 %

7.2 %

 

Current ratio

0.79

1.41

1.04

 

Sales/Net Working Capital

-13.47

11.45

59.86

 

Gearing %

216.2 %

47.2 %

255.5 %

 

Equity in %

25.3 %

45.6 %

22.6 %

 

Creditor Days

20.79

19.93

27.06

 

Debtor Days

58.43

58.29

36.47

 

Liquidity/Acid Test

0.65

1.23

0.94

 

Return On Capital Employed %

18.4 %

55.8 %

30.0 %

 

Return On Total Assets Employed %

9.7 %

31.1 %

10.1 %

 

Current Debt Ratio %

1.9 %

1.0 %

2.9 %

 

Total Debt Ratio %

3.0 %

1.2 %

3.4 %

 

Stock Turnover Ratio %

5.0 %

4.0 %

4.5 %

 

Return on Net Assets Employed %

38.2 %

68.2 %

44.9 %

 

 

  Credit Limit Explanation                                                                                                                        

 The creditsafe.com Recommended Credit Limit is calculated using a formula that analyses information from a   company's financial accounts and payment record.
The advised amount can be defined as the maximum amount that could be advanced in any one calendar month, assuming standard payment terms of 30 days beyond the month of invoice. Therefore the same maximum amount could be advanced in the next calendar month.                                                                                                                                

 

   Date                                                                          Description

   13/06/2008                                                                Financial Statements too old

   03/11/2006                                                                Very Good Credit Worthiness

   05/06/2006                                                                Very Good Credit Worthiness

   03/03/2006                                                                Very Good Credit Worthiness

   20/12/2005                                                                Very Good Credit Worthiness

Year                             CCJ's                                                    Writs Registered

 2006                            0                                                          1

 

Date                             Court                                                    Plaintiff

 10/05/2006                   R C J - LONDON QUEENS BENCH         STEMCOR UK LIMITED

 

 

group structure

 

                                                                                 Ultimate Parent Company  SPC HOLDINGS LIMITED

                                                                                 Companies in Group          11

 

 

 

                                                                                       Company Name        Registered Number      Latest Annual Accounts

                                                                                       SPC HOLDINGS LIMITED       02913294          02/05/2007

                                                                                       SERRUYS PROPERTY COMPANY LIMITED    01137245 30/04/2007

                                                                                       GILMOSS LIMITED     00818404          30/04/2007

                                                                                        ERIC LADBROOK (HOLBEACH) LIMITED       00520016 30/04/2007

                                                                                        LAKENHAM SPORTS & LEISURE CENTRE LIMITED  02559707 30/04/2007

                                                                                        OASIS SPORT & LEISURE CENTRE LIMITED 02137125 30/04/2007

                                                                                       SITA METAL RECYCLING LIMITED<<<           01857625 30/04/2006

                                                                                        SITA MR COVENTRY LIMITED           01898264          30/04/2006

                                                                                        SITA MR LIMITED      02979819          30/04/2006

                                                                                        WHEELERS EXPORT LIMITED          04899473          30/04/2006

                                                                                        SITA MR SHEFFIELD LIMITED           03661159          30/04/2006

 

 

 

Status History

 

 

Date                                      Description

No Status History

 

 

 

 

Event History

 

 

Date                     Description

03/09/2008            Annual Returns

13/06/2008            Accounts Overdue

06/09/2007            Change Of Name

27/08/2007            Annual Returns

05/06/2007            New Board Member (per-anders Hjort) Appointed

23/05/2007            Richard Cubitt Has Resigned As Company Secretary

23/05/2007            Alan Crowe Has Left The Board

23/05/2007            Peter Callaghan Has Left The Board

23/05/2007            Gordon Fallon Has Left The Board

23/05/2007            Steven Winstone Has Left The Board

23/05/2007            Phillip Wright Has Left The Board

23/05/2007            Richard Cubitt Has Left The Board

23/05/2007            New Company Secretary (graham Mayes) Appointed

23/05/2007            New Board Member (christophe Chapron) Appointed

21/05/2007            Change In Reg.office

 

 

 

 

 

directors

 

                                         Name                                       Christophe Andre Bernard Chapron            Locate the home address of this director

                                         Address                                   Flat M, 5-6                            Individual report for this director

                                                Manson Place

                                                London

                                                SW7 5LT

                                         Officers Title                            Mr                                    Date Of Birth       13/10/1964

                                         Honours                                                                           Present Appointments     134

                                         Appointment Date                   01/05/2007                        Function  Director

                                                                                                                                   

 

 

 

                                         Name                                       Per-Anders  Hjort    Locate the home address of this director

                                         Address                                   Flat 76         Individual report for this director

                                                21 Sheldon Square

                                                Paddington London

                                                W2 6DS

                                         Officers Title                                                                    Date Of Birth       03/12/1958

                                         Honours                                                                           Present Appointments     45

                                         Appointment Date                   01/05/2007                        Function  Director

                                                                                                                                   

 

 

 

                                         Name                                       Graham Arthur McKenna-Mayes     Locate the home address of this director

                                         Address                                   38 Bremer Road                    Individual report for this director

                                                Staines

                                                Middlesex

                                         Officers Title                            Mr                                    Date Of Birth       29/11/1968

                                         Honours                                                                           Present Appointments     34

                                         Appointment Date                   01/05/2007                        Function  Company Secretary

                                                                                                                                   

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.77

UK Pound

1

Rs.80.67

Euro

1

Rs.64.20

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions