MIRA INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FLYING TRADE LIMITED |
|
|
|
|
Formerly Known As : |
FLYING TRADE FINANCE LIMITED |
|
|
|
|
Registered Office : |
Griffins Court , 24-32 London Road , Newbury , Rg14 1jx |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
08.08.1988 |
|
|
|
|
Com. Reg. No.: |
02285142 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
A distributors of foodstuffs |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
£440,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United Kingdom |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
REGISTERED NAME & COMPANY
SUMMARY
|
Company Name |
FLYING TRADE LIMITED |
Company Number |
02285142 |
|
Registered Address |
GRIFFINS COURT |
Trading Address |
Unit Q2, Hawthorns Industrial Estat |
|
|
24-32 LONDON ROAD |
|
|
|
|
|
||
|
|
|
||
|
|
RG14 1JX |
|
|
|
Business Address |
4 Evropa House, Evropa Way Harwich Essex,
United Kingdom |
|
|
|
Website Address |
- |
|
|
|
Telephone Number |
- |
Fax Number |
|
|
TPS |
- |
FPS |
No |
|
Incorporation Date |
08/08/1988 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
FLYING TRADE FINANCE LIMITED |
Type |
Private limited with Share Capital |
|
|
|
Filing Date of Accounts |
29/09/2010 |
|
Date of Change |
15/02/1991 |
Share Capital |
£251,000 |
|
Sic Code |
5212 |
Currency |
GBP |
|
Sic Description |
OTHER RETAIL SALE IN NON-SPECIALISED STORES |
||
|
Principal Activity |
A distributors of foodstuffs. |
||
CREDIT RECOMENDATION
Current Credit Limit: £440,000
Credit Rating / Limit additional comments:
|
Limit |
Previous Limit |
£310,000 |
|
|
Contract Limit |
£13,050,000 |
|
|
Last 3 Years Credit Limit
|
Date |
Limit |
|
31/12/2010 |
£440,000 |
|
31/12/2009 |
£300,000 |
|
31/12/2008 |
£175,000 |
Rating History
|
Date |
Rating |
Description |
|
15/04/2011 |
90 |
Very Good Credit Worthiness |
|
18/01/2011 |
64 |
Good Credit Worthiness |
|
08/10/2010 |
90 |
Very Good Credit Worthiness |
|
02/10/2010 |
Not Rated |
Financial Statements too old |
|
27/05/2010 |
82 |
Very Good Credit Worthiness |
|
02/12/2009 |
79 |
Very Good Credit Worthiness |
|
12/08/2009 |
75 |
Very Good Credit Worthiness |
|
11/05/2009 |
84 |
Very Good Credit Worthiness |
|
20/02/2009 |
87 |
Very Good Credit Worthiness |
|
13/11/2008 |
72 |
Very Good Credit Worthiness |
Limit History
|
Date |
Limit |
|
15/04/2011 |
£440,000 |
|
18/01/2011 |
£310,000 |
|
08/10/2010 |
£440,000 |
|
02/10/2010 |
- |
|
27/05/2010 |
£310,000 |
|
02/12/2009 |
£300,000 |
|
12/08/2009 |
£285,000 |
|
11/05/2009 |
£200,000 |
|
20/02/2009 |
£220,000 |
|
13/11/2008 |
£175,000 |
DIRECTORS/MANAGEMENT
|
Total Current Directors |
3 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company Secretaries |
1 |
Current Directors
|
Name |
Date of Birth |
06/08/1966 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
27 |
Function |
Director |
|
Appointment Date |
29/11/1993 |
|
|
|
Address |
Shaftesbury House, Clacton Road, Elmstead Market,
Colchester, CO7 7DB |
||
|
Name |
Date of Birth |
23/12/1971 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
14 |
Function |
Director |
|
Appointment Date |
25/05/2010 |
|
|
|
Address |
Shaftesbury House Clacton Road, Elmstead Market,
Colchester, CO7 7DB |
||
|
|
|
|
|
|
Name |
Date of Birth |
01/06/1953 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
4 |
Function |
Director |
|
Appointment Date |
10/04/2002 |
|
|
|
Address |
3 Downs Valley, Hartley, Kent, DA3 7RA |
||
Current Company
Secretary
|
Name |
Date of Birth |
06/08/1966 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
27 |
Function |
Company Secretary |
|
Appointment Date |
29/11/1993 |
|
|
|
Address |
Shaftesbury House, Clacton Road, Elmstead Market,
Colchester, CO7 7DB |
||
NEGATIVE INFORMATION
CCJ
|
Total Number of Exact CCJs - |
Total Value of Exact CCJs - |
||
|
Total Number of Possible CCJs - |
Total Value of Possible CCJs - |
|
|
|
Total Number of Satisfied CCJs - |
Total Value of Satisfied CCJs - |
||
|
Total Number of Writs - |
|
|
Exact CCJ Details
|
Date |
Court |
Amount |
Status |
Case Number |
Date Paid |
|
14/01/2011 |
MILTON KEYNES |
£404 |
Judgement |
0MK02294 |
- |
|
14/12/2010 |
IPSWICH |
£4,747 |
Judgement |
0QT73078 |
- |
|
06/08/2008 |
NORTHAMPTON CCBC |
£1,221 |
Satisfied |
8XH83095 |
30/09/2008 |
Possible CCJ
Details
There are no possible CCJ details
Writ Details
There are no writ details
Mortgage Summary
|
Outstanding |
3 |
|
Satisfied |
4 |
SHARE & SHARE CAPITAL
INFORMATION
Top 20
Shareholders
|
Individual Share Value |
|
|
FLYING TRADE GROUP PLC |
251,000 ORDINARY GBP 1.00 |
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED
COMPANIES
Previous Company
Names
|
Date |
Previous Name |
Companies House Documents |
|
15/02/1991 |
FLYING TRADE FINANCE LIMITED |
FINANCIAL INFORMATION
Last 3 Years
Credit /Limit
|
Date |
Limit |
|
31/12/2010 |
£440,000 |
|
31/12/2009 |
£300,000 |
|
31/12/2008 |
£175,000 |
Profit & Loss
|
Date Of Accounts |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
(%) |
31/12/05 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
£58,085,981 |
28.9% |
£45,065,874 |
50.4% |
£29,967,204 |
21.6% |
£24,649,709 |
2.4% |
£24,083,721 |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost of Sales |
£52,215,088 |
- |
£40,767,929 |
- |
£26,890,430 |
- |
£21,920,198 |
- |
£21,374,317 |
|
Gross Profit |
£5,870,893 |
36.6% |
£4,297,945 |
39.7% |
£3,076,774 |
12.7% |
£2,729,511 |
0.7% |
£2,709,404 |
|
Wages & Salaries |
£2,607,674 |
31.3% |
£1,985,867 |
111.3% |
£939,780 |
32.9% |
£707,239 |
10.7% |
£639,029 |
|
Directors Emoluments |
£36,000 |
- |
£36,000 |
-49.1% |
£70,666 |
423.5% |
£13,500 |
58% |
£8,543 |
|
Operating Profit |
£2,597,417 |
50.2% |
£1,729,105 |
62.1% |
£1,066,587 |
4.4% |
£1,021,765 |
-18.1% |
£1,247,080 |
|
Depreciation |
£167,365 |
32.9% |
£125,919 |
35.7% |
£92,808 |
14.8% |
£80,874 |
-2.6% |
£83,035 |
|
Audit Fees |
£24,000 |
140% |
£10,000 |
11.1% |
£9,000 |
104.5% |
£4,400 |
-48.4% |
£8,528 |
|
Interest Payments |
£131,817 |
-61.8% |
£345,035 |
148.9% |
£138,645 |
62.7% |
£85,232 |
6.3% |
£80,192 |
|
Pre Tax Profit |
£2,465,600 |
77.1% |
£1,392,386 |
50% |
£927,996 |
-2.6% |
£953,220 |
-20.7% |
£1,202,152 |
|
Taxation |
-£695,922 |
-63.6% |
-£425,500 |
-49.4% |
-£284,736 |
0% |
-£284,649 |
23.3% |
-£371,303 |
|
Profit After Tax |
£1,769,678 |
83% |
£966,886 |
50.3% |
£643,260 |
-3.8% |
£668,571 |
-19.5% |
£830,849 |
|
Dividends Payable |
£900,000 |
200% |
£300,000 |
- |
£300,000 |
- |
£300,000 |
-25% |
£400,000 |
|
Retained Profit |
£869,678 |
30.4% |
£666,886 |
94.3% |
£343,260 |
-6.9% |
£368,571 |
-14.5% |
£430,849 |
Balance Sheet
|
Date Of Accounts |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
(%) |
31/12/05 |
|
Tangible Assets |
£781,597 |
21.5% |
£643,281 |
5.9% |
£607,510 |
-22.1% |
£779,388 |
-24.2% |
£1,027,565 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
-100% |
£4 |
- |
£4 |
|
Total Fixed Assets |
£781,597 |
21.5% |
£643,281 |
5.9% |
£607,510 |
-22.1% |
£779,392 |
-24.2% |
£1,027,569 |
|
Stock |
£3,512,390 |
-21.5% |
£4,471,817 |
-5.8% |
£4,747,932 |
144.8% |
£1,939,880 |
2.8% |
£1,887,058 |
|
Trade Debtors |
£7,859,019 |
-0.9% |
£7,927,088 |
26.9% |
£6,247,539 |
32.7% |
£4,707,169 |
20% |
£3,922,113 |
|
Cash |
£3,380,987 |
999.9% |
£9,778 |
-79.6% |
£47,995 |
43% |
£33,557 |
62.7% |
£20,623 |
|
Other Debtors |
£575,340 |
-51.4% |
£1,182,725 |
-26.7% |
£1,613,861 |
999.9% |
£97,970 |
-54.8% |
£216,760 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£15,327,736 |
12.8% |
£13,591,408 |
7.4% |
£12,657,327 |
86.7% |
£6,778,576 |
12.1% |
£6,046,554 |
|
Trade Creditors |
£7,495,570 |
74.5% |
£4,294,553 |
-27.8% |
£5,949,478 |
113.6% |
£2,785,323 |
3.5% |
£2,690,273 |
|
Bank Loans & Overdrafts |
£406,664 |
-87.8% |
£3,329,358 |
-5.5% |
£3,521,845 |
159.8% |
£1,355,825 |
12.1% |
£1,209,771 |
|
Other Short Term Finance |
£734,193 |
168.5% |
£273,482 |
175% |
£99,457 |
-9.2% |
£109,490 |
70.9% |
£64,084 |
|
Miscellaneous Current Liabilities |
£766,204 |
44.1% |
£531,828 |
6% |
£501,608 |
17.6% |
£426,570 |
-30% |
£609,366 |
|
Total Current Liabilities |
£9,402,631 |
11.5% |
£8,429,221 |
-16.3% |
£10,072,388 |
115.4% |
£4,677,208 |
2.3% |
£4,573,494 |
|
Bank Loans & Overdrafts and LTL |
£2,487,039 |
-53.8% |
£5,378,177 |
48.4% |
£3,624,531 |
143.2% |
£1,490,082 |
11.8% |
£1,332,468 |
|
Other Long Term Finance |
£29,127 |
-50.8% |
£59,259 |
-2.1% |
£60,505 |
-39.6% |
£100,234 |
18.5% |
£84,595 |
|
Total Long Term Liabilities |
£2,080,375 |
1.5% |
£2,048,819 |
999.9% |
£102,686 |
-23.5% |
£134,257 |
9.4% |
£122,697 |
Capital &
Reserves
|
Date Of Accounts |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
(%) |
31/12/05 |
|
Called Up Share Capital |
£251,000 |
- |
£251,000 |
- |
£251,000 |
- |
£251,000 |
- |
£251,000 |
|
P & L Account Reserve |
£4,375,327 |
24.8% |
£3,505,649 |
23.5% |
£2,838,763 |
13.8% |
£2,495,503 |
17.3% |
£2,126,932 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shareholder Funds |
£4,626,327 |
23.2% |
£3,756,649 |
21.6% |
£3,089,763 |
12.5% |
£2,746,503 |
15.5% |
£2,377,932 |
Other Financial
Items
|
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
(%) |
31/12/05 |
|
|
Net Worth |
£4,626,327 |
23.2% |
£3,756,649 |
21.6% |
£3,089,763 |
12.5% |
£2,746,499 |
15.5% |
£2,377,928 |
|
Working Capital |
£5,925,105 |
14.8% |
£5,162,187 |
99.7% |
£2,584,939 |
23% |
£2,101,368 |
42.7% |
£1,473,060 |
|
Total Assets |
£16,109,333 |
13.2% |
£14,234,689 |
7.3% |
£13,264,837 |
75.5% |
£7,557,968 |
6.8% |
£7,074,123 |
|
Total Liabilities |
£11,483,006 |
9.6% |
£10,478,040 |
3% |
£10,175,074 |
111.5% |
£4,811,465 |
2.5% |
£4,696,191 |
|
Net Assets |
£4,626,327 |
23.2% |
£3,756,649 |
21.6% |
£3,089,763 |
12.5% |
£2,746,503 |
15.5% |
£2,377,932 |
Cash Flow
|
Date Of Accounts |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
(%) |
31/12/05 |
|
Net Cashflow from Operations |
£7,163,209 |
999.9% |
-£370,476 |
67% |
-£1,121,180 |
-255% |
£723,249 |
129.8% |
£314,795 |
|
Net Cashflow before Financing |
£5,430,155 |
455.5% |
-£1,527,665 |
20.4% |
-£1,918,403 |
-888% |
-£194,165 |
65.2% |
-£558,219 |
|
Net Cashflow from Financing |
£662,469 |
-64.8% |
£1,883,214 |
907.6% |
-£233,179 |
-482% |
£61,045 |
218.2% |
-£51,635 |
|
Increase in Cash |
£6,092,624 |
999.9% |
£355,549 |
116.5% |
-£2,151,582 |
-999.9% |
-£133,120 |
78.2% |
-£609,854 |
Miscellaneous
|
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
(%) |
31/12/05 |
|
|
Contingent Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
Capital Employed |
£6,706,702 |
15.5% |
£5,805,468 |
81.8% |
£3,192,449 |
10.8% |
£2,880,760 |
15.2% |
£2,500,629 |
|
Number of Employees |
- |
- |
- |
- |
85 |
54.5% |
55 |
1.9% |
54 |
|
Auditors |
GRIFFINS |
||||||||
|
Auditor Comments |
The audit report contains no adverse comments |
||||||||
|
Bankers |
LLOYDS TSB BANK PLC |
||||||||
|
Bank Branch Code |
|
||||||||
Ratios
|
31/12/09 |
31/12/08 |
31/12/07 |
31/12/06 |
31/12/05 |
|
|
Pre-tax profit margin % |
4.24 |
3.09 |
3.10 |
3.87 |
4.99 |
|
Current ratio |
1.63 |
1.61 |
1.26 |
1.45 |
1.32 |
|
Sales/Net Working Capital |
9.80 |
8.73 |
11.59 |
11.73 |
16.35 |
|
Gearing % |
53.80 |
143.20 |
117.30 |
54.30 |
56 |
|
Equity in % |
28.70 |
26.40 |
23.30 |
36.30 |
33.60 |
|
Creditor Days |
46.97 |
34.68 |
72.26 |
41.13 |
40.66 |
|
Debtor Days |
49.24 |
64.02 |
75.88 |
69.51 |
59.28 |
|
Liquidity/Acid Test |
1.25 |
1.08 |
0.78 |
1.03 |
0.91 |
|
Return On Capital Employed % |
36.76 |
23.98 |
29.06 |
33.09 |
48.07 |
|
Return On Total Assets Employed % |
15.30 |
9.78 |
6.99 |
12.61 |
16.99 |
|
Current Debt Ratio |
2.03 |
2.24 |
3.25 |
1.70 |
1.92 |
|
Total Debt Ratio |
2.48 |
2.78 |
3.29 |
1.75 |
1.97 |
|
Stock Turnover Ratio % |
6.04 |
9.92 |
15.84 |
7.87 |
7.84 |
|
Return on Net Assets Employed % |
53.29 |
37.06 |
30.03 |
34.71 |
50.55 |
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
|
03/12/2010 |
Annual Returns |
|
|
08/10/2010 |
New Accounts Filed |
|
|
08/10/2010 |
New Accounts Filed |
|
|
27/05/2010 |
New Board Member Mr H.S. Dulai appointed |
|
|
04/12/2009 |
Annual Returns |
|
|
12/08/2009 |
New Accounts Filed |
|
|
12/08/2009 |
New Accounts Filed |
|
|
07/12/2008 |
Annual Returns |
|
|
13/11/2008 |
New Accounts Filed |
|
|
11/01/2008 |
New Accounts Filed |
|
|
11/12/2007 |
New Accounts Filed |
|
|
11/12/2007 |
New Accounts Filed |
|
|
10/12/2007 |
Annual Returns |
|
|
12/11/2007 |
New Accounts Filed |
|
|
05/06/2006 |
New Accounts Filed |
|
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
|
Multiple CCJ's recorded against the company. |
|
|
The credit limit on this company has risen 41.9% in comparison to the
previously suggested credit limit. |
|
|
The previous 12 month trading period saw a rise in Sales of 28.9%. |
|
|
In the previous 12 month trading period Net Worth increased by 23.2%. |
|
|
A 13.2% growth in Total Assets occurred in the previous 12 month
trading period. |
|
|
Pre-tax profits increased by 77.1% in the previous 12 month trading
period. |
|
|
The company saw an increase in their Cash Balance of 999.9% in the
previous 12 month trading period. |
|
|
The audit report contains no adverse comments. |
|
|
The company has undergone recent changes in its directorships. |
|
|
The company is part of a group. |
|
|
The company was established over 22 years ago. |
|
Previous Company
Names
|
Date |
Previous Name |
Companies House Documents |
|
15/02/1991 |
FLYING TRADE FINANCE LIMITED |
|
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.46 |
|
UK Pound |
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.