MIRA INFORM REPORT

 

 

Report Date :           

19.05.2011

 

IDENTIFICATION DETAILS

 

Name :

PIX EUROPE LIMITED 

 

 

Registered Office :

Unit 24 Farthing Road Ind Estate , Sproughton, Ipswich , Ip1 5ap

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

10.11.1998

 

 

Com. Reg. No.:

03665031

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

The group engaged in imports and distribution of transmission products for the automotive and agricultural industry

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

Payment Behaviour :

Unknown

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United Kingdom 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company summary

 Bottom of Form

 

Top of Form

Company Name

PIX EUROPE LIMITED

Company Number

03665031

Registered Address

UNIT 24 FARTHING ROAD IND ESTATE

Trading Address

Unit 24 Farthing Road Ind Estate
Sproughton
Ipswich
IP1 5AP

 

SPROUGHTON

 

 

IPSWICH

 

 

IP1 5AP

 

 

 

 

 

Website Address

http://www.pixeuro.com

 

 

Telephone Number

01473744612

Fax Number

 

TPS

No

FPS

No

Incorporation Date

10/11/1998

Company Status

Active - Accounts Filed

Previous Name

 

Type

Private limited with Share Capital

 

 

Filing Date of Accounts

19/01/2011

Date of Change

-

Share Capital

£250,000

Sic Code

5190

Currency

GBP

Sic Description

OTHER WHOLESALE

Principal Activity

The group engaged in imports and distribution of transmission products for the automotive and agricultural industry. Accounts data converted from Euro.

 

Accounts Due Date 31/12/2011

Credit Limit

 

Limit

Cash Transactions Preferred

Previous Limit

-

Contract Limit

No Limit

 

 

 

 

Last 3 Years Credit Limit

 

Date

Limit

31/12/2010

£16,000

31/12/2009

£56,000

31/12/2008

£25,000

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder Funds

Employees

31/03/2010

£7,837,168

£32,890

£755,323

63

31/03/2009

£9,964,968

£261,956

£739,731

70

31/03/2008

-

£217,046

£597,760

21

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade Debtors / Bad Debt -

1

 

Total Value of Documented Trade Debtors / Bad Debt -

£1,316

 

 

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

 

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

 

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

 

Total Number of Writs -

0

 

 

 

 

Exact CCJ Details

 

There are no exact CCJ details

 

 

Possible CCJ Details

 

There are no possible CCJ details

 

 

Writ Details

 

There are no writ details


Mortgage Summary

 

Outstanding

2

Satisfied

2

 

 

 

 

 

Total Current Directors

5

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

2

 

 

Current Directors

 

Name

Joseph Charles Deacon

Date of Birth

16/01/1965

Officers Title

Mr

Nationality

Irish

Present Appointments

2

Function

Director

Appointment Date

10/11/1998

 

 

Address

Myshall,  Bagenalstown,  Co Carlow, 

Other Actions

View Director Report

View Consumer Report

View Trace Report

 

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Amarpal Sethi

Date of Birth

29/12/1950

Officers Title

 

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

26/04/1999

 

 

Address

Pals 1st Road,  Tps Iv Bandra,  Mumbai 400 050, 

Other Actions

View Director Report

View Consumer Report

View Trace Report

 

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Rishipal Sethi

Date of Birth

15/06/1973

Officers Title

 

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

26/04/1999

 

 

Address

6 Tremlett Lane,  Kesgrave,  Ipswich,  IP5 2DJ

Other Actions

View Director Report

View Consumer Report

View Trace Report

 

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Stewart Colin Mitchell Booth

Date of Birth

20/10/1956

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

01/08/2005

 

 

Address

29 Plume Avenue,  ,  Maldon,  CM9 6LB

Other Actions

View Director Report

View Consumer Report

View Trace Report

 

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Sonepal Sethi

Date of Birth

16/09/1966

Officers Title

 

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

27/06/2008

 

 

Address

Pal's Bldg., 1st Road, Bandra,  ,  Mumbai, 

Other Actions

View Director Report

View Consumer Report

View Trace Report

 

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

Current Company Secretary

 

Name

Sheila Theresa Deacon

Date of Birth

18/10/1964

Officers Title

Ms

Nationality

Irish

Present Appointments

3

Function

Company Secretary

Appointment Date

10/11/1998

 

 

Address

Unit 24 Farthing Road Ind Estate,  Sproughton,  Ipswich,  IP1 5AP

Other Actions

 

View Consumer Report

View Trace Report

 

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 



Top 20 Shareholders

 

 

Name

Individual Share Value

 

 

PIX TRANSMISSIONS LTD

125,000 ORDINARY GBP 1.00

 

 

JOSEPH CHARLES DEACON

100,000 ORDINARY GBP 1.00

 

 

SHEILA THERESA DEACON

25,000 ORDINARY GBP 1.00

 

 

 

 

 

 

Profit & Loss

 

 

Date Of Accounts

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

(%)

31/03/06

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

 

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

 

Consolidated A/cs

Y

(%)

Y

(%)

N

(%)

N

(%)

N

Turnover

£7,837,168

-21.4%

£9,964,968

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

£5,139,943

-

£6,676,575

-

-

-

-

-

-

Gross Profit

£2,697,225

-18%

£3,288,393

42.2%

£2,311,732

-

-

-

-

Wages & Salaries

£1,323,065

-21.6%

£1,687,206

105.6%

£820,677

-

-

-

-

Directors Emoluments

£162,782

-22.4%

£209,890

86.3%

£112,674

-

-

-

-

Operating Profit

£187,230

-29%

£263,590

-32.4%

£390,076

-

-

-

-

Depreciation

£134,117

-13.2%

£154,439

35.4%

£114,089

37.3%

£83,076

12.4%

£73,923

Audit Fees

£4,970

21.4%

£4,093

-48.6%

£7,968

-

-

-

-

Interest Payments

£154,339

-17.3%

£186,724

7.9%

£173,030

-

-

-

-

Pre Tax Profit

£32,890

-87.4%

£261,956

20.7%

£217,046

-

-

-

-

Taxation

-£18,887

70.6%

-£64,310

16.3%

-£76,819

-

-

-

-

Profit After Tax

£14,003

-92.9%

£197,646

40.9%

£140,227

-

-

-

-

Dividends Payable

-

-

-

-100%

£43,384

-

-

-

-

Retained Profit

£15,592

-92.2%

£200,351

106.9%

£96,843

-

-

-

-

 

 

Balance Sheet

 

 

Date Of Accounts

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

(%)

31/03/06

Tangible Assets

£2,449,601

-4.3%

£2,558,626

42.2%

£1,799,909

27.1%

£1,415,646

0.8%

£1,404,968

Intangible Assets

£83,277

-5.6%

£88,176

-

0

-

0

-

0

Total Fixed Assets

£2,532,877

-4.3%

£2,646,801

47.1%

£1,799,909

27.1%

£1,415,646

0.8%

£1,404,968

Stock

£2,285,252

-28.7%

£3,206,162

212.6%

£1,025,661

40.1%

£731,954

-2.6%

£751,388

Trade Debtors

£1,979,474

-1.1%

£2,001,787

-16.2%

£2,387,928

50.5%

£1,587,055

-

0

Cash

£2,434

-14.9%

£2,859

849.7%

£301

54.1%

£195

79.2%

£109

Other Debtors

£153,840

2.5%

£150,020

-84.3%

£954,277

-

0

-100%

£1,828,237

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£4,421,000

-17.5%

£5,360,829

22.7%

£4,368,167

88.3%

£2,319,204

-10.1%

£2,579,734

Trade Creditors

£2,079,543

-40.1%

£3,469,556

24.9%

£2,778,580

21.6%

£2,284,920

-

0

Bank Loans & Overdrafts

£1,032,456

5.4%

£979,738

163%

£372,575

-

0

-

0

Other Short Term Finance

£789,080

172.3%

£289,784

-2.4%

£296,846

-

0

-

0

Miscellaneous Current Liabilities

£521,446

78.6%

£292,025

10.8%

£263,449

-

0

-100%

£2,509,856

Total Current Liabilities

£4,422,525

-12.1%

£5,031,103

35.6%

£3,711,451

62.4%

£2,284,920

-9%

£2,509,856

Bank Loans & Overdrafts and LTL

£2,808,485

-12.7%

£3,216,534

44.1%

£2,231,440

113.1%

£1,047,092

-6.8%

£1,124,045

Other Long Term Finance

£377,261

-36.7%

£595,730

999.9%

£42,438

-

0

-

0

Total Long Term Liabilities

£1,776,029

-20.6%

£2,236,796

20.3%

£1,858,865

77.5%

£1,047,092

-6.8%

£1,124,045

Capital & Reserves

 

 

Date Of Accounts

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

(%)

31/03/06

Called Up Share Capital

£301,724

-

£301,724

-1.2%

£305,520

24.3%

£245,700

0%

£245,665

P & L Account Reserve

£453,599

3.6%

£438,007

49.9%

£292,239

86%

£157,138

49.5%

£105,136

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£755,323

2.1%

£739,731

23.8%

£597,760

48.4%

£402,837

14.8%

£350,801

 

Other Financial Items

 

 

Date Of Accounts

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

(%)

31/03/06

Net Worth

£672,046

3.1%

£651,555

9%

£597,760

48.4%

£402,837

14.8%

£350,801

Working Capital

-£1,525

-100.5%

£329,726

-49.8%

£656,716

999.9%

£34,284

-50.9%

£69,878

Total Assets

£6,953,877

-13.2%

£8,007,630

29.8%

£6,168,075

65.1%

£3,734,850

-6.3%

£3,984,702

Total Liabilities

£6,198,554

-14.7%

£7,267,899

30.5%

£5,570,316

67.2%

£3,332,012

-8.3%

£3,633,901

Net Assets

£755,323

2.1%

£739,731

23.8%

£597,760

48.4%

£402,837

14.8%

£350,801

 

Cash Flow

 

 

Date Of Accounts

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

(%)

31/03/06

Net Cashflow from Operations

£417,303

59.3%

£261,960

474.7%

-£69,914

-

-

-

-

Net Cashflow before Financing

£217,050

200.3%

£72,276

118.4%

-£393,455

-

-

-

-

Net Cashflow from Financing

-£278,575

-277.2%

-£73,848

-114.9%

£494,802

-

-

-

-

Increase in Cash

-£61,524

-999.9%

-£1,572

-101.6%

£101,347

-

-

-

-

 

Miscellaneous

 

 

Date Of Accounts

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

(%)

31/03/06

 

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£2,531,352

-15%

£2,976,527

21.2%

£2,456,625

69.4%

£1,449,930

-1.7%

£1,474,845

Number of Employees

63

-10%

70

233.3%

21

-

-

-

-

 

Auditors

CBHC LLP

 

Auditor Comments

The auditors opinions have been limited by the information provided to them

 

Bankers

 

 

Bank Branch Code

 

 

 

Ratios

 

 

Date Of Accounts

31/03/10

31/03/09

31/03/08

31/03/07

31/03/06

Pre-tax profit margin %

0.42

2.63

-

-

-

Current ratio

1

1.07

1.18

1.02

1.03

Sales/Net Working Capital

-5138.22

30.22

-

-

-

Gearing %

371.80

434.80

373.30

259.90

320.40

Equity in %

11

9.30

9.70

10.80

8.80

Creditor Days

96.58

126.73

-

-

-

Debtor Days

91.93

73.12

-

-

-

Liquidity/Acid Test

0.48

0.42

0.90

0.69

0.73

Return On Capital Employed %

1.29

8.80

8.83

-

-

Return On Total Assets Employed %

0.47

3.27

3.51

-

-

Current Debt Ratio

5.85

6.80

6.20

5.67

7.15

Total Debt Ratio

8.20

9.82

9.31

8.27

10.36

Stock Turnover Ratio %

29.15

32.17

-

-

-

Return on Net Assets Employed %

4.35

35.41

36.30

-

-

 

 

Status History

 

No Status History found



Event History

 

Date

Description

 

29/01/2011

New Accounts Filed

 

29/01/2011

New Accounts Filed

 

11/12/2010

Annual Returns

 

11/02/2010

New Accounts Filed

 

11/02/2010

New Accounts Filed

 

01/02/2010

Annual Returns

 

20/03/2009

Annual Returns

 

09/12/2008

New Accounts Filed

 

29/09/2008

New Board Member S. Sethi appointed

 

08/11/2007

New Accounts Filed

 

29/12/2006

New Accounts Filed

 

07/05/2006

Creditsafe Rating refinement

 

11/10/2005

New Board Member (RISHIPAL SETHI) appointed

 

11/10/2005

New Accounts Filed

 

18/08/2005

New Board Member (STEWART COLIN MITCHELLBOOTH) appointed

 

 

 

Limit History

 

Date

Limit

29/01/2011

£0

01/01/2011

-

11/02/2010

£16,000

01/02/2010

-

03/01/2010

£39,000

08/03/2009

£56,000

09/12/2008

£25,000

08/11/2007

£20,000

29/12/2006

£12,000

28/12/2006

£11,000

 

 

Previous Company Names

 

No Previous Names found

 

 

Group Structure Summary

 

Company Name

PIX EUROPE LIMITED

Company Number

03665031

Holding Company

PIX EUROPE LIMITED

Ownership Status

Ultimately Owned

Ultimate Holding Company

PIX EUROPE LIMITED

Companies in group

2

 

Group structure

 

Company Name

 

Safe Number

Registered Number

Latest Key Financials

Consol. Accounts

Rating

Limit

Turnover

PIX EUROPE LIMITED

 

UK03320987

03665031

31.03.2010

Y

27

£0

£7,837,168

PIX HYDRAULICS EUROPE LIMITED

 

UK07005861

NI008323

31.03.2010

N

93

£42,000

 



Bottom of Form

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.08

UK Pound

1

Rs.73.45

Euro

1

Rs.64.30

 

 

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%)

 

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.