MIRA
INFORM REPORT
|
Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
L N METALS INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
20 Gracechurch Street London EC3V 0BG |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.11.1998 |
|
|
|
|
Legal Form : |
Private Limited With Share Capital |
|
|
|
|
Line of Business : |
Other Business Support Service Activities |
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 : |
£360,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
L N METALS INTERNATIONAL
LIMITED |
Company Number |
03669575 |
|
|
|
Safe Number |
UK03325508 |
|
Registered Address |
20 GRACECHURCH STREET |
Trading Address |
81 Gracechurch Street |
|
|
LONDON |
|
|
|
|
|
|
|
|
|
EC3V 0BG |
|
|
|
|
|
|
|
|
Website Address |
|
|
|
|
Telephone Number |
- |
Fax Number |
|
|
TPS |
- |
FPS |
No |
|
Incorporation Date |
18/11/1998 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
|
Type |
Private limited with
Share Capital |
|
Date of Change |
- |
Filing Date of Accounts |
16/07/2011 |
|
|
|
Share Capital |
£1,714,755 |
|
SIC03 |
7487 |
Currency |
USD |
|
SIC03 Description |
OTHER BUSINESS
ACTIVITIES |
||
|
SIC07 |
82990 |
||
|
SIC07 Description |
OTHER BUSINESS SUPPORT
SERVICE ACTIVITIES N.E.C. |
||
|
Principal Activity |
To create a multi
product mid tier global commodity trading operation. Accounts data converted
from US Dollars. |
||
CREDIT RECOMENDATION
Current Credit Limit: £360,000
DIRECTORS/MANAGEMENT
|
Total Current Directors |
4 |
|
Total Current
Secretaries |
1 |
|
Total Previous Directors
/ Company Secretaries |
13 |
Current Directors
|
Name |
Date of Birth |
04/01/1965 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
9 |
Function |
Director |
|
Appointment Date |
31/07/2003 |
|
|
|
Address |
30 Lankester
Square, Eastlands Way, Oxted, RH8 0LJ |
||
|
|
|
|
|
|
Name |
Date of Birth |
23/08/1956 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
9 |
Function |
Director |
|
Appointment Date |
24/09/2002 |
|
|
|
Address |
Elden Lodge,
Longaford Way Hutton, Brentwood, CM13 2LT |
||
|
|
|
|
|
|
Name |
Date of Birth |
18/08/1950 |
|
|
Officers Title |
Mr |
Nationality |
German |
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
24/09/2002 |
|
|
|
Address |
36 Albert Court,
Prince Consort Road, London, SW7 2BE |
||
|
|
|
|
|
|
Name |
Date of Birth |
01/10/1956 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
02/01/2007 |
|
|
|
Address |
Coopers Bridge,
Tunbridge Lane, Bramshott, GU30 7RF |
||
|
|
|
|
|
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
There are no exact CCJ
details
Possible CCJ Details
There are no possible CCJ
details
Writ Details
There are no writ details
SHARE & SHARE CAPITAL INFORMATION
Top 20 Shareholders
|
Individual Share Value |
|
|
RMB INTERNATIONAL
(DUBLIN) LTD |
699,178 ORDINARY USD
1.00 |
|
LOUIS DREYFUS
COMMODITIES SUISSE SA |
438,706 ORDINARY USD
1.00 |
|
IAIN PATERSON |
144,231 ORDINARY USD
1.00 |
|
KEVIN RHODES |
132,847 ORDINARY USD 1.00 |
|
NIGEL DENTOOM |
132,847 ORDINARY USD
1.00 |
|
FIRST RAND INTERNATIONAL
LTD |
97,738 ORDINARY USD 1.00 |
|
LN EMPLOYEE BENEFIT
TRUST |
45,969 ORDINARY USD 1.00 |
|
MONIKA CYPRYS |
5,330 ORDINARY USD 1.00 |
|
JOHN SHAW |
5,100 ORDINARY USD 1.00 |
|
DAIXIN HU |
5,000 ORDINARY USD 1.00 |
|
ANTHONY EVERY |
3,759 ORDINARY USD 1.00 |
|
DEREK JOHNSON |
3,650 ORDINARY USD 1.00 |
|
ALEXEI ABRAMOV |
400 ORDINARY USD 1.00 |
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure Summary
|
Company Name |
L N METALS INTERNATIONAL
LIMITED |
Company Number |
03669575 |
|
Holding Company |
L N METALS INTERNATIONAL
LIMITED |
Ownership Status |
Ultimately Owned |
|
Ultimate Holding Company
|
L N METALS INTERNATIONAL
LIMITED |
Companies in group |
2 |
Group structure
|
Company Name |
|
Safe Number |
Registered Number |
Latest Key Financials |
Consol. Accounts |
Turnover |
|
|
03669575 |
31.12.2010 |
N |
£371,659,006 |
||
|
|
04171751 |
31.12.2009 |
N |
|
FINANCIAL INFORMATION
Profit & Loss
|
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
Y |
(%) |
Y |
|
Turnover |
£371,659,006 |
44.2% |
£257,809,797 |
-14% |
£299,673,481 |
64.6% |
£182,029,098 |
31.9% |
£138,007,252 |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost of Sales |
£368,721,080 |
- |
£252,258,391 |
- |
£291,442,322 |
- |
£176,501,388 |
- |
£133,934,278 |
|
Gross Profit |
£2,937,926 |
-47.1% |
£5,551,405 |
-32.6% |
£8,231,158 |
48.9% |
£5,527,710 |
35.7% |
£4,072,974 |
|
Wages & Salaries |
£2,798,778 |
11.1% |
£2,518,462 |
-30.9% |
£3,642,934 |
103.6% |
£1,789,108 |
102.9% |
£881,630 |
|
Directors Emoluments |
£388,147 |
-59.6% |
£961,747 |
10.2% |
£872,975 |
47.6% |
£591,315 |
161.2% |
£226,424 |
|
Operating Profit |
-£1,775,319 |
-253.8% |
£1,154,148 |
-57.9% |
£2,743,516 |
-0.7% |
£2,761,614 |
29.8% |
£2,126,834 |
|
Depreciation |
£113,506 |
35.3% |
£83,897 |
6.2% |
£79,003 |
266.9% |
£21,531 |
29.8% |
£16,583 |
|
Audit Fees |
£75,944 |
30.4% |
£58,256 |
-10.1% |
£64,769 |
11% |
£58,364 |
- |
- |
|
Interest Payments |
£14,134 |
-51.9% |
£29,375 |
-15.2% |
£34,636 |
-98.4% |
£2,192,442 |
30.4% |
£1,680,913 |
|
Pre Tax Profit |
-£1,784,153 |
-257.8% |
£1,130,693 |
-59.3% |
£2,776,819 |
310.3% |
£676,796 |
31.3% |
£515,424 |
|
Taxation |
£562,374 |
256.2% |
-£359,993 |
55.4% |
-£807,312 |
-302.2% |
-£200,740 |
-221.9% |
£164,719 |
|
Profit After Tax |
-£1,221,779 |
-258.5% |
£770,700 |
-60.9% |
£1,969,507 |
313.7% |
£476,056 |
-30% |
£680,144 |
|
Dividends Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Retained Profit |
-£1,221,779 |
-258.5% |
£770,700 |
-60.9% |
£1,969,507 |
313.7% |
£476,056 |
-30% |
£680,144 |
Balance Sheet
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Tangible Assets |
£189,679 |
95.3% |
£97,142 |
-58.1% |
£231,767 |
57.6% |
£147,045 |
-54.7% |
£324,743 |
|
Intangible Assets |
£184,288 |
-34% |
£279,262 |
-16% |
£332,269 |
24.7% |
£266,357 |
- |
0 |
|
Total Fixed Assets |
£373,967 |
-0.6% |
£376,405 |
-33.3% |
£564,036 |
36.4% |
£413,402 |
27.3% |
£324,743 |
|
Stock |
£76,959,567 |
9.6% |
£70,207,093 |
117.7% |
£32,250,456 |
72.8% |
£18,668,687 |
-37.1% |
£29,685,490 |
|
Trade Debtors |
£29,010,500 |
16.7% |
£24,864,370 |
-6.3% |
£26,534,504 |
50.6% |
£17,623,847 |
-3.9% |
£18,340,548 |
|
Cash |
£12,974 |
-80.2% |
£65,645 |
-95.9% |
£1,585,704 |
146.3% |
£643,873 |
23.8% |
£520,133 |
|
Other Debtors |
£5,136,541 |
52% |
£3,379,690 |
6% |
£3,187,983 |
949.7% |
£303,693 |
-45.9% |
£561,481 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£111,119,582 |
12.8% |
£98,516,799 |
55% |
£63,558,647 |
70.7% |
£37,240,101 |
-24.2% |
£49,107,651 |
|
Trade Creditors |
£18,251,256 |
-18% |
£22,254,829 |
201% |
£7,393,022 |
8.2% |
£6,829,764 |
-37.4% |
£10,911,245 |
|
Bank Loans &
Overdrafts |
£84,373,079 |
27% |
£66,433,377 |
62.6% |
£40,860,421 |
72.7% |
£23,665,476 |
-31.8% |
£34,696,110 |
|
Other Short Term Finance |
£71,520 |
-24.1% |
£94,232 |
6.9% |
£88,173 |
-91.9% |
£1,090,303 |
- |
0 |
|
Miscellaneous Current
Liabilities |
£1,056,252 |
-1.3% |
£1,069,632 |
-84.9% |
£7,068,528 |
406.2% |
£1,396,266 |
251.5% |
£397,264 |
|
Total Current
Liabilities |
£103,752,107 |
15.5% |
£89,852,071 |
62.2% |
£55,410,143 |
68% |
£32,981,809 |
-28.3% |
£46,004,618 |
|
Bank Loans &
Overdrafts and LTL |
£84,390,345 |
26.6% |
£66,663,594 |
61.9% |
£41,186,162 |
72% |
£23,945,594 |
-33.9% |
£36,250,831 |
|
Other Long Term Finance |
£17,266 |
-80.8% |
£89,802 |
-47.2% |
£170,128 |
-39.3% |
£280,117 |
-77.9% |
£1,269,422 |
|
Total Long Term
Liabilities |
£17,266 |
-92.5% |
£230,217 |
-29.3% |
£325,740 |
16.3% |
£280,117 |
-82% |
£1,554,721 |
Capital & Reserves
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Called Up Share Capital |
£1,070,117 |
- |
£1,070,117 |
-9.2% |
£1,179,145 |
73% |
£681,490 |
117.8% |
£312,901 |
|
P & L Account
Reserve |
£1,281,324 |
-48.6% |
£2,490,740 |
36% |
£1,830,999 |
999.9% |
-£98,410 |
82.9% |
-£576,449 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
£5,372,736 |
2.3% |
£5,250,059 |
-2.4% |
£5,376,656 |
41.2% |
£3,808,497 |
78.3% |
£2,136,603 |
|
Shareholder Funds |
£7,724,176 |
-12.3% |
£8,810,916 |
5.1% |
£8,386,800 |
91% |
£4,391,577 |
134.5% |
£1,873,055 |
Other Financial Items
|
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
|
Net Worth |
£7,539,888 |
-11.6% |
£8,531,654 |
5.9% |
£8,054,531 |
95.3% |
£4,125,220 |
120.2% |
£1,873,055 |
|
Working Capital |
£7,367,475 |
-15% |
£8,664,728 |
6.3% |
£8,148,504 |
91.4% |
£4,258,292 |
37.2% |
£3,103,033 |
|
Total Assets |
£111,493,549 |
12.7% |
£98,893,203 |
54.2% |
£64,122,683 |
70.3% |
£37,653,503 |
-23.8% |
£49,432,394 |
|
Total Liabilities |
£103,769,373 |
15.2% |
£90,082,287 |
61.6% |
£55,735,884 |
67.6% |
£33,261,926 |
-30.1% |
£47,559,339 |
|
Net Assets |
£7,724,176 |
-12.3% |
£8,810,916 |
5.1% |
£8,386,800 |
91% |
£4,391,577 |
134.5% |
£1,873,055 |
Cash Flow
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Net Cashflow from
Operations |
-£17,027,130 |
43.7% |
-£30,253,376 |
-384% |
-£6,250,636 |
-154.7% |
£11,422,032 |
152.8% |
-£21,613,037 |
|
Net Cashflow before
Financing |
-£17,674,814 |
43.1% |
-£31,056,201 |
-374.7% |
-£6,542,580 |
-170.4% |
£9,295,759 |
140% |
-£23,260,724 |
|
Net Cashflow from
Financing |
-£317,557 |
-349.3% |
£127,382 |
110.1% |
-£1,266,546 |
-172.7% |
£1,741,018 |
174.3% |
£634,713 |
|
Increase in Cash |
-£17,992,372 |
41.8% |
-£30,928,820 |
-296.1% |
-£7,809,126 |
-170.8% |
£11,036,777 |
148.8% |
-£22,626,010 |
Miscellaneous
|
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
|
Contingent Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
Capital Employed |
£7,741,442 |
-14.4% |
£9,041,133 |
3.8% |
£8,712,540 |
86.5% |
£4,671,694 |
36.3% |
£3,427,775 |
|
Number of Employees |
29 |
7.4% |
27 |
3.8% |
26 |
52.9% |
17 |
6.3% |
16 |
|
Auditors |
LITTLEJOHN LLP |
||||||||
|
Auditor Comments |
The audit report
contains no adverse comments |
||||||||
|
Bankers |
BARCLAYS BANK PLC |
||||||||
|
Bank Branch Code |
20-00-00 |
||||||||
Ratios
|
31/12/10 |
31/12/09 |
31/12/08 |
31/12/07 |
31/12/06 |
||||||
|
Pre-tax profit margin % |
-0.48 |
0.44 |
0.93 |
0.37 |
0.37 |
|||||
|
Current ratio |
1.07 |
1.10 |
1.15 |
1.13 |
1.07 |
|||||
|
Sales/Net Working
Capital |
50.45 |
29.75 |
36.78 |
42.75 |
44.47 |
|||||
|
Gearing % |
1092.50 |
756.60 |
491.10 |
545.30 |
1935.40 |
|||||
|
Equity in % |
6.90 |
8.90 |
13.10 |
11.70 |
3.80 |
|||||
|
Creditor Days |
17.87 |
31.42 |
8.97 |
13.66 |
28.78 |
|||||
|
Debtor Days |
28.41 |
35.10 |
32.23 |
35.24 |
48.37 |
|||||
|
Liquidity/Acid Test |
0.32 |
0.31 |
0.56 |
0.56 |
0.42 |
|||||
|
Return On Capital
Employed % |
-23.04 |
12.50 |
31.87 |
14.49 |
15.04 |
|||||
|
Return On Total Assets
Employed % |
-1.60 |
1.14 |
4.33 |
1.79 |
1.04 |
|||||
|
Current Debt Ratio |
13.43 |
10.19 |
6.60 |
7.51 |
24.56 |
|||||
|
Total Debt Ratio |
13.43 |
10.22 |
6.64 |
7.57 |
|
|||||
|
Stock Turnover Ratio % |
20.70 |
27.23 |
10.76 |
10.26 |
|
|||||
|
Return on Net Assets
Employed % |
-23.09 |
12.83 |
33.10 |
15.41 |
|
|||||
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/12/2010 |
£371,659,006 |
-£1,784,153 |
£7,724,176 |
29 |
|
31/12/2009 |
£257,809,797 |
£1,130,693 |
£8,810,916 |
27 |
|
31/12/2008 |
£299,673,481 |
£2,776,819 |
£8,386,800 |
26 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Mortgage Summary
|
Outstanding |
33 |
|
Satisfied |
10 |
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
26/07/2011 |
New Accounts Filed |
|
26/07/2011 |
New Accounts Filed |
|
28/06/2011 |
Mr N. Mamalis has left
the board |
|
17/01/2011 |
Mr M.C. Lowe has left
the board |
|
17/01/2011 |
New Board Member Mr N.
Mamalis appointed |
|
24/11/2010 |
Annual Returns |
|
01/07/2010 |
New Accounts Filed |
|
01/07/2010 |
New Accounts Filed |
|
08/06/2010 |
Change in Reg.Office |
|
08/06/2010 |
Change of Company
Postcode |
|
23/03/2010 |
Mr D.C. Chung has left
the board |
|
21/12/2009 |
Annual Returns |
|
11/06/2009 |
New Accounts Filed |
|
09/03/2009 |
New Board Member Mr D.C.
Chung appointed |
|
26/02/2009 |
Mr N. Mamalis has left
the board |
Previous Company Names
|
No Previous Names found |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
|
1 |
Rs.82.44 |
|
Euro |
1 |
Rs.71.08 |
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.