MIRA INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
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Name : |
EUROFILMS EXTRUSION LTD. |
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Registered Office : |
6 Ridge House, Ridge House Drive, Stoke On Trent, ST1 5TL |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
28.03.1995 |
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Com. Reg. No.: |
03038727 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Manufacture and sale of
industrial stretchfilm and collation shrinkflim |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Eurofilms Extrusion Ltd.
B2-b3
Unit
Horton Park Industrial Estate
Telford, TF1 7XY
United Kingdom
Tel: 01952606633
Fax: 01952606635
Web: www.eurofilms.com
synthesis
Employees: 62
Company Type: Private Parent
Corporate Family: 1
Companies
Quoted Status: Non-quoted Company
Incorporation Date:
28-Mar-1995
Auditor: Moore Stephens
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2009
Reporting Currency: British
Pound Sterling
Annual Sales: 27.0
1
Net Income: 0.5
Total Assets: 11.4
Business Description
Manufacture and sale of industrial stretchfilm and collation shrinkflim.
Industry
Industry Fabricated Plastic and Rubber
ANZSIC 2006: 1919 - Other
Polymer Product Manufacturing
NACE 2002: 2524 - Manufacture
of other plastic products
NAICS 2002: 32619 - Other
Plastics Product Manufacturing
UK SIC 2003: 2524 - Manufacture
of other plastic products
US SIC 1987: 3089 - Plastics
Products, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Nicholas Andrew Smith |
Finance Director |
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Lesley Sherry |
Sales Office Manager |
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Martin Palmer |
Secretary |
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David Glyn Thomas |
Production Director |
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Graham Joseph Humphreys |
Chairman |
Financial Summary
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FYE: 31-Dec-2009 |
USD (mil) |
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Registered No.(UK): 03038727
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6415077
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6192526
Corporate Overview
Location
B2-b3
Unit
Horton Park Industrial Estate
Telford, TF1 7XY
Shropshire County
United Kingdom
Tel: 01952606633
Fax: 01952606635
Web: www.eurofilms.com
Sales GBP(mil): 17.3
Assets GBP(mil): 7.1
Employees: 62
Fiscal Year End: 31-Dec-2009
Industry: Fabricated Plastic and Rubber
Registered
Address:
6 Ridge House
Ridge House Drive
Stoke On Trent, ST1 5TL
United Kingdom
Incorporation Date: 28-Mar-1995
Company Type : Private Parent
Quoted Status: Not Quoted
Registered No.(UK): 03038727
Director: William John Humphreys
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
· Gazette Status
Industry Codes
ANZSIC 2006 Codes:
1919 - Other Polymer Product Manufacturing
NACE 2002 Codes:
2524 - Manufacture of other plastic products
NAICS 2002 Codes:
32619 - Other Plastics Product Manufacturing
US SIC 1987:
3089 - Plastics Products, Not Elsewhere Classified
UK SIC 2003:
2524 - Manufacture of other plastic products
Business
Description
Manufacture and sale of industrial stretchfilm and collation shrinkflim.
More Business
Descriptions
Packaging Materials Manufacturers
Registered No.(UK): 03038727
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6415077
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6192526
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Corporate
Family |
Corporate
Structure News: |
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Total Corporate Family Members: 1 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Telford |
United Kingdom |
Fabricated Plastic and Rubber |
27.0 |
62 |
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Executive report
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Directors and Shareholders Report
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Main Office
Address: |
Tel: 01952606633 |
Annual Return Date: 28 Mar 2011 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
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Current |
16 Nov 1961 |
61 Birchwood Road, |
01 Jan 2004 |
NA |
Current:1 |
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Current |
19 Aug 1961 |
9 The Croft, |
12 May 1995 |
NA |
Current:2 |
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Current |
04 Jan 1947 |
September Cottage, Hollies Common, |
28 Aug 1996 |
NA |
Current:1 |
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Current |
25 Sep 1969 |
7 Beechfield Close, |
27 Jan 2010 |
NA |
Current:3 |
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Current |
02 Jun 1950 |
Longbarn, Longden Wood Farm Long Lane, |
25 Oct 1995 |
NA |
Current:1 |
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Previous |
20 Dec 1958 |
35 Wellington Close, |
12 May 1995 |
22 May 2001 |
Current:0 |
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Previous |
NA |
Daisy Cottage Shirral Drive, |
26 Oct 2000 |
31 Jul 2008 |
Current:1 |
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Corporate Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Corporate Administration Services Limited |
Previous |
Falcon House, 24 North John Street, |
28 Mar 1995 |
12 May 1995 |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
19 Aug 1961 |
9 The Croft, |
12 May 1995 |
NA |
Current:2 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Corporate Administration Secretaries Limited |
Previous |
Falcon House, 24 North John Street, |
28 Mar 1995 |
12 May 1995 |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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David Glyn Thomas |
50000 Ordinary GBP 1.00 |
Ordinary |
50,000 |
1.00 |
50,000.00 |
7.58 |
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Gillian Humphreys |
100000 Ordinary GBP 1.00 |
Ordinary |
100,000 |
1.00 |
100,000.00 |
15.15 |
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Graham Humphreys |
400000 Ordinary GBP 1.00 |
Ordinary |
400,000 |
1.00 |
400,000.00 |
60.61 |
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Martin Palmer |
80000 Ordinary GBP 1.00 |
Ordinary |
80,000 |
1.00 |
80,000.00 |
12.12 |
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Nick Smith |
5000 Ordinary GBP 1.00 |
Ordinary |
5,000 |
1.00 |
5,000.00 |
0.76 |
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William John Humphreys |
25000 Ordinary GBP 1.00 |
Ordinary |
25,000 |
1.00 |
25,000.00 |
3.79 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Annual Profit & Loss
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
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|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
31-Dec-2005 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.641508 |
0.545576 |
0.499878 |
0.543438 |
0.550122 |
|
Consolidated |
No |
No |
No |
No |
No |
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Turnover (UK) |
23.5 |
- |
- |
- |
24.4 |
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Turnover (Exports) |
3.5 |
- |
- |
- |
0.0 |
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Total Turnover |
27.0 |
- |
- |
- |
24.4 |
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Cost of Sales |
21.9 |
- |
- |
- |
19.1 |
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Gross Profit |
5.1 |
5.5 |
5.0 |
4.5 |
5.3 |
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Depreciation |
0.6 |
0.7 |
0.6 |
0.6 |
0.5 |
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Other Expenses |
4.1 |
4.7 |
4.3 |
3.6 |
4.6 |
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Operating Profit |
1.0 |
0.8 |
0.6 |
0.9 |
- |
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Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.8 |
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Interest Paid |
0.2 |
0.3 |
0.3 |
0.3 |
0.4 |
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Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Discontinued Operations |
0.0 |
0.0 |
0.0 |
- |
- |
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Profit Before Taxes |
0.8 |
0.5 |
0.4 |
0.6 |
1.1 |
|
Tax Payable / Credit |
-0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Dividends |
0.3 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit After Taxes |
0.5 |
0.5 |
0.3 |
0.6 |
1.1 |
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Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Number of Employees |
62 |
59 |
54 |
54 |
52 |
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Wages |
2.7 |
2.9 |
2.8 |
2.4 |
3.1 |
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Social Security Costs |
0.3 |
0.3 |
0.3 |
0.2 |
0.1 |
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Pensions |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Pension Costs |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
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Employees Remuneration |
3.1 |
3.2 |
3.2 |
2.7 |
3.2 |
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Directors Emoluments |
- |
0.8 |
0.8 |
0.6 |
1.3 |
|
Other Costs |
0.7 |
0.0 |
0.0 |
0.0 |
0.0 |
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Directors Remuneration |
0.8 |
0.8 |
0.8 |
0.6 |
1.3 |
|
Highest Paid Director |
0.4 |
0.4 |
0.3 |
0.2 |
0.3 |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
31-Dec-2005 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619253 |
0.695531 |
0.502361 |
0.510947 |
0.582496 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
0.1 |
0.1 |
0.1 |
0.1 |
- |
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Fixtures & Fittings |
0.0 |
0.0 |
0.1 |
0.1 |
- |
|
Plant & Vehicles |
2.6 |
2.2 |
3.0 |
2.6 |
- |
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Total Tangible Fixed Assets |
2.7 |
2.3 |
3.2 |
2.9 |
2.6 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
2.7 |
2.3 |
3.2 |
2.9 |
2.6 |
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Stocks |
2.3 |
- |
2.7 |
1.4 |
1.4 |
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Work in Progress |
0.0 |
- |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
2.3 |
1.7 |
2.7 |
1.4 |
1.4 |
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Trade Debtors |
5.5 |
- |
6.5 |
5.9 |
5.9 |
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Other Debtors |
0.4 |
- |
0.4 |
0.5 |
0.2 |
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Total Debtors |
6.0 |
6.1 |
6.9 |
6.4 |
6.1 |
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Cash and Equivalents |
0.4 |
0.4 |
0.4 |
0.0 |
2.2 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.5 |
0.0 |
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Total Current Assets |
8.7 |
8.2 |
10.1 |
8.3 |
9.6 |
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Total Assets |
11.4 |
10.5 |
13.3 |
11.2 |
12.2 |
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Trade Creditors |
2.3 |
- |
2.4 |
1.5 |
0.6 |
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Bank Overdraft |
2.1 |
- |
3.3 |
2.8 |
4.9 |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.3 |
- |
0.5 |
0.4 |
0.5 |
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Accruals/Deferred Income (Current Liability) |
0.7 |
- |
0.3 |
0.3 |
0.9 |
|
Social Security/VAT |
0.3 |
- |
0.3 |
0.2 |
0.5 |
|
Corporation Tax |
0.0 |
- |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
0.0 |
5.3 |
0.2 |
0.1 |
0.0 |
|
Total Current Liabilities |
5.6 |
5.3 |
7.0 |
5.4 |
7.4 |
|
Group Loans (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.4 |
- |
0.7 |
0.6 |
0.7 |
|
Other Long Term Loans |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
- |
0.0 |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.7 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.4 |
0.7 |
0.7 |
0.7 |
0.7 |
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Deferred Taxation |
0.0 |
- |
0.1 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Issued Capital |
1.1 |
1.1 |
1.6 |
1.5 |
1.4 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
4.0 |
3.3 |
4.0 |
3.6 |
2.6 |
|
Other Reserves |
0.3 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
5.3 |
4.5 |
5.6 |
5.2 |
4.0 |
|
Net Worth |
5.3 |
4.5 |
5.6 |
5.2 |
4.0 |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
31-Dec-2005 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.641508 |
0.545576 |
0.499878 |
0.543438 |
0.550122 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
2.5 |
0.7 |
0.5 |
1.9 |
2.3 |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
-0.4 |
|
Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Expenditures |
-0.7 |
-0.1 |
-0.3 |
-0.3 |
0.3 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
-0.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
-0.5 |
-0.7 |
-0.4 |
-0.6 |
-0.4 |
|
Increase in Cash |
0.9 |
-0.3 |
-0.5 |
0.8 |
1.7 |
Annual Ratios
Financials in: USD
(mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
31-Dec-2005 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619253 |
0.695531 |
0.502361 |
0.510947 |
0.582496 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.55 |
1.56 |
1.45 |
1.55 |
1.29 |
|
Liquidity Ratio |
1.14 |
1.24 |
1.06 |
1.28 |
1.11 |
|
Stock Turnover |
12.20 |
- |
- |
- |
16.93 |
|
Credit Period (Days) |
72.39 |
- |
- |
- |
93.80 |
|
Working Capital by Sales |
11.00% |
- |
- |
- |
9.40% |
|
Trade Credit by Debtors |
0.41 |
- |
0.37 |
0.25 |
0.10 |
|
Return on Capital |
13.78% |
8.22% |
6.20% |
10.87% |
21.82% |
|
Return on Assets |
6.97% |
4.09% |
2.95% |
5.66% |
8.47% |
|
Profit Margin |
2.84% |
- |
- |
- |
4.47% |
|
Return on Shareholders Funds |
14.90% |
9.55% |
7.02% |
12.26% |
25.89% |
|
Borrowing Ratio |
52.97% |
- |
79.30% |
74.09% |
153.56% |
|
Equity Gearing |
46.77% |
42.88% |
42.02% |
46.16% |
32.73% |
|
Debt Gearing |
8.12% |
- |
11.99% |
12.35% |
18.65% |
|
Interest Coverage |
3.57 |
2.15 |
1.45 |
2.06 |
2.60 |
|
Sales by Tangible Assets |
10.42 |
- |
- |
- |
9.02 |
|
Average Remuneration per Employee |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.5 |
- |
- |
- |
0.4 |
|
Capital Employed per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Total Assets per Employee |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Employee Remuneration by Sales |
11.34% |
- |
- |
- |
13.12% |
|
Creditor Days (Cost of Sales Based) |
36.53 |
- |
- |
- |
12.32 |
|
Creditor Days (Sales Based) |
29.67 |
- |
- |
- |
9.64 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.62 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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.