MIRA INFORM REPORT

 

 

Report Date :

25.02.2012

 

IDENTIFICATION DETAILS

 

Name :

SLEAFORD QUALITY FOODS LIMITED

 

 

Registered Office :

East Road Industrial Estate, Woodbridge Road, Sleaford, Lincs, NG34 7JX.

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.11.1968

 

 

Com. Reg. No.:

00943156

 

 

Legal Form :

Private Limited

 

 

Line of Business :

The import, processing and distribution of dehydrated and canned foods.

 

 

No. of Employees :

86

 

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 :

GBP 250,000

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 – 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

 


 Company Identification Details

 

Subject Reported on

SLEAFORD QUALITY FOODS LIMITED

Registration Number

00943156

Address

EAST ROAD INDUSTRIAL ESTATE, WOODBRIDGE ROAD, SLEAFORD, LINCOLNSHIRE, NG34 7JX.

Telephone

01529 305 000

Facsimile

01529 413 720

Email

enquiries@sleafordqf.com

Web Address

www.sleafordqf.com

 

Creditline Recommendations

 

Monthly Credit Guide

GBP 250,000

 

 

 

 

 

Official Company Data

 

 

Legal Form

Private Limited

Registration Number

00943156

Subject Status

Trading

Date of Incorporation

27/11/1968

Registered Office

EAST ROAD INDUSTRIAL ESTATE, WOODBRIDGE ROAD, SLEAFORD, LINCS, NG34 7JX.

History

1/01/1996 : Change of name from SLEAFORD TRADING CO. LIMITED.

Date of Last Annual Return to Registry

21/09/2011

Accounts

The last filed accounts at Companies House are those to 31/12/2010

Accounting Reference Date

31/03

 

 

 

Operations

 

 

Activities

The import, processing and distribution of dehydrated and canned foods.

Nace Code

5139

Staff Employed

86

Product Names

CHEF WILLIAM

Bankers

LLOYDS TSB BANK PLC

Address

SLEAFORD NORTHGATE.

Sort Code

309770

Auditors

PKF (UK) LLP

 

 

 

 

Previous Searches

 

Search History Summary

 

Last 3 Months

Last 6 Months

Last 12 Months

3

4

9

 

Search History Details

 

The Search History Details shows details of the most recent 40 searches

 

Date

Description

13/02/2012

Miscellaneous

08/02/2012

Miscellaneous

27/01/2012

Miscellaneous

29/09/2011

Miscellaneous

13/07/2011

Miscellaneous

22/06/2011

Miscellaneous

18/05/2011

Miscellaneous

06/05/2011

Miscellaneous

15/03/2011

Miscellaneous

04/08/2010

Miscellaneous

 

 

 

Public Record Information

 

 

Summary of CCJ's/Scottish Decrees

 

No CCJs/Scottish Decrees are recorded in our file.

 

 

 

Summary of Mortgages, Charges and Satisfactions

 

 

Total Number of Mortgages/Charges Registered

13

Number Outstanding

6

Number Partially Satisfied

0

Number Satisfied

7

 

 

Date of Latest Mortgage Created

11/12/2009

Date of Latest Satisfaction

20/08/2008

 

Details of most recent Mortgages, Charges and Satisfactions

 

 

Date Fully
Satisfied

Date
Registered

Date
Created

Charge
Description

Form Type

Lender

 

12/12/2009

11/12/2009

Omnibus Guarantee And Set-Off Agreement

MG01

Lloyds Tsb Bank Plc

 

16/10/2008

08/10/2008

Memorandum Of Pledge And Hypothecation Of Goods

395

Lloyds Tsb Bank Plc

 

01/09/2004

27/08/2004

Debenture

395

Lloyds Tsb Commercial Finance Limited

 

09/07/2003

07/07/2003

Fixed Charge

395

Lloyds Udt Limited

 

28/04/1995

12/04/1995

Assignment Of Insurances

395

Mitsui & Co (Uk) Plc

20/08/2008

25/09/1991

20/09/1991

Mortgage Debenture

N/A

Mitsui And Co (Uk) Plc

 

28/04/1982

26/04/1982

Debenture

N/A

Lloyds Bank Plc

13/11/1991

13/04/1978

10/04/1978

Guarantee Debenture

N/A

Barclays Bank Plc

13/11/1991

23/11/1976

15/11/1976

Debenture

N/A

Barclays Bank Plc

14/11/1991

 

15/05/1981

Debenture

N/A

 

 

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

 

 

 

Other Filings and Notices

 

 

Date

Source

Description

 

18/01/2012

Companies House Gazette

Notification of any change among the company's directors

28/01/2011

Companies House Gazette

Notification of any change among the company's directors

16/06/2008

Companies House Gazette

Change among directors of a company

10/11/2006

Companies House Gazette

Change among directors of a company

03/09/2004

Companies House Gazette

Alteration in memorandum or articles of association

03/09/2004

Companies House Gazette

Change among directors of a company

30/09/2003

Companies House Gazette

Change among directors of a company

20/11/2001

Companies House Gazette

Change among directors of a company

20/05/1995

Companies House Gazette

Change among directors of a company

06/10/1988

Companies House Gazette

Documents delivered by a company under section 241 (annual accounts)

 

 

Directors

 

 

Production Director

MR JAMES PATRICK ARNOLD

Service Address

BROOK HOUSE SPRING LANE, HORBLING, SLEAFORD, LINCOLNSHIRE, NG34 0PF.

Country of Origin

UNITED KINGDOM

Date of Birth

23/01/1965

Appointment Date

30/09/1991

Other Directorships

ARNOLDS QUICK DRIED FOODS LIMITED, SLEAFORD LIMITED, SLEAFORD FOOD GROUP LIMITED, SQF 2009 LIMITED


Director


MR ANIL BHAVARLAL JAIN

Service Address

GROVE HOUSE 551, LONDON ROAD, ISLEWORTH, MIDDLESEX, TW7 4DS.

Country of Origin

INDIA

Date of Birth

10/03/1965

Appointment Date

02/11/2010

Other Directorships

ARNOLDS QUICK DRIED FOODS LIMITED, JAIN (EUROPE) LIMITED, SLEAFORD FOOD GROUP LIMITED, SQF 2009 LIMITED


Director


MR ATUL JAIN

Service Address

GROVE HOUSE 551, LONDON ROAD, ISLEWORTH, MIDDLESEX, TW7 4DS.

Country of Origin

INDIA

Date of Birth

06/01/1969

Appointment Date

02/11/2010

Other Directorships

ARNOLDS QUICK DRIED FOODS LIMITED, SLEAFORD FOOD GROUP LIMITED, SQF 2009 LIMITED


Director


MR SUVAN KUMAR SHARMA

Service Address

GROVE HOUSE 551 LONDON ROAD, LONDON ROAD, ISLEWORTH, MIDDLESEX, TW7 4DS.

Country of Origin

UNITED KINGDOM

Date of Birth

21/04/1972

Appointment Date

02/11/2010

Other Directorships

ARNOLDS QUICK DRIED FOODS LIMITED, SLEAFORD FOOD GROUP LIMITED, SQF 2009 LIMITED

 

 

 

Share Capital

 

 

Shares

Ordinary GBP 1.00

Issued Number

170,000

Principal Shareholder

170,000 Sleaford Food Group Ltd

 

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

 

Holding Company

SLEAFORD FOOD GROUP LIMITED

Ultimate Parent

JAIN IRRIGATION SYSTEMS LTD, a company incorporated in INDIA

 

 

 

Financial Data– Statutory Accounts

 

 

For annual accounts images, view the

 

Profit and Loss

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/12/2010

31/12/2009

31/12/2008

31/12/2007

Currency

GBP

GBP

GBP

GBP

SALES

28399

25991

21959

17400

UK sales

27793

25407

21338

16558

Export

606

584

621

842

Cost of goods sold

22565

20881

17212

12985

GROSS PROFIT

5834

5110

4747

4415

Wages and Salaries

2088

2266

1933

1816

Directors Emoluments

331

387

382

328

Auditors Fees

12

10

8

8

Trading Profit

1369

612

1117

924

Depreciation

223

224

252

225

OPERATING PROFIT

1146

388

865

699

Interest Payable

107

111

222

190

PRE TAX PROFIT

1039

277

643

509

Taxation

297

73

211

55

PROFIT AFTER TAX

742

204

432

454

Dividends Payable

 

40

60

 

RETAINED PROFITS

742

164

372

454

 

Balance Sheet

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/12/2010

31/12/2009

31/12/2008

31/12/2007

Currency

GBP

GBP

GBP

GBP

TOTAL FIXED ASSETS

2778

2812

3011

2912

Tangible Assets

2778

2812

3011

2912

Fixed Assets

2778

2812

3011

2912

TOTAL CURRENT ASSETS

9940

9168

8722

7250

Trade debtors

5136

4064

3869

3100

Stocks

2303

2902

2631

2238

Other Current Assets

2501

2202

2222

1912

Misc Current Assets

123

116

113

117

Due From Group

2356

2068

2107

1793

Cash

22

18

2

2

TOTAL ASSETS

12718

11980

11733

10162

TOTAL CURRENT LIABILITIES

7526

7311

7229

6161

Trade creditors

3737

2185

3589

2981

Short Term Loans

3328

4916

3388

2794

Bank Overdraft

3292

3670

2965

2430

Other Finance

36

1246

185

126

Due To Group

 

 

238

238

Other Liabilities

461

210

252

386

WORKING CAPITAL

2414

1857

1493

1089

TOTAL LONG TERM LIABS

205

430

429

298

Long Term Loans

 

215

206

164

Other Finance

 

115

206

164

Due To Directors

 

100

 

 

Other Liabilities

205

215

223

134

NET ASSETS/(LIABILITIES)

4987

4239

4075

3703

SHARE CAPITAL + RESERVES

4987

4239

4075

3703

Share Cap + Sundry Res

170

170

170

170

Issued Share Capital

170

170

170

170

Revaluation Reserves

324

318

318

318

Profit and Loss account

4493

3751

3587

3215

SHAREHOLDERS FUNDS

4987

4239

4075

3703

CAPITAL EMPLOYED

5192

4669

4504

4001

 

Financial Comparison

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/12/2010

31/12/2009

31/12/2008

31/12/2007

Currency

GBP

GBP

GBP

GBP

Net Cashflow from Oper.

1341

(109)

370

181

Increase in Cash

(57)

102

(111)

(256)

Directors Remuneration

331

387

382

328

Auditors Remuneration

12

10

8

8

Liquid Assets

5158

4082

3871

3102

Net Working Capital

2414

1857

1493

1089

Long Term Debt(>12 Months)

 

215

206

164

Other Deferred Liabs

205

215

223

134

Tangible Net Worth(T.N.W)

4987

4239

4075

3703

Equity

4987

4239

4075

3703

Number of Years Trading

42

41

40

39

Number of Employees

86

91

83

84

Profit per Employee

12081.4

3044

7747

6059.5

Sales per Employee

330220.9

285615.4

264566.3

207142.9

 

Key Credit Ratios

 

The following figures are shown as Ratios or Percentages

 

Accounts Date

31/12/2010

31/12/2009

31/12/2008

31/12/2007

Current Ratio

1.3

1.3

1.2

1.2

Long Term Debt/T.N.W

 

0.1

0.1

 

Pre Tax Profit Margin%

3.7

1.1

2.9

2.9

Gross Profit%

20.5

19.7

21.6

25.4

Debtors Days (D.S.O)

66

57

64

65

Creditors Days (D.P.O)

48

31

60

63

Quick Ratio

1

0.9

0.8

0.8

W.I.P/Inventory Days

37.3

50.7

55.8

62.9

Return on Investment%

13.5

4

11

10.3

Return on Assets%

8.2

2.3

5.5

5

T.N.W/Total Assets%

39.2

35.4

34.7

36.4

Return on Capital%

20

5.9

14.3

12.7

Rtn on Shareholders Funds%

20.8

6.5

15.8

13.7

Working Capital/Sales%

8.5

7.1

6.8

6.3

Borrowing Ratio%

66.7

121

88.2

79.9

Equity Gearing%

64.5

54.8

53.2

57.3

Stock Turnover

12.3

9

8.3

7.8

Days Purchases Outstanding

60.4

38.2

76.1

83.8

Sales/Fixed Assets

10.2

9.2

7.3

6

Debt Gearing

 

5.1

5.1

4.4

 

 

 

Key Industry Sector Trends

 

 

Year

2011

2010

2009

2008

Sample Size

3942

8018

7895

7890

Pre-Tax Profit Margin

2.7

2.3

2

1.9

Current Ratio

1.5

1.4

1.4

1.4

Borrowing Ratio

76.5

84.1

78

84.7

Return on Capital

27.3

27.3

28.6

29.9

Creditors Days

55

69

70

85

 

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of food, beverages and tobacco

 

 

 

Financial Summary

 

 

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2010.

 

Turnover

Turnover has increased from GBP 25,991,000 to GBP 28,399,000, a growth of 9 % in the period.

 

Operating Profit

Totalled GBP 1,146,000. In the year prior a Profit of GBP 388,000 was achieved.

 

Pre Tax Profit

The subject's profit increased by 275 % in the year.

 

Working Capital

The company's working capital has increased by 30 % in the period.

 

Net Worth

Net worth has increased by 18 % and now stands at GBP 4,987,000.

 

Fixed Assets

The subject's fixed assets reduced during the year by GBP 34,000 to GBP 2,778,000 and are now 21 % of total assets compared with 23 % in the previous year.

 

Long Term Liabilities

The company's long term liabilities reduced during the period by 52 % and are now 4 % of net worth compared with 10 % in the previous period.

 

Long Term Liabilities

Long term liabilities are now 2 % of total liabilities compared with 4 % in the previous period.

 

Long Term Liabilities

Long term liabilities are 4 % of capital employed, a decrease of 5 % over the previous period.




 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.49.06

UK Pound

1

Rs.77.19

Euro

1

Rs.65.57

 

 

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.