MIRA INFORM REPORT

 

 

Report Date :           

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

PHOENIX ABRASIVE WHEEL CO.LTD.(THE)

 

 

Registered Office :

Shepley Industrial Estate, Audenshaw, Manchester, M34 5DW

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

2703.1968

 

 

Com. Reg. No.:

00929557

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Manufacture of abrasive products

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 30th, 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 name & address

 

Phoenix Abrasive Wheel Co.Ltd.(The)

 

Unit 1

Shepley Industrial Estate South

Audenshaw

Manchester, M34 5DW

United Kingdom

Tel:       01613209580

Fax:      01613359074

Web     : www.phoenixabrasives.co.uk

 

           

Synthesis

 

Employees:                   30

Company Type:            Private Subsidiary

Corporate Family:          6 Companies

Ultimate Parent:             Swift And Whitmore Ltd.

Quoted Status:             Non-quoted Company

Incorporation Date:         27-Mar-1968

Auditor:                        Moss & Williamson       

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2011

Reporting Currency:       British Pound Sterling

Annual Sales:                NA

Total Assets:                 2.9

 

 

Business Description

 

Manufacture of abrasive products.

 

 

Industry

Industry            Construction - Supplies and Fixtures

ANZSIC 2006:    2090 - Other Non-Metallic Mineral Product Manufacturing

NACE 2002:      2681 - Production of abrasive products

NAICS 2002:     327910 - Abrasive Product Manufacturing

UK SIC 2003:    2681 - Production of abrasive products

US SIC 1987:    3291 - Abrasive Products

 

           


Key Executives   

 

Name

Title

Robert England

Managing Director

Stephen Lunn

Sales Manager

Lyn Gibson

Secretary

Keith Joseph Lawless

Director

Grant David Roberts

Director

 

 

Financial Summary    

 

FYE: 31-Mar-2011          USD (mil)

Key Figures    

Current Assets              2.25

Fixed Assets                 0.62

Total Liabilities               1.01

Net Worth                     1.55

 

Key Ratios      

Current Ratio                 2.22

Acid Test                      1.66

 

Registered No.(UK): 00929557

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497

 

 

Corporate Overview

 

Location

Unit 1

Shepley Industrial Estate South

Audenshaw

Manchester, M34 5DW

Greater Manchester County

United Kingdom

Tel:       01613209580

Fax:      01613359074

Web:    www.phoenixabrasives.co.uk

           


Sales GBP(mil):             NA

Assets GBP(mil):           1.8

Employees:                   30

Fiscal Year End:            31-Mar-2011

Industry:                        Construction - Supplies and Fixtures

           

Registered Address:

Shepley Industrial Estate

Audenshaw

Manchester, M34 5DW

United Kingdom

 

Incorporation Date:         27-Mar-1968

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):       00929557

Director:                        Keith Joseph Lawless

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2090     -          Other Non-Metallic Mineral Product Manufacturing

 

NACE 2002 Codes:

2681     -          Production of abrasive products

 

NAICS 2002 Codes:

327910  -          Abrasive Product Manufacturing

 

US SIC 1987:

3291     -          Abrasive Products

 

UK SIC 2003:

2681     -          Production of abrasive products

 

Business Description

Manufacture of abrasive products.

 

More Business Descriptions

Engineers (General)

 

 

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

1.8

Current Assets:

1.4

 

Fixed Assets:

0.4

 

Long Term Debt:

0.1

 

Total Liabilities:

0.7

 

Issued Capital:

0.4

 

Working Capital:

0.8

 

Net Worth:

1.0

 

 

 

Date of Financial Data:

31-Mar-2011

 

1 Year Growth

0.5%

 

Key Corporate Relationships

Auditor:

Moss & Williamson

Bank:

National Westminster Bank PLC

 

Auditor:

Moss & Williamson

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Swift And Whitmore Ltd.
Phoenix Abrasive Wheel Co.Ltd.(The)

Phoenix Abrasive Wheel Co.Ltd.(The) 
Total Corporate Family Members: 6 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Swift And Whitmore Ltd.

Parent

Tipton

United Kingdom

Miscellaneous Capital Goods

 

10

Phoenix Abrasive Wheel Co.Ltd.(The)

Subsidiary

Manchester

United Kingdom

Construction - Supplies and Fixtures

 

30

Swift Abrasives Ltd.

Subsidiary

Hyde

United Kingdom

Miscellaneous Capital Goods

 

21

Arcorundum Grinding Wheel Co Ltd.

Subsidiary

Manchester

United Kingdom

Nonclassifiable Industries

 

 

Starlite Abrasives Ltd.

Subsidiary

Manchester

United Kingdom

Nonclassifiable Industries

 

 

Abrasive Tool Management Ltd.

Subsidiary

Tipton

United Kingdom

Miscellaneous Capital Goods

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Keith Joseph Lawless

 

Director

Director/Board Member

 

Grant David Roberts

 

Director

Director/Board Member

 

Janette Anthea Tierney

 

Director

Director/Board Member

 

Roger Edwin Rupert Whitmore

 

Director

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Robert England

 

Managing Director

Managing Director

 

Lyn Gibson

 

Secretary

Company Secretary

 

Stephen Lunn

 

Sales Manager

Sales Executive

 

 

 

Directors and Shareholders Report

 

Main Office Address:
Unit 1
Shepley Industrial Estate South
Manchester
United Kingdom M34 5DW

Tel: 01613209580
Fax: 01613359074
URL:http://www.phoenixabrasives.co.uk

Annual Return Date: 03 Aug 2011
Total Issued Capital (GBP 000):359

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Janette Anthea 
Tierney

Current

13 Jan 1952

Shepley Industrial Estate, Audenshaw, 
Manchester, Greater Manchester M34 5DW

24 Feb 2010

NA

Current:4
Previous:0
Disqualifications:0

 

Roger Edwin Rupert 
Whitmore

Current

16 Aug 1942

The Bungalow Larch Meadows, Mile Flat Wall Heath, 
Kingswinford, West Midlands DY6 0AX

26 Sep 2003

NA

Current:6
Previous:2
Disqualifications:0

 

Keith Joseph 
Lawless

Current

24 Jan 1967

Shepley Industrial Estate, Audenshaw, 
Manchester, Greater Manchester M34 5DW

03 Sep 2001

NA

Current:1
Previous:0
Disqualifications:0

 

Grant David
Roberts

Current

19 Aug 1959

C/O The Phoenix Abrasive Wheel, Co Ltd Shepley Industrial Estate, 
South Audenshaw Manchester, Lancashirem34 5Dw

24 Feb 2010

NA

Current:4
Previous:0
Disqualifications:0

 

James Albert 
Shaw

Previous

29 Nov 1936

14 Ashbrook Close, Denton, 
Manchester, Greater Manchester M34 2QA

03 Aug 1991

30 Nov 2001

Current:0
Previous:1
Disqualifications:0

 

Arnold 
Brown

Previous

20 Sep 1919

16 Woodfield Road, Middleton, 
Manchester, Greater Manchester M24 1NF

03 Aug 1991

16 Jun 2005

Current:0
Previous:1
Disqualifications:0

 

Arthur 
Naylor

Previous

05 Apr 1944

240 Birch Lane, 
Dukinfield, Cheshire SK16 5AP

03 Aug 1991

30 Aug 2001

Current:0
Previous:1
Disqualifications:0

 

Robert David 
England

Previous

24 Sep 1948

2 Greenside Drive, Hale, 
Altrincham, Cheshire WA14 3HX

02 Apr 2003

09 Apr 2010

Current:0
Previous:3
Disqualifications:0

 

Raymond John 
Roberts

Previous

20 Sep 1933

The Haven 130 Clasemont Road, Morriston, 
Swansea, Swansea SA6 6AJ

03 Aug 1991

08 Nov 2002

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

There are no corporate directors for this company.

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Lyn 
Gibson

Current

NA

C/O The Phoenix Abrasive Wheel, Co Ltd Shepley Industrial Estate, 
South Audenshaw Manchester, Lancashirem34 5Dw

03 Aug 1991

NA

Current:3
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Charlotte Ann Bonnar

3260 Ordinary GBP 1.00

Ordinary

3,260

1.00

3,260.00

0.91

Grant David Roberts

2000 Ordinary GBP 1.00

Ordinary

2,000

1.00

2,000.00

0.56

James Albert Shaw

901 Ordinary GBP 1.00

Ordinary

901

1.00

901.00

0.25

Janette Anthea Tierney

2000 Ordinary GBP 1.00

Ordinary

2,000

1.00

2,000.00

0.56

Keith Joseph Lawless

9805 Ordinary GBP 1.00

Ordinary

9,805

1.00

9,805.00

2.73

Mary Penketh

30000 Ordinary GBP 1.00

Ordinary

30,000

1.00

30,000.00

8.36

Norman Leonard Leighter

24943 Ordinary GBP 1.00

Ordinary

24,943

1.00

24,943.00

6.95

Roger Edwin Rupert Whitmore

1447 Ordinary GBP 1.00

Ordinary

1,447

1.00

1,447.00

0.40

Sarah Jane MacDonald

3260 Ordinary GBP 1.00

Ordinary

3,260

1.00

3,260.00

0.91

 

 

 

 

 

 

 

 

Corporate Shareholders

 

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Swift And Whitmore Limited

01312359

281384 Ordinary GBP 1.00

Ordinary

281,384

1.00

281,384.00

78.38

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.643394

0.627794

0.592803

0.498361

0.528925

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Depreciation

0.1

0.1

0.1

0.1

0.1

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.62385

0.659239

0.697666

0.503145

0.509853

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Tangible Fixed Assets

0.5

0.5

0.5

0.7

0.7

Intangible Assets

0.1

0.1

0.1

0.2

0.2

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.6

0.6

0.6

0.9

0.9

Total Stocks Work In Progress

0.6

0.4

0.3

0.6

0.5

Total Debtors

1.5

1.1

0.7

1.3

1.3

Cash and Equivalents

0.1

0.1

0.4

0.2

0.3

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

2.2

1.7

1.4

2.0

2.1

Total Assets

2.9

2.3

2.0

3.0

3.0

Other Current Liabilities

1.0

0.7

0.5

0.8

1.0

Total Current Liabilities

1.0

0.7

0.5

0.8

1.0

Other Long Term Loans

-

0.0

0.1

0.2

0.2

Other Long Term Liabilities

0.1

0.2

0.1

0.2

0.2

Total Long Term Liabilities

0.1

0.2

0.2

0.3

0.4

Other Provisions

0.1

0.1

0.1

0.1

0.1

Total Provisions

0.1

0.1

0.1

0.1

0.1

Issued Capital

0.6

0.5

0.5

0.7

0.7

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

1.1

0.9

0.8

1.0

0.9

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

1.7

1.4

1.3

1.7

1.6

Net Worth

1.6

1.3

1.1

1.5

1.3

spacebar

Annual Cash Flows

Financials in: USD (mil)

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.643394

0.627794

0.592803

0.498361

0.528925

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

31-Mar-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.62385

0.659239

0.697666

0.503145

0.509853

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

2.22

2.50

2.97

2.47

2.07

Liquidity Ratio

1.66

1.87

2.23

1.72

1.62

Borrowing Ratio

-

-

6.54%

10.00%

13.25%

Equity Gearing

57.62%

61.57%

63.63%

58.60%

52.13%

Debt Gearing

-

-

6.54%

10.00%

13.25%

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.65

UK Pound

1

Rs.77.80

Euro

1

Rs.65.05

 

 

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.