MIRA INFORM REPORT

 

 

Report Date :

25.09.2012

 

IDENTIFICATION DETAILS

 

Name :

A. COWLEY & SONS LTD.

 

 

Registered Office :

The Office Block. Thorpe Salvin, Worksop, S80 3LA

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

20.02.1995

 

 

Com. Reg. No.:

03023799

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Merchants of timber, concrete and stone materials

 

 

No. of Employees :

06

 

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 :

Slow

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

United Kingdom - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

 

Source : CIA

 

 

Company name & address 

 

A. Cowley & Sons Ltd.

The Office Block

Thorpe Salvin

Worksop, S80 3LA

United Kingdom

(Trading Address)

Registered Address

Tel:       01909772302

Fax:      01909515684

Web:    www.cowleystone.co.uk

 

           

Synthesis

 

Employees:                 6

Company Type: Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent: Cowley Railway Contractors Ltd.

Quoted Status:             Non-quoted Company

Incorporation Date:        20-Feb-1995

Auditor:                                   Pkf (UK) LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2011

Reporting Currency:       British Pound Sterling

Annual Sales:               4.4  1

Net Income:                  0.3

Total Assets:                3.1

 

 

Business Description     

 

Merchants of timber, concrete and stone materials.

 

Industry

Industry           Personal Services

ANZSIC 2006:   9539 - Other Personal Services Not Elsewhere Classified

NACE 2002:      9305 - Other service activities not elsewhere classified

NAICS 2002:     8129 - Other Personal Services

UK SIC 2003:    9305 - Other service activities not elsewhere classified

UK SIC 2007:    9609 - Other personal service activities n.e.c.

US SIC 1987:    7299 - Miscellaneous Personal Services, Not Elsewhere Classified

 

           


Key Executives   

 

Name

Title

Denise Sylvia Cowley

Secretary

Scott Arthur Cowley

Director

Arthur Cowley

Director

 

 

Financial Summary   

 

 

FYE: 31-Mar-2011

USD (mil)

Key Figures

 

Current Assets

2.69

Fixed Assets

0.41

Total Liabilities

0.82

Net Worth

2.22

 

Key Ratios

 

Current Ratio

3.26

Acid Test

2.11

 

 

 

Registered No.(UK):      03023799

 

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

The Office Block

Thorpe Salvin

Worksop, S80 3LA

Nottinghamshire County

United Kingdom

Tel:       01909772302

Fax:      01909515684

Web:    www.cowleystone.co.uk

           


 

Sales GBP(mil): 2.8

Assets GBP(mil):           1.9

Employees:                  6

Fiscal Year End:            31-Mar-2011

Industry:                       Personal Services

           

Registered Address:

The Office Block Turnerwood

Thorpe Salvin

Worksop, S80 3LA

United Kingdom

 

Incorporation Date:        20-Feb-1995

Company Type: Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):      03023799

Director:                       Scott Arthur Cowley

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

9539     -          Other Personal Services Not Elsewhere Classified

 

NACE 2002 Codes:

9305     -          Other service activities not elsewhere classified

 

NAICS 2002 Codes:

8129     -          Other Personal Services

 

US SIC 1987:

7299     -          Miscellaneous Personal Services, Not Elsewhere Classified

 

UK SIC 2003:

9305     -          Other service activities not elsewhere classified

 

UK SIC 2007:

9609     -          Other personal service activities n.e.c.

 

Business Description

Merchants of timber, concrete and stone materials.

 

More Business Descriptions

Stone Merchants

 

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

2.8

Net Income:

0.2

Assets:

1.9

Current Assets:

1.7

 

Fixed Assets:

0.3

 

Long Term Debt:

0.0

 

Total Liabilities:

0.5

 

Issued Capital:

0.0

 

Working Capital:

1.2

 

Net Worth:

1.4

 

 

 

Date of Financial Data:

31-Mar-2011

 

1 Year Growth

17.8%

NA

26.8%

Key Corporate Relationships

Auditor:

Pkf (UK) LLP

Bank:

Co Operative Bank

 

Auditor:

Pkf (UK) LLP

 

Auditor History

Pkf (UK) LLP

31-Mar-2011

Pkf (UK) LLP

31-Mar-2010

Pkf (UK) LLP

31-Mar-2009

Pkf (UK) LLP

31-Mar-2008

Pkf (UK) LLP

31-Mar-2007

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Cowley Railway Contractors Ltd.
A. Cowley & Sons Ltd.

A. Cowley & Sons Ltd. 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Cowley Railway Contractors Ltd.

Parent

Worksop

United Kingdom

Construction Services

 

 

 

A. Cowley & Sons Ltd.

Subsidiary

Worksop

United Kingdom

Personal Services

4.4

6

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Scott Arthur Cowley

 

Director

Director/Board Member

 

Age: 41

 

Arthur Cowley

 

Director

Director/Board Member

 

 

Age: 77

 

 

 

Executives

 

Name

Title

Function

 

Denise Sylvia Cowley

 

Secretary

Company Secretary

 

 

 

Directors and Shareholders Report

 

Main Office Address:
The Office Block
Worksop
United Kingdom S80 3LA

Tel: 01909772302
Fax: 01909515684
URL:http://www.cowleystone.co.uk

Annual Return Date: 20 Feb 2012
Total Issued Capital (GBP 000):1

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Arthur 
Cowley

Current

26 Aug 1935

The Oaks Turner Wood, Thorpe Salvin, 
Worksop, Nottinghamshire S80 3LY

20 Feb 1995

NA

Current:1
Previous:0
Disqualifications:0

 

Scott Arthur 
Cowley

Current

20 Oct 1970

The Sycamores Turner Wood, Thorpe Salvin, 
Worksop, Nottinghamshire S80 3LA

20 Feb 1995

NA

Current:2
Previous:0
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

 

Denise Sylvia 
Cowley

Current

NA

The Oaks, Turner Wood Thorpe Salvin, 
Worksop, Nottinghamshire S80 3LY

20 Feb 1995

NA

Current:2
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Swift Incorporations Limited

Previous

26 Church Street, 
St John's Wood, London NW8 8EP

20 Feb 1995

20 Feb 1995

 

 

 

 

Individual Shareholders

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Arthur Cowley

249 Ordinary GBP 1.00

Ordinary

249

1.00

249.00

24.90

 

 

 

 

 

 

 

 

Corporate Shareholders

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Cowley Railway Contractors Ltd

04641908

751 Ordinary GBP 1.00

Ordinary

751

1.00

751.00

75.10

 

 

 

 

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

 

 

 

 

 

 

Turnover (UK)

4.4

3.8

3.8

5.4

4.4

Turnover (Exports)

0.0

0.0

0.0

0.0

0.0

Total Turnover

4.4

3.8

3.8

5.4

4.4

Cost of Sales

3.2

3.4

3.1

3.8

3.4

Gross Profit

1.2

0.4

0.7

1.5

0.9

Depreciation

0.1

0.0

0.1

0.1

0.1

Other Expenses

0.8

0.7

0.9

0.6

0.4

Operating Profit

0.4

-0.2

-0.2

1.0

0.5

Other Income

0.0

0.0

0.0

0.0

0.0

Interest Paid

0.0

0.0

0.0

0.0

0.0

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Profit Before Taxes

0.4

-0.2

-0.2

1.0

0.6

Tax Payable / Credit

0.1

-0.1

-0.1

0.3

0.2

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

0.0

0.0

0.0

0.0

0.0

Profit After Taxes

0.3

-0.2

-0.1

0.7

0.4

Minority Interests (Profit & Loss)

0.0

0.0

0.0

0.0

0.0

Pensions

-

-

-

0.0

0.0

Directors Emoluments

-

-

-

0.2

0.1

Other Costs

-

-

-

0.0

0.0

Directors Remuneration

0.3

0.3

0.3

0.2

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

 

 

 

 

 

 

Land & Buildings

0.1

0.1

0.0

0.1

0.1

Fixtures & Fittings

0.0

0.0

0.0

0.0

0.0

Plant & Vehicles

0.3

0.4

0.3

0.3

0.4

Total Tangible Fixed Assets

0.4

0.4

0.3

0.4

0.5

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.4

0.4

0.3

0.4

0.5

Total Stocks Work In Progress

0.9

0.5

0.5

1.0

0.9

Trade Debtors

0.7

0.4

0.3

0.5

0.7

Inter-Company Debtors

0.0

0.0

0.0

0.0

0.0

Other Debtors

0.0

0.1

0.1

0.2

0.2

Total Debtors

0.7

0.5

0.4

0.8

0.9

Cash and Equivalents

1.0

0.7

0.9

1.0

0.2

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

2.7

1.8

1.9

2.7

2.0

Total Assets

3.1

2.2

2.2

3.1

2.5

Trade Creditors

0.1

0.2

0.0

0.0

0.0

Bank Overdraft

-

0.0

0.2

0.0

0.3

Social Security/VAT

0.1

0.2

0.0

0.1

0.1

Corporation Tax

0.1

-

0.0

0.3

0.2

Other Current Liabilities

0.6

0.0

0.0

0.0

0.0

Total Current Liabilities

0.8

0.4

0.3

0.4

0.5

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

0.1

0.0

0.1

0.1

0.0

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.1

0.0

0.1

0.1

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.3

0.3

0.3

0.4

0.4

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

1.9

1.5

1.6

2.3

1.6

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

2.2

1.8

1.9

2.7

2.0

Net Worth

2.2

1.8

1.9

2.7

2.0

 

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

3.26

4.36

6.70

6.74

3.90

Liquidity Ratio

2.11

3.06

4.76

4.38

2.17

Stock Turnover

4.79

6.85

5.91

5.53

5.03

Credit Period (Days)

54.35

43.49

33.52

35.98

58.67

Working Capital by Sales

41.05%

37.62%

49.60%

43.89%

33.27%

Trade Credit by Debtors

0.14

0.49

0.05

0.05

0.03

Return on Capital

17.78%

-11.82%

-8.54%

35.91%

29.16%

Return on Assets

13.05%

-9.65%

-7.45%

31.23%

23.14%

Profit Margin

8.89%

-5.89%

-5.10%

18.35%

12.83%

Return on Shareholders Funds

18.22%

-11.93%

-8.80%

36.70%

29.88%

Borrowing Ratio

-

-

11.54%

0.13%

14.01%

Equity Gearing

71.62%

80.91%

84.74%

85.10%

77.43%

Interest Coverage

-

-135.52

-30.31

-

-

Sales by Tangible Assets

11.18

8.20

9.83

13.88

9.33

Creditor Days (Cost of Sales Based)

10.26

23.97

1.86

2.47

2.12

Creditor Days (Sales Based)

7.51

21.23

1.52

1.77

1.67

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.29

UK Pound

1

Rs.86.44

Euro

1

Rs.68.95

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.