MIRA INFORM REPORT

 

 

Report Date :

27.09.2012

 

IDENTIFICATION DETAILS

 

Name :

S.P.L. FOODS LTD.

 

 

 

Registered Office :

Drury Lane Chadderton Oldham, OL9 7PH

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

04.02.1991

 

 

Com. Reg. No.:

02579526

 

 

Legal Form :

Private Parent

 

 

Line of Business :

Wholesale food provision merchants

 

 

No. of Employees :

36

 

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

 

Status :

Satisfactory

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 and address

 

S.P.L. Foods Ltd.                                                                                                                        

 

Drury Lane

 

Chadderton

Oldham, OL9 7PH

United Kingdom

 

 

Tel:

0161 624 1619

 

 

 

Employees:

36

Company Type:

Private Parent

Corporate Family:

2 Companies

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

04-Feb-1991

Auditor:

Dte Business Advisory Services Ltd.

Financials in:

USD (mil)

 

 

Fiscal Year End:

30-Jun-2011

Reporting Currency:

British Pound Sterling

Annual Sales:

31.3  1

Net Income:

1.4

Total Assets:

13.6

                                      

Business Description       

 

Wholesale food provision merchants.

   

Industry                                     

 

Industry

Business Services

ANZSIC 2006:

6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002:

7487 - Other business activities not elsewhere classified

NAICS 2002:

5619 - Other Support Services

UK SIC 2003:

7487 - Other business activities not elsewhere classified

UK SIC 2007:

8299 - Other business support service activities n.e.c.

US SIC 1987:

7389 - Business Services, Not Elsewhere Classified

                     

Key Executives           

                       

 

Name

Title

Raymond Butler

Secretary

Robert Andrew Simon

Director

Harold Simon

Director

Lyndsey Jane Winstanley

Director

    

Financial Summary                                                                 

 

FYE: 30-Jun-2011

USD (mil)

Key Figures

 

Current Assets

13.11

Fixed Assets

0.48

Total Liabilities

12.07

Net Worth

1.46

 

Key Ratios

 

Current Ratio

1.09

Acid Test

0.58

Debt Gearing

3.95

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6291059
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6228783

 

 

Corporate Overview

 

Location
Drury Lane
Chadderton
Oldham, OL9 7PH
Greater Manchester County
United Kingdom

 

Tel:

0161 624 1619

 

Suggest Company URL

 

Sales GBP(mil):

19.7

Assets GBP(mil):

8.5

Employees:

36

Fiscal Year End:

30-Jun-2011

 

Industry:

Business Services

Registered Address:
Dte House Hollins Lane
Bury, BL9 8AT
United Kingdom

 

Incorporation Date:

04-Feb-1991

Company Type:

Private Parent

Quoted Status:

Not Quoted

Registered No.(UK):

02579526

 

Director:

Lyndsey Jane Winstanley

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

6999

-

Other Professional, Scientific and Technical Services Not Elsewhere Classified

 

NACE 2002 Codes:

7487

-

Other business activities not elsewhere classified

 

NAICS 2002 Codes:

5619

-

Other Support Services

 

US SIC 1987:

7389

-

Business Services, Not Elsewhere Classified

 

UK SIC 2003:

7487

-

Other business activities not elsewhere classified

 

UK SIC 2007:

8299

-

Other business support service activities n.e.c.

 

Business Description

Wholesale food provision merchants.

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

GBP(mil)

 

Revenue:

19.7

Net Income:

0.9

Assets:

8.5

Current Assets:

8.2

 

Fixed Assets:

0.3

 

Long Term Debt:

0.0

 

Total Liabilities:

7.6

 

Issued Capital:

0.0

 

Working Capital:

0.7

 

Net Worth:

0.9

 

 

 

Date of Financial Data:

30-Jun-2011

 

1 Year Growth

-1.3%

NA

NA

 

Key Corporate Relationships

Auditor:

Dte Business Advisory Services Ltd.

Bank:

Hsbc Trade Services

 

Auditor:

Dte Business Advisory Services Ltd.

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

06-30-2011

 

 

 

 

 

 

 

Corporate Structure News

 

S.P.L. Foods Ltd.
Total Corporate Family Members: 2

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

S.P.L. Foods Ltd.

Parent

Oldham

United Kingdom

Business Services

31.3

36

Carryport Ltd.

Subsidiary

Bury

United Kingdom

Food Processing

31.5

36

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Robert Andrew Simon

 

Director

Director/Board Member

Age: 45

.

Harold Simon

 

Director

Director/Board Member

 

 

Age: 68

.

Lyndsey Jane Winstanley

 

Director

Director/Board Member

 

 

Age: 46

 

 

Executives

 

Name

Title

Function

Raymond Butler

 

Secretary

Company Secretary

Age: 60

 

 

Directors and Shareholders Report

Annual Return Date: 04 Feb 2012

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Raymond
Butler

Current

12 Dec 1951

52 Snowden Avenue, Flixton,
Manchester, Greater Manchester M41 6FF

26 Oct 2007

NA

Current:13
Previous:0
Disqualifications:0

 

Harold
Simon

Current

14 Feb 1944

17 The Penthouse The Square, Ringley Chase Whitefield,
Manchester, Greater Manchester M45 7UA

04 Jan 2008

NA

Current:6
Previous:3
Disqualifications:0

 

Robert Andrew
Simon

Current

14 Nov 1966

44 Ringley Road, Whitefield,
Manchester, Greater Manchester M45 7LL

21 Jun 2007

NA

Current:8
Previous:0
Disqualifications:0

 

Lyndsey Jane
Winstanley

Current

22 May 1966

Dte House Hollins Lane,
Bury, Greater Manchester BL9 8AT

10 Mar 2011

NA

Current:2
Previous:0
Disqualifications:0

 

Michael
Simon

Previous

17 Aug 1952

19 Longacres Road, Hale Barns,
Altrincham, Cheshire WA15 0RS

04 Feb 1992

21 Jun 2007

Current:3
Previous:6
Disqualifications:0

 

Joseph
Simon

Previous

09 Feb 1950

17 Castle Hill Road, Prestwich,
Manchester, Greater Manchester M25 8FR

04 Feb 1992

04 Jan 2008

Current:0
Previous:12
Disqualifications:0

 

Harold
Simon

Previous

14 Feb 1944

17 The Penthouse The Square, Ringley Chase Whitefield,
Manchester, Greater Manchester M45 7UA

04 Feb 1992

09 Nov 2006

Current:6
Previous:3
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

 

Raymond
Butler

Current

12 Dec 1951

52 Snowden Avenue, Flixton,
Manchester, Greater Manchester M41 6FF

26 Oct 2007

NA

Current:13
Previous:0
Disqualifications:0

 

Joseph
Simon

Previous

09 Feb 1950

17 Castle Hill Road, Prestwich,
Manchester, Greater Manchester M25 8FR

04 Feb 1992

26 Oct 2007

Current:0
Previous:12
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

Harold Simon

17 Ordinary GBP 1.00

Ordinary

17

1.00

17.00

50.00

Robert Andrew Simon

17 Ordinary GBP 1.00

Ordinary

17

1.00

17.00

50.00

 

 

 

 

 

 

 

 

Corporate Shareholders

 

There are no corporate shareholders for this company.

 

 

 



    


Annual Profit & Loss

 

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.629106

0.633607

0.627423

0.499214

0.517836

Consolidated

No

Yes

Yes

No

No

 

 

 

 

 

 

Turnover (UK)

27.8

28.8

26.2

-

-

Turnover (Exports)

3.5

2.6

2.8

-

-

Total Turnover

31.3

31.5

29.0

-

-

Cost of Sales

25.8

26.3

23.6

-

-

Gross Profit

5.5

5.2

5.4

0.0

0.0

Depreciation

0.0

0.1

0.1

-

-

Other Expenses

4.7

4.5

3.9

0.0

0.0

Operating Profit

0.8

-

-

0.0

0.0

Other Income

1.4

0.2

0.4

1.2

0.7

Interest Paid

0.5

0.5

0.5

0.0

0.0

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

0.0

Profit Before Taxes

1.7

0.4

1.4

1.2

0.7

Tax Payable / Credit

0.1

0.1

0.4

0.0

0.0

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

0.2

0.4

0.5

0.5

0.0

Profit After Taxes

1.4

-0.1

0.5

0.8

0.7

Minority Interests (Profit & Loss)

0.0

0.0

0.0

0.0

0.0

Audit Fees

0.0

0.0

0.0

-

-

Number of Employees

36

36

36

-

-

Wages

1.6

1.9

1.8

0.0

0.0

Social Security Costs

0.2

0.2

0.2

0.0

0.0

Pensions

-

-

-

0.0

0.0

Other Pension Costs

0.0

0.0

0.0

0.0

0.0

Employees Remuneration

1.8

2.1

2.0

0.0

0.0

Directors Emoluments

-

-

-

0.0

0.0

Other Costs

-

-

-

0.0

0.0

Directors Remuneration

0.2

0.5

0.5

0.0

0.0

Highest Paid Director

-

0.2

0.2

0.0

0.0

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.622878

0.668405

0.60722

0.502475

0.498418

Consolidated

No

Yes

Yes

No

No

 

 

 

 

 

 

Land & Buildings

0.4

0.4

0.4

0.0

0.0

Fixtures & Fittings

0.0

0.0

0.0

0.0

0.0

Plant & Vehicles

0.1

0.1

0.2

0.0

0.0

Total Tangible Fixed Assets

0.5

0.5

0.7

0.0

0.0

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

0.5

0.5

0.7

0.0

0.0

Stocks

6.1

6.7

8.4

0.0

0.0

Work in Progress

0.0

0.0

0.0

0.0

0.0

Total Stocks Work In Progress

6.1

6.7

8.4

0.0

0.0

Trade Debtors

5.1

4.3

5.6

0.0

0.0

Inter-Company Debtors

0.9

0.0

-

0.0

0.0

Director Loans

-

-

-

0.0

0.0

Other Debtors

0.3

0.3

0.7

0.0

0.0

Total Debtors

6.4

4.6

6.2

0.0

0.0

Cash and Equivalents

0.6

0.1

1.2

0.0

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

13.1

11.4

15.8

0.0

0.0

Total Assets

13.6

11.9

16.5

0.0

0.0

Trade Creditors

3.3

2.5

3.1

0.0

0.0

Bank Overdraft

7.9

6.5

10.1

0.0

0.0

Inter-Company Creditors

0.0

0.1

-

0.0

0.0

Director Loans (Current Liability)

0.5

0.5

0.3

0.0

0.0

Hire Purchase (Current Liability)

0.0

0.0

0.0

0.0

0.0

Finance Lease (Current Liability)

0.0

0.0

0.0

0.0

0.0

Total Finance Lease/Hire Purchase (Current Liability)

0.0

0.0

0.0

0.0

0.0

Total Short Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Current Liability)

0.2

0.5

0.4

0.0

0.0

Social Security/VAT

0.1

0.0

0.0

0.0

0.0

Corporation Tax

0.1

0.3

0.5

0.0

0.0

Dividends (Current Liability)

0.0

0.0

0.0

0.0

0.0

Other Current Liabilities

0.0

0.0

0.0

0.0

0.0

Total Current Liabilities

12.1

10.4

14.5

0.0

0.0

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

0.1

0.2

0.5

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

0.1

0.2

0.5

0.0

0.0

Deferred Taxation

0.0

0.0

0.0

0.0

0.0

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

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

1.5

1.3

1.5

0.0

0.0

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

1.5

1.3

1.5

0.0

0.0

Net Worth

1.5

1.3

1.5

0.0

0.0

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.629106

0.633607

0.627423

0.499214

0.517836

Consolidated

No

Yes

Yes

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

0.6

3.1

0.5

-

-

Net Cash Flow from ROI and Servicing of Finance

-0.5

-0.5

-0.5

-

-

Taxation

-0.3

-0.4

-0.2

-

-

Capital Expenditures

0.0

0.0

0.0

-

-

Acquisitions and Disposals

0.0

0.0

0.0

-

-

Paid Up Equity

-0.2

-0.4

-0.5

-

-

Management of Liquid Resources

0.0

0.0

0.0

-

-

Net Cash Flow From Financing

0.2

-2.2

0.8

-

-

Increase in Cash

0.0

-0.3

0.1

-

-

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.622878

0.668405

0.60722

0.502475

0.498418

Consolidated

No

Yes

Yes

No

No

 

 

 

 

 

 

Current Ratio

1.09

1.09

1.09

-

-

Liquidity Ratio

0.58

0.45

0.51

-

-

Stock Turnover

5.15

4.45

3.57

-

-

Credit Period (Days)

58.81

52.77

67.93

-

-

Working Capital by Sales

3.30%

3.31%

4.46%

-

-

Trade Credit by Debtors

0.66

0.58

0.55

-

-

Return on Capital

112.31%

26.42%

71.37%

614,916.00%

350,000.00%

Return on Assets

12.61%

3.37%

8.65%

614,916.00%

350,000.00%

Profit Margin

5.42%

1.35%

4.76%

-

-

Return on Shareholders Funds

117.15%

31.20%

96.38%

614,916.00%

350,000.00%

Borrowing Ratio

579.11%

570.47%

743.74%

-

-

Equity Gearing

10.76%

10.79%

8.97%

100.00%

100.00%

Debt Gearing

3.95%

17.39%

34.29%

-

-

Interest Coverage

3.58

0.84

2.51

-

-

Sales by Tangible Assets

65.72

55.99

45.30

-

-

Average Remuneration per Employee

0.0

0.1

0.1

-

-

Profit per Employee

0.0

0.0

0.0

-

-

Sales per Employee

0.9

0.8

0.8

-

-

Capital Employed per Employee

0.0

0.0

0.1

-

-

Tangible Assets per Employee

0.0

0.0

0.0

-

-

Total Assets per Employee

0.4

0.3

0.5

-

-

Employee Remuneration by Sales

5.66%

6.66%

6.94%

-

-

Creditor Days (Cost of Sales Based)

46.75

36.75

45.90

-

-

Creditor Days (Sales Based)

38.53

30.69

37.29

-

-

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.58

UK Pound

1

Rs.86.60

Euro

1

Rs.68.94

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.