MIRA INFORM REPORT

 

 

Report Date :

10.04.2013

 

IDENTIFICATION DETAILS

 

Name :

VULCAN INDUSTRIAL FASTENERS LTD. 

 

 

Registered Office :

Emerald Way, Stone Business Park, Stone, ST15 0SR

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.02.1981

 

 

Com. Reg. No.:

01543320

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Subject is a specialist stockist and supplier of a vast range of fasteners, fixings, tooling and welding products for the engineering, construction and pipeline water industries

 

 

No. of Employees :

26

 

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 :

Slow but Correct 

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

(31.03.2012)

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 & address

 

Vulcan Industrial Fasteners Ltd.

Emerald Way

Stone Business Park

Stone, ST15 0SR

United Kingdom

(Trading Address)

Registered Address

Tel:       01785818494

Fax:      01785818399

 Web:   www.vulcanfasteners.co.uk

 

 

synthesis  

 

Employees:                  26

Company Type:            Private Parent

Corporate Family:          2 Companies

Quoted Status:             Non-quoted Company

Incorporation Date:         04-Feb-1981

Auditor:                        Howsons          

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       British Pound Sterling

Annual Sales:               NA

Total Assets:                 4.1

 

 

Business Description     

 

Welcome Vulcan Fasteners Engineers Merchants - Specialists in Tools and Fasteners Welcome to Vulcan Industrial Fasteners Limited, specialist stockist and supplier of a vast range of fasteners, fixings, tooling and welding products for the engineering, construction and pipeline water industries. Founded in 1981 Vulcan has built a solid reputation amongst a loyal customer base for: Uncompromised customer service Exceptional product quality Ongoing competitive pricing structures Guaranteed same day or next day delivery (mainland UK) Outstanding product knowledge Based in the heart of England, Stone, Staffordshire Vulcan's 12,000ft warehouse stocks 4200 individual products and a free in-house logistics infrastructure delivering daily to the: North West East Midlands West Midlands We work to your schedule and your specification from delivering standard essentials to sourcing bespoke components for special applications. Our consultancy advice service can help you to streamline costs and gain more procurement efficiency along with our feed-to-line stock holding facility to manage supplies. Our Manufacturers Vulcan work with the industry leaders in design and production of industrial components, some of our products include:

 

Industry             

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002:      5190 - Other wholesale

NAICS 2002:     423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

UK SIC 2003:    5190 - Other wholesale

UK SIC 2007:    4690 - Non-specialised wholesale trade

US SIC 1987:    5099 - Durable Goods, Not Elsewhere Classified

 

           

Key Executives   

 

Name

Title

John Neville Jones

Secretary

Steven Mark Fox

Director

Andrew Charles Hawkins

Director

 

 

Financial Summary  

 

 

FYE: 31-Dec-2011

USD (mil)

Key Figures

 

Current Assets

4.04

Fixed Assets

0.10

Total Liabilities

2.37

Net Worth

1.77

 

Key Ratios

 

Current Ratio

1.71

Acid Test

1.12

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.623776

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6434593

 

 

Corporate Overview

 

Location

Emerald Way

Stone Business Park

Stone, ST15 0SR

Staffordshire County

United Kingdom

Tel:       01785818494

Fax:      01785818399

Web:    www.vulcanfasteners.co.uk

           

Sales GBP(mil):             NA

Assets GBP(mil):           2.7

Employees:                   26

Fiscal Year End:            31-Dec-2011

Industry:                        Miscellaneous Capital Goods

           

Registered Address:

Emerald Way Stone Business Par

Stone, ST15 0SR

United Kingdom

 

Incorporation Date:         04-Feb-1981

Company Type:             Private Parent

Quoted Status:              Not Quoted

Registered No.(UK):       01543320

Director:                        Steven Mark Fox

 

Industry Codes

ANZSIC 2006 Codes:

3739     -          Other Goods Wholesaling Not Elsewhere Classified

 

NACE 2002 Codes:

5190     -          Other wholesale

 

NAICS 2002 Codes:

423990  -          Other Miscellaneous Durable Goods Merchant Wholesalers

 

US SIC 1987:

5099     -          Durable Goods, Not Elsewhere Classified

 

UK SIC 2003:

5190     -          Other wholesale

 

UK SIC 2007:

4690     -          Non-specialised wholesale trade

 

Business Description

Wholesale.

 

More Business Descriptions

Distribution Service Providers

 

Welcome Vulcan Fasteners Engineers Merchants - Specialists in Tools and Fasteners Welcome to Vulcan Industrial Fasteners Limited, specialist stockist and supplier of a vast range of fasteners, fixings, tooling and welding products for the engineering, construction and pipeline water industries. Founded in 1981 Vulcan has built a solid reputation amongst a loyal customer base for: Uncompromised customer service Exceptional product quality Ongoing competitive pricing structures Guaranteed same day or next day delivery (mainland UK) Outstanding product knowledge Based in the heart of England, Stone, Staffordshire Vulcan's 12,000ft warehouse stocks 4200 individual products and a free in-house logistics infrastructure delivering daily to the: North West East Midlands West Midlands We work to your schedule and your specification from delivering standard essentials to sourcing bespoke components for special applications. Our consultancy advice service can help you to streamline costs and gain more procurement efficiency along with our feed-to-line stock holding facility to manage supplies. Our Manufacturers Vulcan work with the industry leaders in design and production of industrial components, some of our products include:

 

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

2.7

Current Assets:

2.6

 

Fixed Assets:

0.1

 

Long Term Debt:

0.0

 

Total Liabilities:

1.5

 

Issued Capital:

0.2

 

Working Capital:

1.1

 

Net Worth:

1.1

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

NA

 

Key Corporate Relationships

Auditor:

Howsons

Bank:

Lloyds Bank PLC

 

Auditor:

Howsons

 

Auditor History

Howsons

31-Dec-2011

Howsons

31-Dec-2010

Howsons

31-Dec-2009

Howsons

31-Dec-2008

Howsons

31-Dec-2007

 

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Vulcan Industrial Fasteners Ltd.

Vulcan Industrial Fasteners Ltd. 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Vulcan Industrial Fasteners Ltd.

Parent

Stone

United Kingdom

Miscellaneous Capital Goods

 

26

 

Reid Fasteners & Fixings Ltd.

Subsidiary

Glasgow

United Kingdom

Miscellaneous Capital Goods

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Steven Mark Fox

 

Director

Director/Board Member

 

Age: 57

 

Andrew Charles Hawkins

 

Director

Director/Board Member

 

 

Age: 45

 

 

Executives

 

Name

Title

Function

 

John Neville Jones

 

Secretary

Company Secretary

 

Age: 50

 

 

 

Directors and Shareholders Report

 

Main Office Address:
Emerald Way
Stone
United Kingdom ST15 0SR

Tel: 01785818494
Fax: 01785818399
URL:http://www.vulcanfasteners.co.uk

Annual Return Date: 14 Dec 2012
Total Issued Capital (GBP 000): 196

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Steven Mark 
Fox

Current

16 Sep 1955

225 Newcastle Road, 
Stone, Staffordshire ST15 8LF

31 Dec 1991

NA

Current:2
Previous:1
Disqualifications:0

 

Andrew Charles 
Hawkins

Current

NA

14 Newlands Close, 
Stone, Staffordshire ST15 0LX

01 Nov 1998

NA

Current:1
Previous:2
Disqualifications:0

 

John Neville 
Jones

Current

01 Jul 1962

Roystone House, 1A Airdale Road, 
Stone, Staffordshire ST15 8DP

12 Mar 2003

NA

Current:4
Previous:2
Disqualifications:0

 

Nicholas 
Holdcroft

Previous

11 Jun 1957

17 Kingfisher Crescent, Fulford, 
Stoke-On-Trent, Staffordshire ST11 9QE

31 Dec 1991

15 Jun 2001

Current:0
Previous:3
Disqualifications:0

 

Leslie 
Holdcroft

Previous

23 Apr 1926

1825 Leek Road, Milton, 
Stoke-On-Trent, Staffordshire ST2 7AD

31 Dec 1991

15 Jun 2001

Current:0
Previous:1
Disqualifications:0

 

Mark 
Taylor

Previous

23 Jan 1956

Pemberley Coneygreave Lane, Whitmore, 
Newcastle, Staffordshire ST5 5HX

NA

09 Jan 1995

Current:1
Previous:1
Disqualifications:0

 

Terence Howard 
Henshall

Previous

13 Aug 1954

14 The Villas, Trent Court, 
Stone, Staffordshire ST15 0GZ

01 Nov 1998

28 Sep 2004

Current:1
Previous:3
Disqualifications:0

 

Harold Roy 
Freeman

Previous

03 Nov 1942

78 Bassnage Road, 
Halesowen, West Midlands B63 4HG

01 Nov 1998

14 May 1999

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

 

John Neville 
Jones

Current

01 Jul 1962

Roystone House, 1A Airdale Road, 
Stone, Staffordshire ST15 8DP

28 Sep 2004

NA

Current:4
Previous:2
Disqualifications:0

 

Nicholas 
Holdcroft

Previous

11 Jun 1957

17 Kingfisher Crescent, Fulford, 
Stoke-On-Trent, Staffordshire ST11 9QE

31 Dec 1991

01 Nov 1998

Current:0
Previous:3
Disqualifications:0

 

Terence Howard 
Henshall

Previous

13 Aug 1954

14 The Villas, Trent Court, 
Stone, Staffordshire ST15 0GZ

01 Nov 1998

28 Sep 2004

Current:1
Previous:3
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

Mr. Andrew Hawkins

1110 Ordinary 1 Gbp GBP 1.00

Ordinary 1 Gbp

1,110

1.00

1,110.00

0.57

Mr. John Neville Jones

46358 Redeemable Preference 1 Gbp GBP 1.00

Redeemable Preference 1 Gbp

46,358

1.00

46,358.00

23.69

Mr. John Neville Jones

5550 Ordinary 1 Gbp GBP 1.00

Ordinary 1 Gbp

5,550

1.00

5,550.00

2.84

Mr. Steven Mark Fox

1110 Ordinary 1 Gbp GBP 1.00

Ordinary 1 Gbp

1,110

1.00

1,110.00

0.57

Mr. Terence Henshall

46358 Redeemable Preference 1 Gbp GBP 1.00

Redeemable Preference 1 Gbp

46,358

1.00

46,358.00

23.69

Mr. Terence Henshall

30 Ordinary 1 Gbp GBP 1.00

Ordinary 1 Gbp

30

1.00

30.00

0.02

Mrs. Paula Hawkins

43509 Redeemable Preference 1 Gbp GBP 1.00

Redeemable Preference 1 Gbp

43,509

1.00

43,509.00

22.23

Mrs. Susan Fox

34129 Redeemable Preference 1 Gbp GBP 1.00

Redeemable Preference 1 Gbp

34,129

1.00

34,129.00

17.44

Mrs. Susan Henshall

17157 Redeemable Preference 1 Gbp GBP 1.00

Redeemable Preference 1 Gbp

17,157

1.00

17,157.00

8.77

Mrs. Susan Henshall

370 Ordinary 1 Gbp GBP 1.00

Ordinary 1 Gbp

370

1.00

370.00

0.19

 

 

 

 

 

 

 

 

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)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.623776

0.647573

0.641508

0.545576

0.499878

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Depreciation

0.1

0.1

0.0

0.1

0.1

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.643459

0.638712

0.619253

0.695531

0.502361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Tangible Fixed Assets

0.1

0.1

0.1

0.1

0.1

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

0.1

0.1

0.1

0.1

0.1

Total Stocks Work In Progress

1.4

1.3

1.3

1.3

1.0

Director Loans

-

-

0.2

-

-

Other Debtors

-

-

1.6

-

-

Total Debtors

2.6

1.9

1.8

1.8

2.7

Cash and Equivalents

0.0

0.0

0.0

0.0

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

4.0

3.2

3.0

3.1

3.7

Total Assets

4.1

3.4

3.1

3.2

3.8

Other Current Liabilities

2.4

1.9

2.0

2.4

2.6

Total Current Liabilities

2.4

1.9

2.0

2.4

2.6

Group Loans (Long Term Liability)

-

-

0.0

-

-

Director Loans (Long Term Liability)

-

-

0.0

-

-

Hire Purchase (Long Term Liability)

-

-

0.0

-

-

Leasing (Long Term Liability)

-

-

0.0

-

-

Total Hire Purchase Loans (Long Term Liability)

-

-

0.0

-

-

Other Long Term Loans

-

-

0.0

-

-

Accruals/Deferred Income (Long Term Liability)

-

-

0.0

-

-

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.7

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.7

Deferred Taxation

-

-

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

0.3

0.3

0.3

0.3

0.4

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

1.4

1.1

0.8

0.5

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

1.8

1.5

1.2

0.8

0.4

Net Worth

1.8

1.5

1.2

0.8

0.4

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.623776

0.647573

0.641508

0.545576

0.499878

Consolidated

No

No

No

No

No

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.643459

0.638712

0.619253

0.695531

0.502361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.71

1.73

1.55

1.30

1.40

Liquidity Ratio

1.12

1.05

0.91

0.75

1.02

Equity Gearing

42.62%

43.48%

37.19%

24.36%

11.69%

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.46

UK Pound

1

Rs.83.13

Euro

1

Rs.70.99

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.