MIRA
INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DONALD WARD LTD. |
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Registered Office : |
Rawdon Works Moira Road Woodville Swadlincote, DE11 8DG |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
24.12.1976 |
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Com. Reg. No.: |
01292288 |
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Legal Form : |
Private Parent |
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Line of Business : |
Metal recycling and waste management solutions for businesses of all sizes. |
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|
No. of Employees : |
146 |
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 |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
United Kingdom ECONOMIC OVERVIEW
The UK, a leading
trading power and financial center, is the second largest economy in Europe
after Germany. 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 aimed 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 21% by 2014.
The Bank of England (BoE) implemented an asset purchase program of up to £375
billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment
weighed on the economy. GDP fell 0.1%, and the budget deficit remained
stubbornly high at 7.7% of GDP. Public debt continued to increase.
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Source : CIA |
Company name and address
Donald Ward Ltd.
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Business
Description
|
Metal recycling and waste management solutins for businesses of all
sizes. |
Industry
|
Industry |
Iron and Steel |
|
ANZSIC 2006: |
2110 - Iron Smelting and Steel
Manufacturing |
|
NACE 2002: |
2710 - Manufacture of basic iron and steel
and of ferro-alloys |
|
NAICS 2002: |
331111 - Iron and Steel Mills |
|
UK SIC 2003: |
2710 - Manufacture of basic iron and steel
and of ferro-alloys |
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UK SIC 2007: |
2410 - Manufacture of basic iron and steel
and of ferro-alloys |
|
US SIC 1987: |
3312 - Steel Works, Blast Furnaces
(Including Coke Ovens), and Rolling Mills |
Key Executives
|
Financial
Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497
Corporate Overview
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Executives Report
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Directors and Shareholders Report
Annual Return Date: 09 Dec 2011
Total Issued Capital (GBP 000): 80
|
Individual Directors |
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|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
13 Apr 1937 |
Coach House, Spinney Manor North Lane, |
31 Dec 1990 |
NA |
Current:2 |
|
|
|
Current |
12 Dec 1961 |
Spinney Manor, North Lane Brailsford, |
31 Dec 1990 |
NA |
Current:2 |
|
|
|
Current |
27 Jun 1957 |
Heritage House Hollinoton Lane, Ednaston Ashbourne, |
31 Dec 1990 |
NA |
Current:3 |
|
|
|
Current |
04 Apr 1975 |
Griffon Road Quarry Hill Ind Estate, |
05 Feb 2007 |
NA |
Current:1 |
|
|
|
Current |
15 Oct 1952 |
65 Wiltshire Road, Chaddesden, |
01 Dec 2002 |
NA |
Current:2 |
|
|
|
Current |
29 Oct 1969 |
8 St Johns Drive, |
01 Dec 2002 |
NA |
Current:1 |
|
|
|
Previous |
28 Oct 1932 |
Caldder Barn, Taghole Lane, |
31 Dec 1990 |
14 Sep 2004 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
13 Apr 1937 |
Coach House, Spinney Manor North Lane, |
31 Dec 1990 |
NA |
Current:2 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
David Ward |
35089 Ordinary GBP 1.00 |
Ordinary |
35,089 |
1.00 |
35,089.00 |
43.76 |
|
David Ward Jnr |
2500 Ordinary GBP 1.00 |
Ordinary |
2,500 |
1.00 |
2,500.00 |
3.12 |
|
David Ward Snr |
2500 Ordinary GBP 1.00 |
Ordinary |
2,500 |
1.00 |
2,500.00 |
3.12 |
|
Donald Ward Jnr |
1667 Ordinary GBP 1.00 |
Ordinary |
1,667 |
1.00 |
1,667.00 |
2.08 |
|
Janet Ward |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
<0.01 |
|
Michael Ward |
36756 Ordinary GBP 1.00 |
Ordinary |
36,756 |
1.00 |
36,756.00 |
45.84 |
|
Michael Ward Snr |
1666 Ordinary GBP 1.00 |
Ordinary |
1,666 |
1.00 |
1,666.00 |
2.08 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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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) |
88.6 |
64.3 |
78.3 |
- |
- |
|
Turnover (Exports) |
32.1 |
19.0 |
2.8 |
- |
- |
|
Total Turnover |
120.7 |
83.3 |
81.1 |
- |
- |
|
Cost of Sales |
93.4 |
66.0 |
62.9 |
- |
- |
|
Gross Profit |
27.4 |
17.4 |
18.2 |
20.8 |
17.0 |
|
Depreciation |
2.5 |
2.6 |
2.2 |
2.4 |
2.4 |
|
Other Expenses |
22.4 |
16.0 |
17.5 |
17.3 |
15.1 |
|
Operating Profit |
5.0 |
1.3 |
0.7 |
- |
- |
|
Other Income |
0.0 |
0.4 |
0.1 |
0.2 |
0.0 |
|
Interest Paid |
0.1 |
0.1 |
0.2 |
0.1 |
0.1 |
|
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 |
4.9 |
1.6 |
0.6 |
3.6 |
1.8 |
|
Tax Payable / Credit |
1.3 |
0.4 |
0.2 |
1.1 |
0.6 |
|
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 |
3.6 |
1.2 |
0.4 |
2.5 |
1.3 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Non Audit Fees |
0.0 |
0.0 |
0.0 |
- |
- |
|
Number of Employees |
146 |
131 |
120 |
110 |
108 |
|
Wages |
6.8 |
6.2 |
6.8 |
7.5 |
6.6 |
|
Social Security Costs |
0.7 |
0.7 |
0.8 |
0.9 |
0.7 |
|
Pensions |
- |
- |
0.8 |
0.4 |
0.6 |
|
Other Pension Costs |
0.0 |
0.0 |
1.0 |
0.6 |
0.6 |
|
Employees Remuneration |
7.5 |
7.0 |
8.6 |
9.0 |
7.9 |
|
Directors Emoluments |
- |
- |
1.4 |
2.3 |
2.8 |
|
Other Costs |
- |
- |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
3.1 |
0.9 |
2.2 |
2.7 |
3.4 |
|
Highest Paid Director |
1.4 |
0.3 |
1.0 |
1.2 |
1.7 |
|
|
|
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 |
2.3 |
1.4 |
1.6 |
6.5 |
2.6 |
|
Fixtures & Fittings |
0.2 |
0.3 |
0.4 |
0.5 |
0.3 |
|
Plant & Vehicles |
11.7 |
11.0 |
11.0 |
6.3 |
7.5 |
|
Total Tangible Fixed Assets |
14.3 |
12.6 |
13.0 |
13.3 |
10.5 |
|
Intangible Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
14.4 |
12.6 |
13.0 |
13.3 |
10.5 |
|
Stocks |
2.3 |
2.0 |
0.9 |
0.6 |
0.4 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
2.3 |
2.0 |
0.9 |
0.6 |
0.4 |
|
Trade Debtors |
17.4 |
8.5 |
6.5 |
10.9 |
10.4 |
|
Inter-Company Debtors |
- |
- |
0.1 |
- |
- |
|
Other Debtors |
0.5 |
0.7 |
0.8 |
0.3 |
0.3 |
|
Total Debtors |
17.9 |
9.3 |
7.4 |
11.2 |
10.7 |
|
Cash and Equivalents |
2.9 |
2.1 |
2.1 |
0.4 |
0.5 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
23.0 |
13.3 |
10.4 |
12.2 |
11.5 |
|
Total Assets |
37.4 |
25.9 |
23.4 |
25.5 |
22.1 |
|
Trade Creditors |
13.6 |
9.0 |
7.9 |
7.4 |
6.1 |
|
Bank Overdraft |
- |
0.4 |
0.4 |
0.1 |
- |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.5 |
0.2 |
0.1 |
0.3 |
0.6 |
|
Total Short Term Loans |
0.5 |
0.0 |
0.1 |
0.1 |
0.4 |
|
Accruals/Deferred Income (Current Liability) |
0.7 |
0.5 |
1.1 |
1.3 |
1.6 |
|
Social Security/VAT |
0.8 |
0.3 |
0.4 |
1.5 |
1.4 |
|
Corporation Tax |
1.5 |
0.4 |
0.0 |
0.7 |
0.5 |
|
Other Current Liabilities |
0.5 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Total Current Liabilities |
18.1 |
11.1 |
10.1 |
11.5 |
10.9 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.9 |
0.3 |
0.2 |
0.5 |
0.8 |
|
Other Long Term Loans |
2.3 |
2.7 |
3.1 |
0.2 |
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 |
3.2 |
3.0 |
3.3 |
0.6 |
0.8 |
|
Deferred Taxation |
1.0 |
1.1 |
1.0 |
1.2 |
0.9 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
1.0 |
1.1 |
1.0 |
1.2 |
0.9 |
|
Issued Capital |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
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 |
15.0 |
10.6 |
9.0 |
12.0 |
9.4 |
|
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 |
15.1 |
10.8 |
9.1 |
12.1 |
9.5 |
|
Net Worth |
15.0 |
10.8 |
9.1 |
12.1 |
9.5 |
|
|
|
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 |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
4.3 |
1.5 |
5.4 |
6.1 |
3.2 |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.1 |
-0.1 |
-0.1 |
0.1 |
-0.1 |
|
Taxation |
-0.4 |
-0.2 |
-0.7 |
-0.5 |
-0.1 |
|
Capital Expenditures |
-2.4 |
-0.2 |
-6.0 |
-5.1 |
-2.3 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
-0.7 |
-1.0 |
3.6 |
-0.7 |
-1.0 |
|
Increase in Cash |
0.7 |
-0.1 |
2.2 |
-0.2 |
-0.3 |
|
|
|
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 |
1.27 |
1.20 |
1.04 |
1.06 |
1.06 |
|
Liquidity Ratio |
1.15 |
1.02 |
0.94 |
1.01 |
1.02 |
|
Stock Turnover |
55.25 |
40.46 |
73.41 |
- |
- |
|
Credit Period (Days) |
51.09 |
39.30 |
34.66 |
- |
- |
|
Working Capital by Sales |
3.95% |
2.80% |
0.51% |
- |
- |
|
Trade Credit by Debtors |
0.78 |
1.05 |
1.20 |
0.68 |
0.59 |
|
Return on Capital |
26.10% |
10.44% |
3.93% |
25.56% |
17.01% |
|
Return on Assets |
13.47% |
5.99% |
2.24% |
14.00% |
8.62% |
|
Profit Margin |
4.05% |
1.96% |
0.76% |
- |
- |
|
Return on Shareholders Funds |
33.44% |
14.44% |
5.78% |
29.47% |
19.92% |
|
Borrowing Ratio |
27.99% |
34.11% |
41.96% |
9.92% |
18.03% |
|
Equity Gearing |
40.28% |
41.45% |
38.79% |
47.52% |
43.26% |
|
Debt Gearing |
21.60% |
28.14% |
35.79% |
5.36% |
8.23% |
|
Interest Coverage |
55.27 |
14.29 |
3.40 |
34.31 |
18.10 |
|
Sales by Tangible Assets |
8.71 |
6.28 |
5.29 |
- |
- |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.9 |
0.6 |
0.6 |
- |
- |
|
Capital Employed per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Assets per Employee |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Employee Remuneration by Sales |
6.21% |
8.40% |
10.55% |
- |
- |
|
Creditor Days (Cost of Sales Based) |
51.58 |
52.15 |
53.80 |
- |
- |
|
Creditor Days (Sales Based) |
39.89 |
41.28 |
41.75 |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.