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Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MELTECH LTD. |
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Registered Office : |
185 Cannock Road Westcroft Wolverhampton, WV10 8QL |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
28.05.1999 |
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Com. Reg. No.: |
03780047 |
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Legal Form : |
Private Parent |
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Line of Business : |
Manufacture of furnaces and furnace burners and general mechanical engineering. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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
Meltech Ltd.
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Business
Description
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Company Profile From humble beginnings Back in April 1999, ideas were
being formed by engineers who had previously worked in a technical and
commercial capacity for several well known induction furnace manufacturers,
Expertise in electronic and mechanical servicing enabled this fledgling
business to carve a niche in spare parts & service operating from a
1,000sq ft unit based in Haverhill , England. Soon after start up a local
Aluminium foundry closed which released several electric resistance bale out
furnaces to Meltech, the purchase of this stock was the companies first step
into the rebuilt furnace market to which Meltech is now renowned. By 2000,
increasing quantities of used induction and electric resistance furnaces were
being rebuilt and sold in addition to an increasing service and spare parts
turnover meant that the company moved to a new 3500 sq ft facility. By the
end of 2001 over 30 rebuilt systems had been sold and machines were being
despatched at the rate of one every three to four weeks, equipment sales
stretched as far afield as Jordan, China and South Africa a as well as the UK
and European market. Spare parts and field service business was also
increasing, it became evident that almost all customers proffered to maintain
their systems using our comprehensive in house after sales care rather than
using the original equipment manufacturer. Consistent growth In 2006 Meltech
commissioned its 100 th system and finally moved into its current 7,000Sq ft
facility where engineering, rebuild, service and spare parts departments were
centralized, this new facility also allowed the rebuild of much larger
systems than previously, furnaces up to 1500Kw and 3000kg capacity could now
be handled easily. Product development New incoming EU regulations were introduced
which encouraging customers to buy magnetically screened induction furnace
bodies instead of the cheaper box type equivalents, reacting to this change
in market demands, Meltech embarked on a development program which resulted
in the introduction of a brand new type of induction furnace body with all
the characteristics of a fully screened steel shell style furnace but the
build cost and simplicity close to a box type furnace. This new product was
compatible with all of the different power ratings, frequencies, styles and
makes of inverter which Meltech rebuild. The first two Mag-Melt furnace
bodies were performance tested in August 2008, today, many units are in
operation with capacities up to 1,500kg iron. New Partners 2009 saw the
formation of Coilco Ltd, this West Midlands based facility is a welcome
addition to our service business and is dedicated to the increasing
maintenance and repairs of all leading brand induction heating and melting
systems for both existing and new customers alike. With a quick with quality
philosophy the company is able to react to customers breakdown very fast
indeed, today Coilco is expanding its customer base and in conjunction with
Meltech offers an ever increasing portfolio of services for anyone with
induction heating or melting equipment. www.coilco.co.uk New technology Today
Meltech have introduced its brand new Pulsar range of inverter system to
complement the Mag-Melt furnace body and complete the product range,
throuought this development process careful consideration was taken to design
out most of the problems associated with the mainstream induction furnace
brands currently on the market in order to offer the best blend of
simplicity, reliability and efficiency. Neil Moore, Joint Managing director
explains "" Meltech's business values are based on customer
satisfaction and a unique and creative approach to customers needs, wether
the furnace is new or second hand we take great care in providing our
customers with the best machine for the job with excellent after sales
care"". Home |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Financial
Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6267523
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078
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Meltech Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Wolverhampton |
United Kingdom |
Miscellaneous Fabricated Products |
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4 |
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Subsidiary |
Haverhill |
United Kingdom |
Miscellaneous Fabricated Products |
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Executives Report
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Annual Return Date: 28 May 2012
Total Issued Capital (GBP 000): 1
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
16 Jun 1966 |
54 Dovehouse Road, |
28 May 1999 |
NA |
Current:2 |
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Current |
18 Mar 1963 |
185 Cannock Road, Westcroft, |
28 May 1999 |
NA |
Current:4 |
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Current |
09 Apr 1932 |
102 Coalway Road, Penn, |
28 May 1999 |
NA |
Current:6 |
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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 |
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Current |
NA |
2 Mill Road, Haverhill, |
19 Oct 2011 |
NA |
Current:1 |
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Previous |
16 Jun 1966 |
54 Dovehouse Road, |
28 May 1999 |
19 Oct 2011 |
Current:2 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Swift Incorporations Limited |
Previous |
26 Church Street, |
28 May 1999 |
28 May 1999 |
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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 |
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Janet MacEy |
100 A Ordinary GBP 1.00 |
A Ordinary |
100 |
1.00 |
100.00 |
20.00 |
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Neil Stephen Moore |
100 B Ordinary GBP 1.00 |
B Ordinary |
100 |
1.00 |
100.00 |
20.00 |
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Neil Stephen Moore |
100 A Ordinary GBP 1.00 |
A Ordinary |
100 |
1.00 |
100.00 |
20.00 |
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Stephen James MacEy |
100 B Ordinary GBP 1.00 |
B Ordinary |
100 |
1.00 |
100.00 |
20.00 |
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Stephen James MacEy |
100 A Ordinary GBP 1.00 |
A Ordinary |
100 |
1.00 |
100.00 |
20.00 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Financials in: USD (mil) |
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Except for share items (millions) and per share
items (actual units) |
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31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
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Total Stocks Work In Progress |
0.2 |
0.1 |
0.1 |
0.1 |
0.2 |
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Inter-Company Debtors |
- |
- |
- |
0.0 |
- |
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Other Debtors |
- |
- |
- |
0.2 |
- |
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Total Debtors |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
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Cash and Equivalents |
0.2 |
0.0 |
0.1 |
0.1 |
0.1 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.6 |
0.5 |
0.4 |
0.4 |
0.4 |
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Total Assets |
0.7 |
0.5 |
0.4 |
0.4 |
0.5 |
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Other Current Liabilities |
0.3 |
0.3 |
0.2 |
0.2 |
0.3 |
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Total Current Liabilities |
0.3 |
0.3 |
0.2 |
0.2 |
0.3 |
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Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
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Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
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Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
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Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
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Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
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Other Long Term Loans |
0.0 |
0.0 |
0.0 |
- |
- |
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Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
0.4 |
0.2 |
0.2 |
0.2 |
0.2 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.4 |
0.2 |
0.2 |
0.2 |
0.2 |
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Net Worth |
0.4 |
0.2 |
0.2 |
0.2 |
0.2 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
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|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios |
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Financials in:
USD (mil) |
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|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
2.44 |
1.67 |
1.94 |
1.56 |
1.61 |
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Liquidity Ratio |
1.81 |
1.13 |
1.35 |
1.19 |
0.98 |
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Equity Gearing |
60.09% |
45.06% |
51.17% |
39.97% |
42.76% |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
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|
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.67 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.