MIRA INFORM REPORT

 

 

Report Date :

20.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SEA-FIRE EUROPE LTD

 

 

Registered Office :

3 Acorn Business Centre, Northarbour Road Cosham, Portsmouth, PO6 3TH

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2011

 

 

Date of Incorporation :

08.11.2000

 

 

Com. Reg. No.:

04103743

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Manufacturing of a range of engineering fire suppression

 

 

No. of Employees :

Not Available

 

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 – 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

 

SEA-FIRE EUROPE LTD.                                                                                                                             

 

3 Acorn Business Centre

Northarbour Road Cosham

Portsmouth, PO6 3TH

United Kingdom

(Trading Address)
Registered Address

 

SYNTHESIS

Employees:                   NA

Company Type:             Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:            Sea-Fire (Holdings) Ltd.

Quoted Status:              Non-quoted Company

Incorporation Date: 08-Nov-2000

Auditor:                         Taylorcocks

Financials in:                 USD (mil)

Fiscal Year End:            30-Apr-2011

Reporting Currency:       British Pound Sterling

Annual Sales:                NA

Total Assets:                 1.9

 

Business Description     

 

 

Manufacturing of a range of engineering fire suppression

 

Industry

 

Industry                 Miscellaneous Fabricated Products

ANZSIC 2006:        2599 - Other Manufacturing Not Elsewhere Classified

NACE 2002:          3663 - Other manufacturing not elsewhere classified

NAICS 2002:          3399 - Other Miscellaneous Manufacturing

UK SIC 2003:         3663 - Other manufacturing not elsewhere classified

UK SIC 2007:         3299 - Other manufacturing n.e.c.

US SIC 1987:         3999 - Manufacturing Industries, Not Elsewhere Classified

                           

 Key Executives

Name

Title

Ernest Ellis

Secretary

James Ellis

Director

         

 

Financial Summary

 

 

FYE: 30-Apr-2011

USD (mil)

Key Figures

 

Current Assets

1.85

Fixed Assets

0.09

Total Liabilities

0.93

Net Worth

0.96

 

Key Ratios

 

Current Ratio

1.99

Acid Test

1.08

 

 

Registered No.(UK): 04103743

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6400078
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.5995383

 

Corporate Overview

 

Location
3 Acorn Business Centre
Northarbour Road Cosham
Portsmouth, PO6 3TH
Hampshire County
United Kingdom

 

 

Registered Address:
3 Acorn Business Centre
Northarbour Road Cosham
Portsmouth, PO6 3TH
United Kingdom

 

 

Sales GBP(mil):             NA

Assets GBP(mil):           1.2

Employees:                   NA

Fiscal Year End:            30-Apr-2011

 

Industry:                        Miscellaneous Fabricated Products

Incorporation Date:         08-Nov-2000

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):       04103743

 

Director:                        James Ellis

 

Industry Codes

 

ANZSIC 2006 Codes:

2599- Other Manufacturing Not Elsewhere Classified

 

NACE 2002 Codes:

3663- Other manufacturing not elsewhere classified

 

NAICS 2002 Codes:

3399- Other Miscellaneous Manufacturing

 

US SIC 1987:

3999- Manufacturing Industries, Not Elsewhere Classified

 

UK SIC 2003:

3663- Other manufacturing not elsewhere classified

 

UK SIC 2007:

3299- Other manufacturing n.e.c.

 

Business Description

Manufacturing of a range of engineering fire suppression

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

1.2

Current Assets:

1.1

 

Fixed Assets:

0.1

 

Long Term Debt:

0.0

 

Total Liabilities:

0.6

 

Issued Capital:

0.0

 

Working Capital:

0.6

 

Net Worth:

0.6

 

 

 

Date of Financial Data:

30-Apr-2011

 

1 Year Growth

16.4%

 

Key Corporate Relationships

 

Auditor:                         Taylorcocks

 

Auditor:                         Taylorcocks

Auditor History

Taylorcocks                   30-Apr-2011

Taylor Cocks                 30-Apr-2009

Taylor Cocks                 30-Apr-2008

Taylor Cocks                 30-Nov-2006

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Sea-Fire (Holdings) Ltd.
Sea-Fire Europe Ltd.

Sea-Fire Europe Ltd.
Total Corporate Family Members: 2

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Sea-Fire (Holdings) Ltd.

Parent

Portsmouth

United Kingdom

Business Services

 

 

Sea-Fire Europe Ltd.

Subsidiary

Portsmouth

United Kingdom

Miscellaneous Fabricated Products

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

James Ellis

 

Director

Director/Board Member

Age: 52

 

 

Executives

 

Name

Title

Function

Ernest Ellis

 

Secretary

Company Secretary

Age: 55

 

 

 

 

Directors and Shareholders Report

 

Main Office Address:
3 Acorn Business Centre
Northarbour Road Cosham
Portsmouth
United Kingdom PO6 3TH

 

Annual Return Date: 08 Nov 2012

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Ernest
Ellis

Current

18 Oct 1957

11501 Holt Road,
Kingsville, Maryland

08 Nov 2000

NA

Current:4
Previous:0
Disqualifications:0

 

James
Ellis

Current

24 Jun 1960

20 Longbottom Court,
Kingsville, Maryland

08 Nov 2000

NA

Current:2
Previous:0
Disqualifications:0

 

Keith
Hiscock

Previous

15 Jun 1966

101 North East Road,
Southampton, Hampshire SO19 8AF

01 Sep 2002

13 Sep 2002

Current:0
Previous:1
Disqualifications:0

 

Marta
Szalkiewcz

Previous

31 Dec 1979

170 Jervis Road,
Portsmouth, Hampshire PO2 8PT

05 Mar 2008

21 Jul 2011

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Instant Companies Limited

Previous

1 Mitchell Lane,
Bristol, Avon BS1 6BU

08 Nov 2000

08 Nov 2000

 

 

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Ernest
Ellis

Current

18 Oct 1957

11501 Holt Road,
Kingsville, Maryland

08 Nov 2000

NA

Current:4
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

08 Nov 2000

08 Nov 2000

 

 

 

 

Individual Shareholders

 

There are no individual shareholders for this company.

 

 

 

 

 

 

 

 

 

 

Corporate Shareholders

 

Company Name

Registration Number

Share Details
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Sea-Fire (Holdings) Limited

05983784

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

100.00

 

 

Annual Profit & Loss

 

 

 

 

Financials in: USD (mil)                                                                

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

 

 

 

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

74 Weeks

Filed Currency

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.640008

0.625491

0.607152

0.498433

Consolidated

No

No

No

No

 

 

 

 

 

Depreciation

0.0

0.0

0.0

0.0

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Filed Currency

GBP

GBP

GBP

GBP

Exchange Rate

0.599538

0.653317

0.674855

0.50491

Consolidated

No

No

No

No

 

 

 

 

 

Total Tangible Fixed Assets

0.0

0.0

0.0

0.0

Intangible Assets

0.1

0.1

0.0

0.0

Investments

0.0

0.0

0.0

0.0

Total Fixed Assets

0.1

0.1

0.0

0.0

Total Stocks Work In Progress

0.8

0.4

0.7

0.4

Total Debtors

0.6

0.8

0.8

1.2

Cash and Equivalents

0.4

0.4

0.3

0.8

Other Current Assets

0.0

0.0

0.0

0.0

Total Current Assets

1.9

1.6

1.9

2.4

Total Assets

1.9

1.7

1.9

2.4

Director Loans (Current Liability)

-

-

-

0.0

Other Current Liabilities

0.9

0.9

1.0

1.4

Total Current Liabilities

0.9

0.9

1.0

1.4

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

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

Deferred Taxation

-

-

0.0

0.0

Other Provisions

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

Retained Earnings

1.0

0.8

0.9

1.1

Other Reserves

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

Total Shareholders Funds

1.0

0.8

0.9

1.1

Net Worth

1.0

0.7

0.9

1.1

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

 

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

74 Weeks

Filed Currency

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.640008

0.625491

0.607152

0.498433

Consolidated

No

No

No

No

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

 

30-Apr-2011

30-Apr-2010

30-Apr-2009

30-Apr-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

74 Weeks

Filed Currency

GBP

GBP

GBP

GBP

Exchange Rate

0.599538

0.653317

0.674855

0.50491

Consolidated

No

No

No

No

 

 

 

 

 

Current Ratio

1.99

1.75

1.95

1.77

Liquidity Ratio

1.08

1.30

1.20

1.46

Equity Gearing

51.93%

45.78%

49.51%

43.78%

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.28

UK Pound

1

Rs.84.09

Euro

1

Rs.72.44

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.