MIRA INFORM REPORT
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Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
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Name : |
151 PRODUCTS LTD. |
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Registered Office : |
39 Bengal Street Manchester, M4 6AF |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.07.1987 |
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Com. Reg. No.: |
02149608 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Supplier of a wide selection of domestic and huosehold products |
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No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
Source : CIA
151
Products Ltd.
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Business
Description
|
151 Products Ltd. is a supplier of a wide selection of domestic and huosehold products in the United Kingdom. The company’s do-it-yourself products offer a complete
selection of acrylic and silicone sealants in cartridges and easy-to-use
tubes and a variety of accessories. Its 151 Artists offers art products, such
as artist pencils, paints, brushes, canvases, easels, storage cases and
portfolio carry cases. The company also offers a range of shoe care and
maintenance products, including shoe and trainer wipes, instant shoe sponges,
standard polishes and brushes, as well as insoles and comfort accessories. |
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 0.623776
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6434593
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151 Products
Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Manchester |
United Kingdom |
Miscellaneous Capital Goods |
46.4 |
80 |
|
|
Subsidiary |
Manchester |
United Kingdom |
Miscellaneous Capital Goods |
46.4 |
80 |
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|
Subsidiary |
Nottingham |
United Kingdom |
Chemical Manufacturing |
15.6 |
89 |
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Subsidiary |
Nottingham |
United Kingdom |
Nonclassifiable Industries |
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Subsidiary |
Nottingham |
United Kingdom |
Nonclassifiable Industries |
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Executives Report
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Annual Return Date: 09 Apr 2013
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 |
|
|
Current |
20 Jan 1956 |
3 Hudswell Close, Whitefield, |
25 Jul 1991 |
NA |
Current:4 |
|
|
|
Current |
26 Nov 1958 |
23 Yew Tree Lane, |
01 Feb 2000 |
NA |
Current:7 |
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|
Current |
09 Apr 1970 |
The Old School Hose 39 Bengal Street, |
10 Feb 2006 |
NA |
Current:8 |
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|
Current |
11 Apr 1951 |
69 Sandmoor Lane, |
25 Jul 1991 |
NA |
Current:9 |
|
|
|
Current |
22 Aug 1977 |
6 Hudswell Close, Whitefield, |
13 Apr 2005 |
NA |
Current:13 |
|
|
|
Previous |
11 Mar 1948 |
10 Ringley Park, Whitefield, |
25 Jul 1991 |
30 Sep 2010 |
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 |
11 Apr 1951 |
69 Sandmoor Lane, |
15 Sep 1995 |
NA |
Current:9 |
|
|
|
Previous |
NA |
10 St Anns Close, Prestwich,
|
25 Jul 1991 |
15 Sep 1995 |
Current:0 |
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|
Previous |
09 Apr 1970 |
The Old School Hose 39 Bengal Street, |
10 Feb 2006 |
15 Feb 2006 |
Current:8 |
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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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There are no individual shareholders for this company. |
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Corporate Shareholders |
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Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
04037712 |
1000 Ordinary GBP 1.00 |
Ordinary |
1,000 |
1.00 |
1,000.00 |
100.00 |
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Financials in: USD (mil) |
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|
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 |
|
|
|
|
|
|
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|
Total Turnover |
46.4 |
37.2 |
32.5 |
- |
- |
|
Cost of Sales |
34.5 |
- |
- |
- |
- |
|
Total Expenses |
- |
36.0 |
31.7 |
- |
- |
|
Gross Profit |
11.9 |
- |
- |
8.2 |
8.3 |
|
Depreciation |
0.3 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Expenses |
10.6 |
- |
- |
7.9 |
7.8 |
|
Operating Profit |
1.3 |
1.2 |
0.8 |
0.3 |
0.5 |
|
Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Paid |
0.3 |
0.2 |
0.1 |
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 |
1.0 |
0.9 |
0.7 |
0.2 |
0.5 |
|
Tax Payable / Credit |
0.3 |
0.3 |
0.2 |
0.1 |
0.1 |
|
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 |
0.7 |
0.7 |
0.5 |
0.1 |
0.3 |
|
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 |
80 |
71 |
61 |
61 |
61 |
|
Wages |
3.9 |
3.2 |
3.3 |
3.1 |
3.0 |
|
Social Security Costs |
0.4 |
0.2 |
0.3 |
0.3 |
0.3 |
|
Pensions |
- |
0.1 |
0.0 |
0.1 |
0.0 |
|
Other Pension Costs |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Employees Remuneration |
4.5 |
3.5 |
3.6 |
3.5 |
3.4 |
|
Directors Emoluments |
- |
0.7 |
1.2 |
0.8 |
0.7 |
|
Other Costs |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
0.7 |
0.8 |
1.2 |
0.9 |
0.7 |
|
Highest Paid Director |
0.3 |
0.2 |
0.2 |
0.4 |
0.3 |
|
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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 |
|
|
|
|
|
|
|
|
Land & Buildings |
4.5 |
4.6 |
4.8 |
0.0 |
0.0 |
|
Fixtures & Fittings |
0.4 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Plant & Vehicles |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Tangible Fixed Assets |
5.0 |
5.1 |
4.9 |
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 |
5.0 |
5.1 |
4.9 |
0.0 |
0.0 |
|
Stocks |
8.4 |
7.6 |
7.0 |
5.2 |
- |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Stocks Work In Progress |
8.4 |
7.6 |
7.0 |
5.2 |
5.5 |
|
Trade Debtors |
7.0 |
6.1 |
5.6 |
3.4 |
3.9 |
|
Inter-Company Debtors |
- |
0.0 |
0.0 |
0.0 |
- |
|
Director Loans |
- |
0.0 |
0.0 |
0.0 |
- |
|
Other Debtors |
1.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Debtors |
8.1 |
6.4 |
5.8 |
3.7 |
4.1 |
|
Cash and Equivalents |
0.2 |
0.5 |
0.8 |
0.2 |
0.5 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
16.8 |
14.4 |
13.6 |
9.1 |
10.1 |
|
Total Assets |
21.8 |
19.5 |
18.6 |
9.1 |
10.1 |
|
Trade Creditors |
2.6 |
2.8 |
3.1 |
2.2 |
2.4 |
|
Bank Overdraft |
4.4 |
3.4 |
2.6 |
1.2 |
0.5 |
|
Inter-Company Creditors |
0.4 |
0.0 |
0.4 |
0.3 |
0.1 |
|
Director Loans (Current Liability) |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.1 |
- |
- |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.1 |
- |
- |
|
Accruals/Deferred Income (Current Liability) |
1.8 |
1.4 |
1.3 |
0.8 |
0.9 |
|
Social Security/VAT |
0.7 |
0.6 |
0.3 |
0.4 |
0.6 |
|
Corporation Tax |
0.2 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
10.1 |
8.5 |
7.9 |
5.0 |
4.6 |
|
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) |
0.1 |
0.1 |
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) |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
4.9 |
5.0 |
5.3 |
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 |
5.0 |
5.2 |
5.3 |
0.0 |
0.0 |
|
Deferred Taxation |
0.3 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.3 |
0.2 |
0.2 |
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 |
6.3 |
5.7 |
5.2 |
4.1 |
5.5 |
|
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 |
6.4 |
5.7 |
5.2 |
4.1 |
5.5 |
|
Net Worth |
6.4 |
5.7 |
5.2 |
4.1 |
5.5 |
|
|
|
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 |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
-0.4 |
-0.5 |
-0.9 |
-1.1 |
- |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
- |
|
Taxation |
-0.2 |
0.0 |
0.0 |
-0.1 |
- |
|
Capital Expenditures |
-0.3 |
-0.4 |
-4.8 |
0.0 |
- |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Net Cash Flow From Financing |
0.9 |
0.4 |
5.8 |
0.0 |
- |
|
Increase in Cash |
-0.2 |
-0.8 |
0.0 |
-1.3 |
- |
|
|
|
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 |
1.66 |
1.71 |
1.72 |
1.83 |
2.20 |
|
Liquidity Ratio |
0.83 |
0.81 |
0.83 |
0.77 |
1.00 |
|
Stock Turnover |
5.37 |
4.96 |
4.80 |
- |
- |
|
Credit Period (Days) |
56.71 |
59.30 |
61.27 |
- |
- |
|
Working Capital by Sales |
14.81% |
15.89% |
16.94% |
- |
- |
|
Trade Credit by Debtors |
0.38 |
0.45 |
0.55 |
0.63 |
0.60 |
|
Return on Capital |
8.58% |
8.63% |
7.24% |
3.79% |
8.52% |
|
Return on Assets |
4.60% |
4.90% |
4.15% |
1.71% |
4.64% |
|
Profit Margin |
2.23% |
2.54% |
2.29% |
- |
- |
|
Return on Shareholders Funds |
15.78% |
16.87% |
14.93% |
3.79% |
8.52% |
|
Borrowing Ratio |
154.90% |
151.81% |
164.84% |
35.87% |
11.49% |
|
Equity Gearing |
29.16% |
29.05% |
27.77% |
45.23% |
54.48% |
|
Debt Gearing |
79.10% |
91.07% |
102.92% |
- |
- |
|
Interest Coverage |
3.67 |
4.41 |
9.05 |
2.48 |
4.71 |
|
Sales by Tangible Assets |
8.97 |
7.39 |
6.81 |
- |
- |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.6 |
0.5 |
0.6 |
- |
- |
|
Capital Employed per Employee |
0.1 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.1 |
0.1 |
0.1 |
- |
0.0 |
|
Total Assets per Employee |
0.3 |
0.3 |
0.3 |
0.1 |
0.2 |
|
Employee Remuneration by Sales |
9.62% |
9.47% |
11.09% |
- |
- |
|
Creditor Days (Cost of Sales Based) |
28.66 |
26.92 |
33.85 |
- |
- |
|
Creditor Days (Sales Based) |
21.30 |
26.92 |
33.85 |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.41 |
|
|
1 |
Rs.90.38 |
|
Euro |
1 |
Rs.77.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.