MIRA
INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FRELAN HARDWARE LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.10.1973 |
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Com. Reg. No.: |
01138414 |
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Legal Form : |
Private Parent |
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Line of Business : |
Wholesale brassware suppliers. |
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No. of Employees : |
25 |
RATING & COMMENTS
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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 : |
No Complaints |
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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 |
Company Name and address
FRELAN HARDWARE LTD.
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Mitcham Industrial Estate Streatham Road Mitcham, CR4 2AP United Kingdom
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Business Description
Wholesale brassware suppliers.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
5115 -
Agents involved in the sale of furniture, household goods, hardware and
ironmongery |
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NAICS 2002: |
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UK SIC 2003: |
5115 -
Agents involved in the sale of furniture, household goods, hardware and
ironmongery |
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UK SIC 2007: |
4615 -
Agents involved in the sale of furniture, household goods, hardware and
ironmongery |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Susan Terese Arnold |
Secretary |
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Frederick James Adams |
Director |
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Peter James Muggleton |
Director |
Financial Summary
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FYE: 31-Dec-2011 |
USD (mil) |
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Registered No.(UK):01138414
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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ANZSIC 2006 Codes: |
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3739 |
- |
Other Goods
Wholesaling Not Elsewhere Classified |
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NACE 2002 Codes: |
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5115 |
- |
Agents involved
in the sale of furniture, household goods, hardware and ironmongery |
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NAICS 2002 Codes: |
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425120 |
- |
Wholesale Trade
Agents and Brokers |
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US SIC 1987: |
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5099 |
- |
Durable Goods,
Not Elsewhere Classified |
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UK SIC 2003: |
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5115 |
- |
Agents involved
in the sale of furniture, household goods, hardware and ironmongery |
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UK SIC 2007: |
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4615 |
- |
Agents involved
in the sale of furniture, household goods, hardware and ironmongery |
Wholesale brassware suppliers.
More Business Descriptions
Hardware stores
Hardware and Ironmongers Merchants
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Auditor: |
Martin Booth & Co Ltd |
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Bank: |
Barclays Bank PLC |
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Auditor: |
Martin Booth & Co Ltd |
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Auditor History |
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Martin Booth & Co Ltd |
31-Dec-2011 |
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Martin Booth & Co Ltd |
31-Dec-2010 |
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Martin Booth And Co Ltd |
31-Dec-2009 |
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Martin Booth And Co Ltd |
31-Dec-2008 |
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Martin Booth And Co Ltd |
31-Dec-2007 |
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GBP(mil) |
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Audit Fees: |
0.0 |
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Audit Fiscal Year: |
12-31-2011 |
Executives Report
Board of Directors
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives
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Secretary |
Company Secretary |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 02086481500 |
Annual Return Date: 30
Apr 2013 |
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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 |
31 Mar 1956 |
64 Fairfax Avenue, Ewell, |
03 Apr 1992 |
NA |
Current:2 |
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Current |
07 Nov 1958 |
2 Barrington Drive, |
03 Apr 1992 |
NA |
Current:1 |
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Current |
26 Jul 1950 |
37 Milton Road, |
03 Apr 1992 |
NA |
Current:1 |
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Previous |
01 Apr 1930 |
2 Links Place, |
03 Apr 1992 |
12 May 1998 |
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 |
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Current |
31 Mar 1956 |
64 Fairfax Avenue, Ewell, |
03 Apr 1992 |
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 |
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Adams Fred |
4000 A Ordinary GBP 1.00 |
A Ordinary |
4,000 |
1.00 |
4,000.00 |
36.70 |
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Adams Fred |
300 B Ordinary GBP 1.00 |
B Ordinary |
300 |
1.00 |
300.00 |
2.75 |
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Karen Muggleton |
100 B Ordinary GBP 1.00 |
B Ordinary |
100 |
1.00 |
100.00 |
0.92 |
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Peter Muggleton |
3000 A Ordinary GBP 1.00 |
A Ordinary |
3,000 |
1.00 |
3,000.00 |
27.52 |
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Peter Muggleton |
200 B Ordinary GBP 1.00 |
B Ordinary |
200 |
1.00 |
200.00 |
1.83 |
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Susan Arnold |
3000 A Ordinary GBP 1.00 |
A Ordinary |
3,000 |
1.00 |
3,000.00 |
27.52 |
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Susan Arnold |
300 B Ordinary GBP 1.00 |
B Ordinary |
300 |
1.00 |
300.00 |
2.75 |
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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)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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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) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
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Consolidated |
No |
No |
No |
No |
No |
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Turnover (UK) |
11.4 |
11.0 |
10.3 |
13.7 |
15.6 |
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Turnover (Exports) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Turnover |
11.4 |
11.0 |
10.3 |
13.7 |
15.6 |
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Cost of Sales |
7.2 |
7.0 |
6.1 |
9.0 |
10.2 |
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Gross Profit |
4.2 |
4.0 |
4.3 |
4.7 |
5.4 |
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Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Other Expenses |
3.4 |
3.1 |
3.2 |
3.7 |
4.3 |
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Operating Profit |
0.8 |
0.9 |
1.0 |
1.0 |
- |
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Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Interest Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
0.8 |
0.9 |
1.0 |
1.0 |
1.1 |
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Tax Payable / Credit |
0.2 |
0.2 |
0.3 |
0.3 |
0.3 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Dividends |
0.2 |
0.4 |
0.4 |
0.1 |
0.2 |
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Profit After Taxes |
0.4 |
0.3 |
0.4 |
0.6 |
0.6 |
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Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Pensions |
- |
- |
- |
0.1 |
0.0 |
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Directors Emoluments |
- |
- |
- |
0.4 |
0.4 |
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Other Costs |
- |
- |
- |
0.0 |
0.0 |
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Directors Remuneration |
0.3 |
0.2 |
0.4 |
0.5 |
0.4 |
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Highest Paid Director |
- |
0.2 |
0.4 |
0.5 |
- |
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 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
- |
1.1 |
1.1 |
1.0 |
1.4 |
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Fixtures & Fittings |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Plant & Vehicles |
- |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Tangible Fixed Assets |
1.2 |
1.3 |
1.2 |
1.1 |
1.6 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
1.2 |
1.3 |
1.2 |
1.1 |
1.6 |
|
Stocks |
- |
2.4 |
- |
- |
- |
|
Work in Progress |
- |
0.0 |
- |
- |
- |
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Total Stocks Work In Progress |
2.4 |
2.4 |
1.5 |
1.7 |
2.2 |
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Trade Debtors |
2.1 |
2.1 |
2.2 |
1.5 |
2.7 |
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Other Debtors |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Debtors |
2.2 |
2.2 |
2.3 |
1.6 |
2.8 |
|
Cash and Equivalents |
0.3 |
0.5 |
0.4 |
0.3 |
0.3 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
4.9 |
5.1 |
4.2 |
3.6 |
5.3 |
|
Total Assets |
6.1 |
6.3 |
5.5 |
4.7 |
6.9 |
|
Trade Creditors |
0.8 |
0.9 |
0.8 |
0.8 |
0.9 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Short Term Loans |
- |
0.9 |
0.0 |
0.1 |
0.1 |
|
Accruals/Deferred Income (Current Liability) |
0.0 |
0.1 |
- |
- |
- |
|
Social Security/VAT |
0.2 |
0.1 |
0.6 |
0.3 |
0.4 |
|
Corporation Tax |
0.2 |
0.2 |
- |
- |
- |
|
Other Current Liabilities |
0.6 |
0.1 |
0.2 |
0.4 |
1.7 |
|
Total Current Liabilities |
1.8 |
2.3 |
1.6 |
1.6 |
3.1 |
|
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) |
0.0 |
0.0 |
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) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
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 |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Deferred Taxation |
0.0 |
0.0 |
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 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.4 |
0.4 |
0.4 |
0.3 |
0.5 |
|
Retained Earnings |
3.9 |
3.6 |
3.5 |
2.7 |
3.2 |
|
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 |
4.3 |
4.0 |
3.9 |
3.1 |
3.6 |
|
Net Worth |
4.3 |
4.0 |
3.9 |
3.1 |
3.6 |
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 |
0.9 |
0.7 |
0.7 |
0.5 |
|
Net Cash Flow from ROI and Servicing of Finance |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxation |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
0.0 |
|
Capital Expenditures |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
-0.2 |
-0.4 |
-0.4 |
-0.1 |
-0.2 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Increase in Cash |
-0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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 |
2.76 |
2.18 |
2.64 |
2.20 |
1.71 |
|
Liquidity Ratio |
1.42 |
1.15 |
1.69 |
1.14 |
1.00 |
|
Stock Turnover |
4.64 |
4.67 |
7.07 |
6.19 |
7.08 |
|
Credit Period (Days) |
69.26 |
68.91 |
76.17 |
50.36 |
63.28 |
|
Working Capital by Sales |
28.26% |
24.63% |
24.46% |
18.25% |
14.22% |
|
Trade Credit by Debtors |
0.36 |
0.42 |
0.34 |
0.56 |
0.33 |
|
Return on Capital |
17.83% |
23.67% |
27.43% |
24.63% |
28.07% |
|
Return on Assets |
12.67% |
15.01% |
19.40% |
16.13% |
15.43% |
|
Profit Margin |
7.02% |
8.53% |
9.91% |
7.10% |
6.83% |
|
Return on Shareholders Funds |
17.91% |
23.77% |
27.48% |
24.75% |
29.06% |
|
Borrowing Ratio |
- |
21.56% |
0.43% |
3.30% |
6.71% |
|
Equity Gearing |
70.78% |
63.15% |
70.59% |
65.17% |
53.09% |
|
Debt Gearing |
- |
- |
0.19% |
0.48% |
3.54% |
|
Interest Coverage |
732.98 |
670.36 |
374.55 |
83.32 |
46.24 |
|
Sales by Tangible Assets |
8.98 |
8.76 |
8.59 |
9.45 |
9.88 |
|
Creditor Days (Cost of Sales Based) |
39.65 |
45.19 |
43.82 |
42.81 |
31.90 |
|
Creditor Days (Sales Based) |
25.18 |
28.68 |
25.80 |
28.04 |
20.88 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.