|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
F.W.B. PRODUCTS LTD. |
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Registered Office : |
Whieldon Road
Stoke On Trent, ST4 4JE |
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Country : |
United Kingdom |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.08.1982 |
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Com. Reg. No.: |
01660947 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Subject provides janitorial and industrial products. It offers a range of sealants, adhesives, drives and pipe fittings. The company provides plastering trowels, mowers, dust sheets, plastic dustbins and paint brushes. It offers products to various engineers, manufacturers, and construction and utility companies. |
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No. of Employees : |
150 |
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 : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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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 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
F.W.B. Products Ltd.
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Business Description
|
F.W.B. Products Ltd. is a privately owned
business that provides janitorial and industrial products. It offers a range of
sealants, adhesives, drives and pipe fittings. The company provides
plastering trowels, mowers, dust sheets, plastic dustbins and paint brushes.
It offers products to various engineers, manufacturers, and construction and
utility companies. The company provides delivery, technical support and
quality control services. It offers electrical sockets, switches, fixings and
rubber products. The company provides pneumatic controls and hand and power
tools. It offers safety footwear and tapes. The company provides a variety of
aprons, coats, jackets, hats, caps, shirts, sweatshirts and thermals. In
addition, it offers online order placement options to its customers. The
company provides products of the Bahco, Dormer, Garryson, Jacobs, Noga,
Presto, Rotabroach, Sandvik Coromant, Starrett and Toolmex brands. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
423990 - Other Miscellaneous Durable Goods Merchant
Wholesalers |
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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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F.W.B. Products Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Stoke On Trent |
United Kingdom |
Business Services |
27.2 |
150 |
|
|
Subsidiary |
Stoke On Trent |
United Kingdom |
Miscellaneous Capital Goods |
27.2 |
150 |
|
|
Subsidiary |
Stoke On Trent |
United Kingdom |
Nonclassifiable Industries |
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|
Subsidiary |
Stoke On Trent |
United Kingdom |
Nonclassifiable Industries |
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|
Subsidiary |
Stoke-On-Trent |
United Kingdom |
Nonclassifiable Industries |
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Subsidiary |
Stoke On Trent |
United Kingdom |
Real Estate Operations |
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Executives Report
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Annual Return
Date: 02 Jan 2013
Total Issued Capital (GBP 000): 584
|
Individual Directors |
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|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
29 Aug 1956 |
Whieldon Road, Stoke On Trent, |
16 Apr 2010 |
NA |
Current:7 |
|
|
|
Current |
19 Jul 1963 |
Hollywood Cottage, Uttoxeter Road, |
31 Dec 1992 |
NA |
Current:13 |
|
|
|
Current |
14 Feb 1932 |
Whieldon Road, Stoke On Trent, |
02 Jan 1991 |
NA |
Current:3 |
|
|
|
Previous |
NA |
9 The Squirrels, Westbury Park Clayton, |
02 Jan 1991 |
10 Jul 2008 |
Current:0 |
|
|
|
Previous |
30 Apr 1962 |
Fieldsway House, Fieldsway, |
23 Feb 2004 |
26 Jan 2010 |
Current:0 |
|
|
|
Previous |
05 May 1942 |
Lyndene Sandbach Road, Thurlwood, |
02 Jan 1991 |
30 Jun 1997 |
Current:0 |
|
|
|
Previous |
NA |
Hillsdown Blythe Bridge Road, Caverswall, |
02 Jan 1991 |
31 Dec 2008 |
Current:0 |
|
|
|
Previous |
02 May 1930 |
Easdale 21 Wulstan Drive, |
02 Jan 1991 |
28 Apr 1995 |
Current:0 |
|
|
|
Previous |
15 Jun 1929 |
Larkhill Farm Larkhill Lane, Ashley, |
02 Jan 1991 |
17 Mar 2003 |
Current:0 |
|
|
|
Previous |
06 Nov 1943 |
46 Caverswall Road, Blythe Bridge, |
02 Jan 1991 |
30 Jun 1997 |
Current:0 |
|
|
|
Previous |
21 Dec 1939 |
468 Werrington Road, Bucknall, |
02 Jan 1991 |
31 Dec 2004 |
Current:0 |
|
|
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|
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||||||
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||||||
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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 |
|
|
Previous |
NA |
Hillsdown Blythe Bridge Road, Caverswall, |
02 Jan 1991 |
31 Dec 2008 |
Current:0 |
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||||||
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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 |
|
03218876 |
584444 Ordinary GBP 1.00 |
Ordinary |
584,444 |
1.00 |
584,444.00 |
100.00 |
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|||||||
|
Financials in:
USD (mil) |
|
|
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 |
|
|
|
|
|
|
|
|
Turnover (UK) |
27.2 |
- |
- |
43.2 |
46.9 |
|
Turnover (Exports) |
0.0 |
- |
- |
0.0 |
0.0 |
|
Total Turnover |
27.2 |
24.8 |
26.4 |
43.2 |
46.9 |
|
Cost of Sales |
18.8 |
17.0 |
17.8 |
31.3 |
33.7 |
|
Gross Profit |
8.4 |
7.7 |
8.6 |
11.8 |
13.2 |
|
Depreciation |
0.1 |
0.2 |
0.3 |
0.4 |
0.6 |
|
Other Expenses |
7.8 |
7.4 |
8.2 |
11.5 |
12.2 |
|
Operating Profit |
0.5 |
- |
- |
0.4 |
1.0 |
|
Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Interest Paid |
0.1 |
0.1 |
0.1 |
0.4 |
0.4 |
|
Exceptional Income |
-0.1 |
0.0 |
-0.3 |
-3.2 |
-0.3 |
|
Discontinued Operations |
0.0 |
0.0 |
0.0 |
-1.1 |
-0.3 |
|
Profit Before Taxes |
0.3 |
0.2 |
0.0 |
-3.1 |
0.4 |
|
Tax Payable / Credit |
0.0 |
0.0 |
0.0 |
-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 |
0.3 |
0.2 |
0.0 |
-3.0 |
0.3 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Non Audit Fees |
- |
0.0 |
0.0 |
- |
- |
|
Number of Employees |
150 |
156 |
161 |
264 |
259 |
|
Wages |
5.2 |
5.0 |
5.1 |
7.8 |
8.5 |
|
Social Security Costs |
0.0 |
0.0 |
0.4 |
0.7 |
0.7 |
|
Other Pension Costs |
0.1 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Employees Remuneration |
5.3 |
5.1 |
5.7 |
8.7 |
9.4 |
|
Directors Remuneration |
0.3 |
0.2 |
0.1 |
0.4 |
0.5 |
|
Highest Paid Director |
- |
- |
- |
0.2 |
0.2 |
|
|
|
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 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Fixtures & Fittings |
0.2 |
0.2 |
0.1 |
0.2 |
0.3 |
|
Plant & Vehicles |
0.2 |
0.4 |
0.6 |
0.7 |
1.4 |
|
Total Tangible Fixed Assets |
0.4 |
0.6 |
0.7 |
0.9 |
1.7 |
|
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 |
0.4 |
0.6 |
0.7 |
0.9 |
1.7 |
|
Stocks |
4.6 |
4.5 |
4.6 |
5.3 |
9.6 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
4.6 |
4.5 |
4.6 |
5.3 |
9.6 |
|
Trade Debtors |
4.8 |
4.4 |
4.3 |
5.5 |
9.6 |
|
Inter-Company Debtors |
1.7 |
1.4 |
1.6 |
0.6 |
0.7 |
|
Director Loans |
- |
- |
- |
0.0 |
0.0 |
|
Other Debtors |
1.8 |
0.3 |
0.1 |
0.4 |
0.4 |
|
Total Debtors |
8.3 |
6.1 |
6.0 |
6.5 |
10.6 |
|
Cash and Equivalents |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
12.9 |
10.7 |
10.6 |
11.8 |
20.3 |
|
Total Assets |
13.3 |
11.3 |
11.3 |
12.7 |
22.0 |
|
Trade Creditors |
3.9 |
3.5 |
3.4 |
4.6 |
7.3 |
|
Bank Overdraft |
0.8 |
1.0 |
3.7 |
3.1 |
5.6 |
|
Inter-Company Creditors |
1.8 |
0.0 |
0.0 |
- |
- |
|
Director Loans (Current Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Hire Purchase (Current Liability) |
0.1 |
- |
- |
- |
- |
|
Finance Lease (Current Liability) |
0.0 |
- |
- |
- |
- |
|
Total Finance Lease/Hire Purchase (Current
Liability) |
0.1 |
0.1 |
0.1 |
0.2 |
0.4 |
|
Total Short Term Loans |
0.1 |
0.2 |
0.0 |
0.1 |
0.4 |
|
Accruals/Deferred Income (Current
Liability) |
0.2 |
0.3 |
0.4 |
1.3 |
0.1 |
|
Social Security/VAT |
0.4 |
0.3 |
0.7 |
0.5 |
0.6 |
|
Corporation Tax |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Dividends (Current Liability) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
7.3 |
5.4 |
8.2 |
9.9 |
14.5 |
|
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 |
- |
- |
- |
- |
|
Leasing (Long Term Liability) |
0.0 |
- |
- |
- |
- |
|
Total Hire Purchase Loans (Long Term
Liability) |
0.1 |
0.1 |
0.0 |
0.1 |
0.3 |
|
Other Long Term Loans |
2.5 |
2.6 |
0.0 |
0.0 |
0.2 |
|
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 |
2.6 |
2.7 |
0.0 |
0.1 |
0.5 |
|
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 |
0.9 |
0.9 |
0.9 |
0.8 |
1.2 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
2.6 |
2.2 |
2.1 |
1.9 |
5.8 |
|
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 |
3.5 |
3.2 |
3.1 |
2.7 |
7.0 |
|
Net Worth |
3.5 |
3.2 |
3.1 |
2.7 |
7.0 |
|
|
|
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 |
0.6 |
0.0 |
0.2 |
2.3 |
1.2 |
|
Net Cash Flow from ROI and Servicing of
Finance |
-0.1 |
-0.1 |
-0.1 |
-0.4 |
-0.3 |
|
Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Expenditures |
0.0 |
0.0 |
0.1 |
0.0 |
-0.1 |
|
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 |
-0.2 |
2.7 |
-0.3 |
-0.7 |
-0.4 |
|
Increase in Cash |
0.3 |
2.6 |
-0.2 |
1.2 |
0.4 |
|
|
|
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 |
1.78 |
1.98 |
1.29 |
1.19 |
1.40 |
|
Liquidity Ratio |
1.15 |
1.14 |
0.73 |
0.66 |
0.73 |
|
Stock Turnover |
5.75 |
5.55 |
5.89 |
6.43 |
4.84 |
|
Credit Period (Days) |
66.83 |
64.56 |
57.02 |
59.61 |
74.83 |
|
Working Capital by Sales |
21.50% |
21.09% |
8.82% |
5.67% |
12.34% |
|
Trade Credit by Debtors |
0.82 |
0.79 |
0.79 |
0.83 |
0.76 |
|
Return on Capital |
5.29% |
3.66% |
0.22% |
-87.70% |
5.77% |
|
Return on Assets |
2.41% |
1.90% |
0.06% |
-19.34% |
1.96% |
|
Profit Margin |
1.22% |
0.86% |
0.02% |
-7.25% |
0.93% |
|
Return on Shareholders Funds |
9.16% |
6.71% |
0.22% |
-89.59% |
6.14% |
|
Borrowing Ratio |
150.95% |
123.74% |
123.22% |
125.45% |
97.36% |
|
Equity Gearing |
26.26% |
28.38% |
27.21% |
21.58% |
31.96% |
|
Debt Gearing |
73.23% |
82.99% |
1.07% |
2.15% |
6.47% |
|
Interest Coverage |
2.89 |
1.83 |
0.05 |
-8.89 |
1.00 |
|
Sales by Tangible Assets |
65.72 |
44.23 |
38.66 |
38.53 |
26.97 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Capital Employed per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Employee Remuneration by Sales |
19.48% |
20.61% |
21.51% |
20.12% |
20.00% |
|
Creditor Days (Cost of Sales Based) |
78.78 |
74.33 |
67.19 |
67.99 |
79.27 |
|
Creditor Days (Sales Based) |
54.53 |
51.12 |
45.28 |
49.34 |
56.96 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
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.