MIRA
INFORM REPORT
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Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL METCORP LTD. |
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Registered Office : |
Eighth Floor York House Empire Way Wembley, HA9 0PA |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
30.08.2001 |
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Com. Reg. No.: |
04278981 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Dealer in metal scrap. |
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No. of Employees : |
14 |
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 : |
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.
Source : CIA
Company name and address
Global Metcorp
Ltd.
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Business
Description
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Dealer in metal scrap. |
Industry
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Industry |
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ANZSIC 2006: |
6999
- Other Professional, Scientific and Technical Services Not Elsewhere
Classified |
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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
Corporate Overview
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Corporate Structure News
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Global Metcorp
Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
London |
United Kingdom |
Commercial Banks |
0.0 |
10 |
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Subsidiary |
Wembley |
United Kingdom |
Business Services |
463.3 |
14 |
Executives Report
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Directors and Shareholders Report
Annual Return Date: 30 Aug 2011
Total Issued Capital (GBP 000): 251
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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 |
08 Jan 1979 |
20 Leigh Court, Byron Hill Road, |
27 Aug 2002 |
NA |
Current:4 |
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Current |
18 Apr 1980 |
8Th Floor York House, Empire Way, |
31 Aug 2006 |
NA |
Current:2 |
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Previous |
03 Dec 1976 |
1 Phillips Street, |
30 Aug 2001 |
28 Aug 2002 |
Current:0 |
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Previous |
29 Jul 1941 |
26 Adelaide Close, |
30 Aug 2001 |
31 Aug 2006 |
Current:0 |
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Previous |
29 Jun 1973 |
67 High Street, Chobham, |
30 Aug 2001 |
28 Aug 2002 |
Current:5 |
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Corporate Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Brighton Director Limited |
Previous |
381 Kingsway, |
30 Aug 2001 |
31 Aug 2001 |
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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 |
71 Alicia Gardens, Kenton, |
01 Sep 2007 |
NA |
Current:1 |
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Previous |
29 Jul 1941 |
26 Adelaide Close, |
27 Aug 2002 |
01 Sep 2007 |
Current:0 |
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Previous |
29 Jun 1973 |
67 High Street, Chobham, |
30 Aug 2001 |
28 Aug 2002 |
Current:5 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Brighton Secretary Limited |
Previous |
381 Kingsway, |
30 Aug 2001 |
31 Aug 2001 |
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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 |
|
07443406 |
250600 Ordinary GBP 1.00 |
Ordinary |
250,600 |
1.00 |
250,600.00 |
100.00 |
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Annual Profit & Loss
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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-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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Period Length |
52 Weeks |
30 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 |
0.640102 |
0.643147 |
0.502947 |
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Consolidated |
No |
No |
Yes |
Yes |
No |
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Turnover (UK) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Turnover (Exports) |
463.3 |
135.6 |
211.6 |
155.1 |
- |
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Total Turnover |
463.3 |
135.6 |
211.6 |
155.1 |
- |
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Cost of Sales |
459.7 |
133.6 |
208.4 |
153.2 |
- |
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Gross Profit |
3.6 |
2.0 |
3.2 |
1.9 |
1.4 |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Expenses |
0.9 |
0.3 |
0.9 |
0.5 |
0.3 |
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Operating Profit |
- |
- |
- |
- |
1.0 |
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Other Income |
0.5 |
0.1 |
0.3 |
0.1 |
0.0 |
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Interest Paid |
0.1 |
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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Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
3.0 |
1.7 |
2.6 |
1.4 |
1.0 |
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Tax Payable / Credit |
0.8 |
0.5 |
0.7 |
0.4 |
0.3 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Dividends |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
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Profit After Taxes |
2.2 |
1.3 |
1.8 |
0.9 |
0.7 |
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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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Non Audit Fees |
0.0 |
0.0 |
0.0 |
- |
- |
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Number of Employees |
14 |
10 |
11 |
10 |
8 |
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Wages |
0.2 |
0.1 |
0.2 |
0.2 |
0.1 |
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Social Security Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Pension Costs |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Employees Remuneration |
0.3 |
0.1 |
0.3 |
0.2 |
0.1 |
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Directors Remuneration |
0.0 |
0.0 |
0.1 |
0.1 |
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-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.628108 |
0.62385 |
0.65066 |
0.613572 |
0.548261 |
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Consolidated |
No |
No |
Yes |
Yes |
No |
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Land & Buildings |
0.5 |
0.5 |
0.5 |
0.5 |
0.6 |
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Fixtures & Fittings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Plant & Vehicles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Tangible Fixed Assets |
0.6 |
0.6 |
0.5 |
0.6 |
0.6 |
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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 |
0.1 |
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Total Fixed Assets |
0.6 |
0.6 |
0.5 |
0.6 |
0.7 |
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Stocks |
12.5 |
5.9 |
2.8 |
2.5 |
2.6 |
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Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
12.5 |
5.9 |
2.8 |
2.5 |
2.6 |
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Trade Debtors |
26.3 |
18.9 |
11.6 |
7.9 |
11.7 |
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Inter-Company Debtors |
0.1 |
0.1 |
0.0 |
0.0 |
- |
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Other Debtors |
4.0 |
1.5 |
3.7 |
0.1 |
0.8 |
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Total Debtors |
30.4 |
20.6 |
15.3 |
8.1 |
12.5 |
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Cash and Equivalents |
1.3 |
1.1 |
2.3 |
2.7 |
1.7 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
44.2 |
27.5 |
20.4 |
13.3 |
16.7 |
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Total Assets |
44.8 |
28.1 |
20.9 |
13.9 |
17.4 |
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Trade Creditors |
31.9 |
20.0 |
14.9 |
10.5 |
14.5 |
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Bank Overdraft |
2.0 |
0.0 |
0.0 |
- |
0.0 |
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Inter-Company Creditors |
- |
0.0 |
0.0 |
- |
- |
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Director Loans (Current Liability) |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
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Total Short Term Loans |
- |
- |
- |
0.0 |
0.3 |
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Accruals/Deferred Income (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Social Security/VAT |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Corporation Tax |
0.7 |
1.0 |
1.1 |
0.4 |
0.2 |
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Other Current Liabilities |
2.5 |
1.6 |
0.8 |
0.4 |
0.7 |
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Total Current Liabilities |
37.2 |
22.7 |
16.8 |
11.5 |
15.8 |
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Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
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 |
|
Deferred Taxation |
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 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Retained Earnings |
7.1 |
5.0 |
3.7 |
2.0 |
1.1 |
|
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 |
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Total Shareholders Funds |
7.6 |
5.4 |
4.1 |
2.4 |
1.6 |
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Net Worth |
7.6 |
5.4 |
4.1 |
2.4 |
1.6 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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Period Length |
52 Weeks |
30 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 |
0.640102 |
0.643147 |
0.502947 |
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Consolidated |
No |
No |
Yes |
Yes |
No |
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|
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|
Net Cash Flow From Operating Activities |
-1.0 |
-0.7 |
-0.2 |
1.7 |
2.5 |
|
Net Cash Flow from ROI and Servicing of Finance |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxation |
-1.0 |
-0.6 |
0.0 |
-0.2 |
-0.1 |
|
Capital Expenditures |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Acquisitions and Disposals |
0.0 |
0.1 |
0.0 |
0.0 |
-0.1 |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Management of Liquid Resources |
0.0 |
1.8 |
0.1 |
-0.8 |
0.0 |
|
Net Cash Flow From Financing |
0.0 |
0.0 |
0.0 |
-0.2 |
-0.1 |
|
Increase in Cash |
-1.8 |
0.6 |
-0.3 |
0.3 |
2.2 |
|
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Annual Ratios |
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Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
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Period Length |
52 Weeks |
30 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.628108 |
0.62385 |
0.65066 |
0.613572 |
0.548261 |
|
Consolidated |
No |
No |
Yes |
Yes |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.19 |
1.21 |
1.21 |
1.16 |
1.06 |
|
Liquidity Ratio |
0.85 |
0.96 |
1.05 |
0.94 |
0.89 |
|
Stock Turnover |
37.00 |
41.20 |
75.01 |
64.59 |
- |
|
Credit Period (Days) |
20.79 |
28.52 |
20.34 |
17.80 |
- |
|
Working Capital by Sales |
1.52% |
2.01% |
1.71% |
1.15% |
- |
|
Trade Credit by Debtors |
1.21 |
1.06 |
1.29 |
1.33 |
1.25 |
|
Return on Capital |
39.77% |
57.01% |
63.13% |
61.07% |
58.12% |
|
Return on Assets |
6.73% |
11.00% |
12.40% |
10.67% |
5.33% |
|
Profit Margin |
0.65% |
1.27% |
1.24% |
0.91% |
- |
|
Return on Shareholders Funds |
39.77% |
57.01% |
63.13% |
61.07% |
58.12% |
|
Borrowing Ratio |
26.24% |
0.02% |
0.56% |
2.66% |
19.75% |
|
Equity Gearing |
16.93% |
19.29% |
19.64% |
17.48% |
9.17% |
|
Interest Coverage |
21.94 |
59.03 |
69.17 |
61.38 |
31.08 |
|
Sales by Tangible Assets |
822.95 |
435.77 |
378.71 |
289.73 |
- |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.2 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Sales per Employee |
33.0 |
24.2 |
18.9 |
16.3 |
- |
|
Capital Employed per Employee |
0.5 |
0.5 |
0.4 |
0.2 |
0.2 |
|
Tangible Assets per Employee |
0.0 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Total Assets per Employee |
3.2 |
2.8 |
1.9 |
1.4 |
2.2 |
|
Employee Remuneration by Sales |
0.06% |
0.08% |
0.12% |
0.12% |
- |
|
Creditor Days (Cost of Sales Based) |
25.37 |
30.65 |
26.57 |
23.95 |
- |
|
Creditor Days (Sales Based) |
25.17 |
30.20 |
26.16 |
23.66 |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
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.