MIRA INFORM REPORT

 

 

Report Date :

16.11.2013

 

IDENTIFICATION DETAILS

 

Name :

BRINTONS CARPETS LIMITED

 

 

Formerly Known As :

LYTHAM NEWCO LIMITED

 

 

Registered Office :

No 6 Factory Stourport Road Kidderminster Worcestershire DY11 7PZ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

29.09.2012

 

 

Date of Incorporation :

23.08.2011

 

 

Com. Reg. No.:

07749331

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·      Manufacture of carpet & rugs

·      Manufacture of woven or tufted carpets and rugs

 

 

No. of Employees :

1,520

 

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 – 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

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 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

 

 

BRINTONS CARPETS LIMITED

 

Telephone

 

+44 008 00505055

 

NO 6 FACTORY

Fax

-

STOURPORT ROAD

Website

www.brintons.co.uk

KIDDERMINSTER

WORCESTERSHIRE

DY11 7PZ

United Kingdom

 

 

 

Company Number: Foundation:

 

07749331

23/08/2011

 

Status:

 

Active - Accounts Filed

 

 

 

 

Comments No exact match CCJs are recorded against the company. The company’s credit rating has increased from 60 to 71 which indicates very good creditworthiness. The credit limit on this company has risen 999.9% in comparison to the previously

suggested credit limit. The audit report contains no adverse comments.

There is insufficient data to indicate a change in this companies percentage of sales. There is insufficient data to indicate a change in this companies pre-tax profit. The company has undergone recent changes in its directorships. The company is part of a group. The company has changed its registered address recently. The company has changed its registered name recently. The company was established over 2 years ago.

 

 

Basic information

 

 

 

Legal form

Private limited with Share Capital

 

 

 

Foundation      

23/08/2011

 

 

 

Company No.

07749331

 

 

 

Previous Names   

 

  Date of Change           Previous Name            

   05/09/2011            LYTHAM NEWCO LIMITED

 

 

 

 

Shareholders     

Name                                         Currency              Number of shares         Share type          Nominal value

LYTHAM ACQUISITIONCO

 LTD                                                    GBP                            1                        ORDINARY               1

Total Share Capital                                                                                                                        GBP 1

 

 

Management

 

Directors

Name                            Address:                                                    Date of birth   Nationality Appointment                                         date

Mr Ian Barrie Jackson                Lansdowne House 57 Berkeley

Square, London W1J 6ER               09/01/1974       British        08/11/2012

Mr Donald William Coates

No 6 Factory, Stourport Road,

Kidderminster, Worcestershire DY11

                                                     7PZ                                                      11/04/1962        British       09/07/2011

Mr Andrew John Edwards          No 6 Factory, Stourport Road,

Kidderminster, Worcestershire DY11

7PZ

      06/05/1969     British      03/07/2013

 

Company Secretary

 

Name                              Address:                                           Appointment date

Mr Roger Michael Peak    No 6 Factory, Stourport Road,

   Kidderminster,

   Worcestershire DY11 7PZ                   08/01/2014

 

 

Other Known Addresses

 

Factory, Stourport Road, Kidderminster, Worcestershire DY11 7PZ

 

Company relationships

 

Company No.   Name                                                                           Status              Country

Ultimate parent

07748417 LYTHAM HOLDCO LIMITED                                                    Active               United Kingdom

 

AFFILIATED COMPANIES

07748902 LYTHAM FINANCECO LIMITED                                               Active               United Kingdom

05880398 BRINTONS (CHINA) LIMITED                                                   Active               United Kingdom

03771522 WOODWARD GROSVENOR ARCHIVE

COLLECTIONS LIMITED                                                                        Non Trading      United Kingdom

00065527 WOODWARD GROSVENOR CARPETS LIMITED                     Non Trading      United Kingdom

01635863 WOODWARD GROSVENOR & CO. LIMITED                           Non Trading      United Kingdom

02029852 WOODWARD GROSVENOR CONTINENTAL LIMITED             Non Trading      United Kingdom

02029747 WOODWARD GROSVENOR EXPORT LIMITED                       Non Trading      United Kingdom

00983057 BRINTON TELFORD LIMITED                                                  Non Trading      United Kingdom

01351648 BRINTONS OVERSEAS HOLDINGS LIMITED                          Active               United Kingdom

01497885 MICROSEAM LIMITED                                                           Non Trading      United Kingdom

01633938 WOODWARD GROSVENOR HOLDINGS LIMITED                   Non Trading      United Kingdom

 

 

SUBSIDIARY COMPANIES

01710947 ACTIONWEAVE LIMITED                                                        Non Trading      United Kingdom

02287692 BRINTONS ESTATES LIMITED                                                Non Trading      United Kingdom

02579739 OLDINGTON LEISURE LIMITED                                              Non Trading      United Kingdom

04816713 WILLIAM BRINTON LIMITED                                                    Non Trading      United Kingdom

06360369 BRINTONS INVESTMENTS LIMITED                                        Non Trading      United Kingdom

06762433 BWCSHELLCO LIMITED                                                         Non Trading      United Kingdom

07715275 BRINTONS PAYMENTS LIMITED                                            Non Trading      United Kingdom

 

ULTIMATE PARENT

07748417 LYTHAM HOLDCO LIMITED                                                    Active               United Kingdom

 

 

Business activities

 

Main activity

 

SIC03   Manufacture of carpet & rugs

SIC07   Manufacture of woven or tufted carpets and rugs

 

 

Economic data

 

Turnover and Employees

Date of Accounts                      Turnover                      Employees

29/09/2012                                GBP89,559,000             1,520

 

Supplementary data

 

Auditor

Auditor name BDO LLP

 

 

Events  

 

25/08/2011        New Board Member Mr I. Jackson appointed

 

07/09/2011        Change of Name

 

08/09/2011        Change in Reg.Office

 

08/09/2011        Change of Company Postcode

 

13/09/2011        New Board Member Mr P.J. Johansen appointed

 

13/09/2011        New Board Member Mr C.N. Clark appointed

 

14/09/2011        New Company Secretary Mr D.J. Smith appointed

 

14/09/2011        New Board Member Mr D.W. Coates appointed

 

22/09/2011        New Board Member Mr D.W. Coates appointed

 

20/10/2011        New Board Member Mr D.W. Coates appointed

 

14/12/2011        Mr P.J. Johansen has left the board

 

14/12/2011        New Board Member Mr M.P. Hopcroft appointed

 

18/01/2012        Change in Reg.Office

 

18/01/2012        Change of Company Postcode

 

18/01/2012        New Board Member Mr P.E. Ellis appointed

 

22/02/2012        Mr M.P. Hopcroft has left the board

 

06/07/2012        New Board Member Mr A.J. Edwards appointed

 

27/08/2012        Annual Returns

 

08/10/2012        Mr C.N. Clark has left the board

 

17/01/2013        Mr P.E. Ellis has left the board

 

03/04/2013        New Accounts Filed

 

22/08/2013        Mr D.J. Smith has resigned as company secretary

 

22/08/2013        New Company Secretary Mr R.M. Peak appointed

 

07/09/2013        Annual Returns

 

 

Mortgages

 

Mortgage type

PLEDGE AGREEMENT

Charge created

02/09/2011

Charge registered

15/09/2011

Status

OUTSTANDING

Entitled person

CARLYLE STRATEGIC PARTNERS II LUXEMBOURG S.A.R.L.

Secured amount

ALL SUMS DUE OR TO BECOME DUE UNDER THETERMS OF THE AFOREMEN- TIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Mortgage detail

THE RIGHT, TITLE AND INTEREST IN TO ANDUNDER THE COLLATERAL SEE IM- AGE FOR FULLDETAILS

 

 

Mortgage type

DEBENTURE

Charge created

02/09/2011

Charge registered

15/09/2011

Status

OUTSTANDING

Entitled person

CARLYLE STRATEGIC PARTNERS II LUXEMBOURG S.A.R.L.

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY FORMERLY KNOWN AS LYTHAM NEWCOLIMITED TO ANY SECURED PARTY ON ANY ACCOUNT WHAT- SOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREAT- ING OR EVIDENCING THE CHARGE

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN- CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY SEE IM- AGEFOR FULL DETAILS

 

 

Mortgage type

RENT DEPOSIT DEED

Charge created

04/11/2011

Charge registered

10/11/2011

Status

OUTSTANDING

Entitled person

LINDSAY FOWLER

Secured amount

GBP 30,000.00 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

Mortgage detail

THE SUM OF GBP 30,000.00

 

 

Mortgage type

DEBENTURE

Charge created

08/02/2012

Charge registered

17/02/2012

Status

OUTSTANDING

Entitled person

LEUMI ABL LIMITED

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMEN- TIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN- CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY SEE IM- AGEFOR FULL DETAILS

 

 

Mortgage type

DEED OF CHARGE OVER CREDIT BALANCES

Charge created

28/08/2012

 

 

Charge registered

04/09/2012

Status

OUTSTANDING

Entitled person

BARCLAYS BANK PLC

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail

THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL ORANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) AND THE DEBTS REPRE- SENTED THEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO TIME AC- CRUING THEREON. IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR FOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTER- EST THEREON BARCLAYS BANK PLC RE BRINTONS CARPETS LIMITED BUSINESS PREMIUM ACCOUNT NUMBER 13780732

 

 

County Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

 

 

Profit & Loss

 

 

29/09/2012

61

GBP

Group: Yes

Turnover

89,559,000

-

-

Export

-

-

-

Cost of Sales

63,078,000

-

-

Gross Profit

26,481,000

-

-

Wages And Salaries

25,865,000

-

-

Directors Emoluments

1,430,000

-

-

Operating Profit

-240,000

-

-

Depreciation

2,667,000

-

-

Audit Fees

80,000

-

-

Interests Payments

6,887,000

-

-

Pre Tax Profit

-7,050,000

 

 

 

29/09/2012

61

GBP

Group: Yes

-

-

Taxation

-1,544,000

-

-

Profit After Tax

-8,594,000

-

-

Dividends Payable

-

0

-

Retained Profit

-8,594,000

-

-

 

 

Balance Sheet

 

 

29/09/2012

61

GBP

Group: Yes

Tangible Assets

30,860,000

-

-

Intangible Assets

-13,448,000

-

-

Total Fixed Assets

17,412,000

-

-

Stock

17,323,000

-

-

Trade Debtors

8,170,000

-

-

Cash

12,194,000

-

-

Other Debtors

3,121,000

-

-

Miscellaneous Current Assets

-

0

-

Total Current Assets

40,808,000

-

-

Trade Creditors

8,285,000

-

-

Bank Loans and Overdraft

1,057,000

-

-

Other Short Term Finance

5,500,000

-

-

Miscellaneous Current Liabilities

8,888,000

-

-

Total Current Liabilities

23,730,000

-

-

Bank Loans and Overdrafts LTL

45,419,000

-

-

 

 

 

29/09/2012

61

GBP

Group: Yes

Other Long Term Finance

-

37,447,000

-

Total Long Term Liabilities

-

44,362,000

-

 

 

Capital & Reserves

 

 

29/09/2012

61

GBP

Group: Yes

Called Up Share Capital

-

0

-

P and L Account Reserve

-10,481,000

-

-

Revaluation Reserve

-

0

-

Sundry Reserves

609,000

-

-

Shareholders Funds

-9,872,000

-

-

 

 

Other Financial Items

 

 

29/09/2012

61

GBP

Group: Yes

Net Worth

3,576,000

-

-

Working Capital

17,078,000

-

-

Total Assets

58,220,000

-

-

Total Liabilities

68,092,000

-

-

Net Assets

-9,872,000

-

-

 

Cash Flow  

 

 

 

29/09/2012

61

GBP

Group: Yes

Net Cash Flow from Operations

-

0

-

Net Cash Flow before Financing

-

0

-

Net Cash Flow from Financing

-

0

-

Increase in Cash

-

0

-

 

 

Miscellaneous

 

 

29/09/2012

61

GBP

Group: Yes

Capital Employed

-

34,490,000

-

 

 

Financial Ratios

 

Name                                                                            29/09/2012

Pre Tax Profit Margin

-7.87 %

Current Ration

1.72

Sales or Net Working Capital

5.24

Gearing

-460.08 %

Equity

-13.77 %

Creditor Days

37.55

Debtor Days

37.03

Liquidity or Acid test

0.98

Return on Capital Employed

-20.44 %

Return on Total Assets Employed

-12.10 %

Current Debt Ratio

-2.40 %

Total Debt Ratio

-6.89 %

Stock Turnover Ratio

19.34 %

Return on Net Assets Employed

71.41 %

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.06

UK Pound

1

Rs.101.15

Euro

1

Rs.84.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.