MIRA
INFORM REPORT
|
Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRKER EUROPE LTD. |
|
|
|
|
Registered Office : |
Unit 20, Davidson Drive, Invergordon, IV18 0SA |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
24.04.1998 |
|
|
|
|
Legal Form : |
Private Subsidiary |
|
|
|
|
Line of Business : |
Manufacture of nail polish |
|
|
|
|
No. of Employees : |
61. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
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
|
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 & address
KIRKER EUROPE LTD.
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Business Description
Manufacture of nail polish.
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
2022 -
Manufacture of paints, varnishes and similar coatings, printing ink and
mastics |
|
NACE Rev 2: |
2030 -
Manufacture of paints, varnishes and similar coatings, printing ink and
mastics |
|
NAICS 2012: |
|
|
UK SIC 2007: |
2030 -
Manufacture of paints, varnishes and similar coatings, printing ink and
mastics |
|
US SIC 1987: |
2851 -
Paints, Varnishes, Lacquers, Enamels, and Allied Products |
Key Executives
|
Name |
Title |
|
Jeffrey Steven Hersh |
Director |
|
Edward Winslow Moore |
Director |
|
Ronald Albert Rice |
Director |
|
Michael Dean Tellor |
Director |
News
|
Title |
Date |
|
Cosmetics
& Toiletries Manufacturers (UK) - Industry Report |
10-Oct-2013 |
Financial Summary
|
FYE: 31-Dec-2011 |
USD (mil) |
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ANZSIC 2006 Codes: |
||
|
1916 |
- |
Paint and Coatings Manufacturing |
|
ISIC Rev 4 Codes: |
||
|
2022 |
- |
Manufacture of paints, varnishes and similar coatings,
printing ink and mastics |
|
NACE Rev 2 Codes: |
||
|
2030 |
- |
Manufacture of paints, varnishes and similar coatings,
printing ink and mastics |
|
NAICS 2012 Codes: |
||
|
3255 |
- |
Paint, Coating, and Adhesive Manufacturing |
|
US SIC 1987: |
||
|
2851 |
- |
Paints, Varnishes, Lacquers, Enamels, and Allied Products |
|
UK SIC 2007: |
||
|
2030 |
- |
Manufacture of paints, varnishes and similar coatings,
printing ink and mastics |
Manufacture of nail polish.
More Business Descriptions
Perfumes, cosmetics, toiletries
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Corporate
Structure News
Total Corporate Family Members: 4
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Kirker International Holdings LLC |
Parent |
|||||
|
Subsidiary |
Glasgow |
United Kingdom |
Miscellaneous Professional Services |
|||
|
Subsidiary |
Invergordon |
United Kingdom |
Paint, Coating, and Adhesive Manufacturing |
20.8 |
61 |
|
|
Subsidiary |
Glasgow |
United Kingdom |
Property Managers |
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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|
Director |
Director/Board Member |
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|
Director |
Director/Board Member |
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Directors and
Shareholders Report
|
Main Office Address: |
Tel: 05600 767540 |
Annual Return Date: 24 Apr 2013 |
Individual Directors
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
Current |
20 Jul 1957 |
37 St. Margarets Street, |
05 Sep 2012 |
NA |
Current:32 |
|
|
Current |
02 Feb 1951 |
2260 Churchill Lane, |
05 Sep 2012 |
NA |
Current:3 |
|
|
Current |
07 Nov 1962 |
37 St. Margarets Street, |
05 Sep 2012 |
NA |
Current:17 |
|
|
Current |
11 Oct 1966 |
Suite 202 225 Millburn Avenue, |
01 Jun 1998 |
NA |
Current:3 |
|
|
Previous |
18 Jul 1953 |
Tullich Pines, Delny, |
01 Jun 1998 |
31 May 2003 |
Current:3 |
|
|
Previous |
16 Aug 1944 |
Suite 202 225 Millburn Avenue, |
01 Jun 1998 |
05 Sep 2012 |
Current:0 |
Corporate Directors
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
Macroberts Corporate Services Limited |
Previous |
152 Bath Street, |
NA |
01 Jun 1998 |
Individual Secretaries
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of
Directorships |
|
Previous |
18 Jul 1953 |
Tullich Pines, Delny, |
01 Jun 1998 |
31 May 2003 |
Current:3 |
|
|
Previous |
11 Oct 1966 |
Suite 202 225 Millburn Avenue, |
01 Jun 1998 |
05 Sep 2012 |
Current:3 |
Corporate Secretaries
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
Macroberts (Solicitors) |
Previous |
152 Bath Street, |
NA |
01 Jun 1998 |
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Individual Shareholders
There are no individual shareholders for this company.
Corporate Shareholders
|
Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
SC185186 |
2900000 Deferred GBP 1.00 |
Deferred |
2,900,000 |
1.00 |
2,900,000.00 |
100.00 |
|
|
SC185186 |
100 Ordinary GBP 1.00 |
Ordinary |
100 |
1.00 |
100.00 |
<0.01 |
|
Annual Profit & Loss
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) |
20.8 |
- |
- |
3.9 |
4.0 |
|
Turnover (Exports) |
0.0 |
- |
- |
4.2 |
3.4 |
|
Total Turnover |
20.8 |
- |
- |
8.0 |
7.3 |
|
Cost of Sales |
12.8 |
- |
- |
6.4 |
6.3 |
|
Gross Profit |
8.0 |
- |
- |
1.7 |
1.0 |
|
Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Other Expenses |
1.3 |
- |
- |
1.2 |
1.3 |
|
Other Income |
0.0 |
- |
- |
0.0 |
0.0 |
|
Interest Paid |
0.2 |
- |
- |
0.8 |
1.7 |
|
Exceptional Income |
0.0 |
- |
- |
0.0 |
0.0 |
|
Discontinued Operations |
0.0 |
- |
- |
0.0 |
0.0 |
|
Profit Before Taxes |
6.4 |
- |
- |
-0.3 |
-1.9 |
|
Tax Payable / Credit |
1.0 |
- |
- |
0.0 |
0.0 |
|
Extraordinary Items/Debits |
0.0 |
- |
- |
0.0 |
0.0 |
|
Dividends |
0.0 |
- |
- |
0.0 |
0.0 |
|
Profit After Taxes |
5.4 |
- |
- |
-0.3 |
-1.9 |
|
Minority Interests (Profit & Loss) |
0.0 |
- |
- |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
- |
- |
0.0 |
0.0 |
|
Number of Employees |
61 |
- |
- |
- |
- |
|
Wages |
1.9 |
- |
- |
1.4 |
- |
|
Social Security Costs |
0.2 |
- |
- |
0.1 |
- |
|
Other Pension Costs |
0.0 |
- |
- |
0.0 |
- |
|
Employees Remuneration |
2.1 |
- |
- |
1.6 |
- |
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 |
0.2 |
- |
- |
0.3 |
0.3 |
|
Fixtures & Fittings |
0.0 |
- |
- |
0.0 |
0.0 |
|
Plant & Vehicles |
0.3 |
- |
- |
0.3 |
0.4 |
|
Total Tangible Fixed Assets |
0.6 |
0.6 |
0.7 |
0.5 |
0.7 |
|
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 |
0.6 |
0.6 |
0.7 |
0.6 |
0.7 |
|
Stocks |
3.4 |
- |
- |
- |
- |
|
Work in Progress |
0.0 |
- |
- |
- |
- |
|
Total Stocks Work In Progress |
3.4 |
2.5 |
1.7 |
1.5 |
1.7 |
|
Trade Debtors |
3.4 |
- |
- |
0.7 |
0.9 |
|
Inter-Company Debtors |
0.0 |
- |
- |
0.1 |
0.0 |
|
Director Loans |
0.0 |
- |
- |
- |
- |
|
Other Debtors |
0.0 |
- |
- |
0.1 |
0.1 |
|
Total Debtors |
3.5 |
1.2 |
1.3 |
1.0 |
1.0 |
|
Cash and Equivalents |
0.8 |
0.6 |
0.6 |
0.3 |
0.6 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
7.7 |
4.3 |
3.6 |
2.8 |
3.3 |
|
Total Assets |
8.3 |
5.0 |
4.3 |
3.3 |
4.1 |
|
Trade Creditors |
1.9 |
- |
- |
0.7 |
0.9 |
|
Bank Overdraft |
- |
- |
- |
0.0 |
0.1 |
|
Inter-Company Creditors |
0.1 |
- |
- |
0.0 |
0.0 |
|
Social Security/VAT |
1.3 |
- |
- |
0.0 |
0.0 |
|
Other Current Liabilities |
0.1 |
1.4 |
6.3 |
4.3 |
5.1 |
|
Total Current Liabilities |
3.3 |
1.4 |
6.3 |
5.1 |
6.1 |
|
Group Loans (Long Term Liability) |
5.4 |
- |
- |
10.1 |
14.0 |
|
Director Loans (Long Term Liability) |
0.0 |
- |
- |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
- |
- |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
- |
- |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
- |
- |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
- |
- |
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 |
13.8 |
16.0 |
4.2 |
5.8 |
|
Total Long Term Liabilities |
5.4 |
13.8 |
16.0 |
14.3 |
19.8 |
|
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 |
4.5 |
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 |
-5.0 |
-10.3 |
-18.0 |
-16.1 |
-21.9 |
|
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 |
-0.5 |
-10.3 |
-18.0 |
-16.1 |
-21.9 |
|
Net Worth |
-0.5 |
-10.3 |
-18.0 |
-16.1 |
-21.9 |
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 |
4.5 |
- |
- |
- |
- |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.2 |
- |
- |
- |
- |
|
Taxation |
0.0 |
- |
- |
- |
- |
|
Capital Expenditures |
-0.1 |
- |
- |
- |
- |
|
Acquisitions and Disposals |
0.0 |
- |
- |
- |
- |
|
Paid Up Equity |
0.0 |
- |
- |
- |
- |
|
Management of Liquid Resources |
0.0 |
- |
- |
- |
- |
|
Net Cash Flow From Financing |
-3.9 |
- |
- |
- |
- |
|
Increase in Cash |
0.2 |
- |
- |
- |
- |
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 |
2.30 |
3.07 |
0.58 |
0.54 |
0.54 |
|
Liquidity Ratio |
1.27 |
1.29 |
0.31 |
0.25 |
0.26 |
|
Stock Turnover |
584.00 |
- |
- |
431.00 |
430.00 |
|
Credit Period (Days) |
6,188.00 |
- |
- |
4,288.00 |
4,370.00 |
|
Working Capital by Sales |
2,157.00% |
- |
- |
-3,737.00% |
-3,886.00% |
|
Trade Credit by Debtors |
55.00 |
- |
- |
94.00 |
107.00 |
|
Return on Capital |
12,541.00% |
- |
- |
- |
- |
|
Return on Assets |
7,470.00% |
- |
- |
-814.00% |
-4,634.00% |
|
Profit Margin |
3,068.00% |
- |
- |
-431.00% |
-2,571.00% |
|
Borrowing Ratio |
-117,352.00% |
- |
- |
-6,313.00% |
-6,431.00% |
|
Equity Gearing |
-562.00% |
-20,691.00% |
-41,870.00% |
-48,155.00% |
-53,942.00% |
|
Debt Gearing |
-1,152.18% |
- |
- |
-62.92% |
-63.85% |
|
Interest Coverage |
2,626.00 |
- |
- |
-44.00 |
-114.00 |
|
Sales by Tangible Assets |
3,459.00 |
- |
- |
1,154.00 |
1,034.00 |
|
Average Remuneration per Employee |
0.0 |
- |
- |
- |
- |
|
Profit per Employee |
0.1 |
- |
- |
- |
- |
|
Sales per Employee |
0.3 |
- |
- |
- |
- |
|
Capital Employed per Employee |
0.1 |
- |
- |
- |
- |
|
Tangible Assets per Employee |
0.0 |
- |
- |
- |
- |
|
Total Assets per Employee |
0.1 |
- |
- |
- |
- |
|
Employee Remuneration by Sales |
995.00% |
- |
- |
1,935.00% |
- |
|
Creditor Days (Cost of Sales Based) |
5,469.00 |
- |
- |
5,092.00 |
5,430.00 |
|
Creditor Days (Sales Based) |
3,374.00 |
- |
- |
4,045.00 |
4,688.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.