MIRA INFORM REPORT
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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SAFELOK COMPONENTS LTD. |
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Registered Office : |
Unit 1 Kilshaw Street,
Lamberhead Industrial Estate, Wigan, WN5 8EA |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
17.01.1983 |
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Com. Reg. No.: |
01691542 |
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Legal Form : |
Private Independent
Company |
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Line of Business : |
·
design,
manufacture and supply of various components for oil and petrochemical
industries ·
Subject
provides a range of products, including valves and instrumentation pipe fittings
made from stainless steel, aluminium, bronze and carbon steel. ·
Subject
offers a variety of seal pots that are used for the measurement of
high-density and corrosive fluids. |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
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 & address
Safelok Components Ltd.
Unit 1 Kilshaw
Street
Lamberhead
Industrial Estate
Wigan, WN5 8EA
United Kingdom
Tel: 01942227257
Fax: 01942218012
Web: www.safelok.com
Synthesis
Employees: 25
Company Type: Private
Independent
Quoted Status: Non-quoted
Company
Incorporation
Date: 17-Jan-1983
Auditor: Fairhurst
Financials in: USD (Millions)
Fiscal Year End: 31-Mar-2013
Reporting Currency: British Pound Sterling
Annual Sales: NA
Total Assets: 4.1
Business Description
Safelok
Components Ltd. specialises in the design, manufacture and supply of various
components for oil and petrochemical industries. The company provides a range
of products, including valves and instrumentation pipe fittings made from
stainless steel, aluminium, bronze and carbon steel. It offers a variety of
seal pots that are used for the measurement of high-density and corrosive
fluids. In addition, the company offers a number of condensing chambers that
are used on steam metering systems in various instruments. It also manufactures
a range of heavy-duty bronze tube fittings that are designed to provide
leakproof joints on thin wall cupro nickel tubes.
Industry
Industry
Metal Products Manufacturing
ANZSIC 2006: 2299 - Other Fabricated Metal Product
Manufacturing Not Elsewhere Classified
ISIC Rev 4: 2599 - Manufacture of other fabricated
metal products n.e.c.
NACE Rev 2: 2599 - Manufacture of other fabricated
metal products n.e.c.
NAICS 2012: 332999 - All Other Miscellaneous
Fabricated Metal Product Manufacturing
UK SIC 2007: 2599 - Manufacture of other fabricated
metal products n.e.c.
US SIC 1987: 3499 - Fabricated Metal Products, Not Elsewhere
Classified
Key Executives
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Name |
Title |
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David Timpson |
General Manager |
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Jeanette Rogers |
Finance Manager |
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John Brian Barton |
Secretary |
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David Joseph Barton |
Director |
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Philip Andrew Barton |
Director |
Financial Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6329098
2 - Balance Sheet
Item Exchange Rate: USD 1 = GBP 0.6591356
Corporate Overview
Location
Unit 1 Kilshaw
Street
Lamberhead
Industrial Estate
Wigan, WN5 8EA
Greater
Manchester County
United Kingdom
Tel: 01942227257
Fax: 01942218012
Web: www.safelok.com
Sales GBP(mil): NA
Assets GBP(mil): 2.7
Employees: 25
Fiscal Year End: 31-Mar-2013
Industry: Miscellaneous Fabricated
Products
Registered Address:
Unit 1
The Kilshaw
Centre
Lamberhead
Industrial Estate, Wigan Lancashire
Wigan, WN5 8EA
United Kingdom
Incorporation Date: 17-Jan-1983
Company Type: Private
Independent
Quoted Status: Not
Quoted
Previous Name: Projects
Procurement & Services Ltd.
Registered No.(UK): 01691542
Director: Philip
Andrew Barton
Industry Codes
ANZSIC 2006
Codes:
2299 - Other
Fabricated Metal Product Manufacturing Not Elsewhere Classified
ISIC Rev 4 Codes:
2599 - Manufacture
of other fabricated metal products n.e.c.
NACE Rev 2 Codes:
2599 - Manufacture
of other fabricated metal products n.e.c.
NAICS 2012 Codes:
332999 - All
Other Miscellaneous Fabricated Metal Product Manufacturing
US SIC 1987:
3499 - Fabricated
Metal Products, Not Elsewhere Classified
UK SIC 2007:
2599 - Manufacture
of other fabricated metal products n.e.c.
Business Description
Safelok
Components Ltd. specialises in the design, manufacture and supply of various
components for oil and petrochemical industries. The company provides a range
of products, including valves and instrumentation pipe fittings made from
stainless steel, aluminium, bronze and carbon steel. It offers a variety of
seal pots that are used for the measurement of high-density and corrosive
fluids. In addition, the company offers a number of condensing chambers that
are used on steam metering systems in various instruments. It also manufactures
a range of heavy-duty bronze tube fittings that are designed to provide leakproof
joints on thin wall cupro nickel tubes.
More Business Descriptions
Safelok Components Ltd. specialises in the design,
manufacture and supply of various components for oil and petrochemical industries.
The company provides a range of products, including valves and instrumentation
pipe fittings made from stainless steel, aluminium, bronze and carbon steel. It
offers a variety of seal pots that are used for the measurement of
high-density and corrosive fluids. In addition, the company offers a number of
condensing chambers that are used on steam metering systems in various
instruments. It also manufactures a range of heavy-duty bronze tube fittings
that are designed to provide leakproof joints on thin wall cupro nickel tubes.
Valves & pipe
fittings
Manufacturers
General
Safelok Limited
is housed in a modern factory in Wigan, Lancashire , England. An area renowned
for its manufacturing skills. It is also ideally situated to all major motorway
networks and Manchester International Airport. One of the most comprehensive
component design and manufacture packages available today to the Oil and
Petrochemical Industry is offered by Safelok Components. Harnessing the demands
of the industry for total quality management (TQM), the Safelok indigenous
quality philosophy provides a range of Valves and Instrumentation Fittings
finished to the highest standards. Also ideal for other industrial
applications, where significant opportunities exist for component replacement
and enhancement. Construction material specification includes Stainless Steel,
Aluminium Bronze & Carbon Steel. A variety of alternative exotic material
specifications are available eg. Monel, Hasteloy, Incoloy and Titanium.
Maintaining their TQM practices throughout the manufacturing process, Safelok
ensure all materials utilised in the completion of major components are
traceable. Copies of the original mill certificates are retained for future
reference. All products are manufactured in compliance with ISO 9001:2000
Safelok's capabilities also extend to instrumentation, procurement packages for
major oil companies and the construction industry both in the United Kingdom
and throughout the world. Safelok Components Limited is registered in England
and Wales with company number 01691542. The registered office address is Unit
1, The Kilshaw Centre, Lamberhead Industrial Estate, Wigan, Lancashire, WN5
8EA.
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Executive rpoRt
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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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General Manager |
Division Head Executive |
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Secretary |
Company Secretary |
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Finance Manager |
Finance Executive |
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Directors and Shareholders Report
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Main Office Address: |
Tel: 01942227257 |
Annual Return Date: 18 Jun 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 |
12 Oct 1962 |
Fromeforde House Church Road, Yate, |
28 Jun 1991 |
NA |
Current:4 |
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Current |
06 Jun 1961 |
The Anchorage, 32 Seabank Road, |
28 Jun 1991 |
NA |
Current:1 |
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Current |
31 Aug 1937 |
59 Windermere Crescent, Ainsdale, |
28 Jun 1991 |
NA |
Current:2 |
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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 Aug 1937 |
59 Windermere Crescent, Ainsdale, |
28 Jun 1991 |
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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David Joseph Barton |
4900 Ordinary GBP 1.00 |
Ordinary |
4,900 |
1.00 |
4,900.00 |
49.00 |
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John Brian Barton |
5100 Ordinary GBP 1.00 |
Ordinary |
5,100 |
1.00 |
5,100.00 |
51.00 |
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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-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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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) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.2 |
0.2 |
0.3 |
0.2 |
0.2 |
Annual Balance Sheet
Financials in: USD (mil)
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|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
1.5 |
1.5 |
1.2 |
1.4 |
0.9 |
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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 |
|
Total Fixed Assets |
1.5 |
1.5 |
1.2 |
1.4 |
0.9 |
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Total Stocks Work In Progress |
1.4 |
1.5 |
1.1 |
1.1 |
1.1 |
|
Total Debtors |
1.2 |
1.3 |
2.7 |
1.0 |
1.0 |
|
Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
2.6 |
2.8 |
3.8 |
2.1 |
2.1 |
|
Total Assets |
4.1 |
4.3 |
5.0 |
3.5 |
3.0 |
|
Other Current Liabilities |
2.4 |
2.6 |
3.5 |
1.8 |
1.8 |
|
Total Current Liabilities |
2.4 |
2.6 |
3.5 |
1.8 |
1.8 |
|
Other Long Term Loans |
0.1 |
0.1 |
- |
0.1 |
0.1 |
|
Other Long Term Liabilities |
0.5 |
0.5 |
0.5 |
0.5 |
0.2 |
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Total Long Term Liabilities |
0.5 |
0.6 |
0.5 |
0.6 |
0.3 |
|
Other Provisions |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Total Provisions |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
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Retained Earnings |
0.9 |
0.8 |
0.6 |
0.8 |
0.7 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
1.1 |
0.9 |
0.8 |
1.0 |
0.8 |
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Net Worth |
1.1 |
0.9 |
0.8 |
1.0 |
0.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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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) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.11 |
1.05 |
1.06 |
1.13 |
1.14 |
|
Liquidity Ratio |
0.50 |
0.50 |
0.76 |
0.52 |
0.54 |
|
Borrowing Ratio |
502.00% |
820.00% |
- |
1,094.00% |
1,471.00% |
|
Equity Gearing |
2,696.00% |
2,198.00% |
1,657.00% |
2,856.00% |
2,690.00% |
|
Debt Gearing |
5.02% |
8.20% |
- |
10.94% |
14.71% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
UK Pound |
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.