MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

B.G.B ENGINEERING LIMITED

 

 

Formerly Known As :

RANK ENGINEERING LIMITED

 

 

Registered Office :

Dysart Road, Grantham, Lincolnshire, Ng31 7nb

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.08.2012

 

 

Date of Incorporation :

09.03.1987

 

 

Com. Reg. No.:

02107467

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Manufacture of electronic components

 

 

No. of Employees :

101

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 identification

 

 

B.G.B ENGINEERING LIMITED

DYSART ROAD

GRANTHAM

LINCOLNSHIRE

NG31 7NB

United Kingdom

 

Telephone

 

+44 014 7657 6280

 

Fax

-

Website

www.bgbinnovation.com

 

Company Number: Foundation:

 

02107467

09/03/1987

 

Status:

 

Active - Accounts Filed

 

 

 

Main indices

 

 

Comments

 

Net Worth increased by 31.6% during the latest trading period. The audit report contains no adverse comments.

A 1.3% decline in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 18.2% compared to the previous trading period. The company saw a decrease in their Cash Balance of 8.5% during the latest trading period. There has been no significant change in the company’s credit rating. No recent changes in directorship are recorded. The company is not part of a group. The company was established over 26 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation     

09/03/1987

 

Company No.

02107467

 

Previous Names          

 

Date of Change              Previous Name

27/04/1987                    RANK ENGINEERING LIMITED

 

 

 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

ALEXSAVA HOLDINGS LIMITED

GBP

100

ORDINARY

1

ALEXSAVA HOLDINGS LIMITED

GBP

100

ORDINARY A

1

Total Share Capital                                                                                            GBP 200

 

 

Management

 

Company Secretary

Name

Address:

Appointment date

Mrs Geraldine Ann Holt

Waterside 11 Pond Street, Harlaxton, Lincs NG32 1HW

03/06/1994

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mrs Geraldine Ann Holt

Waterside 11 Pond Street, Harlaxton, Lincs NG32 1HW

05/07/1950

British

03/06/1994

Mr David Trevor Holt

Waterside 11 Pond Street, Harlaxton, Lincs NG32 1HW

05/03/1946

British

03/06/1994

Mr David Charles Gilbert

15 Dallygate, Great Ponton, Grantham, Lincolnshire NG33 5DP

08/11/1965

British

11/01/1998

Mr David Richard Holt

Ivydale House 1a Belvoir Road, Bottesford, Nottinghamshire NG13 0BG

12/09/1974

British

12/08/2002

Mrs Geraldine Ann Holt

Waterside 11 Pond Street, Harlaxton, Lincs NG32 1HW

05/07/1950

British

03/06/1994

 

Other Known Addresses

357 Dysart Road, Grantham, Lincolnshire NG31 7NB

 

Business Activities

 

Main activity     

Manufacture of electronic components

 

Economic data

 

Turnover and Employees

 

Date of Accounts          Turnover                      Employees      

  31/08/2010                  GBP 16,543,685            79

  31/08/2011                  GBP 20,416,815            95

   31/08/2012                 GBP 25,268,595            101

 

Supplementary data

 

Banks

Bank Name

Bank Branch Sort Code

LLOYDS BANK PLC

77-71-27

 

Auditor

 

Auditor name

MOORE STEPHENS

 

Events

 

 Company history

           

  Date               Action  

03/02/2009        New Accounts Filed

 

03/04/2009        Annual Returns

 

17/04/2010        Annual Returns

 

26/05/2010        New Accounts Filed

 

26/05/2010        New Accounts Filed

 

02/04/2011        Annual Returns

 

28/05/2011        New Accounts Filed

 

11/04/2012        Annual Returns

 

29/05/2012        New Accounts Filed

 

29/05/2012        New Accounts Filed

 

30/11/2012        New Accounts Filed

 

30/11/2012        New Accounts Filed

 

15/04/2013        Annual Returns

 

 

Accounts

 

Profit & Loss

 

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Turnover

25,268,595

20,416,815

16,543,685

14,258,686

Export

-

-

-

-

Cost of Sales

21,591,481

16,160,487

10,985,011

9,001,411

Gross Profit

3,677,114

4,256,328

5,558,674

5,257,275

Wages And Salaries

3,124,882

2,890,987

3,916,228

4,961,933

Directors Emoluments

421,638

380,714

1,592,449

2,758,055

Operating Profit

3,085,556

3,771,953

2,545,527

834,037

Depreciation

253,829

232,392

255,060

174,809

Audit Fees

15,600

15,750

15,250

15,000

Interests Payments

21,346

32,307

10,113

1,869

Pre Tax Profit

3,082,184

3,765,768

2,542,922

858,649

Taxation

-718,753

-1,061,647

-611,411

-108,730

Profit After Tax

2,363,431

2,704,121

1,931,511

749,919

Dividends Payable

120,000

0

500,000

0

Retained Profit

2,243,431

2,704,121

1,431,511

749,919

 

Balance Sheet

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Tangible Assets

2,408,222

1,624,968

1,858,094

1,519,983

Intangible Assets

7,860

8,574

9,288

10,002

Total Fixed Assets

2,416,082

1,633,542

1,867,382

1,529,985

Stock

1,283,024

1,369,771

1,046,468

655,131

Trade Debtors

5,276,742

6,311,646

5,377,664

2,623,579

Cash

2,543,728

2,780,325

720,280

2,799,544

Other Debtors

596,117

178,200

247,867

108,264

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

9,699,611

10,639,942

7,392,279

6,186,518

Trade Creditors

1,040,552

2,589,476

1,212,061

762,832

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

111,125

515,602

508,034

7,942

Miscellaneous Current Liabilities

1,516,273

1,910,054

2,993,984

3,850,068

Total Current Liabilities

2,667,950

5,015,132

4,714,079

4,620,842

Bank Loans and Overdrafts LTL

93,828

147,868

139,219

120,809

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

93,828

147,868

139,219

120,809

 

Capital & Reserves

 

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Called Up Share Capital

200

200

200

200

P and L Account Reserve

7,503,715

5,260,284

2,556,163

1,324,652

Revaluation Reserve

0

0

0

0

Sundry Reserves

1,850,000

1,850,000

1,850,000

1,650,000

Shareholders Funds

9,353,915

7,110,484

4,406,363

2,974,852

 

Other Financial Items

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Net Worth

9,346,055

7,101,910

4,397,075

2,964,850

Working Capital

7,031,661

5,624,810

2,678,200

1,565,676

Total Assets

12,115,693

12,273,484

9,259,661

7,716,503

Total Liabilities

2,761,778

5,163,000

4,853,298

4,741,651

Net Assets

9,353,915

7,110,484

4,406,363

2,974,852

 

Cash Flow

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Net Cash Flow from Operations

1,325,244

2,807,840

-1,399,978

584,937

Net Cash Flow before Financing

-236,597

2,060,045

-2,079,264

-246,112

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

-236,597

2,060,045

-2,079,264

-246,112

 

Miscellaneous

 

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

31/08/2009

52

GBP

Group: No

Capital Employed

9,447,743

7,258,352

4,545,582

3,095,661

 

Financial Ratios

 

 

31.08.2012

31.08.2011

31.08.2010

31.08.2009

Pre Tax Profit Margin

12.20 %

18.44 %

15.37 %

6.02 %

 

Current Ration

3.64

2.12

1.57

1.34

Sales or Net Working Capital

3.59

3.63

6.18

9.11

Gearing

1.00 %

2.08 %

3.16 %

4.06 %

Equity

77.26 %

57.97 %

47.63 %

38.60 %

Creditor Days

14.98

46.16

26.66

19.47

Debtor Days

76.01

112.52

118.32

66.97

Liquidity or Acid test

3.15

1.84

1.34

1.19

Return on Capital Employed

32.62 %

51.88 %

55.94 %

27.73 %

Return on Total Assets Employed

25.43 %

30.68 %

27.46 %

11.12 %

Current Debt Ratio

0.28 %

0.70 %

1.06 %

1.55 %

Total Debt Ratio

0.29 %

0.72 %

1.10 %

1.59 %

Stock Turnover Ratio

5.07 %

6.70 %

6.32 %

4.59 %

Return on Net Assets Employed

32.95 %

52.96 %

57.71 %

28.86 %

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

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%)

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.