MIRA INFORM REPORT

 

 

Report Date :

31.10.2013

 

IDENTIFICATION DETAILS

 

Name :

R & M ELECTRICAL GROUP LIMITED

 

 

Formerly Known As :

R. & M. ELECTRICAL WHOLESALERS LIMITED

 

 

Registered Office :

Units 1 & 2, 362A Spring Road Sholing Southampton, Hampshire SO19 2PB

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2013

 

 

Date of Incorporation :

05.02.1988

 

 

Com. Reg. No.:

02218034

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

Wholesale of household goods (other than musical instruments) n.e.c.

 

 

No. of Employees :

153

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

R & M ELECTRICAL GROUP LIMITED

 

Telephone

 

+44 023 8068 5432

 

UNITS 1 & 2

 

 

 

362A SPRING ROAD SHOLING

Fax

-

 

SOUTHAMPTON

Website

www.rm-electrical.com

 

HAMPSHIRE

 

SO19 2PB

 

United Kingdom

 

 

Company Number: Foundation:

 

 

02218034

05/02/1988

Status:

Active - Accounts Filed

 

 

 

Comments

 

Increased by 43.4% compared to the previous trading period. The audit report contains no adverse comments.

Sales in the latest trading period decreased 16.9% on the previous trading period. A 0.1% decline in Total Assets occurred during the latest trading period. The company saw a decrease in their Cash Balance of 37% 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 part of a group. The company was established over 25 years ago.

 

 

Basic information

 

Legal form:    Private limited with Share Capital

 

Foundation:  05/02/1988

 

Company No. 02218034

 

 

Previous Names   

 

Date of Changes          Previous Name

09/07/1999                    R. & M. ELECTRICAL WHOLESALERS LIMITED

 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

ANDREW BAGGOTT

GBP

440

ORDINARY B

1

BRIAN ROBINSON

GBP

173

ORDINARY B

1

BRIAN ROBINSON

GBP

5,200

ORDINARY A

1

ROGER IAN HAYES

GBP

440

ORDINARY B

1

WILLIAM KINGSTON CROOK

GBP

796

ORDINARY B

1

MR ANDREW MARK CHANDLER

GBP

796

ORDINARY B

1

MR RICHARD JOHN SHERIN

GBP

796

ORDINARY B

1

Total Share Capital         GBP 8,641

 

 

Management

 

DIRECTORS

Name

Address:

Date of Birth

Nationality

Appointment date

Mr Richard John Sherin

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

08/01/1967

British

08/06/2003

Ms Christine Anne Robinson

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

10/04/1958

British

07/07/1994

Mr Andrew Mark Chandler

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

05/02/1965

British

08/06/2003

Mr William Kingston Crook

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

07/07/1970

British

02/01/1997

Mr Brian Andrew Robinson

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

03/02/1958

British

07/07/1994

Mr Roger Ian Hayes

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

04/10/1956

British

01/07/2011

Mr Andrew Leslie Baggott

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

09/08/1964

British

01/07/2011

 

 

COMPANY SECRETARY

Name

Address:

Appointment date

Mr William Kingston Crook

Units 1 & 2, 362a Spring Road Sholing, Southampton, Hampshire SO19 2PB

09/07/2000

 

 

Other Known Addresses

 

H M Naval Base, Portsmouth, Hampshire PO1 3NJ

Unit 1, Central Trading Estate, Marine Parade, Southampton, Hampshire SO14 5JP

Unit 1-2, 362 Spring Road, Southampton, Hampshire SO19 2PB

Unit 4C, Temple Gate Distribution Centre, Mead Street, Bristol, Avon BS3 4RP

 

 

COMPANY RELATIONSHIPS

 

Company No.               Name                                                   Status              Country

Affiliated Companies

03765765                      R & M CASPIAN LIMITED                      Non Trading       United Kingdom

 

Subsidiary Companies

05375319

R & M CABLES LIMITED

Non Trading

United Kingdom

06060782

R & M Company ELECTRICAL (OXFORD) LIMITED

Non Trading

United Kingdom

02224354

R & M ELECTRICAL (EXPORTS) LIMITED

Active

United Kingdom

03168088

R&M (FIXINGS & SUPPORTS) LIMITED

Active

United Kingdom

 

 

Business activities

 

Main Activity

Wholesale of household goods (other than musical instruments) n.e.c.

 

 

Economic Data

 

Turnover and Employees

 

Date of Accounts                                  Turnover                                  Employees

30/04/2011                                            GBP 47,978,466                        144

30/04/2012                                            GBP 58,638,045                        149

30/04/2013                                            GBP 48,728,908                        153

 

 

Banks

 

Bank Name

Bank Branch Sort Code

HSBC BANK PLC

40-42-22

 

 

Auditor

 

Auditor name

Grant Thornton UK LLP

Fiander Tovell LLP

 

 

Events

 

Company History

 

Date                 Action

02/03/2009        New Accounts Filed

 

12/08/2009        Annual Returns

 

04/11/2009        New Accounts Filed

 

04/11/2009        New Accounts Filed

 

25/01/2010        New Board Member Mr A.L. Baggott appointed

 

25/01/2010        New Board Member Mr R.I. Hayes appointed

 

07/08/2010        Annual Returns

 

25/09/2010        New Accounts Filed

 

25/09/2010        New Accounts Filed

 

06/08/2011        Annual Returns

 

16/08/2011        New Accounts Filed

 

16/08/2011        New Accounts Filed

 

11/08/2012        Annual Returns

 

22/10/2012        New Accounts Filed

 

22/10/2012        New Accounts Filed

 

12/08/2013        Annual Returns

 

02/10/2013        New Accounts Filed

 

02/10/2013        New Accounts Filed

 

 

Mortgages

 

Mortgage type

FIXED AND FLOATING CHARGE

Charge created

06/04/1988

Charge registered

19/04/1988

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

FIXED AND FLOATING CHARGE OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING BOOKDEBTS AND UNCALLED CAPI- TAL.

 

 

Mortgage type

LEGAL CHARGE

Charge created

02/05/1990

Charge registered

10/05/1990

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

F/H PROPERTY BEING PART OF 362A SPRING ROAD, SHOLING SOUTHAMPTON

 

 

Mortgage type

CHARGE

Charge created

13/10/1992

Charge registered

15/10/1992

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

GOODWILL UNCALLED CAPITAL INTELLECTUALRIGHTS

 

 

Mortgage type

LEGAL CHARGE

Charge created

15/04/1993

Charge registered

16/04/1993

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

UNIT 17 HIGHTOWN INDUSTRIAL ESTATE CROWARCH LANE RINGWOOD, TO- GETHER WITH ALL FIXTURES AND FITTINGS NOW OR AT ANY TIME HEREAFTER ON THE PROPERTY; AND THE BENEFITS OF ALL RIGHTS LICENCES AND THE GOODWILL OF THE MORTGAGOR IN RELATION TO THE BUSINESS FROM TIME TO TIME CARRIED ON ATTHE PROEPRTY

 

 

Mortgage type

FIXED EQUITABLE CHARGE

Charge created

17/01/1996

Charge registered

23/01/1996

Status

SATISFIED

Entitled person

GRIFFIN FACTORS LIMITED

Mortgage detail

FIXED EQUITABLE CHARGE (I) ALL BOOK DEBTS,INVOICE DEBTS,ACCOUNTS,NOTES,BILLS,ACCEPTANCES AND/OR OTHER FORMS OF OBLIGATION (”RECEIVABLES”),THE SUBJECT OF A FACTORING AGREEMENT BETWEEN THE COMPANY AND THE SECURITY HOLDER,WHICH FAIL TO VEST ABSOLUTELY IN THE SECURITY HOLDER AND REMAIN VESTED IN THE COMPANY AND (II) ALL TITLE PROPERTY RIGHT OR INTEREST IN ANY GOODS TO WHICH ANY SUCH RECEIVABLE RELATESSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

 

Mortgage type

CHARGE

Charge created

03/02/1997

Charge registered

04/02/1997

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

 

Mortgage detail

THE AGREEMENT FOR LEASE IN RESPECT OF UNIT 7 ENDEAVOUR PARK CROW ARCH LANE RINGWOOD HAMPSHIRE

 

 

Mortgage type

LEGAL MORTGAGE

Charge created

19/03/1997

Charge registered

25/03/1997

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

UNIT 7 ENDEAVOUR PARK, CROW ARCH LANE, RINGWOOD HAMPSHIRE; THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATING TO THE PROPERTY. ANY SHARESOR MEMBERSHIP RIGHTS AND ANY GOODWILL OF ANY BUSINESS AND ANY RENTAL OR OTHER MONEY PAYABLE UNDER ANY LEASE LICENCE OR OTHER INTEREST

 

 

Mortgage type

FIXED CHARGE ON PURCHASED DEBTS WHICH FAIL TO VEST

Charge created

21/09/2005

Charge registered

22/09/2005

Status

OUTSTANDING

Entitled person

HSBC INVOICE FINANCE (UK) LTD (SECURITY HOLDER)

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED INSTRUMENT CREATING OR EV- IDENCING THE CHARGE

Mortgage detail

BY WAY OF FIXED EQUITABLE CHARGE ALL DEBTS PURCHASED OR PURPORTED TO BE PURCHASED BY THE SECURITY HOLDER PURSUANT TO ANAGREEMENT FOR THE PURCHASE OF DEBTS BETWEEN THE SECURITY HOLDER AND THE COMPANY(INCLUDING ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER FOR ANY REASON

 

 

Mortgage type

LEGAL ASSIGNMENT

Charge created

19/03/2009

Charge registered

20/03/2009

Status

OUTSTANDING

Entitled person

HSBC BANK PLC

Secured amount

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

Mortgage detail

ANY CREDIT BALANCE DUE TO THE COMPANY FOR THE PURCHASE OF DEBTS AND INCLUDES ANY DISCOUNTING ALLOWANCE UNDER THE CONTRACT

 

Country Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit and Loss

 

 

30/04/2013

52

GBP

Group: Yes

30/04/2012

52

GBP

Group: Yes

30/04/2011

52

GBP

Group: Yes

30/04/2010

52

GBP

Group: Yes

Turnover

48,728,908

58,638,045

47,978,466

38,186,497

Export

-

-

-

-

Cost of Sales

38,607,051

46,746,355

38,124,383

28,819,770

Gross Profit

10,121,857

11,891,690

9,854,083

9,366,727

Wages And Salaries

5,396,894

5,448,646

5,037,157

4,600,492

Directors Emoluments

1,249,597

1,736,180

1,843,348

871,871

Operating Profit

3,002,166

2,091,010

654,935

714,064

Depreciation

164,926

167,287

256,348

195,246

Audit Fees

23,000

22,000

21,000

21,000

Interests Payments

104,382

111,063

85,965

157,924

Pre Tax Profit

2,928,190

2,041,973

752,534

556,641

Taxation

-138,918

-70,949

-199,532

-209,747

Profit After Tax

2,789,272

1,971,024

553,002

346,894

Dividends Payable

1,202,846

0

0

0

Retained Profit

1,552,462

1,955,323

536,290

339,214

 

 

Balance Sheet

 

 

30/04/2013

52

GBP

Group: Yes

30/04/2012

52

GBP

Group: Yes

30/04/2011

52

GBP

Group: Yes

30/04/2010

52

GBP

Group: Yes

Tangible Assets

3,664,831

3,437,055

1,638,678

1,670,182

Intangible Assets

74,125

74,125

0

0

Total Fixed Assets

3,738,956

3,511,180

1,638,678

1,670,182

Stock

2,960,896

3,424,310

3,138,231

3,258,668

Trade Debtors

9,603,950

9,293,231

7,363,421

5,338,615

Cash

104,670

166,209

242,047

137,835

Other Debtors

977,175

1,012,344

1,107,254

1,699,380

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

13,646,691

13,896,094

11,850,953

10,434,498

Trade Creditors

6,359,478

7,294,254

7,336,580

6,167,442

Bank Loans and Overdraft

10,516

136,379

245,907

237,873

Other Short Term Finance

197,962

220,660

87,041

242,676

Miscellaneous Current Liabilities

2,969,357

3,358,380

1,725,990

1,673,668

Total Current Liabilities

9,537,313

11,009,673

9,395,518

8,321,659

Bank Loans and Overdrafts LTL

407,629

575,147

357,033

514,421

Other Long Term Finance

397,113

428,868

100,126

107,722

Total Long Term Liabilities

397,113

438,768

111,126

276,548

 

 

Capital and reserves

 

 

30/04/2013

52

GBP

Group: Yes

30/04/2012

52

GBP

Group: Yes

30/04/2011

52

GBP

Group: Yes

30/04/2010

52

GBP

Group: Yes

Called Up Share Capital

8,641

8,840

8,840

8,840

P and L Account Reserve

7,169,797

5,677,409

3,701,563

3,225,049

Revaluation Reserve

0

0

0

0

Sundry Reserves

272,783

272,584

272,584

272,584

Shareholders’ Funds

7,451,221

5,958,833

3,982,987

3,506,473

 

 

Other Financial Items

 

 

30/04/2013

52

GBP

Group: Yes

30/04/2012

52

GBP

Group: Yes

30/04/2011

52

GBP

Group: Yes

30/04/2010

52

GBP

Group: Yes

Net Worth

7,377,096

5,884,708

3,982,987

3,506,473

Working Capital

4,109,378

2,886,421

2,455,435

2,112,839

Total Assets

17,385,647

17,407,274

13,489,631

12,104,680

Total Liabilities

9,934,426

11,448,441

9,506,644

8,598,207

Net Assets

7,451,221

5,958,833

3,982,987

3,506,473

 

 

Cash Flow

 

 

30/04/2013

52

GBP

Group: Yes

30/04/2012

52

GBP

Group: Yes

30/04/2011

52

GBP

Group: Yes

30/04/2010

52

GBP

Group: Yes

Net Cash Flow from Operations

-1,674,786

-39,766

861,246

915,259

Net Cash Flow before Financing

471,145

-371,990

496,727

625,408

Net Cash Flow from Financing

-406,821

271,289

-500,312

-414,685

Increase in Cash

-61,539

-75,838

104,212

40,614

 

 

Miscellaneous

 

 

30/04/2013

52

GBP

Group: Yes

30/04/2012

52

GBP

Group: Yes

30/04/2011

52

GBP

Group: Yes

30/04/2010

52

GBP

Group: Yes

Capital Employed

7,848,334

6,397,601

4,094,113

3,783,021

 

 

Financial Ratios

 

Name

30/04/2013

 

30/04/2012

 

30/04/2011

 

30/04/2010

 

Pre Tax Profit Margin

6.01 %

3.48 %

1.57 %

1.46 %

Current Ration

1.43

1.26

1.26

1.25

Sales or Net Working Capital

11.86

20.32

19.54

18.07

Gearing

5.47 %

9.65 %

8.96 %

14.67 %

Equity

43.04 %

34.38 %

29.53 %

28.97 %

Creditor Days

47.50

45.27

55.66

58.78

Debtor Days

71.74

57.68

55.86

50.88

Liquidity or Acid test

1.12

0.95

0.92

0.86

Return on Capital Employed

37.30 %

31.91 %

18.38 %

14.71 %

Return on Total Assets Employed

16.84 %

11.73 %

5.57 %

4.59 %

Current Debt Ratio

1.27 %

1.84 %

2.35 %

2.37 %

Total Debt Ratio

1.33 %

1.92 %

2.38 %

2.45 %

Stock Turnover Ratio

6.07 %

5.83 %

6.54 %

8.53 %

Return on Net Assets Employed

39.29 %

34.26 %

18.89 %

15.87 %

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.98.71

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.