MIRA INFORM REPORT
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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SQF 2009 LTD. |
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Registered Office : |
Woodbridge Road, East Road Industrial
Estate, Sleaford, NG34 7JX |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
15.10.2009 |
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Com. Reg. No.: |
07045183
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Legal Form : |
Private Parent |
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Line of Business : |
Import, processing and distribution of dehydrated and canned foods. |
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No. of Employees : |
102 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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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
SQF 2009 LTD.
Woodbridge Road
East Road Industrial Estate
Sleaford, NG34 7JX
United Kingdom
(Trading Address)
SYNTHESIS
Employees: 102
Company Type: Private Parent
Corporate Family: 2 Companies
Quoted Status: Non-quoted Company
Incorporation Date: 15-Oct-2009
Auditor: Bdo
LLP
Financials in: USD
(mil)
Fiscal Year End: 31-Mar-2013
Reporting Currency: British Pound Sterling
Annual Sales: 57.9 1
Net Income: 0.7
Total Assets: 25.5
Business Description
Import, processing and distribution of dehydrated and canned foods.
Industry
Industry Holding Companies
ANZSIC 2006: 6240 - Financial
Asset Investing
ISIC Rev 4: 642 - Activities
of holding companies
NACE Rev 2: 642 - Activities
of holding companies
NAICS 2012: 551112 - Offices
of Other Holding Companies
UK SIC 2007: 642 - Activities
of holding companies
US SIC 1987: 671 - Holding
Offices
Key Executives
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Financial Summary
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Registered
No.(UK):07045183
1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6329098
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6591356
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CORPORATE
FAMILY |
CORPORATE
STRUCTURE NEWS: |
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Sqf 2009 Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Sleaford |
United Kingdom |
Holding Companies |
57.9 |
102 |
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Subsidiary |
Sleaford |
United Kingdom |
Nonclassifiable Establishments |
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Directors and Shareholders Report
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Main Office Address: |
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Annual Return
Date: 15 Oct 2012 |
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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 |
21 Apr 1972 |
Grove House 551 London Road, London Road, |
02 Nov 2010 |
NA |
Current:4 |
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Current |
10 Mar 1965 |
Grove House 551 London Road, |
02 Nov 2010 |
NA |
Current:5 |
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Current |
06 Jan 1969 |
Grove House 551 London Road, |
02 Nov 2010 |
NA |
Current:4 |
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Current |
23 Jan 1965 |
Woodbridge Road, East Road Industrial Estate, |
19 Nov 2009 |
NA |
Current:7 |
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Graham Robertson |
Previous |
07 Jan 1950 |
16 Churchill Way, |
15 Oct 2009 |
15 Oct 2009 |
Current:14 |
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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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There are no individual secretaries for this company. |
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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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James Arnold |
100 Ordinary GBP 1.00 |
Ordinary |
100 |
1.00 |
100.00 |
100.00 |
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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
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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-Dec-2010 |
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Period Length |
52 Weeks |
65 Weeks |
63 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.63291 |
0.626752 |
0.647573 |
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Consolidated |
Yes |
Yes |
Yes |
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Turnover (UK) |
56.0 |
60.3 |
42.9 |
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Turnover (Exports) |
1.9 |
2.1 |
0.9 |
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Total Turnover |
57.9 |
62.3 |
43.9 |
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Cost of Sales |
47.6 |
51.2 |
34.8 |
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Gross Profit |
10.3 |
11.1 |
9.0 |
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Depreciation |
0.4 |
0.5 |
0.3 |
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Other Expenses |
9.5 |
10.4 |
6.8 |
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Operating Profit |
0.8 |
0.7 |
2.2 |
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Other Income |
0.0 |
0.0 |
0.0 |
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Interest Paid |
0.2 |
0.2 |
0.2 |
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Exceptional Income |
0.0 |
0.0 |
0.0 |
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Discontinued Operations |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
0.6 |
0.6 |
2.0 |
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Tax Payable / Credit |
0.0 |
0.1 |
0.5 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
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Dividends |
0.0 |
0.0 |
0.0 |
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Profit After Taxes |
0.7 |
0.5 |
1.5 |
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Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
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Audit Fees |
0.0 |
0.0 |
0.0 |
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Non Audit Fees |
0.0 |
0.0 |
- |
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Number of Employees |
102 |
90 |
86 |
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Wages |
4.2 |
4.6 |
3.2 |
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Social Security Costs |
0.3 |
0.4 |
0.3 |
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Pensions |
0.1 |
0.1 |
0.0 |
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Other Pension Costs |
0.2 |
0.1 |
0.1 |
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Employees Remuneration |
4.6 |
5.1 |
3.6 |
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Directors Emoluments |
0.3 |
0.4 |
0.4 |
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Other Costs |
0.0 |
0.0 |
0.0 |
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Directors Remuneration |
0.4 |
0.4 |
0.4 |
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Highest Paid Director |
0.4 |
0.4 |
0.4 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Mar-2013 |
31-Mar-2012 |
31-Dec-2010 |
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Filed Currency |
GBP |
GBP |
GBP |
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Exchange Rate |
0.659136 |
0.628108 |
0.638712 |
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Consolidated |
Yes |
Yes |
Yes |
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Land & Buildings |
2.4 |
2.5 |
2.5 |
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Fixtures & Fittings |
0.0 |
0.0 |
0.0 |
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Plant & Vehicles |
1.9 |
2.2 |
1.8 |
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Total Tangible Fixed Assets |
4.3 |
4.7 |
4.3 |
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Intangible Assets |
-0.3 |
-0.3 |
-0.3 |
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Investments |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
4.0 |
4.4 |
4.0 |
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Stocks |
11.4 |
15.6 |
3.6 |
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Work in Progress |
0.2 |
0.2 |
0.0 |
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Total Stocks Work In Progress |
11.6 |
15.9 |
3.6 |
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Trade Debtors |
9.0 |
8.2 |
8.0 |
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Other Debtors |
0.4 |
0.4 |
0.2 |
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Total Debtors |
9.4 |
8.6 |
8.2 |
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Cash and Equivalents |
0.4 |
0.3 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
21.4 |
24.7 |
11.9 |
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Total Assets |
25.5 |
29.2 |
15.9 |
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Trade Creditors |
11.0 |
9.3 |
5.9 |
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Bank Overdraft |
7.1 |
6.5 |
5.2 |
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Inter-Company Creditors |
2.7 |
9.0 |
0.0 |
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Director Loans (Current Liability) |
0.0 |
- |
- |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.1 |
0.1 |
0.1 |
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Total Short Term Loans |
0.0 |
- |
- |
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Accruals/Deferred Income (Current Liability) |
0.1 |
0.0 |
0.1 |
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Social Security/VAT |
0.1 |
0.1 |
0.1 |
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Corporation Tax |
0.0 |
0.0 |
0.5 |
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Dividends (Current Liability) |
0.0 |
- |
- |
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Other Current Liabilities |
0.0 |
0.3 |
0.5 |
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Total Current Liabilities |
21.1 |
25.2 |
12.2 |
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Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
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Director Loans (Long Term Liability) |
0.0 |
0.0 |
- |
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Hire Purchase (Long Term Liability) |
- |
- |
0.0 |
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Leasing (Long Term Liability) |
- |
- |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
0.1 |
0.2 |
0.0 |
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Other Long Term Loans |
0.0 |
0.0 |
- |
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Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
- |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.4 |
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Total Long Term Liabilities |
0.1 |
0.2 |
0.4 |
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Deferred Taxation |
0.2 |
0.3 |
0.3 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.2 |
0.3 |
0.3 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
2.6 |
2.1 |
1.6 |
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Other Reserves |
1.3 |
1.4 |
1.3 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
3.9 |
3.5 |
2.9 |
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Net Worth |
4.2 |
3.8 |
3.3 |
Annual Cash Flows
Financials in: USD (mil)
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31-Mar-2013 |
31-Mar-2012 |
31-Dec-2010 |
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Period Length |
52 Weeks |
65 Weeks |
63 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.63291 |
0.626752 |
0.647573 |
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Consolidated |
Yes |
Yes |
Yes |
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Net Cash Flow From Operating Activities |
-1.0 |
0.8 |
2.1 |
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Net Cash Flow from ROI and Servicing of Finance |
-0.2 |
-0.2 |
-0.2 |
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Taxation |
0.0 |
-0.6 |
-0.1 |
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Capital Expenditures |
-0.2 |
-0.5 |
-0.2 |
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Acquisitions and Disposals |
0.0 |
0.0 |
-0.5 |
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Paid Up Equity |
0.0 |
0.0 |
0.0 |
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Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
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Net Cash Flow From Financing |
1.8 |
0.6 |
-1.2 |
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Increase in Cash |
0.4 |
0.1 |
-0.2 |
Annual Ratios
Financials in: USD (mil)
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31-Mar-2013 |
31-Mar-2012 |
31-Dec-2010 |
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Period Length |
52 Weeks |
65 Weeks |
63 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
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Exchange Rate |
0.659136 |
0.628108 |
0.638712 |
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Consolidated |
Yes |
Yes |
Yes |
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Current Ratio |
1.01 |
0.98 |
0.97 |
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Liquidity Ratio |
0.46 |
0.35 |
0.68 |
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Stock Turnover |
4.78 |
3.14 |
10.18 |
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Credit Period (Days) |
59.39 |
60.30 |
79.97 |
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Working Capital by Sales |
0.56% |
-0.91% |
-0.98% |
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Trade Credit by Debtors |
1.22 |
1.13 |
0.73 |
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Return on Capital |
14.42% |
11.53% |
46.09% |
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Return on Assets |
2.45% |
1.56% |
10.58% |
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Profit Margin |
1.12% |
0.92% |
4.58% |
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Return on Shareholders Funds |
15.80% |
13.14% |
57.59% |
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Borrowing Ratio |
236.62% |
413.07% |
159.80% |
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Equity Gearing |
15.48% |
11.91% |
18.36% |
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Debt Gearing |
3.40% |
5.52% |
- |
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Interest Coverage |
3.38 |
3.26 |
12.10 |
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Sales by Tangible Assets |
12.92 |
10.51 |
8.44 |
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Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
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Profit per Employee |
0.0 |
0.0 |
0.0 |
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Sales per Employee |
0.5 |
0.6 |
0.4 |
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Capital Employed per Employee |
0.0 |
0.0 |
0.0 |
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Tangible Assets per Employee |
0.0 |
0.1 |
0.1 |
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Total Assets per Employee |
0.2 |
0.3 |
0.2 |
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Employee Remuneration by Sales |
8.00% |
8.15% |
8.31% |
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Creditor Days (Cost of Sales Based) |
88.17 |
82.74 |
73.27 |
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Creditor Days (Sales Based) |
72.47 |
67.95 |
58.22 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.78 |
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UK Pound |
1 |
Rs.100.70 |
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Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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-- |
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%)