MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

PHARMASERVE (NORTH WEST) LIMITED

 

 

Registered Office :

Ayrton House, Commerce Way, Liverpool, Merseyside L8 7BA

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

12.09.2007

 

 

Com. Reg. No.:

06368662

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Engaged in Pharmaceutical Aerosol & Pump Spray Technology, including Inhalation Aerosols, Foams and Topical Sprays, as well as working with Semi-Solid and Liquid Dosage Forms.

 

 

No of Employees :

71 (31.12.2013)

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 Ł375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

Company identification

 

PHARMASERVE (NORTH WEST) LIMITED

Telephone

+ 44 (0) 1928 502 200

AYRTON HOUSE

 

Fax

 

+ 44 (0) 1928 560 608

PARLIAMENT BUSINESS PARK

Website

www.pharmasol.co.uk  

COMMERCE WAY

LIVERPOOL

L8 7BA

United Kingdom

Company Number:

 

Foundation:

06368662

 

12/09/2007

Status:

 

VAT No:

Active - Accounts Filed

 

GB920488816

 

 

Comments  

 

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period increased 25.3% on the previous trading period.  Net Worth increased by 64.5% during the latest trading period. A 122.3% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 141.7% compared to the previous trading period. The company saw an increase in their Cash Balance of 48.3% during the latest trading period. The audit report contains no adverse comments.

 

The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 7 years ago.   

 

 

Legal form

 

Private limited with Share Capital

 

 

Foundation     

 

12/09/2007

 

 

Company No.

 

06368662

 

 

Shareholders     

 

Name

Currency

Number of shares

Share type

Nominal value

OBG PHARMACEUTICALS LTD

GBP

1

ORDINARY

1

Total Share Capital                                                                                              GBP 1

 

 

 

Management

 

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr Padraic Marc O’Brien

Ayrton House, Parliament Business Park, Commerce Way, Liverpool L8 7BA

28/06/1979

British

12/09/2007

Mr Philip Didlick

Ayrton House, Parliament Business Park, Commerce Way, Liverpool L8 7BA

30/06/1976

British

30/04/2012

Mr Gerald Francis Obrien

Ayrton House, Parliament Business Park, Commerce Way, Liverpool L8 7BA

12/01/1949

British

01/09/2012

 

 

Company Secretary

Name

Address:

Appointment date

Mr Philip Didlick

Ayrton House, Parliament Business Park, Commerce Way, Liverpool L8 7BA

30/04/2012

 

 

Other Known Addresses

 

9 Arkwright Road, Astmoor Industrial Estate, Runcorn, Cheshire WA7 1NU Ayrton House, Commerce Way, Liverpool, Merseyside L8 7BA      

 

 

Company relationships

 

Ultimate parent

Company No.                Name                                                               Status              Country                 

03266045                      OBG PHARMACEUTICALS LIMITED                   Active               United Kingdom

 

Immediate parent

03266045                      OBG PHARMACEUTICALS LIMITED                   Active               United Kingdom

 

Affiliated companies

02857297

WHITAKER TECHNICAL PLASTICS LIMITED

Pending

United Kingdom

 

03441971

AYRTON SAUNDERS LIMITED

Active

United Kingdom

 

04781590

O’BRIEN PLASTIC MOULDING LIMITED

Pending

United Kingdom

06072278

J M LOVERIDGE LIMITED

Active

United Kingdom

06072453

PHARMASOL R&D LIMITED

Non Trading

United Kingdom

07281850

AYRTON SAUNDERS AND COMPANY LTD

Active

United Kingdom

07291885

PHARMASERVE R&D 2 LTD

Non Trading

United Kingdom

 

07889357

OBG NATURALS LIMITED

Non Trading

United Kingdom

 

07503850

RANSOM NATURALS LIMITED

Active

United Kingdom

 

05140826

HUBRON (INTERNATIONAL) LIMITED

Active

United Kingdom

05138283

HUBRON SPECIALITY LIMITED

Active

United Kingdom

02258801

PHARMASERVE LIMITED

Active

United Kingdom

04424198

PHARMASOL LIMITED

Active

United Kingdom

04424182

POLYMER RECYCLING LIMITED

Active

United Kingdom

00126138

WITHAM CONTRACT MANUFACTURING LIMITED

Pending

United Kingdom

 

IE390943

OPTIMA HEALTH (IRELAND) LIMITED

Pending

Ireland

 

 

 

Business activities

 

 

Main activity

Principal Activity

Engaged in Pharmaceutical Aerosol & Pump Spray Technology, including Inhalation Aerosols, Foams and Topical Sprays, as well as working with Semi-Solid and Liquid Dosage Forms.

SIC03

Manufacture of pharmaceutical preparations

SIC07

Manufacture of pharmaceutical preparations

 

 

Economic data

 

Turnover and Employees

Date of accounts

Turnover

Employees

31/12/2011

GBP 5,252,807

56

31/12/2012

GBP 5,303,360

47

31/12/2013

GBP 6,645,769

71

 

Supplementary data

 

Banks

Bank Name

Bank Branch Sort Code

NATIONAL WESTMINSTER BANK PLC

60-05-07

 

 

Auditor

Auditor name

DUNCAN SHEARD GLASS

 

 

Events

 

Company history

Date                                 Action

18/09/2010

Annual Returns

 

12/10/2010

New Accounts Filed

 

12/10/2010

New Accounts Filed

17/09/2011

New Accounts Filed

20/09/2011

Annual Returns

22/06/2012

Mr K. Bacon has resigned as company secretary

22/06/2012

Mr K. Bacon has left the board

22/06/2012

New Company Secretary Mr P. Didlick appointed

22/06/2012

New Board Member Mr P. Didlick appointed

21/09/2012

New Board Member Mr G.F. Obrien appointed

22/09/2012

Annual Returns

12/10/2012

New Accounts Filed

12/10/2012

New Accounts Filed

 

23/09/2013

Annual Returns

 

24/09/2013

Annual Returns

 

11/10/2013

New Accounts Filed

 

11/10/2013

New Accounts Filed

 

03/02/2014

New Board Member Mr P.M. O’Brien appointed

 

17/09/2014

Annual Returns

 

10/10/2014

New Accounts Filed

 

10/10/2014

New Accounts Filed

 

 

 

Mortgages

 

 

Charge created

18/06/2008

Charge registered

20/06/2008

Status

OUTSTANDING

Entitled person

RBS INVOICE FINANCE LIMITED

Secured amount

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

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN- CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY

 

 

Charge created

19/11/2008

Charge registered

20/11/2008

Status

OUTSTANDING

Entitled person

LOMBARD NORTH CENTRAL PLC

Secured amount

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

Mortgage detail

164-25908 HYDRO CARBONS LINE, 164-05909SVLL LINE (PACKAGING), 164-05910 SVLL (FILLING) FOR FURTHER CHATTELS CHARGED PLEASE REFER TO THE FORM 395

 

 

Charge created

21/04/2010

Charge registered

26/04/2010

Status

OUTSTANDING

Entitled person

NATIONAL WESTMINSTER BANK PLC

Secured amount

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

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPI-TAL, BUILDINGS, FIXTURES, FIXEDPLANT AND MACHINERY

 

 

Charge created

20/08/2012

Charge registered

22/08/2012

Status

OUTSTANDING

Entitled person

LOMBARD NORTH CENTRAL PLC

Secured amount

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

Mortgage detail

SERIAL NO 213446 AND SERIAL N0 247553(1001565)METTLER TOLEDO ID7 CON- TROL UNIT WITH 80KG WEIGH SCALES, METTLER PM8000 WEIGH SCALES 200KG WEIGH SCALES AND LABEL PRINTER;(1001761) EXTRACT TECHNOLOGY NEGA- TIVE PRESSURE EXTRACTION BOOTH, SERIAL NO 2283/1/3/3.OMDATE OF MANU- FACTURE 2000WITH RELAY CONTROLSLEEC STAINLESS STEELTWIN DOOR RE- FRIGERATOR AND FIRSCHIEF 1600 DRUG SAFE (FOR DETAILS OF ALL OTHER CHATTELS CHARGED, PLEASE REFER TO THE MG01 DOCUMENT)

 

 

Charge created

02/12/2013

Charge registered

10/12/2013

 

Status

OUTSTANDING

Entitled person

LOMBARD NORTH CENTRAL PLC;

Mortgage detail

CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

 

County Court Judgments

(CCJs)

 

There are no County Court Judgments listed against this company                                                                                 

 

 

Accounts

 

Profit & Loss

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Turnover

6,645,769

5,303,360

5,252,807

7,540,042

Export

-

-

-

-

Cost of Sales

-

-

-

5,770,599

Gross Profit

-

-

-

1,769,443

Wages And Salaries

1,669,339

839,591

1,238,219

1,184,711

Directors Emoluments

-

-

0

0

Operating Profit

338,837

-787,955

-266,899

505,005

Depreciation

137,524

55,777

244,835

299,244

Audit Fees

-

-

-

8,750

Interests Payments

23,766

7,669

37,907

33,808

Pre Tax Profit

315,071

-755,191

-304,806

471,197

Taxation

91,147

199,841

79,573

-122,753

Profit After Tax

406,218

-555,350

-225,233

348,444

Dividends Payable

0

0

0

0

Retained Profit

406,218

-555,350

-225,233

348,444

 

Balance Sheet

 

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Tangible Assets

3,067,369

1,158,735

49,312

292,691

Intangible Assets

0

0

0

0

Total Fixed Assets

3,067,369

1,158,735

49,312

292,691

Stock

1,511,287

1,184,930

931,620

925,880

Trade Debtors

1,661,244

414,341

562,925

1,429,589

Cash

42,835

28,877

278,848

258,793

Other Debtors

1,853,891

874,132

1,860,402

694,091

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

5,069,257

2,502,280

3,633,795

3,308,353

Trade Creditors

1,495,325

341,975

473,469

334,104

Bank Loans and Overdraft

703,487

229,654

282,368

672,978

Other Short Term Finance

4,345,414

1,401,070

1,124,162

609,676

Miscellaneous Current Liabilities

242,913

169,953

361,335

302,765

Total Current Liabilities

6,787,139

2,142,652

2,241,334

1,919,523

Bank Loans and Overdrafts LTL

1,016,889

1,118,150

1,204,524

1,609,649

Other Long Term Finance

203,452

100,664

113,700

936,671

Total Long Term Liabilities

313,402

888,496

922,156

936,671

 

Capital & Reserves

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Called Up Share Capital

1

1

1

1

P and L Account Reserve

437,045

-35,733

519,616

744,849

Revaluation Reserve

599,039

665,599

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

1,036,085

629,867

519,617

744,850

 

Other Financial Items

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Net Worth

1,036,085

629,867

519,617

744,850

Working Capital

-1,717,882

359,628

1,392,461

1,388,830

Total Assets

8,136,626

3,661,015

3,683,107

3,601,044

Total Liabilities

7,100,541

3,031,148

3,163,490

2,856,194

Net Assets

1,036,085

629,867

519,617

744,850

 

Cash Flow

 

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

13,958

-249,971

20,055

88,599

 

Miscellaneous

 

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Capital Employed

1,349,487

1,518,363

1,441,773

1,681,521

 

Financial Ratios

 

Name

31/12/2013

31/12/2012

31/12/2011

31/12/2010

Pre Tax Profit Margin

4.74 %

-14.24 %

-5.80 %

6.25 %

Current Ration

0.75

1.17

1.62

1.72

Sales or Net Working Capital

-3.87

14.75

3.77

5.43

Gearing

98.15 %

177.52 %

231.81 %

216.10 %

Equity

12.73 %

17.20 %

14.11 %

20.68 %

Creditor Days

81.90

23.47

32.80

16.12

Debtor Days

90.98

28.43

39.00

69.01

Liquidity or Acid test

0.52

0.61

1.20

1.24

Return on Capital Employed

23.34 %

-49.73 %

-21.14 %

28.02 %

Return on Total Assets Employed

3.87 %

-20.62 %

-8.27 %

13.08 %

Current Debt Ratio

6.55 %

3.40 %

4.31 %

2.57 %

Total Debt Ratio

6.85 %

4.81 %

6.08 %

3.83 %

Stock Turnover Ratio

22.74 %

22.34 %

17.73 %

12.27 %

Return on Net Assets Employed

30.40 %

-119.89 %

-58.65 %

63.26 %

 

Remarks

The financial statement reports that the turnover has increased with a return to profitability.  The general financial position appears satisfactory with increases in shareholder’s funds. Remains to be seen how the company trades during the financial year ended December 2014

Net Profit Year Ended 31/12/2013 – 406,218GBP

Net Loss Year Ended 31/12/2012 – 555,350GBP

 

Activity: Specialise in all aspects of Pharmaceutical aerosol & pump spray technology, including inhalation aerosols, foams and topical sprays, as well as working with semi-solid and liquid dosage forms.

 

Trading Address Confirmed: 9 Arkwright Rd, Astmoor Industrial Estate, Runcorn. Cheshire WA7 1NU

 

You Give: Ayrton House, Commerce Way, Liverpool, Merseyside L8 7BA – Registered Office

 

Branches: North Way Walworth Industrial Estate Andover Hampshire SP10 5AZ

 

Employees: 71

 

Bank: National Westminster Bank PLC

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.