|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE BRITISH MILLERAIN COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
BRITISHMILLERAIN(1922)COMPANYLIMITED(THE) |
|
|
|
|
Registered Office : |
Old |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.11.2012 |
|
|
|
|
Date of Incorporation : |
24.11.1922 |
|
|
|
|
Com. Reg. No.: |
00185953 |
|
|
|
|
Legal Form : |
Private limited
with Share Capital |
|
|
|
|
Line of Business : |
·
Finishing of textiles · Manufacturer of waxed cotton |
|
|
|
|
No. of Employees : |
118 |
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 : |
Good |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
THE BRITISH MILLERAIN COMPANY LIMITED
OLD BROADSHAW FARM BROADSHAW LANE ROCHDALE LANCASHIRE OL16 4NR
United Kingdom
|
Company Number: Foundation: |
00185953 24/11/1922 |
|
|
Telephone |
+44 017 0671 6370 |
|
|
Fax |
- |
|
|
Website |
||
|
Status: |
Active - Accounts Filed |
No exact match CCJs are recorded against the company. Net Worth increased by 4% during the latest trading period. The company saw an increase in their Cash Balance of 49.3% during the latest trading period. The audit report contains no
adverse comments.
The credit limit on this company has fallen 14.3% in comparison to the previously suggested credit limit. Sales in the latest trading period decreased 13.9% on the previous trading period. A 4.1% decline in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 10.4% compared to the previous trading period.
There has been no significant change in the company’s credit rating. The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 91 years ago.
Legal form
Private limited with Share Capital
24/11/1922
00185953
Date of Change PreviousName
04/10/1994 BRITISHMILLERAIN(1922)COMPANYLIMITED(THE)
Directors
Name Address:
Date of birth Nationality Appointment date
Mr James Keeble
Old Broadshaw
Farm Broadshaw
Lane,
Milnrow, Rochdale,
Lancashire OL16
4NR 23/01/1983 British 01/08/2013
Mrs Marie Louise
Cunningham
Old Broadshaw Farm Broadshaw Lane,
Milnrow, Rochdale, Lancashire OL16
4NR 11/07/1962
British 26/01/2012
Mr Michael Anthony
Miller
Old Broadshaw Farm Broadshaw Lane,
Milnrow, Rochdale, Lancashire OL16
4NR 09/07/1953
British 14/08/1991
Dr Donna Lea Miller Old
Broadshaw Farm Broadshaw Lane,
Milnrow, Rochdale, Lancashire OL16
4NR 21/09/1982
British 03/01/2012
Mr Neil Gordon
Robertson
Old Broadshaw Farm Broadshaw Lane,
Milnrow, Rochdale, Lancashire OL16
4NR 28/08/1966
British 01/04/2013
Name Address:
Appointment
date
Ms Marie Louise
Cunningham Old
Broadshaw Farm Broadshaw Lane, Milnrow,
Rochdale,
Lancashire OL16 4NR 27/06/2011
92 2 High Street, Arbroath, Angus DD11 1DY
Broad Shaw Cottage, Broad Shaw Lane, Milnrow, Rochdale, Lancashire OL16 4NR Melloroid Works, Bellfield Road, Rochdale, Lancashire OL16 2XA
Company No. Name Status Country
Affiliated companies
SC315424 J.T. INGLIS &
SONS LIMITED Active
United Kingdom
Subsidiary companies
00491507 BLAKE PERFORMANCE
FABRICS LIMITED Non
Trading United Kingdom
00684833 FRANCIS WEBSTER
& SONS (SALES) LIMITED Non
Trading United Kingdom
01533222 MELLOWHIDE
PRODUCTS LIMITED Non
Trading United Kingdom
04721593 J. BLACKLEDGE
& SON LIMITED Non
Trading United Kingdom
05347233 THE AUSTRALIAN
OUTBACK COLLECTION LIMITED Non
Trading United Kingdom
04018444 CARRINGTON
PERFORMANCE FABRICS LIMITED Non
Trading United Kingdom
SC179598 DUNDEE TEXTILES
LIMITED Non
Trading United Kingdom
03142303 JUBILEE DYEING
& FINISHING COMPANY LIMITED Non
Trading United Kingdom
02255595 STORMASTER
FABRICS LIMITED Non Trading United Kingdom
Main activity
SIC03 Finishing of textiles
SIC07 Finishing of textiles
Manufacturer of waxed cotton
Turnover and Employees
Date of Accounts Turnover Employees
30/11/2010 GBP
18,311,580 123
30/11/2011 GBP
22,622,754 133
30/11/2012 GBP
19,477,457 118
Banks
Bank Name Bank Branch Sort Code
HSBC BANK PLC 40-24-44
Auditor name
BAKER TILLY UK AUDIT LLP
Company history
Date Action
02/03/2009 New Accounts
Filed
10/09/2009 New Board Member
Mr K.I. Laird appointed
14/09/2009 Annual Returns
30/09/2009 New Board Member
Mr J.I. Campbell appointed
01/10/2009 New Board Member
Mr J.I. Campbell appointed
16/12/2009 Change in
Reg.Office
21/12/2009 New Accounts
Filed
21/12/2009 New Accounts
Filed
11/09/2010 Annual Returns
16/11/2010 New Accounts
Filed
16/11/2010 New Accounts
Filed
13/04/2011 Ms K. Sanderson
has resigned as company secretary
29/06/2011 New Company
Secretary Ms M.L. Cunningham appointed
|
19/08/2011 |
Annual Returns |
|
20/08/2011 |
New Accounts Filed |
|
20/08/2011 |
New Accounts Filed |
|
05/01/2012 |
New Board Member
Dr D.L. Miller
appointed |
|
30/01/2012 |
New Board Member
Mrs M.L. Cunningham appointed |
|
05/03/2012 |
Mr K.I. Laird
has left the board |
|
10/09/2012 |
Annual Returns |
|
11/09/2012 |
New Accounts Filed |
|
11/09/2012 |
New Accounts Filed |
|
26/11/2012 |
Mr D.J. Littler has left the board |
|
31/01/2013 |
Mr J.I. Campbell has
left the board |
|
25/04/2013 |
New Board Member
Mr N.G. Robertson appointed |
|
10/09/2013 |
New Accounts Filed |
|
16/09/2013 |
Annual Returns |
|
20/09/2013 |
New Board Member
Mr J. Keeble
appointed |
|
Charge created |
31/05/1973 |
|
Charge registered |
11/06/1973 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Secured amount |
ALL MONEYS ETC |
|
Mortgage detail |
ALBERT MILL, WHITWORTH LANCASHIRE |
|
|
|
|
Charge created |
25/11/1985 |
|
Charge registered |
05/12/1985 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Mortgage detail |
MELLOWROID WORKS, (FORMERLY CLOVER MILL) HAMER
ROCHDALE, GREATER MANCHES TER |
|
|
|
|
Charge created |
25/11/1985 |
|
Charge registered |
05/12/1985 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Mortgage detail |
(SEE DOC M109)FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND
ASSETS PRESENT AND
FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL
BUILDINGS FIXTURESFIXED PLANT AND MA- CHINERY |
|
|
|
|
Charge created |
11/08/1995 |
|
Charge registered |
17/08/1995 |
|
Status |
OUTSTANDING |
|
Entitled person |
MIDLAND 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
CHARGES OVER THE UNDERTAKING AND ALL PROPERTY
AND ASSETS PRESENT
AND FUTURE INCLUDING UNCALLED CAPITAL
GOODWILL BOOKDEBTS AND PATENTS |
|
|
|
|
Charge created |
18/12/2000 |
|
Charge registered |
28/12/2000 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Mortgage detail |
FIXED AND FLOATING
CHARGES OVER THE UNDERTAKING AND ALL PROPERTY
AND ASSETS PRESENT
AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY |
|
|
|
|
Charge created |
23/01/2004 |
|
Charge registered |
31/01/2004 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Mortgage detail |
LAND ON THE NORTH SIDE
OF GOWERS STREET,
ROCHDALE, GREATER MANCH-
ESTER, T/N GM590397 |
|
|
|
|
Charge created |
20/11/2007 |
|
Charge registered |
06/12/2007 |
|
Status |
SATISFIED |
|
Entitled person |
BARCLAYS BANK PLC |
|
Mortgage detail |
BARCLAYS BANK PLC RE THE BRITISH MILLERAIN COMPANY LIMITED
BUSI- NESS
PREMIUM ACCOUNT
ACCOUNT NUMBER
70577928THE CHARGE CREATES A
FIXED CHARGE OVER ALL THE
DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL ORANY PART OF THE MONEY
PAYABLE PUR-
SUANT TO SUCH DEPOSIT(S) AND THE DEBTS
REPRESENTED THEREBY) TO- GETHER
WITH ALL INTERESTFROM TIME
TO TIME ACCRUING
THEREON IT ALSO
CREATES AN ASSIGNMENT BY THE CHARGORFOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR
TO RE- QUIRE
REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON |
|
|
|
|
Charge created |
09/06/2010 |
|
Charge registered |
15/06/2010 |
|
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 |
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 |
|
|
|
County Court
Judgments (CCJs)
There are no County Court Judgments listed against this company
|
|
52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Turnover |
19,477,457 |
22,622,754 |
18,311,580 |
15,891,377 |
|
Export |
13,074,108 |
15,729,278 |
11,394,633 |
10,997,149 |
|
Cost of Sales |
12,947,391 |
15,982,443 |
12,412,202 |
10,582,691 |
|
Gross Profit |
6,530,066 |
6,640,311 |
5,899,378 |
5,308,686 |
|
Wages And Salaries |
2,813,228 |
3,046,797 |
2,730,269 |
2,951,968 |
|
Directors Emoluments |
321,675 |
417,107 |
379,553 |
456,805 |
|
Operating Profit |
596,354 |
671,415 |
928,798 |
428,185 |
|
Depreciation |
525,755 |
628,224 |
506,488 |
495,041 |
|
|
30/11/2012 52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Audit Fees |
18,000 |
17,500 |
16,750 |
11,100 |
|
Interests Payments |
113,969 |
133,355 |
228,920 |
186,745 |
|
Pre Tax Profit |
485,201 |
541,267 |
703,488 |
243,265 |
|
Taxation |
-60,748 |
-294,255 |
-294,474 |
-197,111 |
|
Profit After Tax |
424,453 |
247,012 |
409,014 |
46,154 |
|
Dividends Payable |
116,500 |
0 |
0 |
0 |
|
Retained Profit |
307,953 |
247,012 |
409,014 |
46,154 |
|
|
52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Tangible Assets |
3,993,442 |
4,338,590 |
4,550,654 |
4,044,397 |
|
Intangible Assets |
3,044 |
3,414 |
22,879 |
43,817 |
|
Total Fixed Assets |
3,996,486 |
4,342,004 |
4,573,533 |
4,088,214 |
|
Stock |
6,103,240 |
7,499,137 |
6,144,678 |
4,940,596 |
|
Trade Debtors |
1,931,403 |
1,992,868 |
3,116,673 |
2,603,707 |
|
Cash |
1,570,664 |
1,051,827 |
867,457 |
882,083 |
|
Other Debtors |
1,257,977 |
615,533 |
680,301 |
967,563 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
|
Total Current Assets |
10,863,284 |
11,159,365 |
10,809,109 |
9,393,949 |
|
Trade Creditors |
1,584,253 |
2,262,656 |
2,378,063 |
1,496,222 |
|
Bank Loans and Overdraft |
1,239,643 |
128,164 |
123,648 |
109,980 |
|
Other Short
Term Finance |
0 |
0 |
0 |
0 |
|
Miscellaneous Current Liabilities |
1,955,820 |
2,050,579 |
1,763,312 |
1,316,904 |
|
Total Current Liabilities |
4,779,716 |
4,441,399 |
4,265,023 |
2,923,106 |
|
Bank Loans and Overdrafts LTL |
1,331,259 |
1,580,289 |
1,547,789 |
1,671,500 |
|
Other Long Term Finance |
0 |
0 |
0 |
0 |
|
Total Long Term Liabilities |
91,616 |
1,452,125 |
1,424,141 |
1,561,520 |
|
|
52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Called Up Share
Capital |
762 |
762 |
886 |
886 |
|
|
30/11/2012 52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
P and L Account Reserve |
9,981,988 |
9,601,395 |
9,687,028 |
8,991,087 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
5,688 |
5,688 |
5,564 |
5,564 |
|
Shareholders Funds |
9,988,438 |
9,607,845 |
9,693,478 |
8,997,537 |
|
|
52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Net Worth |
9,985,394 |
9,604,431 |
9,670,599 |
8,953,720 |
|
Working Capital |
6,083,568 |
6,717,966 |
6,544,086 |
6,470,843 |
|
Total Assets |
14,859,770 |
15,501,369 |
15,382,642 |
13,482,163 |
|
Total Liabilities |
4,871,332 |
5,893,524 |
5,689,164 |
4,484,626 |
|
Net Assets |
9,988,438 |
9,607,845 |
9,693,478 |
8,997,537 |
|
|
52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Net Cash Flow from
Operations |
1,297,325 |
1,458,765 |
1,137,990 |
2,337,480 |
|
Net Cash Flow before Financing |
624,916 |
659,734 |
109,021 |
2,040,500 |
|
Net Cash Flow from
Financing |
-106,079 |
-475,364 |
-123,647 |
-166,041 |
|
Increase in Cash |
518,837 |
184,370 |
-14,626 |
724,170 |
|
|
52 GBP Group: Yes |
30/11/2011 52 GBP Group: Yes |
30/11/2010 52 GBP Group: Yes |
30/11/2009 52 GBP Group: Yes |
|
Capital Employed |
10,080,054 |
11,059,970 |
11,117,619 |
10,559,057 |
|
|
30/11/2012 |
30/11/2011 |
30/11/2010 |
30/11/2009 |
|
Pre Tax Profit
Margin |
2.49 % |
2.39 % |
3.84 % |
1.53 % |
|
Current Ration |
2.27 |
2.51 |
2.53 |
3.21 |
|
Sales or Net Working
Capital |
3.20 |
3.37 |
2.80 |
2.46 |
|
Gearing |
13.33 % |
16.45 % |
15.97 % |
18.58 % |
|
Equity |
67.23 % |
61.99 % |
63.11 % |
66.95 % |
|
Creditor Days |
29.60 |
36.40 |
47.27 |
34.27 |
|
Debtor Days |
36.09 |
32.06 |
61.95 |
59.63 |
|
Liquidity or Acid test |
0.99 |
0.82 |
1.09 |
1.52 |
|
Return on Capital
Employed |
4.81 % |
4.89 % |
6.32 % |
2.30 % |
|
Return on Total Assets Employed |
3.26 % |
3.49 % |
4.57 % |
1.80 % |
|
Current Debt Ratio |
0.47 % |
0.46 % |
0.43 % |
0.32 % |
|
Total Debt Ratio |
0.48 % |
0.61 % |
0.58 % |
0.49 % |
|
Stock Turnover Ratio |
31.33 % |
33.14 % |
33.55 % |
31.08 % |
|
Return on Net
Assets Employed |
4.85 % |
5.63 % |
7.25 % |
2.70 % |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
|
|
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.