MIRA
INFORM REPORT
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Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
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Name : |
SPECIALISED BELTING SUPPLIES LTD. |
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Formerly Known As : |
Specialised Belting Holdings Ltd. |
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Registered Office : |
26-32 Brunel Way, Thetford, IP24 1HP |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.06.1989 |
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Com. Reg. No.: |
02393041 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
manufacturers and suppliers of Belting |
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No. of Employees : |
52 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
Specialised Belting
Supplies Ltd.
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Business Description
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Shanxi Phoenix Conveyor Belt Co. Ltd. is a Chinese-German joint
venture located in Changzhi, a garden city lies at the southern foot of
Taihang Mountain and has convenient transportation and favorable geographic
conditions. It was established in 1998 and has grown into a company of good
reputation at home and abroad. It is a company employing modern management,
hi-tech process and intensive operating system. In September 2002, to create
more space for the development of Shanxi Phoenix, the company was rebuilt by
German Phoenix and its two Chinese partners, Lu An Mining Group Co. Ltd. and
Jincheng Anthracite Group Co. Ltd. The Company produces mainly the following:
Fabric conveyor belts for general purposes (EP, NN, EE, EB, CC and others)
PVC and PVG conveyor belts for underground use in coal mines Fabric conveyor
belts for special use (heat resistant/retard, cold resistant, oil resistant,
chemical resistant) Rubber compounds for different industrial purposes Its
sales network covers more than 10 provinces and autonomous regions in China
and some areas in Europe, Latin America and South-east Asia. The products are
mainly supplied to mines, ports, metallurgical and power plants and are
recognized as reliable worldwide renowned product for their superior quality and
good after-sale services. Aiming at manufacturing products free of defects,
Shanxi Phoenix carries out the guideline of Quality comes first, Goodwill
comes first and Customer comes first during whole production and sales
procedure. The company has been granted with honorary title by the nation,
the province and the city for many times and has won customers trust and
recognition on the Phoenix brand. Since being established, its sales income
and profit keep doubling those in the previous year. In 2001, the company was
awarded with a certificate of ISO 9002 Quality Management System and
registered by British NQA. Perfect quality managing system and effective
performance strongly ensure the product quality Supported by German PHOENIX
Conveyor Belts, by introducing pure German technology, taking advantage of
the worldwide famous brand, and supplying best after-sales service, Shanxi
Phoenix provides its customers with worldwide well-known products and
service, reducing their worries to lowest Limit. |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Frank Kriechel |
Managing Director |
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Barry Mills |
Secretary |
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Matthias Welp |
Director |
Financial Summary
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1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6190609
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Corporate
Family |
Corporate
Structure News: |
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Specialised
Belting Supplies Ltd. |
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Specialised Belting Supplies Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Contitech Holdings Bv |
Parent |
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Specialised Belting Supplies Ltd. |
Subsidiary |
Thetford |
United Kingdom |
Machinery and Equipment Manufacturing |
9.5 |
52 |
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Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Executives |
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Managing Director |
Managing Director |
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Secretary |
Company Secretary |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 01842 754392 |
Annual Return Date: 07 Jun 2013 |
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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 |
13 Jan 1969 |
Clausthalstr.2, |
01 Jun 2012 |
NA |
Current:1 |
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Previous |
01 Oct 1956 |
Fern Court Business Centre Castlegate, |
24 Oct 2009 |
01 Jun 2012 |
Current:3 |
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Previous |
17 Oct 1953 |
2B Hills Lane, |
07 Jun 1992 |
20 Oct 2006 |
Current:0 |
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Previous |
14 Apr 1950 |
15 Thistledown Drive, Ixworth, |
07 Jun 1992 |
01 Jun 2012 |
Current:0 |
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Previous |
15 Jul 1959 |
15 Thistledown Drive, Ixworth, |
24 Oct 2009 |
01 Jun 2012 |
Current:1 |
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Previous |
20 Oct 1960 |
Wheatcroft Farm, Hayfields Lane Finningley, |
01 Jul 2007 |
01 Jun 2012 |
Current:1 |
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Previous |
10 Jul 1948 |
Camforth Hall Barn Camforth Hall Lane, Goosnargh, |
20 Oct 2006 |
01 Jun 2012 |
Current:2 |
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Previous |
05 Jan 1954 |
2B Hills Lane, |
07 Jun 1992 |
20 Oct 2006 |
Current:2 |
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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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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
NA |
26-32 Brunel Way, |
18 Mar 2013 |
NA |
Current:1 |
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Previous |
14 Apr 1950 |
15 Thistledown Drive, Ixworth, |
07 Jun 1992 |
01 Jun 2012 |
Current:0 |
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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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Contitech Holdings BV |
490 Ordinary GBP 1.00 |
Ordinary |
490 |
1.00 |
490.00 |
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
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.631174 |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Turnover |
9.5 |
- |
- |
- |
- |
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Cost of Sales |
5.7 |
- |
- |
- |
- |
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Gross Profit |
3.8 |
- |
- |
- |
- |
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Depreciation |
0.3 |
0.3 |
0.2 |
0.2 |
0.3 |
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Other Expenses |
3.7 |
- |
- |
- |
- |
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Operating Profit |
0.1 |
- |
- |
- |
- |
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Other Income |
0.0 |
- |
- |
- |
- |
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Interest Paid |
0.0 |
- |
- |
- |
- |
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Exceptional Income |
0.0 |
- |
- |
- |
- |
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Discontinued Operations |
0.0 |
- |
- |
- |
- |
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Profit Before Taxes |
0.0 |
- |
- |
- |
- |
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Tax Payable / Credit |
0.0 |
- |
- |
- |
- |
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Extraordinary Items/Debits |
0.0 |
- |
- |
- |
- |
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Dividends |
0.0 |
- |
- |
- |
- |
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Profit After Taxes |
0.0 |
- |
- |
- |
- |
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Minority Interests (Profit & Loss) |
0.0 |
- |
- |
- |
- |
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Audit Fees |
0.0 |
- |
- |
- |
- |
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Number of Employees |
52 |
- |
- |
- |
- |
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Wages |
2.1 |
- |
- |
- |
- |
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Social Security Costs |
0.2 |
- |
- |
- |
- |
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Other Pension Costs |
0.1 |
- |
- |
- |
- |
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Employees Remuneration |
2.4 |
- |
- |
- |
- |
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Directors Remuneration |
0.1 |
- |
- |
- |
- |
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Highest Paid Director |
0.1 |
- |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
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|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619061 |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
2.1 |
- |
- |
- |
- |
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Fixtures & Fittings |
0.1 |
- |
- |
- |
- |
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Plant & Vehicles |
1.5 |
- |
- |
- |
- |
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Total Tangible Fixed Assets |
3.7 |
3.6 |
3.5 |
3.0 |
2.8 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.5 |
0.5 |
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Total Fixed Assets |
3.7 |
3.6 |
3.5 |
3.6 |
3.3 |
|
Stocks |
1.4 |
- |
- |
- |
- |
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Work in Progress |
0.0 |
- |
- |
- |
- |
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Total Stocks Work In Progress |
1.4 |
2.2 |
1.5 |
1.1 |
1.0 |
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Trade Debtors |
1.9 |
- |
- |
- |
- |
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Inter-Company Debtors |
0.3 |
- |
- |
- |
- |
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Other Debtors |
0.1 |
- |
- |
- |
- |
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Total Debtors |
2.2 |
2.6 |
2.4 |
1.8 |
2.4 |
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Cash and Equivalents |
0.5 |
0.8 |
0.2 |
0.6 |
0.2 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
4.1 |
5.5 |
4.0 |
3.5 |
3.6 |
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Total Assets |
7.8 |
9.2 |
7.5 |
7.0 |
6.9 |
|
Trade Creditors |
0.6 |
- |
- |
- |
- |
|
Bank Overdraft |
0.4 |
0.3 |
0.2 |
0.1 |
- |
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Inter-Company Creditors |
0.7 |
- |
- |
- |
- |
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Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Accruals/Deferred Income (Current Liability) |
0.2 |
- |
- |
- |
- |
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Social Security/VAT |
0.1 |
- |
- |
- |
- |
|
Corporation Tax |
0.0 |
- |
- |
- |
- |
|
Other Current Liabilities |
0.0 |
3.1 |
2.2 |
1.9 |
2.3 |
|
Total Current Liabilities |
2.1 |
3.4 |
2.4 |
2.0 |
2.3 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Other Long Term Loans |
1.8 |
2.0 |
1.9 |
2.2 |
- |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
2.2 |
|
Total Long Term Liabilities |
1.8 |
2.0 |
1.9 |
2.2 |
2.2 |
|
Deferred Taxation |
0.1 |
- |
- |
- |
0.0 |
|
Other Provisions |
0.0 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Total Provisions |
0.1 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
3.8 |
3.6 |
3.1 |
2.9 |
2.4 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
3.8 |
3.6 |
3.1 |
2.9 |
2.4 |
|
Net Worth |
3.8 |
3.6 |
3.1 |
2.9 |
2.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.631174 |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619061 |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.98 |
1.62 |
1.65 |
1.72 |
1.60 |
|
Liquidity Ratio |
1.33 |
0.98 |
1.03 |
1.16 |
1.15 |
|
Stock Turnover |
713.00 |
- |
- |
- |
- |
|
Credit Period (Days) |
7,108.00 |
- |
- |
- |
- |
|
Working Capital by Sales |
2,106.00% |
- |
- |
- |
- |
|
Trade Credit by Debtors |
32.00 |
- |
- |
- |
- |
|
Return on Capital |
66.00% |
- |
- |
- |
- |
|
Return on Assets |
48.00% |
- |
- |
- |
- |
|
Profit Margin |
39.00% |
- |
- |
- |
- |
|
Return on Shareholders Funds |
101.00% |
- |
- |
- |
- |
|
Borrowing Ratio |
7,988.00% |
6,423.00% |
7,076.00% |
8,039.00% |
- |
|
Equity Gearing |
4,810.00% |
3,899.00% |
4,075.00% |
4,051.00% |
3,544.00% |
|
Debt Gearing |
48.70% |
56.10% |
62.58% |
75.51% |
- |
|
Interest Coverage |
88.00 |
- |
- |
- |
- |
|
Sales by Tangible Assets |
263.00 |
- |
- |
- |
- |
|
Average Remuneration per Employee |
0.0 |
- |
- |
- |
- |
|
Profit per Employee |
0.0 |
- |
- |
- |
- |
|
Sales per Employee |
0.2 |
- |
- |
- |
- |
|
Capital Employed per Employee |
0.1 |
- |
- |
- |
- |
|
Tangible Assets per Employee |
0.1 |
- |
- |
- |
- |
|
Total Assets per Employee |
0.2 |
- |
- |
- |
- |
|
Employee Remuneration by Sales |
2,571.00% |
- |
- |
- |
- |
|
Creditor Days (Cost of Sales Based) |
3,782.00 |
- |
- |
- |
- |
|
Creditor Days (Sales Based) |
2,276.00 |
- |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
UK Pound |
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
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%)