MIRA
INFORM REPORT
|
Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CARGILL COTTON
LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.05.2012 |
|
|
|
|
Date of Incorporation : |
15.09.2005 |
|
|
|
|
Com. Reg. No.: |
05564843 |
|
|
|
|
Legal Form : |
Private limited
with Share Capital |
|
|
|
|
Line of Business : |
Trading of cotton |
|
|
|
|
No. of Employees : |
30d |
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 : |
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 – 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 |
REGISTERED NAME & COMPANY
SUMMARY
Summary – Company Information
|
Company Name |
CARGILL COTTON
LIMITED |
Company Number |
05564843 |
|
|
|
Safe Number |
UK05209223 |
|
Registered Address
|
KNOWLE HILL PARK |
Trading Address |
12 Princes Parade |
|
|
|
|
|
|
Website Address |
|
|
|
|
Telephone Number |
01932861000 |
|
|
|
TPS |
No |
|
|
|
Incorporation Date
|
15/09/2005 |
Company Status |
Active - Accounts
Filed |
|
Previous Name |
|
Type |
Private limited
with Share Capital |
|
Date of Change |
- |
Filing Date of
Accounts |
07/12/2012 |
|
|
|
Share Capital |
£1 |
|
SIC03 |
0111 |
Currency |
GBP |
|
SIC03 Description |
Grow cereals &
other crops |
||
|
SIC07 |
01160 |
||
|
SIC07 Description |
GROWING OF FIBRE
CROPS |
||
|
Principal Activity
|
Trading of cotton.
|
||
DIRECTORS/MANAGEMENT
Directors
|
Total Current
Directors |
4 |
|
Total Current
Secretaries |
1 |
|
Total Previous
Directors / Company Secretaries |
5 |
Current Directors
|
Name |
Date of Birth |
01/03/1951 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
175 |
Function |
Director |
|
Appointment Date |
15/09/2005 |
|
|
|
Address |
Knowle Hill Park,
Fairmile Lane, Cobham, Surrey, KT11 2PD |
||
|
|
|
|
|
|
Name |
Date of Birth |
01/02/1959 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
30/09/2005 |
|
|
|
Address |
2 Prestwick Drive,
Blundellsands, Merseyside, L23 7XB |
||
|
|
|
|
|
|
Name |
Date of Birth |
10/07/1969 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
6 |
Function |
Director |
|
Appointment Date |
09/05/2013 |
|
|
|
Address |
Knowle Hill Park,
Fairmile Lane, Cobham, Surrey, KT11 2PD |
||
|
|
|
|
|
|
Name |
Date of Birth |
17/01/1977 |
|
|
Officers Title |
Mr |
Nationality |
Irish |
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
14/11/2013 |
|
|
|
Address |
12 Princes Parade,
Liverpool, L3 1BG |
||
|
|
|
|
|
Current Company Secretary
|
Name |
Date of Birth |
01/03/1951 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
175 |
Function |
Company Secretary |
|
Appointment Date |
15/09/2005 |
|
|
|
Address |
Knowle Hill Park,
Fairmile Lane, Cobham, Surrey, KT11 2PD |
||
NEGATIVE INFORMATION
Exact CCJ Details
There are no exact
CCJ details
Possible CCJ
Details
There are no
possible CCJ details
Writ Details
There are no writ
details
Mortgage Summary
|
Outstanding |
0 |
|
Satisfied |
0 |
SHARE & SHARE CAPITAL
INFORMATION
Top 20
Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share
Count |
|
CARGILL PLC |
GBP |
1 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
Summary – Payment
History
Last 3 Years
Credit Rating/Limit
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/05/2012 |
£465,691,000 |
-£27,550,000 |
£3,772,000 |
30 |
|
31/05/2011 |
£379,420,000 |
£25,960,000 |
£24,262,000 |
29 |
|
31/05/2010 |
£360,793,000 |
£14,312,000 |
£21,956,000 |
31 |
Payment Information Summary
|
Days Beyond Terms |
Trend Indicator |
|
||||
|
Steady Improving
Worsening |
|
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure
Statistics
|
Group |
71 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
CARGILL PLC |
|
Ownership Status |
Wholly Owned |
|
Ultimate Holding
Company |
CARGILL GRAIN
& OILSEEDS SUPPLY CHA |
FINANCIAL INFORMATION
Financials
Profit & Loss
|
|
Date Of Accounts |
31/05/12 |
|
31/05/11 |
|
31/05/10 |
|
31/05/09 |
|
28/05/08 |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
53 |
|
53 |
|
|
Currency |
GBP |
|
GBP |
|
GBP |
|
GBP |
|
GBP |
|
|
Consolidated A/cs |
N |
|
N |
|
N |
|
N |
|
N |
|
|
Turnover |
£465,691,000 |
|
£379,420,000 |
|
£360,793,000 |
|
£192,869,000 |
|
£203,217,000 |
|
|
Export |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Cost of Sales |
£487,501,000 |
|
£333,099,000 |
|
£340,151,000 |
|
£195,326,000 |
|
£198,851,000 |
|
|
Gross Profit |
-£21,810,000 |
|
£46,321,000 |
|
£20,642,000 |
|
-£2,457,000 |
|
£4,366,000 |
|
|
Wages &
Salaries |
£2,377,000 |
|
£2,635,000 |
|
£3,475,000 |
|
£2,587,000 |
|
£2,861,000 |
|
|
Directors
Emoluments |
£491,000 |
|
£1,145,000 |
|
£1,315,000 |
|
£1,222,000 |
|
£687,000 |
|
|
Operating Profit |
-£27,279,000 |
|
£27,374,000 |
|
£15,227,000 |
|
-£6,739,000 |
|
£470,000 |
|
|
Depreciation |
£7,000 |
|
£46,000 |
|
£35,000 |
|
£42,000 |
|
£40,000 |
|
|
Audit Fees |
£37,000 |
|
£37,000 |
|
£36,000 |
|
£41,000 |
|
£37,000 |
|
|
Interest Payments |
£284,000 |
|
£1,414,000 |
|
£915,000 |
|
£1,090,000 |
|
£2,327,000 |
|
|
Pre Tax Profit |
-£27,550,000 |
|
£25,960,000 |
|
£14,312,000 |
|
-£7,746,000 |
|
-£1,745,000 |
|
|
Taxation |
£7,060,000 |
|
-£7,227,000 |
|
-£4,063,000 |
|
£2,027,000 |
|
£513,000 |
|
|
Profit After Tax |
-£20,490,000 |
|
£18,733,000 |
|
£10,249,000 |
|
-£5,719,000 |
|
-£1,232,000 |
|
|
Dividends Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Retained Profit |
-£20,490,000 |
|
£18,733,000 |
|
£10,249,000 |
|
-£5,719,000 |
|
-£1,232,000 |
Balance Sheet
|
|
Date Of Accounts |
31/05/12 |
|
31/05/11 |
|
31/05/10 |
|
31/05/09 |
|
28/05/08 |
|
|
Tangible Assets |
£22,000 |
|
£20,000 |
|
£56,000 |
|
£151,000 |
|
£185,000 |
|
|
Intangible Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Fixed Assets |
£22,000 |
|
£20,000 |
|
£56,000 |
|
£151,000 |
|
£185,000 |
|
|
Stock |
£36,829,000 |
|
£55,476,000 |
|
£59,929,000 |
|
£18,385,000 |
|
£11,972,000 |
|
|
Trade Debtors |
£33,287,000 |
|
£13,685,000 |
|
£7,359,000 |
|
£16,577,000 |
|
£28,193,000 |
|
|
Cash |
0 |
|
£14,000 |
|
0 |
|
£1,000 |
|
£1,000 |
|
|
Other Debtors |
£101,120,000 |
|
£175,417,000 |
|
£35,603,000 |
|
£32,481,000 |
|
£14,124,000 |
|
|
Miscellaneous
Current Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Current
Assets |
£171,236,000 |
|
£244,592,000 |
|
£102,891,000 |
|
£67,444,000 |
|
£54,290,000 |
|
|
Trade Creditors |
£7,812,000 |
|
£5,752,000 |
|
£5,286,000 |
|
£262,000 |
|
£5,669,000 |
|
|
Bank Loans &
Overdrafts |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Other Short Term
Finance |
£77,089,000 |
|
£125,409,000 |
|
£57,766,000 |
|
£32,243,000 |
|
£11,364,000 |
|
|
Miscellaneous
Current Liabilities |
£82,585,000 |
|
£89,189,000 |
|
£17,939,000 |
|
£23,383,000 |
|
£20,039,000 |
|
|
Total Current
Liabilities |
£167,486,000 |
|
£220,350,000 |
|
£80,991,000 |
|
£55,888,000 |
|
£37,072,000 |
|
Bank Loans &
Overdrafts and LTL |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Other Long Term
Finance |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Total Long Term
Liabilities |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
Capital &
Reserves
|
|
Date Of Accounts |
31/05/12 |
|
31/05/11 |
|
31/05/10 |
|
31/05/09 |
|
28/05/08 |
|
|
Called Up Share
Capital |
- |
|
- |
|
- |
|
- |
|
- |
|
|
P & L Account
Reserve |
£3,772,000 |
|
£24,262,000 |
|
£21,956,000 |
|
£11,707,000 |
|
£17,403,000 |
|
|
Revaluation
Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Sundry Reserves |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Shareholder Funds |
£3,772,000 |
|
£24,262,000 |
|
£21,956,000 |
|
£11,707,000 |
|
£17,403,000 |
Other Financial
Items
|
|
Date Of Accounts |
31/05/12 |
|
31/05/11 |
|
31/05/10 |
|
31/05/09 |
|
28/05/08 |
|
|
Net Worth |
£3,772,000 |
|
£24,262,000 |
|
£21,956,000 |
|
£11,707,000 |
|
£17,403,000 |
|
|
Working Capital |
£3,750,000 |
|
£24,242,000 |
|
£21,900,000 |
|
£11,556,000 |
|
£17,218,000 |
|
|
Total Assets |
£171,258,000 |
|
£244,612,000 |
|
£102,947,000 |
|
£67,595,000 |
|
£54,475,000 |
|
|
Total Liabilities |
£167,486,000 |
|
£220,350,000 |
|
£80,991,000 |
|
£55,888,000 |
|
£37,072,000 |
|
|
Net Assets |
£3,772,000 |
|
£24,262,000 |
|
£21,956,000 |
|
£11,707,000 |
|
£17,403,000 |
Cash Flow
|
|
Date Of Accounts |
31/05/12 |
|
31/05/11 |
|
31/05/10 |
|
31/05/09 |
|
28/05/08 |
|
|
Net Cashflow from
Operations |
£56,091,000 |
|
-£56,377,000 |
|
-£26,220,000 |
|
- |
|
- |
|
|
Net Cashflow
before Financing |
£48,664,000 |
|
-£74,967,000 |
|
-£28,460,000 |
|
- |
|
- |
|
|
Net Cashflow from
Financing |
-£48,678,000 |
|
£74,981,000 |
|
£28,459,000 |
|
- |
|
- |
|
|
Increase in Cash |
-£14,000 |
|
£14,000 |
|
-£1,000 |
|
- |
|
- |
Miscellaneous
|
|
Date Of Accounts |
31/05/12 |
|
31/05/11 |
|
31/05/10 |
|
31/05/09 |
|
28/05/08 |
|
|
Contingent
Liability |
YES |
|
YES |
|
YES |
|
YES |
|
NO |
|
|
Capital Employed |
£3,772,000 |
|
£24,262,000 |
|
£21,956,000 |
|
£11,707,000 |
|
£17,403,000 |
|
|
Number of
Employees |
30 |
|
29 |
|
31 |
|
34 |
|
37 |
|
|
Auditors |
KPMG LLP |
||||||||
|
|
Auditor Comments |
The audit report
contains no adverse comments |
||||||||
|
|
Bankers |
|
||||||||
|
|
Bank Branch Code |
|
||||||||
Ratios
|
|
Date Of Accounts |
31/05/12 |
31/05/11 |
31/05/10 |
31/05/09 |
28/05/08 |
|
|
Pre-tax profit
margin % |
-5.92 |
6.84 |
3.97 |
-4.02 |
-0.86 |
|
Current ratio |
1.02 |
1.11 |
1.27 |
1.21 |
1.46 |
|
|
Sales/Net Working
Capital |
124.18 |
15.65 |
16.47 |
16.69 |
11.80 |
|
|
Gearing % |
0 |
0 |
0 |
0 |
0 |
|
|
|
Equity in % |
2.20 |
9.90 |
21.30 |
17.30 |
31.90 |
|
|
Creditor Days |
6.10 |
5.51 |
5.33 |
0.50 |
10.34 |
|
|
Debtor Days |
26.01 |
13.12 |
7.42 |
31.88 |
51.47 |
|
|
Liquidity/Acid
Test |
0.80 |
0.85 |
0.53 |
0.87 |
1.14 |
|
|
Return On Capital
Employed % |
-730.38 |
106.99 |
65.18 |
-66.16 |
-10.02 |
|
|
Return On Total
Assets Employed % |
-16.08 |
10.61 |
13.90 |
-11.45 |
-3.20 |
|
|
Current Debt Ratio |
44.40 |
9.08 |
3.68 |
4.77 |
2.13 |
|
|
Total Debt Ratio |
44.40 |
9.08 |
3.68 |
4.77 |
2.13 |
|
|
Stock Turnover
Ratio % |
7.90 |
14.62 |
16.61 |
9.53 |
5.89 |
|
|
Return on Net
Assets Employed % |
-730.38 |
106.99 |
65.18 |
-66.16 |
-10.02 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Commentary
|
No exact match
CCJs are recorded against the company. |
|
|
Sales in the latest
trading period increased 22.7% on the previous trading period. |
|
|
Net Worth
decreased by 84.5% during the latest trading period. |
|
|
A 30% decline in
Total Assets occurred during the latest trading period. |
|
|
Pre-tax profits
decreased by 206.1% compared to the previous trading period. |
|
|
The company saw a
decrease in their Cash Balance of 100% 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 8 years ago. |
|
Event History
Status History
|
No Status History
found |
Event History
|
Date |
Description |
|
|
18/11/2013 |
Ms J. Roth has left
the board |
|
|
18/11/2013 |
New Board Member
Mr L.B. Mrema appointed |
|
|
20/09/2013 |
Annual Returns |
|
|
20/05/2013 |
New Board Member
Mr S.J. Hamilton appointed |
|
|
13/05/2013 |
Mr J.C. Reynolds
has left the board |
|
|
13/05/2013 |
New Board Member
Mr S.J. Hamilton appointed |
|
|
19/12/2012 |
New Accounts Filed |
|
|
19/12/2012 |
New Accounts Filed |
|
|
22/09/2012 |
Annual Returns |
|
|
04/05/2012 |
Mr A.N. Thomas has
left the board |
|
|
30/04/2012 |
Mr A.S. Hursthouse
has left the board |
|
|
06/03/2012 |
New Accounts Filed |
|
|
06/03/2012 |
New Accounts Filed |
|
|
19/09/2011 |
Annual Returns |
|
|
06/12/2010 |
New Accounts Filed |
|
Previous Company
Names
|
No Previous Names
found |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.103.12 |
|
Euro |
1 |
Rs.84.96 |
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.