MIRA INFORM REPORT

 

 

Report Date :

30.01.2014

 

IDENTIFICATION DETAILS

 

Name :

SOLVENTIS LTD.

 

 

Formerly Known As :

PETROCHEM AVIATION SERVICES LTD.

 

 

Registered Office :

Bank Terrace, Gomshall Lane Shere, Guildford, Surrey GU5 9HB

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.05.1997

 

 

Com. Reg. No.:

03366192

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Wholesale of chemical products

 

 

No. of Employees :

14

 

 

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

 

Company identification

 

SOLVENTIS LTD.

Telephone

+44 014 8320 3224

BANK TERRACE

Fax

-

GOMSHALL LANE SHERE

Website

www.solventis.net

GUILDFORD

 

SURREY

 

GU5 9HB

 

United Kingdom

 

 

 

Company Number: Foundation:

 

03366192

07/05/1997

 

Status:

 

Active - Accounts Filed

 

 

Main indices

 

Comments        

 

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 8.6% on the previous trading period. Net Worth increased by 25.8% during the latest trading period. A 9.5% growth in Total Assets occurred during the latest trading period. The audit report contains no adverse comments.

Pre-tax profits decreased by 43.6% compared to the previous trading period. The company saw a decrease in their Cash Balance of 39.9% during the latest trading period.

There has been no significant change in the company’s credit rating. No recent changes in directorship are recorded. The company is not part of a group. The company was established over 16 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation     

07/05/1997

 

Company No.

03366192

 

Previous Names

 

Date of Change            Previous Name

 

19/08/2002                    PETROCHEM AVIATION SERVICES LTD.

30/07/1997                    POSIGROOVE LIMITED

 

Shareholders

 

Name                                                   Currency          Number of shares        Share type       Nominal value

MR DAVID WARWICK ANDREW            GBP                 100                               ORDINARY       1

LUBBOCK

Total Share Capital                                                                                                                 GBP 100

 

 

Management

 

Directors

 

Name                           Address:                                   Date of birth     Nationality       Appointment date

Mr David Warwick          Solventis Ltd Bank Terrace,        09/04/1959        British               18/07/1997

Gomshall

Andrew Lubbock            Lane , Shere, Guildford,

Surrey GU5 9HB

Mrs Lisa Lubbock          Bank Terrace, Gomshall Lane     16/11/1958        British               18/07/1997

Shere, Guildford, Surrey GU5

9HB

Mr Nicholas Peter          Bank Terrace, Gomshall Lane     17/10/1959        British               03/09/2002

Johnson                        Shere, Guildford, Surrey GU5 9HB

Mr Adrian John Hancock Bank Terrace, Gomshall Lane     02/04/1964        British               12/05/2009

Shere,Guildford, Surrey GU5 9HB

Mr John David Hyatt       Bank Terrace, Gomshall Lane     26/01/1947        British               01/01/2011

Shere, Guildford, Surrey GU5 9HB

 

 

 

Company Secretary

Name                           Address:                                               Appointment date

Mrs Lisa Lubbock          Bank Terrace, Gomshall Lane Shere,       18/07/1997

Guildford, Surrey GU5 9HB

 

 

Other Known Addresses

Bank Terrace, Gomshall Lane, Shere, Guildford, Surrey GU5 9HB

 

 

Business activities

 

Main activity

 

SIC03 Wholesale of chemical products

SIC07 Wholesale of chemical products

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts                      Turnover                      Employees

31/12/2010                                GBP 65,619,218            10

31/12/2011                                GBP 80,300,138            12

31/12/2012                                GBP 87,242,087            14

 

 

Supplementary data

 

Auditor

 

Auditor name

SAFFERY CHAMPNESS

 

 

Company history

 

Date           Action

18/05/2009 New Company Secretary Mr A.J. Hancock appointed

18/05/2009 New Board Member Mr A.J. Hancock appointed

03/06/2009 Annual Returns

17/09/2009 New Accounts Filed

17/09/2009 New Accounts Filed

15/05/2010 Annual Returns

17/09/2010 New Accounts Filed

17/09/2010 New Accounts Filed

10/03/2011 New Accounts Filed

10/03/2011 New Accounts Filed

07/04/2011 New Board Member Mr J.D. Hyatt appointed

14/04/2011 New Board Member Mr J.D. Hyatt appointed

11/05/2011 Mr A.J. Hancock has resigned as company secretary

12/05/2011 Annual Returns

16/03/2012 New Accounts Filed

16/03/2012 New Accounts Filed

11/05/2012 Annual Returns

19/04/2013 New Accounts Filed

14/05/2013 Annual Returns

 

Mortgages

 

Charge created              28/08/1997

Charge registered           08/09/1997

Status                           SATISFIED

Entitled person              LOMBARD NORTH CENTRAL PLC

Mortgage detail              BELL JETRANGER HELICOPTER REG MARK G-SELY SERIAL NO 8740

 

Charge created              23/01/2003

Charge registered           24/01/2003

Status                           OUTSTANDING

Entitled person              HSBC INVOICE FINANCE (UK) LTD

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED

INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Mortgage detail              BY WAY OF FIXED EQUITABLE CHARGE ALL DEBTS PURCHASED OR PURPORTED TO BE PURCHASED BY THE CHARGEE PURSUANT TO AN AGREEMENT FOR THE PURCHASE OF DEBTS BETWEEN THECHARGEE AND THE COMPANY (INCLUDING THE ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELYIN THE CHARGEE FOR ANY REASON

 

 

Charge created             27/04/2003

Charge registered           29/04/2003

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 CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

Charge created              16/07/2010

Charge registered           21/07/2010

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              ANY CREDIT BALANCE DUE TO THE COMPANY UNDER CONDITION 13 OF THE AGREEMENT FOR THE PURCHASE OF DEBTS AND ANY DISCOUNTINGALLOWANCE DUE UNDER THE CONTRACT THE BENEFIT OF ALL THE OTHER PROVISIONS OF THECONTRACT AND ALL SECURITIES IN RESPECT OF THAT CREDIT BALANCE

 

County Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

Accounts

 

Profit & Loss

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Turnover

87,242,087

80,300,138

65,619,218

45,483,986

Export

70,422,200

63,669,173

50,094,274

34,912,535

Cost of Sales

76,587,142

69,160,132

55,861,901

38,878,852

Gross Profit

10,654,945

11,140,006

9,757,317

6,605,134

Wages And Salaries

843,038

749,095

603,456

524,038

Directors Emoluments

557,235

509,882

444,058

301,815

Operating Profit

1,809,322

2,656,197

2,473,344

1,255,976

Depreciation

115,355

77,442

72,054

82,704

Audit Fees

19,000

18,500

16,000

16,000

Interests Payments

247,136

317,297

249,383

236,259

Pre Tax Profit

1,562,252

2,767,860

2,383,056

1,141,624

Taxation

-403,490

-655,043

-634,516

-302,762

Profit After Tax

1,158,762

2,112,817

1,748,540

838,862

Dividends Payable

3,673

578,960

558,193

321,907

Retained Profit

1,155,089

1,533,857

1,190,347

516,955

 

 

Balance Sheet

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Tangible Assets

375,588

440,876

367,031

418,564

Intangible Assets

97,566

104,878

11,333

26,443

Total Fixed Assets

473,154

545,754

378,364

445,007

Stock

7,333,668

6,397,879

5,652,820

4,336,617

Trade Debtors

12,143,241

9,657,745

9,886,397

6,273,647

Cash

1,141,500

1,900,173

1,256,773

1,040,609

Other Debtors

587,792

1,288,412

1,455,536

1,621,111

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

21,206,201

19,244,209

18,251,526

13,271,984

Trade Creditors

5,136,014

5,387,581

4,142,940

2,886,181

Bank Loans and Overdraft

3,080,181

3,812,376

3,689,011

3,350,962

Other Short Term Finance

0

0

0

121,907

Miscellaneous Current Liabilities

7,513,458

5,787,457

7,545,134

5,294,082

Total Current Liabilities

15,729,653

14,987,414

15,377,085

11,653,132

 

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Bank Loans and Overdrafts LTL

3,267,994

4,008,125

3,868,873

3,532,225

Other Long Term Finance

172,660

172,660

172,660

172,660

Total Long Term Liabilities

187,813

195,749

179,862

181,263

 

Capital & Reserves

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Called Up Share Capital

100

100

100

100

P and L Account Reserve

5,761,789

4,606,700

3,072,843

1,882,496

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

5,761,889

4,606,800

3,072,943

1,882,596

 

Other Financial Items

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Net Worth

5,664,323

4,501,922

3,061,610

1,856,153

Working Capital

5,476,548

4,256,795

2,874,441

1,618,852

Total Assets

21,679,355

19,789,963

18,629,890

13,716,991

Total Liabilities

15,917,466

15,183,163

15,556,947

11,834,395

Net Assets

5,761,889

4,606,800

3,072,943

1,882,596

 

Cash Flow

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Net Cash Flow from Operations

787,162

2,447,640

1,212,970

508,403

 

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Net Cash Flow before Financing

-26,478

520,035

-121,885

-163,738

Net Cash Flow from Financing

0

0

0

-18,615

Increase in Cash

-758,673

643,400

216,164

-953,240

 

Miscellaneous

 

 

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

31/12/2009

52

GBP

Group: No

Capital Employed

5,949,702

4,802,549

3,252,805

2,063,859

 

Financial Ratios

 

Name

31/12/2012

 

31/12/2011    

31/12/2010    

31/12/2009

Pre Tax Profit Margin

1.79 %

3.45 %

3.63 %

2.51 %

Current Ration

1.35

1.28

1.19

1.14

Sales or Net Working Capital

15.93

18.86

22.83

28.10

Gearing

56.72 %

87.00 %

125.90 %

187.63 %

Equity

26.70 %

23.40 %

16.50 %

13.75 %

Creditor Days

21.42

24.42

22.98

23.09

Debtor Days

50.66

43.77

54.84

50.20

Liquidity or Acid test

0.88

0.85

0.81

0.76

Return on Capital Employed

26.25 %

57.63 %

73.26 %

55.31 %

Return on Total Assets Employed

7.20 %

13.98 %

12.79 %

8.32 %

Current Debt Ratio

2.72 %

3.25 %

5.00 %

6.18 %

Total Debt Ratio

2.76 %

3.29 %

5.06 %

6.28 %

Stock Turnover Ratio

8.40 %

7.96 %

8.61 %

9.53 %

Return on Net Assets Employed

27.11 %

60.08 %

77.54 %

60.64 %

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.103.12

Euro

1

Rs.84.96

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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