MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PROFINS LIMITED |
|
|
|
|
Formerly Known As : |
SARCOX LIMITED |
|
|
|
|
Registered Office : |
15 Atholl Crescent, Edinburgh EH3 8HA |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
08.02.1996 |
|
|
|
|
Com. Reg. No.: |
SC163262 |
|
|
|
|
Legal Form : |
Private limited
with share capital |
|
|
|
|
Line of Business : |
Manufacture of helically wound
finned tubes and u tubes, trading in heat exchanger tubing extruded tubes,
low finned and component parts. |
|
|
|
|
No. of Employees : |
39 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 £375 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 |
REGISTERED
NAME & COMPANY SUMMARY
Company Name: PROFINS LIMITED
Company No: SC163262
Company Status: Active -
Accounts Filed
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Date of Birth |
24/07/1957 |
|
|
Officers Title |
Ms |
Nationality |
British |
|
Present Appointments |
8 |
Function |
Director |
|
Appointment Date |
04/03/1996 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, EH3 8HA |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
08/07/1984 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
19/03/2010 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, EH3 8HA |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
21/03/1988 |
|
|
Officers Title |
Ms |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
19/03/2010 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, EH3 8HA |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
23/06/1982 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
3 |
Function |
Director |
|
Appointment Date |
19/03/2010 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, EH3 8HA |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
04/05/1970 |
|
|
Officers Title |
|
Nationality |
British |
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
21/11/2012 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, Midlothian, EH3 8HA |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
05/06/1953 |
|
|
Officers Title |
Dr |
Nationality |
British |
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
21/11/2012 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, Midlothian, EH3 8HA |
||
|
Other Actions |
|
||
NEGATIVE
INFORMATION
CCJ
|
Total Number of Exact CCJs - |
Total Value of Exact CCJs - |
||
|
Total Number of Possible CCJs - |
Total Value of Possible CCJs - |
||
|
Total Number of Satisfied CCJs - |
Total Value of Satisfied CCJs - |
||
|
Total Number of Writs - |
- |
|
|
Exact CCJ Details
|
No CCJs found |
Possible CCJs
Details
|
There are no possible CCJ details |
Writ Details
|
No writs found |
SHARE
& SHARE CAPITAL INFORMATION
Top 20
Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
CALVEX LTD |
GBP |
100,000 |
ORDINARY |
1 |
55.25 |
|
CALVEX LTD |
GBP |
81,000 |
ORDINARY A |
1 |
44.75 |
PAYMENT
INFORMATION
Payment Trend
Worsening
GROUP
STRUCTURE & AFFILIATED COMPANIES
Statistics
|
Group |
2 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
CALVEX LIMITED |
|
Ownership Status |
Intermediately Owned |
|
Ultimate Holding Company |
CALVEX LIMITED |
Group structure
|
Company Name |
Registered Number |
Latest Key Financials |
Consol. Accounts |
Turnover |
|
SC180789 |
30.09.2013 |
Y |
£10,829,299 |
|
|
SC163262 |
30.09.2013 |
N |
£10,642,522 |
FINANCIAL
INFORMATION
Trade Debtors /
Bad Debt Summary
Total Number of Documented Trade
0
Total Value of Documented Trade
£0
Profit & Loss
|
Date Of Accounts |
30/09/13 |
(%) |
30/09/12 |
(%) |
30/09/11 |
(%) |
30/09/10 |
(%) |
30/09/09 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
£10,642,522 |
-27.5% |
£14,675,008 |
5.9% |
£13,856,751 |
18.2% |
£11,725,582 |
-0.4% |
£11,777,949 |
|
Export |
£6,696,637 |
-31.9% |
£9,831,225 |
12.7% |
£8,720,060 |
11.1% |
£7,849,529 |
-8.1% |
£8,545,536 |
|
Cost of Sales |
£9,114,100 |
-24.2% |
£12,018,552 |
5.6% |
£11,375,939 |
14.3% |
£9,952,918 |
-0.1% |
£9,966,132 |
|
Gross Profit |
£1,528,422 |
-42.5% |
£2,656,456 |
7.1% |
£2,480,812 |
39.9% |
£1,772,664 |
-2.2% |
£1,811,817 |
|
Wages & Salaries |
£1,323,571 |
-16.3% |
£1,580,779 |
9.2% |
£1,448,131 |
15% |
£1,259,643 |
2.2% |
£1,232,044 |
|
Directors Emoluments |
£412,233 |
30.3% |
£316,423 |
21.1% |
£261,296 |
131.2% |
£113,031 |
287.5% |
£29,167 |
|
Operating Profit |
£204,220 |
-81.7% |
£1,118,763 |
6.2% |
£1,053,388 |
101.8% |
£521,965 |
-42.1% |
£901,520 |
|
Depreciation |
£186,341 |
-3.9% |
£193,976 |
-17% |
£233,818 |
3.7% |
£225,400 |
15.9% |
£194,558 |
|
Audit Fees |
£40,557 |
293.3% |
£10,313 |
9.8% |
£9,392 |
7.3% |
£8,750 |
2.9% |
£8,500 |
|
Interest Payments |
£4,225 |
-61.8% |
£11,060 |
-29.2% |
£15,626 |
-33.6% |
£23,531 |
-17.9% |
£28,667 |
|
Pre Tax Profit |
£204,387 |
-81.6% |
£1,113,825 |
6.9% |
£1,042,159 |
108% |
£500,993 |
-42.6% |
£872,853 |
|
Taxation |
-£57,027 |
79.6% |
-£278,878 |
19.2% |
-£345,230 |
-117.9% |
-£158,464 |
35.7% |
-£246,427 |
|
Profit After Tax |
£147,360 |
-82.4% |
£834,947 |
19.8% |
£696,929 |
103.5% |
£342,529 |
-45.3% |
£626,426 |
|
Dividends Payable |
£697,000 |
322.4% |
£165,000 |
65% |
£100,000 |
- |
£100,000 |
-17.3% |
£120,853 |
|
Retained Profit |
-£549,640 |
-182% |
£669,947 |
12.2% |
£596,929 |
146.1% |
£242,529 |
-52% |
£505,573 |
Balance Sheet
|
Date Of Accounts |
30/09/13 |
(%) |
30/09/12 |
(%) |
30/09/11 |
(%) |
30/09/10 |
(%) |
30/09/09 |
|
Tangible Assets |
£1,057,654 |
-8.7% |
£1,158,064 |
-12.5% |
£1,323,441 |
7.5% |
£1,231,568 |
-15.2% |
£1,452,520 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
£1,057,654 |
-8.7% |
£1,158,064 |
-12.5% |
£1,323,441 |
7.5% |
£1,231,568 |
-15.2% |
£1,452,520 |
|
Stock |
£1,523,467 |
4% |
£1,465,538 |
-0.1% |
£1,466,536 |
34.1% |
£1,093,669 |
14.5% |
£954,917 |
|
Trade Debtors |
£2,080,523 |
26.6% |
£1,643,754 |
-21.6% |
£2,096,518 |
9.3% |
£1,917,670 |
-3.1% |
£1,978,949 |
|
Cash |
£1,074,791 |
-45.4% |
£1,969,395 |
34.8% |
£1,460,614 |
24.2% |
£1,175,947 |
47.9% |
£795,089 |
|
Other Debtors |
£135,978 |
-31.6% |
£198,830 |
403.7% |
£39,472 |
-88.2% |
£334,005 |
287.5% |
£86,204 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£4,814,759 |
-8.8% |
£5,277,517 |
4.2% |
£5,063,140 |
12% |
£4,521,291 |
18.5% |
£3,815,159 |
|
Trade Creditors |
£1,556,589 |
19.1% |
£1,306,669 |
-26.5% |
£1,776,973 |
14.7% |
£1,549,338 |
14.8% |
£1,349,328 |
|
Bank Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Finance |
£83,796 |
-28% |
£116,393 |
1% |
£115,238 |
-66.6% |
£344,864 |
158.6% |
£133,347 |
|
Miscellaneous Current Liabilities |
£304,770 |
-49% |
£597,958 |
-11.8% |
£677,745 |
12.8% |
£601,071 |
-3.5% |
£622,967 |
|
Total Current Liabilities |
£1,945,155 |
-3.8% |
£2,021,020 |
-21.4% |
£2,569,956 |
3% |
£2,495,273 |
18.5% |
£2,105,642 |
|
Bank Loans & Overdrafts and LTL |
£25,228 |
-47.5% |
£48,065 |
-60% |
£120,076 |
-24% |
£157,966 |
-48.2% |
£304,946 |
|
Other Long Term Finance |
0 |
- |
0 |
-100% |
£29,167 |
-75% |
£116,667 |
-50.6% |
£236,129 |
|
Total Long Term Liabilities |
£25,228 |
-47.5% |
£48,065 |
-60% |
£120,076 |
-24% |
£157,966 |
-48.2% |
£304,946 |
Capital &
Reserves
|
Date Of Accounts |
30/09/13 |
(%) |
30/09/12 |
(%) |
30/09/11 |
(%) |
30/09/10 |
(%) |
30/09/09 |
|
Called Up Share Capital |
£181,000 |
- |
£181,000 |
- |
£181,000 |
- |
£181,000 |
- |
£181,000 |
|
P & L Account Reserve |
£3,422,558 |
-13.7% |
£3,968,110 |
20.6% |
£3,289,239 |
22.4% |
£2,687,850 |
10.1% |
£2,440,861 |
|
Revaluation Reserve |
£281,782 |
40.4% |
£200,696 |
-4.3% |
£209,620 |
-2.1% |
£214,080 |
-2% |
£218,540 |
|
Sundry Reserves |
£16,690 |
- |
£16,690 |
- |
£16,690 |
- |
£16,690 |
- |
£16,690 |
|
Shareholder Funds |
£3,902,030 |
-10.6% |
£4,366,496 |
18.1% |
£3,696,549 |
19.3% |
£3,099,620 |
8.5% |
£2,857,091 |
Other Financial
Items
|
Date Of Accounts |
30/09/13 |
(%) |
30/09/12 |
(%) |
30/09/11 |
(%) |
30/09/10 |
(%) |
30/09/09 |
|
Net Worth |
£3,902,030 |
-10.6% |
£4,366,496 |
18.1% |
£3,696,549 |
19.3% |
£3,099,620 |
8.5% |
£2,857,091 |
|
Working Capital |
£2,869,604 |
-11.9% |
£3,256,497 |
30.6% |
£2,493,184 |
23.1% |
£2,026,018 |
18.5% |
£1,709,517 |
|
Total Assets |
£5,872,413 |
-8.8% |
£6,435,581 |
0.8% |
£6,386,581 |
11% |
£5,752,859 |
9.2% |
£5,267,679 |
|
Total Liabilities |
£1,970,383 |
-4.8% |
£2,069,085 |
-23.1% |
£2,690,032 |
1.4% |
£2,653,239 |
10.1% |
£2,410,588 |
|
Net Assets |
£3,902,030 |
-10.6% |
£4,366,496 |
18.1% |
£3,696,549 |
19.3% |
£3,099,620 |
8.5% |
£2,857,091 |
Cash Flow
|
Date Of Accounts |
30/09/13 |
(%) |
30/09/12 |
(%) |
30/09/11 |
(%) |
30/09/10 |
(%) |
30/09/09 |
|
Net Cashflow from Operations |
£93,922 |
-91.6% |
£1,111,862 |
4% |
£1,068,950 |
26.9% |
£842,066 |
-41.2% |
£1,431,230 |
|
Net Cashflow before Financing |
-£865,437 |
-245.1% |
£596,281 |
47.5% |
£404,129 |
-21.4% |
£514,206 |
-39.1% |
£844,656 |
|
Net Cashflow from Financing |
-£29,167 |
66.7% |
-£87,500 |
26.8% |
-£119,462 |
10.4% |
-£133,348 |
-25.3% |
-£106,390 |
|
Increase in Cash |
-£894,604 |
-275.8% |
£508,781 |
78.7% |
£284,667 |
-25.3% |
£380,858 |
-48.4% |
£738,266 |
Miscellaneous
|
Date Of Accounts |
30/09/13 |
(%) |
30/09/12 |
(%) |
30/09/11 |
(%) |
30/09/10 |
(%) |
30/09/09 |
|
Contingent Liability |
YES |
- |
YES |
- |
YES |
- |
YES |
- |
YES |
|
Capital Employed |
£3,927,258 |
-11% |
£4,414,561 |
15.7% |
£3,816,625 |
17.2% |
£3,257,586 |
3% |
£3,162,037 |
|
Number of Employees |
39 |
-11.4% |
44 |
2.3% |
43 |
- |
43 |
- |
43 |
|
Auditors |
SCOTT-MONCRIEFF |
||||||||
|
Auditor Comments |
The audit report contains no adverse comments |
||||||||
|
Bankers |
THE ROYAL BANK OF SCOTLAND PLC |
||||||||
|
Bank Branch Code |
83-06-08 |
||||||||
Ratios
|
Date Of Accounts |
30/09/13 |
30/09/12 |
30/09/11 |
30/09/10 |
30/09/09 |
|
Pre-tax profit margin % |
1.92 |
7.59 |
7.52 |
4.27 |
7.41 |
|
Current ratio |
2.48 |
2.61 |
1.97 |
1.81 |
1.81 |
|
Sales/Net Working Capital |
3.71 |
4.51 |
5.56 |
5.79 |
6.89 |
|
Gearing % |
0.60 |
1.10 |
3.20 |
5.10 |
10.70 |
|
Equity in % |
66.40 |
67.80 |
57.90 |
53.90 |
54.20 |
|
Creditor Days |
53.23 |
32.41 |
46.67 |
48.09 |
41.70 |
|
Debtor Days |
71.15 |
40.77 |
55.07 |
59.53 |
61.15 |
|
Liquidity/Acid Test |
1.69 |
1.88 |
1.39 |
1.37 |
1.35 |
|
Return On Capital Employed % |
5.20 |
25.23 |
27.30 |
15.37 |
27.60 |
|
Return On Total Assets Employed % |
3.48 |
17.30 |
16.31 |
8.70 |
16.56 |
|
Current Debt Ratio |
0.49 |
0.46 |
0.69 |
0.80 |
0.73 |
|
Total Debt Ratio |
0.50 |
0.47 |
0.72 |
0.85 |
0.84 |
|
Stock Turnover Ratio % |
14.31 |
9.98 |
10.58 |
9.32 |
8.10 |
|
Return on Net Assets Employed % |
5.23 |
25.50 |
28.19 |
16.16 |
30.55 |
FOREIGN
EXCHANGE RATES
N/a
ADDITIONAL
INFORMATION
Enquiries Trend
|
There have been 52 enquiries in the last 12 months. |
|
There are an average of 4 reports taken each month. |
Current Company
Secretary
|
Name |
Date of Birth |
- |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Company Secretary |
|
Appointment Date |
19/03/2010 |
|
|
|
Address |
15 Atholl Crescent, Edinburgh, Midlothian, EH3 8HA |
||
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
09/06/2014 |
New Accounts Filed |
|
29/04/2014 |
Mr S.A. Byers has left the board |
|
24/03/2014 |
Annual Returns |
|
06/05/2013 |
New Accounts Filed |
|
06/05/2013 |
New Accounts Filed |
|
11/03/2013 |
Annual Returns |
|
26/11/2012 |
New Board Member Dr P. Watson appointed |
|
26/11/2012 |
New Board Member A. Prenelle appointed |
|
28/03/2012 |
New Accounts Filed |
|
28/03/2012 |
New Accounts Filed |
|
05/03/2012 |
Annual Returns |
|
15/04/2011 |
New Accounts Filed |
|
15/04/2011 |
New Accounts Filed |
|
25/03/2011 |
Annual Returns |
|
24/03/2011 |
New Board Member Mr S.A. Byers appointed |
Previous Company
Names
|
Date |
Previous Name |
Companies House Documents |
|
31/03/1999 |
SARCOX LIMITED |
Previous
Director/Company Secretaries
|
Name |
Current Directorships |
Previous Directorships |
|
20 |
38 |
|
|
15 |
6 |
|
|
15 |
6 |
|
|
24 |
156 |
|
|
0 |
3 |
|
|
69 |
237 |
|
|
19 |
130 |
|
|
2 |
4 |
NOTES
& COMMENTS
Commentary
No exact match
CCJs are recorded against the company.
Sales in the
latest trading period decreased 27.5% on the previous trading period.
Net Worth
decreased by 10.6% during the latest trading period.
A 8.8% decline in
Total Assets occurred during the latest trading period.
Pre-tax profits
decreased by 81.6% compared to the previous trading period.
The company saw a
decrease in their Cash Balance of 45.4% 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 18 years ago.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
UK Pound |
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.