MIRA INFORM REPORT

 

 

Report Date :

29.07.2014

 

IDENTIFICATION DETAILS

 

Name :

PRINOVA EUROPE LIMITED

 

 

Formerly Known as : 

PREMIUM INGREDIENTS INTERNATIONAL  (UK) LTD

 

 

Registered Office :

C/O Maxwell Winward Llp

20 Farringdon Road, London, Ec1m 3he

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.09.2002

 

 

Com. Reg. No.:

04548728

 

 

Legal Form :

Private Limited by Share Capital

 

 

Line of Business :

·         Wholesaler of chemical products

 

A group engaged in trading and merchanting of additives, aroma chemicals and essential oils principally for use in the food, flavour and fragrance, nutraceutical, pharmaceutical and cosmetics industries.

 

 

No of Employees :

47 (31.12.2013)

 

 

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 :

Satisfactory 

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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:

PRINOVA EUROPE LIMITED

Company Number:

04548728

Registered Address

C/O MAXWELL WINWARD LLP

Trading Address

20 Farringdon Road

 

20 FARRINGDON ROAD

 

London

 

LONDON

 

EC1M 3HE

 

 

E- Mail

info@prinovaeurope.com      

 

EC1M 3HE

Website Address

http://www.prinovaeurope.com

Head Office

 

10 Aldersgate Street
London EC1A 4HJ

 

Telephone Number

+44 (0)20 7466 5460

FPS

No

TPS

-

 

 

Incorporation Date

30/09/2002

Type

Private limited by share Capital

Previous Name

PREMIUM INGREDIENTS INTERNATIONAL  (UK) LTD

FTSE Index

-

 

 

Filing Date of Accounts

03/05/2014

Date of Change

01/07/2011

Share Capital

£100

Currency

GBP

SIC07 Description

Wholesaler Of Chemical Products

 

 

Principal Activity

A group engaged in trading and merchanting of additives, aroma chemicals and essential oils principally for use in the food, flavour and fragrance, nutraceutical, pharmaceutical and cosmetics industries.

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Donald Kevin Thorp

Date of Birth

10/07/1962

Officers Title

Mr

Nationality

American

Present Appointments

2

Function

Director

Appointment Date

30/09/2002

 

 

Address

4773 Rfd, Long Grove 60047, Illinois

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

David Houston York

Date of Birth

10/06/1960

Officers Title

Mr

Nationality

American

Present Appointments

3

Function

Director

Appointment Date

22/07/2009

 

 

Address

1660 Brookview Ct, Aurora, Da Page 60502

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Donald Patrick Cepican

1

2

Donald Patrick Cepican

1

2

INSTANT COMPANIES LIMITED

2431

120340

SWIFT INCORPORATIONS LIMITED

2579

263489

 

NEGATIVE INFORMATION

 

CCJ

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

 

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

 

Total Number of Satisfied CCJs -

0

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

PREMIUM INGREDIENTS INTERNATIONAL HOLDINGS LLC

GBP

100

ORDINARY

1

100

 

PAYMENT INFORMATION

 

Mortgage Summary

Total Mortgage

14

Summary

5

Satisfied

9

 

Trade debtors / Bad debts Summary

Total Number of Documented Trade

0

Total Value of Documented Trade

£0

 

Trade Payment Information

Average Invoice Value

999.70

Invoices available

25

Paid

21

Outstanding

4

 

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Mortgage Details

Mortgage Type:

 

Date Charge Created:

24/01/14

 

 

Date Charge Registered:

11/02/14

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

J.P. MORGAN EUROPE LIMITED;

Amount Secured:

 

Details:

CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

Mortgage Type:

 

Date Charge Created:

15/04/13

 

 

Date Charge Registered:

30/04/13

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

J.P. MORGAN EUROPE LIMITED;

Amount Secured:

 

Details:

CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

Mortgage Type:

 

Date Charge Created:

15/04/13

 

 

Date Charge Registered:

24/04/13

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

J.P. MORGAN EUROPE LIMITED;

Amount Secured:

 

Details:

CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

Mortgage Type:

 

Date Charge Created:

16/04/13

 

 

Date Charge Registered:

24/04/13

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

JPMORGAN CHASE BANK N.A., LONDON BRANCH & J.P. MORGAN EUROPE LIMITED;

Amount Secured:

 

Details:

CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

Mortgage Type:

SUPPLEMENTAL DEED OF PLEDGE

Date Charge Created:

18/04/12

 

 

Date Charge Registered:

15/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

J.P. MORGAN EUROPE LIMITED AS SECURITY TRUSTEE;

Amount Secured:

 

Details:

ALL OF ITS MOVABLE ASSETS BEING ALL GOODS IN THE NETHERLANDS SEE IMAGE FOR FULLDETAILS

 

Mortgage Type:

DEED OF PLEDGE EXECUTED OUTSIDE THE UNITED KINGDOM OVER PROPERTY SITUATED THERE.

Date Charge Created:

30/04/08

 

 

Date Charge Registered:

15/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

J.P. MORGAN EUROPE LIMITED;

Amount Secured:

 

Details:

A RIGHT OF PLEDGE OVER THE MOVABLE ASSETS SEE IMAGE FOR FULL DETAILS

 

Mortgage Type:

AMENDMENT AGREEMENT

Date Charge Created:

07/07/06

 

 

Date Charge Registered:

29/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

J.P.MORGAN CHASE BANK N.A.;

Amount Secured:

 

Details:

ALL PRESENT AND FUTURE STOCK AND ALL RIGHTS THERETO,THE STOCK LOCATED AT MALLEDIJK 3,3208 LA SPIJKENSIE (LOODS 26) KARLRAPP ROTTERDAM B.V. AND HAZELDONK 6389,4836 LE BREDA OOSTVOGELS LOGISTICS B.V.(INDUSTRIENTERREIN HAZELDONK)SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

DEBENTURE

Date Charge Created:

07/07/06

 

 

Date Charge Registered:

29/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

J.P.MORGAN EUROPE LIMITED;

Amount Secured:

 

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

PLEDGE OF ASSETS

Date Charge Created:

15/03/04

 

 

Date Charge Registered:

15/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BANK ONE, NA;

Amount Secured:

 

Details:

ALL PRESENT AND FUTURE STOCK AND ALL RIGHTS THEREO AT ANY TIME OWNED BY THE COMPANY, AS LOCATED IN STORAGE AND TRANSPORTATION FACILITIES IN THE NETHERLANDS, INCLUDING, WITHOUT LIMITATION, THE STOCK LOCATED AT (A) OOSTVOGELS LOGISTICS B.V.,HAZELDONK 6389, 4368 LE BREDA, INDUSTRIETERREIN HAZELDONK, THE NETHERLANDS; AND(B) KARL RAPP ROTTERDAM B.V., MALLEDIJK3, 3208 LA SPIJKENISE, NL (LOODS 15) (TOGETHER, THE "SECURED ASSETS")

 

Mortgage Type:

RENT DEPOSIT DEED

Date Charge Created:

12/02/04

 

 

Date Charge Registered:

14/02/04

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

GMS ESTATES LIMITED

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

ALL THE COMPANY'S INTEREST IN THE DEPOSIT

 

Mortgage Type:

DEBENTURE

Date Charge Created:

08/09/03

 

 

Date Charge Registered:

25/09/03

 

 

Date Charge Satisfied:

31/01/04

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

AMALGAMATED METAL CORPORATION PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY OR AMC CHEMICALS (US), LLC TO THE CHARGEE OR AMALGAMET INC UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

BY WAY OF FIRST FLOATING CHARGE THE UK STOCKS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

LOAN AND SECURITY AGREEMENT

Date Charge Created:

23/12/02

 

 

Date Charge Registered:

15/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BANK ONE N.A.;

Amount Secured:

 

Details:

ALL OF THE COMPANY'S ACCOUNTS INVENTORYEQUIPMENT FIXTURES MACHINERY VEHICLES GENERAL BUSINESS ASSETS CONTRACTS AND CONTRACT RIGHTS GENERAL INTANGIBLES COPYRIGHTS AND PATENTS AND APPLICATIONS FOR ANYOF THE PRECEDING AND THE RIGHTS TO SUE FOR COLLECT AND RETAIN DAMAGES FROM INFRINGEMENT OF THE SAME ALL DEPOSIT ACCOUNTS (GENERAL OR SPECIAL) WITH AND CREDITS AND OTHER CLAIMS AGAINST ANY DEPOSITORY BANK THEREFOR OR BANK ONE US ALL NOW OWNED OR SUBSEQUENTLY ACQUIRED MONIES ALL INSURANCE POLICIES OF OR RELATING TO ANY OF THE FOREGOING ALL BOOKS AND ALL GOODWILL AND GOING CONCERN VALUE OF THE COMPANY'S BUSINESSES ALL STOCK OR OTHER OWNERSHIP INTERESTS IN EACH O F THE COMPANY'S SUBSIDIARIES ALL REAL PROPERTYIN WHICH THE COMPANY OWNS OR HOLDS ANY INTEREST AND ALL ACCESSIONS AND ADDITIONS TO SUBSTITUTIONS FOR AND REPLACEMENTS PRODUCTS AND PROCEEDS OF ANY OF THE PRECEDINGSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

GUARANTEE & DEBENTURE

Date Charge Created:

23/12/02

 

 

Date Charge Registered:

15/05/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BANK ONE N.A. (THE SECURITY AGENT);

Amount Secured:

 

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

PLEDGE OF ASSETS

Date Charge Created:

23/12/02

 

 

Date Charge Registered:

08/01/03

 

 

Date Charge Satisfied:

27/03/04

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

AMALGAMATED METAL CORPORATION PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

ANY AND ALL PRESENT STOCK AND FUTURE STOCK AND ALL RIGHTS THERETO AND ACQUIRED BY THE PLEDGOR, AS LOCATED IN STORAGE AND TRANSPORTATION FACILITIES IN THE NETHERLANDS

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

7

12

2

0

0

Outstanding

0

0

0

0

4

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

2 companies

Linkages

1 companies

Countries

In 1 countries

 

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

PREMIUM INGREDIENTS INTERN''L HLDGS LLC

 

Group structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

PREMIUM INGREDIENTS INTE...

 

N/A

-

-

 

PRINOVA EUROPE LIMITED

 

04548728

31.12.2013

Y

£98,016,583

 

Other Linked companies

Name

 

Number

Latest Key Financials

PRINOVA BENELUX AND FRANCE NV

 

844399549

31.12.2012

 

FINANCIAL INFORMATION

 

Year to Date

Turnover

Pre Tax Profit

Shareholder Funds

Employee

31/12/2013

£98,016,583

£2,325,733

£13,027,539

47

31/12/2012

£84,751,555

£2,055,671

£11,154,279

41

31/12/2011

£77,825,702

£1,779,029

£10,324,437

31

 

Accounts data converted from US Dollar.

 

Profit & Loss

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

Y

(%)

Y

(%)

Y

(%)

N

(%)

N

Turnover

£98,016,583

15.7%

£84,751,555

8.9%

£77,825,702

-28.8%

£109,233,000

6.3%

£102,712,000

Export

£78,424,637

21.4%

£64,592,834

-

-

-

£76,347,000

-2%

£77,944,000

Cost of Sales

£90,210,246

15.2%

£78,287,829

8.9%

£71,909,309

-29.3%

£101,678,000

7.8%

£94,359,000

Gross Profit

£7,806,337

20.8%

£6,463,725

9.3%

£5,916,393

-21.7%

£7,555,000

-9.6%

£8,353,000

Wages & Salaries

£2,778,206

22%

£2,276,577

6%

£2,147,103

-10.2%

£2,392,000

7.5%

£2,226,000

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

£2,726,088

13.8%

£2,395,025

16.6%

£2,053,504

-31%

£2,976,000

-29.4%

£4,218,000

Depreciation

£61,001

37.3%

£44,418

37.7%

£32,254

-39.1%

£53,000

35.9%

£39,000

Audit Fees

£87,652

37%

£63,962

28%

£49,962

-30.6%

£72,000

33.3%

£54,000

Interest Payments

£401,540

18.3%

£339,354

23.6%

£274,475

-24.8%

£365,000

2%

£358,000

Pre Tax Profit

£2,325,733

13.1%

£2,055,671

15.6%

£1,779,029

-31.9%

£2,612,000

-32.4%

£3,865,000

Taxation

-£452,473

22.7%

-£585,135

-5.1%

-£556,539

25.8%

-£750,000

36.9%

-£1,188,000

Profit After Tax

£1,873,260

27.4%

£1,470,536

20.3%

£1,222,489

-34.3%

£1,862,000

-30.4%

£2,677,000

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£1,873,260

27.4%

£1,470,536

20.3%

£1,222,489

-34.3%

£1,862,000

-30.4%

£2,677,000

 

Balance Sheet

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

£276,577

176.3%

£100,089

56.7%

£63,876

-7.4%

£69,000

-6.8%

£74,000

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£276,577

176.3%

£100,089

56.7%

£63,876

-7.4%

£69,000

-6.8%

£74,000

Stock

£16,283,092

9.1%

£14,928,043

16.9%

£12,765,621

-30.2%

£18,293,000

37.8%

£13,278,000

Trade Debtors

£17,177,969

22.9%

£13,977,495

19.4%

£11,707,564

-21.7%

£14,957,000

30.6%

£11,451,000

Cash

£1,742,967

53.4%

£1,136,512

-10.1%

£1,263,597

48.7%

£850,000

-45.7%

£1,564,000

Other Debtors

£1,063,666

-30.1%

£1,520,877

13.1%

£1,345,181

-50.1%

£2,695,000

-3.1%

£2,782,000

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£36,267,693

14.9%

£31,562,926

16.5%

£27,081,963

-26.4%

£36,795,000

26.6%

£29,075,000

Trade Creditors

£5,265,028

2.9%

£5,115,783

41.9%

£3,606,122

-50.7%

£7,320,000

6.3%

£6,885,000

Bank Loans & Overdrafts

£14,561,445

23.7%

£11,773,171

7.8%

£10,925,879

-14.7%

£12,803,000

60%

£8,001,000

Other Short Term Finance

£2,204,323

5.6%

£2,087,652

119.6%

£950,544

201.8%

£315,000

854.5%

£33,000

Miscellaneous Current Liabilities

£1,441,516

-2.9%

£1,484,158

17.9%

£1,258,538

-34.8%

£1,931,000

14.1%

£1,692,000

Total Current Liabilities

£23,472,313

14.7%

£20,460,764

22.2%

£16,741,083

-25.2%

£22,369,000

34.7%

£16,611,000

Bank Loans & Overdrafts and LTL

£14,605,863

23.6%

£11,821,143

7.4%

£11,006,198

-14.7%

£12,909,000

61.1%

£8,012,000

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

£44,418

-7.4%

£47,972

-40.3%

£80,319

-24.2%

£106,000

863.6%

£11,000

 

Capital & Reserves

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

P & L Account Reserve

£12,530,056

17.6%

£10,656,796

8.6%

£9,809,638

-27.7%

£13,575,000

15.9%

£11,713,000

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£497,483

-

£497,483

-3.4%

£514,799

-36.8%

£814,000

-

£814,000

Shareholder Funds

£13,027,539

16.8%

£11,154,279

8%

£10,324,437

-28.2%

£14,389,000

14.9%

£12,527,000

 

Other Financial Items

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

£13,027,539

16.8%

£11,154,279

8%

£10,324,437

-28.2%

£14,389,000

14.9%

£12,527,000

Working Capital

£12,795,381

15.3%

£11,102,162

7.4%

£10,340,880

-28.3%

£14,426,000

15.7%

£12,464,000

Total Assets

£36,544,270

15.4%

£31,663,015

16.6%

£27,145,839

-26.4%

£36,864,000

26.5%

£29,149,000

Total Liabilities

£23,516,731

14.7%

£20,508,736

21.9%

£16,821,401

-25.2%

£22,475,000

35.2%

£16,622,000

Net Assets

£13,027,539

16.8%

£11,154,279

8%

£10,324,437

-28.2%

£14,389,000

14.9%

£12,527,000

 

Cash Flow

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Cashflow from Operations

-£859,935

-10%

-£781,759

27.8%

-£1,082,090

75.2%

-£4,359,000

-999.9%

£316,000

Net Cashflow before Financing

-£2,181,818

-37.4%

-£1,588,392

24.5%

-£2,102,833

61.9%

-£5,516,000

-444.5%

-£1,013,000

Net Cashflow from Financing

£2,788,274

80.9%

£1,541,605

-45.5%

£2,828,864

-41.1%

£4,802,000

247.2%

£1,383,000

Increase in Cash

£606,455

999.9%

-£46,787

-106.4%

£726,031

201.7%

-£714,000

-293%

£370,000

 

Miscellaneous

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£13,071,957

16.7%

£11,202,251

7.7%

£10,404,756

-28.2%

£14,495,000

15.6%

£12,538,000

Number of Employees

47

14.6%

41

32.3%

31

19.2%

26

23.8%

21

 

Auditors

BAKER TILLY UK AUDIT LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

J P MORGAN CHASE BANK

Bank Branch Code

40-48-19

 

Ratios

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

2.37

2.43

2.29

2.39

3.76

Current ratio

1.55

1.54

1.62

1.64

1.75

Sales/Net Working Capital

7.66

7.63

7.53

7.57

8.24

Gearing %

112.10

106

106.60

89.70

64

Equity in %

35.60

35.20

38

39

43

Creditor Days

19.55

21.97

16.86

24.39

24.39

Debtor Days

63.79

60.03

54.75

49.84

40.58

Liquidity/Acid Test

0.85

0.81

0.85

0.82

0.95

Return On Capital Employed %

17.79

18.35

17.09

18.02

30.82

Return On Total Assets Employed %

6.36

6.49

6.55

7.08

13.25

Current Debt Ratio

1.80

1.83

1.62

1.55

1.32

Total Debt Ratio

1.80

1.83

1.62

1.56

1.32

Stock Turnover Ratio %

16.61

17.61

16.40

16.74

12.92

Return on Net Assets Employed %

17.85

18.42

17.23

18.15

30.85

 

ADDITIONAL INFORMATION

 

Current Company Secretary

Name

David Houston York

Date of Birth

10/06/1960

Officers Title

Mr

Nationality

American

Present Appointments

3

Function

Company Secretary

Appointment Date

22/07/2009

 

 

Address

1660 Brookview Ct, Aurora, Da Page 60502

 

Status History

No Status History found

 

Event History

Date

Description

16/05/2014

New Accounts Filed

16/05/2014

New Accounts Filed

10/02/2014

Annual Returns

08/02/2014

Annual Returns

08/10/2013

Annual Returns

03/07/2013

New Accounts Filed

10/06/2013

Change in Reg.Office

10/06/2013

Change of Company Postcode

13/10/2012

Annual Returns

10/09/2012

New Accounts Filed

31/10/2011

Annual Returns

05/07/2011

Change of Name

12/04/2011

New Accounts Filed

12/04/2011

New Accounts Filed

26/10/2010

Annual Returns

 

Previous Company Names

Date

Previous Name

01/07/2011

PREMIUM INGREDIENTS INTERNATIONAL (UK) LTD.

18/09/2006

PREMIUM INGREDIENTS INTERNATIONAL (UK), LTD.

04/07/2006

AMC CHEMICALS (UK), LTD.

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period increased 15.7% on the previous trading period.

 

Net Worth increased by 16.8% during the latest trading period.

 

 

A 15.4% growth in Total Assets occurred during the latest trading period.

 

Pre-tax profits increased by 13.1% compared to the previous trading period.

 

The company saw an increase in their Cash Balance of 53.4% during the latest trading period.

 

The audit report contains no adverse comments.

 

No recent changes in directorship are recorded.

 

The company is part of a group.

 

The company has changed its registered address recently.

 

The company has changed its registered name recently.

 

The company was established over 11 years ago.

 

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FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.102.04

Euro

1

Rs.80.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

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.