MIRA INFORM REPORT

 

 

Report Date :

29.07.2014

 

IDENTIFICATION DETAILS

 

Name :

TRICON ENERGY UK LIMITED 

 

 

Registered Office :

3rd Floor 167 Fleet Street London Ec4a 2ea

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.09.2006

 

 

Com. Reg. No.:

05938997

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

·         wholesaler of Other Fuels & Related Products                      

Engaged in distribution of Industrial Chemicals & Petrochemicals

 

 

No of Employees :

03 (31.12.2012)

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown 

 

 

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:                                    TRICON ENERGY UK LIMITED

Company No:                                        05938997

Company Status:                                   Active - Accounts Filed

Registered Address:                               3RD FLOOR 167 FLEET STREET LONDON EC4A 2EA

Trading Address                                     3RD FLOOR 167 FLEET STREET LONDON EC4A 2EA

Telephone Number                                 02074275700

TPS                                                      No

FPS                                                      No

Incorporation Date                                  18/09/2006

Type                                                     Private Limited with Share Capital

Filing Date of Accounts                          18/09/2013

Currency                                               GBP

Share Capital                                         £ 100

SIC07                                                   46719

SIC07                                                   wholesaler of other fuels & related products                    

Principal activity                                    The distribution of industrial chemicals & petrochemicals

Accounts data converted from US Dollar.

 

 

DIRECTORS/MANAGEMENT

 

Total Current Directors

3

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

4

 

Current Directors

Name

Ignacio Torras

Date of Birth

13/03/1964

Officers Title

Mr

Nationality

Spanish

Present Appointments

2

Function

Director

Appointment Date

18/09/2006

 

 

Address

11606 Copperas Cove, Houston, Texas 77077

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Brian James Morris

Date of Birth

20/06/1981

Officers Title

Mr

Nationality

American

Present Appointments

3

Function

Director

Appointment Date

10/07/2013

 

 

Address

3rd Floor, 167 Fleet Street, London, EC4A 2EA

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Bryan Elwood

Date of Birth

23/06/1967

Officers Title

Mr

Nationality

American

Present Appointments

2

Function

Director

Appointment Date

10/07/2013

 

 

Address

3rd Floor, 167 Fleet Street, London, EC4A 2EA

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

Name

Bryan Elwood

Date of Birth

-

Officers Title

Mr

Nationality

 

Present Appointments

1

Function

Company Secretary

Appointment Date

10/07/2013

 

 

Address

3rd Floor, 167 Fleet Street, London, EC4A 2EA

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Jeffrey Howard McNear

0

2

Jeffrey Howard McNear

0

2

William Andrew Fry

0

2

William Andrew Fry

0

2

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage                           3

Outstanding                               3

Satisfied                                    0

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

Mortgage Details

Mortgage Type:

TRADE FINANCE SECURITY AGREEMENT

Date Charge Created:

15/10/10

 

 

Date Charge Registered:

20/10/10

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

BNP PARIBAS (SUISSE) SA

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:

ASSIGNMENT OF MONEYS AND RECEIVABLES AND INSURANCES,A FIRST PRIORITY SECURITY INTEREST IN AND FLOATING CHARGE ALL THE CHARGOR\S RIGHTS TITLE AND INTEREST IN AND TO ALL MONEYS AND OTHER RECEIVABLES SEEIMAGE FOR FULL DETAILS

 

 

 

Mortgage Type:

CHARGE OVER DEPOSITS

Date Charge Created:

21/05/07

 

 

Date Charge Registered:

31/05/07

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

FORTIS BANK S.A./N.A.

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

FIRST FIXED CHARGE THE DEPOSIT AND ALL THE COMPANY\S RIGT,TITLE,BENEFIT AND INTEREST WHATSOEVER SEETHE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

 

 

Mortgage Type:

GENERAL ASSIGNMENT OF RECEIVABLES

Date Charge Created:

21/05/07

 

 

Date Charge Registered:

31/05/07

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

FORTIS BANK S.A/N.V.,UK BRANCH

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

ALL ITS RIGHT,TITLE AND INTEREST IN ANDTO THE RECEIVABLES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULLDETAILS

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

TRICON INTERNATIONAL LTD

GBP

100

ORDINARY

1

100

 

PAYMENT INFORMATION

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade                     0

Total Value of Documented Trade                        £0

Trade Payment Information

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

 

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

 

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

 

 

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

TRICON INTERNATIONAL

 

Group structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

TRICON INTERNATIONAL

 

 

-

-

 

TRICON ENERGY UK LIMITED

 

05938997

31.12.2012

N

£162,427,635

 

 

FINANCIAL INFORMATION

 

Key financials

 

Year to date                 turnover                      Pre Tax Profit              Shareholder Funds      Employees

31.12.2012                    £ 162,427,635                £ 152,301                      £ 410,910                      3

31.12.2011                    £129,360,818                 -£ 1,804,328                  £ 2,223,246                   2         

31.12.2010                    £ 77,670,547                 £ 2,228,057                   £ 3,901,583                   2

 

Profit & Loss

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£162,427,635

25.6%

£129,360,818

66.6%

£77,670,547

215.6%

£24,606,867

-18.1%

£30,029,399

Cost of Sales

£160,484,272

25.9%

£127,481,546

69.5%

£75,198,716

215.9%

£23,804,760

-16.9%

£28,635,483

Gross Profit

£1,943,363

3.4%

£1,879,272

-24%

£2,471,831

208.2%

£802,107

-42.5%

£1,393,916

Operating Profit

£191,888

111.6%

-£1,649,681

-171.8%

£2,298,513

174.1%

£838,589

-35.4%

£1,297,833

Audit Fees

£10,442

16.2%

£8,987

15.8%

£7,758

-0.2%

£7,775

70.1%

£4,572

Interest Payments

£39,587

-74.4%

£154,648

114.1%

£72,235

-34.7%

£110,672

-61.4%

£286,812

Pre Tax Profit

£152,301

108.4%

-£1,804,328

-181%

£2,228,057

188.4%

£772,571

-24.2%

£1,019,232

Taxation

-£37,236

-82.6%

-£20,396

82%

-£113,409

41.5%

-£193,888

40.8%

-£327,636

Profit After Tax

£115,065

106.3%

-£1,824,725

-186.3%

£2,114,647

265.4%

£578,683

-16.3%

£691,596

Dividends Payable

£1,927,401

-

-

-

-

-

-

-

-

Retained Profit

-£1,812,337

0.7%

-£1,824,725

-186.3%

£2,114,647

265.4%

£578,683

-16.3%

£691,596

 

Balance Sheet

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Stock

£852,149

241.5%

£249,495

278.5%

£65,920

-65.2%

£189,352

-

0

Trade Debtors

£39,950,031

38.2%

£28,911,343

9.1%

£26,505,648

345.9%

£5,944,257

-27.3%

£8,181,185

Cash

£113,423

-72.4%

£411,613

-40%

£685,875

-63.1%

£1,858,000

999.9%

£104,227

Other Debtors

£41,563,781

119.3%

£18,953,615

999.9%

£566,953

168%

£211,546

-88.1%

£1,771,131

Total Current Assets

£82,479,384

70%

£48,526,066

74.4%

£27,824,396

239.2%

£8,203,155

-18.4%

£10,056,543

Trade Creditors

£21,870,713

611.2%

£3,074,989

-54.7%

£6,790,178

43.2%

£4,742,984

69.8%

£2,792,501

Other Short Term Finance

£58,196,860

50.7%

£38,621,487

130%

£16,794,892

999.9%

£1,021,457

-80.9%

£5,353,555

Miscellaneous Current Liabilities

£2,000,901

-56.6%

£4,606,343

999.9%

£337,743

-42.4%

£586,398

-9.9%

£651,082

Total Current Liabilities

£82,068,474

77.2%

£46,302,820

93.6%

£23,922,813

276.7%

£6,350,839

-27.8%

£8,797,138

 

Capital & Reserves

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Called Up Share Capital

£121

-

£121

3.8%

£116

-3.5%

£121

1.1%

£119

P & L Account Reserve

£410,789

-81.5%

£2,223,126

-43%

£3,901,467

110.6%

£1,852,195

47.1%

£1,259,285

Shareholder Funds

£410,910

-81.5%

£2,223,246

-43%

£3,901,583

110.6%

£1,852,316

47.1%

£1,259,405

 

Other Financial Items

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Net Worth

£410,910

-81.5%

£2,223,246

-43%

£3,901,583

110.6%

£1,852,316

47.1%

£1,259,405

Working Capital

£410,910

-81.5%

£2,223,246

-43%

£3,901,583

110.6%

£1,852,316

47.1%

£1,259,405

Total Assets

£82,479,384

70%

£48,526,066

74.4%

£27,824,396

239.2%

£8,203,155

-18.4%

£10,056,543

Total Liabilities

£82,068,474

77.2%

£46,302,820

93.6%

£23,922,813

276.7%

£6,350,839

-27.8%

£8,797,138

Net Assets

£410,910

-81.5%

£2,223,246

-43%

£3,901,583

110.6%

£1,852,316

47.1%

£1,259,405

 

Cash Flow

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Net Cashflow from Operations

£1,669,451

999.9%

-£133,201

84.2%

-£840,873

-133.5%

£2,511,970

556.2%

£382,828

Net Cashflow before Financing

-£298,189

0.6%

-£299,996

72.9%

-£1,106,544

-163.1%

£1,752,595

999.9%

£104,226

Increase in Cash

-£298,190

0.6%

-£299,996

72.9%

-£1,106,545

-163.1%

£1,752,595

999.9%

£104,227

 

Miscellaneous

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Contingent Liability

YES

-

YES

-

YES

-

YES

-

YES

Capital Employed

£410,910

-81.5%

£2,223,246

-43%

£3,901,583

110.6%

£1,852,316

47.1%

£1,259,405

Number of Employees

3

50%

2

-

2

-

2

-

2

 

Auditors

BEECHAMS LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

BNP PARIBAS FORTIS

Bank Branch Code

23-46-35

 

Ratios

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

Pre-tax profit margin %

0.09

-1.39

2.87

3.14

3.39

Current ratio

1.01

1.05

1.16

1.29

1.14

Sales/Net Working Capital

395.29

58.19

19.91

13.28

23.84

Gearing %

0

0

0

0

0

Equity in %

0.50

4.60

14

22.60

12.50

Creditor Days

49.01

8.65

31.82

70.16

33.84

Debtor Days

89.52

81.35

124.21

87.93

99.16

Liquidity/Acid Test

0.99

1.04

1.16

1.26

1.14

Return On Capital Employed %

37.06

-81.15

57.10

41.70

80.92

Return On Total Assets Employed %

0.18

-3.71

8

9.41

10.13

Current Debt Ratio

199.72

20.82

6.13

3.42

6.98

Total Debt Ratio

199.72

20.82

6.13

3.42

6.98

Stock Turnover Ratio %

0.52

0.19

0.08

0.76

-

Return on Net Assets Employed %

37.06

-81.15

57.10

41.70

80.92

 

ADDITIONAL INFORMATION

 

Commentary

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period increased 25.6% on the previous trading period.

 

Net Worth decreased by 81.5% during the latest trading period.

 

 

A 70% growth in Total Assets occurred during the latest trading period.

 

Pre-tax profits increased by 108.4% compared to the previous trading period.

 

The company saw a decrease in their Cash Balance of 72.4% 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 7 years ago.

 

 

Status History

No Status History found

 

Event History

Date

Description

19/10/2013

Annual Returns

28/09/2013

New Accounts Filed

28/09/2013

New Accounts Filed

23/07/2013

Mr W.A. Fry has resigned as company secretary

23/07/2013

Mr W.A. Fry has left the board

23/07/2013

New Company Secretary Mr B. Elwood appointed

23/07/2013

New Board Member Mr B. Elwood appointed

23/07/2013

New Board Member Mr B.J. Morris appointed

06/11/2012

Annual Returns

25/10/2012

New Accounts Filed

25/10/2012

New Accounts Filed

06/12/2011

Annual Returns

10/10/2011

New Accounts Filed

10/10/2011

New Accounts Filed

25/12/2010

Annual Returns

 

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.