MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	AMNITEC LIMITED
Formerly Known As :	UNITED FLEXIBLE LIMITED
Registered Office :	Abercanaid Merthyr Tydfil MID Glamorgaon CF 48 1UX
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	18.07.1957
Legal Form :	Private limited with share capital
Line of Business :	Manufacturer of other fabricated metal products n.e.c.
No of Employees :	Not Available

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 :	Slow But Correct
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
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

AMNITEC LIMITED

DIRECTORS/MANAGEMENT

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Directors

Name	John Michael Tomlinson	Date of Birth	09/04/1949
Officers Title	Mr	Nationality	American
Present Appointments	3	Function	Director
Appointment Date	10/08/2004
Address	7700 Dunvegan Close, Atlanta, Ga 30350

Current Company Secretary

Name	Jack Wisniewski	Date of Birth	26/06/1947
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Company Secretary
Appointment Date	22/11/2004
Address	Abercanaid, Merthyr Tydfil, Mid Glamorgan, CF48 1UX

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Raymond Underhill	0	1
Ralph Graham Cartwright	0	18
Ralph Graham Cartwright	0	18
Nicholas Vincent Turnbull	19	68
Bernard Edmund Quinlan	0	2
Richard Michael Akroyd	0	1
Andrew John Bell	4	69
David George Keen	0	2
James Raymond McAleer	1	5
James Raymond McAleer	1	5
Sidney Frederick Cripps	2	4
Mark Rollins	56	19
Ralph Christian Berghofer	0	1
Jonathan Woodley Gagg	0	9
Peter Leonard Graham	1	10
Andrew James Matheson	0	7
Andrew James Matheson	0	7
Graham Reid Menzies	2	45
Valerie Francine Barrett	0	4
Valerie Francine Barrett	0	4
Stephen J Perkins	0	8
Robin Wighton Smith	3	6
Anthony Bartholomew Johnston	0	4
Michael John Thomas	6	8
James Harvey Preston	0	11
John Stephen Proctor	0	1

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 3

Outstanding 2

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 2

Total Value of Documented Trade £310

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

Mortgage Details

Mortgage Type:	FIXED CHARGE ON DEBTS
Date Charge Created:	19/08/10
Date Charge Registered:	25/08/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	FORTIS COMMERCIAL FINANCE LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	BY WAY OF FIXED EQUITABLE CHARGE, ANY DEBT, BY WAY OF FLOATING CHARGE THE SPECIFIED DEBTS SEE IMAGEFOR FULL DETAILS

Mortgage Type:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	10/08/04
Date Charge Registered:	26/08/04
Date Charge Satisfied:	17/08/12
Status:	SATISFIED
Person(s) Entitled:	GMAC COMMERCIAL FINANCE PLC (IN ITS OWN CAPACITY AND IN ITS CAPACITY AS SECURITY AGENT FOR THEU
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 MORTGAGECHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	10/08/04
Date Charge Registered:	24/08/04
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SENIOR PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ANY OBLIGOR OR ANY CHARGOR, SUBJECT TO A MAXIMUM AGGREGATE LIABILITY OF £564,000.00, TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
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 MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
UNITED FLEXIBLE LTD	GBP	7,732,000	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£734.29
Invoices available	361
Paid	331
Outstanding	30

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

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	129	118	67	16	1
Outstanding	15	15	0	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
INTERNATIONAL HOSE HOLDI...	N/A	-	-
UNITED FLEXIBLE LIMITED	05127235	31.12.2012	Y	£44,200,000
AMNITEC LIMITED	00587472	31.12.2012	N	£8,302,000

FINANCIAL INFORMATION

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	£8,302,000	-6.2%	£8,848,000	2.3%	£8,650,000	14.5%	£7,552,000	-33.3%	£11,319,000
Export	£5,449,000	-5.2%	£5,750,000	18.4%	£4,856,000	-	-	-	-
Cost of Sales	£7,182,000	0.5%	£7,148,000	1.1%	£7,071,000	11.2%	£6,357,000	-32.5%	£9,412,000
Gross Profit	£1,120,000	-34.1%	£1,700,000	7.7%	£1,579,000	32.1%	£1,195,000	-37.3%	£1,907,000
Wages & Salaries	£2,656,000	-0.3%	£2,663,000	-3.1%	£2,748,000	-1%	£2,775,000	-17.2%	£3,352,000
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	£190,000	-63.7%	£523,000	190.6%	£180,000	122.3%	-£807,000	-288.1%	£429,000
Depreciation	£49,000	-47.9%	£94,000	-14.5%	£110,000	-37.1%	£175,000	-24.9%	£233,000
Audit Fees	£25,000	-	£25,000	-10.7%	£28,000	-	£28,000	33.3%	£21,000
Interest Payments	£76,000	-15.6%	£90,000	11.1%	£81,000	-54.7%	£179,000	-66.8%	£539,000
Pre Tax Profit	£114,000	-73.7%	£433,000	337.4%	£99,000	110%	-£986,000	-388.3%	£342,000
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	£114,000	-73.7%	£433,000	337.4%	£99,000	110%	-£986,000	-388.3%	£342,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£114,000	-73.7%	£433,000	337.4%	£99,000	110%	-£986,000	-388.3%	£342,000

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	£140,000	-21.3%	£178,000	-31.8%	£261,000	-29.6%	£371,000	-32.1%	£546,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£140,000	-21.3%	£178,000	-31.8%	£261,000	-29.6%	£371,000	-32.1%	£546,000
Stock	£767,000	-0.3%	£769,000	-16.8%	£924,000	15.6%	£799,000	-26.6%	£1,088,000
Trade Debtors	£1,364,000	-14.5%	£1,596,000	13.5%	£1,406,000	-61.9%	£3,688,000	-23.7%	£4,834,000
Cash	£28,000	-	0	-	0	-100%	£65,000	-72.8%	£239,000
Other Debtors	£5,020,000	-1.4%	£5,091,000	2.7%	£4,957,000	-17.1%	£5,981,000	8.2%	£5,529,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£7,179,000	-3.7%	£7,456,000	2.3%	£7,287,000	-30.8%	£10,533,000	-9.9%	£11,690,000
Trade Creditors	£974,000	-8.1%	£1,060,000	-22.2%	£1,363,000	0.7%	£1,353,000	-33.3%	£2,030,000
Bank Loans & Overdrafts	0	-100%	£22,000	-76.3%	£93,000	-	0	-	0
Other Short Term Finance	£5,654,000	-4.3%	£5,907,000	6.7%	£5,536,000	-36.3%	£8,694,000	77.3%	£4,904,000
Miscellaneous Current Liabilities	£186,000	-27.3%	£256,000	-57.5%	£602,000	-39.9%	£1,002,000	36%	£737,000
Total Current Liabilities	£6,814,000	-5.9%	£7,245,000	-4.6%	£7,594,000	-31.3%	£11,049,000	44%	£7,671,000
Bank Loans & Overdrafts and LTL	£4,000	-83.3%	£24,000	-74.2%	£93,000	-	0	-100%	£3,724,000
Other Long Term Finance	£4,000	100%	£2,000	-	0	-	0	-100%	£3,724,000
Total Long Term Liabilities	£4,000	100%	£2,000	-	0	-	0	-100%	£3,724,000

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	£7,732,000	-	£7,732,000	-	£7,732,000	-	£7,732,000	-	£7,732,000
P & L Account Reserve	-£7,423,000	1.5%	-£7,537,000	5.4%	-£7,970,000	1.2%	-£8,069,000	-13.9%	-£7,083,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£192,000	-	£192,000	-	£192,000	-	£192,000	-	£192,000
Shareholder Funds	£501,000	29.5%	£387,000	941.3%	-£46,000	68.3%	-£145,000	-117.2%	£841,000

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	£501,000	29.5%	£387,000	941.3%	-£46,000	68.3%	-£145,000	-117.2%	£841,000
Working Capital	£365,000	73%	£211,000	168.7%	-£307,000	40.5%	-£516,000	-112.8%	£4,019,000
Total Assets	£7,319,000	-4.1%	£7,634,000	1.1%	£7,548,000	-30.8%	£10,904,000	-10.9%	£12,236,000
Total Liabilities	£6,818,000	-5.9%	£7,247,000	-4.6%	£7,594,000	-31.3%	£11,049,000	-3%	£11,395,000
Net Assets	£501,000	29.5%	£387,000	941.3%	-£46,000	68.3%	-£145,000	-117.2%	£841,000

Cash Flow

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£505,000	29.8%	£389,000	945.7%	-£46,000	68.3%	-£145,000	-103.2%	£4,565,000
Number of Employees	106	-0.9%	107	-7.8%	116	6.4%	109	-18%	133
Auditors	BDO LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code	40-00-00

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	1.37	4.89	1.14	-13.06	3.02
Current ratio	1.05	1.03	0.96	0.95	1.52
Sales/Net Working Capital	22.75	41.93	-28.18	-14.64	2.82
Gearing %	0.80	6.20	-202.20	0	442.80
Equity in %	6.80	5.10	-0.60	-1.30	6.90
Creditor Days	42.70	43.60	57.35	65.21	65.28
Debtor Days	59.80	65.65	59.16	177.75	155.45
Liquidity/Acid Test	0.94	0.92	0.83	0.88	1.38
Return On Capital Employed %	22.57	111.31	-215.21	680	7.49
Return On Total Assets Employed %	1.55	5.67	1.31	-9.04	2.79
Current Debt Ratio	13.60	18.72	-165.08	-76.20	9.12
Total Debt Ratio	13.60	18.72	-165.08	-76.20	13.54
Stock Turnover Ratio %	9.23	8.69	10.68	10.57	9.61
Return on Net Assets Employed %	22.75	111.88	-215.21	680	40.66

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	2	£310

Company Name	Amount	Statement Date
Hydratek Hose & Assemblies Limited	£157	25/03/2011
Pickup Bellows Ltd	£153	11/10/2010

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
11/10/2013	New Accounts Filed
24/09/2013	Annual Returns
09/10/2012	New Accounts Filed
09/10/2012	New Accounts Filed
14/08/2012	Annual Returns
28/10/2011	New Accounts Filed
28/10/2011	New Accounts Filed
09/08/2011	Annual Returns
23/05/2011	New Accounts Filed
07/08/2010	Annual Returns
14/04/2010	New Accounts Filed
23/08/2009	Annual Returns
29/10/2008	New Accounts Filed
24/06/2008	Annual Returns
05/11/2007	New Accounts Filed

Previous Company Names

Date	Previous Name
08/12/2004	UNITED FLEXIBLE LIMITED
20/09/2004	SENIOR FLEXONICS LIMITED
06/04/1992	SENIOR TIFT LIMITED
26/04/1989	TIFT LIMITED
08/12/1988	T.I. FLEXIBLE TUBES LIMITED
31/12/1978	COMPOFLEX COMPANY LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period decreased 6.2% on the previous trading period.

Net Worth increased by 29.5% during the latest trading period.

A 4.1% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 73.7% compared to the previous 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 was established over 56 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.09
UK Pound	1	Rs. 102.39
Euro	1	Rs. 81.88

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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%)

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