MIRA
INFORM REPORT
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Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
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Name : |
FLEXCON PACKAGING (UK) LTD. |
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Registered Office : |
42 Wellmeadow, Blairgowrie, PH10 6NQ |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
07.03.2005 |
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Com. Reg. No.: |
SC281157 |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufacturer of Packaging Materials |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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United Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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.
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Source
: CIA |
Company name and address
FLEXCON PACKAGING (UK) LTD.
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Business Description
Packaging Materials Manufacturers
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Munish Sharma |
Director, Secretary |
Financial Summary
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FYE: 31-Mar-2013 |
USD (mil) |
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Registered No.(UK): SC281157
1 - Profit & Loss Item Exchange Rate: USD
1 = GBP 0.6329098
2 - Balance Sheet Item Exchange Rate: USD 1 =
GBP 0.6591356
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ANZSIC 2006 Codes: |
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2599 |
- |
Other Manufacturing Not Elsewhere Classified |
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ISIC Rev 4 Codes: |
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3290 |
- |
Other manufacturing n.e.c. |
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NACE Rev 2 Codes: |
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3299 |
- |
Other manufacturing n.e.c. |
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NAICS 2012 Codes: |
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33999 |
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All Other Miscellaneous Manufacturing |
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US SIC 1987: |
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3999 |
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Manufacturing Industries, Not Elsewhere Classified |
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UK SIC 2007: |
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3299 |
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Other manufacturing n.e.c. |
Packaging Materials Manufacturers
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Executives Report
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Board of
Directors |
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Director, Secretary |
Director/Board Member |
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Executives |
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Director, Secretary |
Company Secretary |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 01250 875633 |
Annual Return Date: 31 Mar 2013 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
21 Apr 1975 |
8 Ellergreen Road, Bearsden, |
01 Apr 2005 |
NA |
Current:4 |
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Previous |
12 Feb 1974 |
15 Cortachy Crescent, Northmuir, |
01 Apr 2005 |
01 Aug 2008 |
Current:0 |
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Corporate
Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Form 10 Directors Fd Limited |
Previous |
39A Leicester Road, Salford, |
07 Mar 2005 |
08 Mar 2005 |
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Individual
Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
21 Apr 1975 |
8 Ellergreen Road, Bearsden, |
01 Aug 2008 |
NA |
Current:4 |
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Previous |
12 Feb 1974 |
15 Cortachy Crescent, Northmuir, |
01 Apr 2005 |
01 Aug 2008 |
Current:0 |
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Corporate
Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Form 10 Secretaries Fd Limited |
Previous |
1St Floor 47, Bury New Road Prestwich, |
07 Mar 2005 |
08 Mar 2005 |
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Individual
Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Munish Sharma |
2 Ordinary GBP 1.00 |
Ordinary |
2 |
1.00 |
2.00 |
100.00 |
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Corporate
Shareholders |
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There are no corporate shareholders for this company. |
Annual Profit & Loss
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Financials in:
USD (mil) |
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Except for share
items (millions) and per share items (actual units) |
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31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate (Period Average) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
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Financials in: USD (mil) |
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31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
0.4 |
0.5 |
0.5 |
0.9 |
1.4 |
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Total Debtors |
0.3 |
0.2 |
1.0 |
0.9 |
0.8 |
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Cash and Equivalents |
0.0 |
0.0 |
0.3 |
0.1 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.7 |
0.7 |
1.7 |
1.9 |
2.2 |
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Total Assets |
0.7 |
0.8 |
1.8 |
2.0 |
2.3 |
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Other Current Liabilities |
0.6 |
0.4 |
1.4 |
1.6 |
2.0 |
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Total Current Liabilities |
0.6 |
0.4 |
1.4 |
1.6 |
2.0 |
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Group Loans (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
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Director Loans (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
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Hire Purchase (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
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Leasing (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
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Other Long Term Loans |
- |
- |
0.0 |
0.0 |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
0.1 |
0.3 |
0.4 |
0.3 |
0.3 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.1 |
0.3 |
0.4 |
0.3 |
0.3 |
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Net Worth |
0.1 |
0.3 |
0.4 |
0.3 |
0.3 |
Annual
Cash Flows
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Financials in: USD (mil) |
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period Average) |
0.63291 |
0.626752 |
0.643394 |
0.627794 |
0.592803 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios
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Financials in: USD (mil) |
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|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.659136 |
0.628108 |
0.62385 |
0.659239 |
0.697666 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.11 |
1.72 |
1.24 |
1.19 |
1.14 |
|
Liquidity Ratio |
0.51 |
0.63 |
0.91 |
0.61 |
0.44 |
|
Equity Gearing |
11.93% |
42.76% |
21.50% |
17.46% |
13.56% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
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 |
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-- |
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.