MIRA
INFORM REPORT
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Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
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Name : |
MERCIAN SURGICAL SUPPLY CO. LTD. |
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Registered Office : |
10 Topaz Business Park, Topaz Way, Bromsgrove,
B61 0GD |
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Country : |
United Kingdom |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
10.06.1968 |
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Com. Reg. No.: |
00933463 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Retailer & supplier of Specialized Surgical Instrumentation and orthopaedic goods to Hospitals throughout the UK and Ireland. Subject product
ranges includes :- · Specialist Spinal Retractor Systems · Cardiac and Vascular Instruments |
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No. of Employees |
16 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 second largest economy in Europe after Germany.
Over the past two decades, the government has greatly reduced public ownership
and contained the growth of social welfare programs. 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, account by far for the largest proportion of
GDP while industry continues to decline in importance. 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. Sharply declining 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 include
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 over 10% of GDP in 2010 to nearly 1% by 2015. In
November 2011, Chancellor of the Exchequer George OSBORNE announced additional
austerity measures through 2017 because of slower-than-expected economic growth
and the impact of 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 up to £375 billion (approximately $605 billion) as of
December 2012. 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. GDP fell 0.1%, and the
budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued
to increase.
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Source : CIA |
COMPANY NAME & address
Mercian Surgical Supply Co. Ltd.
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Business Description
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The Company was established in 1968 with an office in Birmingham City
centre supplying local Hospitals with a wide range of surgical products. We
moved in 1985 to premises outside Birmingham City Centre and have grown into
a major supplier of specialist Surgical Instrumentation and equipment supplying
Hospitals throughout the UK and Ireland with a reputation for high quality
surgical Instrumentation. We have a particular strength supplying
Instrumentation in the fields of Micro Surgery, Spinal Surgery and
Orthopaedic Instrumentation. In 2011 Mercian have moved to a new modern
office building in Bromsgrove approx 10 miles away from the previous office
and located centrally ideally situated to serve our customers throughout the
UK and Ireland. We have experienced sales Representation to support our customers
throughout the UK and Ireland Quality Standards Mercian is very proud to have
a full quality assurance system. We are registered to ISO9001:2000,
ISO13485:2003, and Medical Devices Directive 93/42EEC. Mercians aim is to
supply the highest quality instrumentation and also the best possible level
of customer service. Our company quality policy is for continual improvement
to all of our processes which are annually reviewed. To download a copy of
our certificates please select from the following… |
Subject product
ranges includes :-
· Specialist Spinal Retractor Systems
· Cardiac and Vascular Instruments
· Hand and Foot Surgery instruments
· Shoulder Surgery Instruments
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
3250 -
Manufacture of medical and dental instruments and supplies |
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NACE Rev 2: |
3250 -
Manufacture of medical and dental instruments and supplies |
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NAICS 2012: |
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UK SIC 2007: |
3250 -
Manufacture of medical and dental instruments and supplies |
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US SIC 1987: |
384 -
Surgical, Medical, and Dental Instruments and Apparatus |
Key Executives
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Name |
Title |
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Kevin John Turner |
Director, Secretary |
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Paul Christopher Duffy |
Director |
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Denis Michael Duffy |
Director |
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John Fitzgerald Duffy |
Director |
Financial Summary
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Corporate Overview
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Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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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: 0844 879 1133 |
Annual Return Date: 12 Jul 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 |
19 Dec 1934 |
212 Old Birmingham Road, Marlbrook, |
27 Jul 1991 |
NA |
Current:1 |
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Current |
25 Jul 1960 |
10 Topaz Business Park, Topaz Way, |
02 Jun 2008 |
NA |
Current:2 |
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Current |
28 Feb 1970 |
10 Topaz Business Park, Topaz Way, |
07 Apr 2009 |
NA |
Current:1 |
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Current |
06 Jul 1964 |
10 Topaz Business Park, Topaz Way, |
01 Aug 1999 |
NA |
Current:2 |
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Previous |
13 Oct 1932 |
60 Salisbury Road, Moseley, |
27 Jul 1991 |
31 Mar 2008 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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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 |
25 Jul 1960 |
10 Topaz Business Park, Topaz Way, |
07 Apr 2009 |
NA |
Current:2 |
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Previous |
19 Dec 1934 |
212 Old Birmingham Road, Marlbrook, |
28 Mar 2008 |
07 Apr 2009 |
Current:1 |
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Previous |
13 Oct 1932 |
60 Salisbury Road, Moseley, |
27 Jul 1991 |
28 Mar 2008 |
Current:0 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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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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D M Duffy |
310 Ordinary GBP 1.00 |
Ordinary |
310 |
1.00 |
310.00 |
51.67 |
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J F Duffy |
190 Ordinary GBP 1.00 |
Ordinary |
190 |
1.00 |
190.00 |
31.67 |
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P C Duffy |
100 Ordinary GBP 1.00 |
Ordinary |
100 |
1.00 |
100.00 |
16.67 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
Annual Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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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) |
0.633217 |
0.626063 |
0.637195 |
0.636663 |
0.500129 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.637315 |
0.609199 |
0.638529 |
0.603191 |
0.504821 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
2.5 |
2.7 |
0.8 |
0.7 |
0.9 |
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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 |
2.5 |
2.7 |
0.8 |
0.7 |
0.9 |
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Total Stocks Work In Progress |
1.6 |
1.5 |
1.4 |
1.3 |
1.2 |
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Total Debtors |
1.4 |
1.1 |
0.8 |
1.0 |
1.5 |
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Cash and Equivalents |
3.5 |
2.1 |
3.4 |
2.3 |
2.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
6.4 |
4.7 |
5.6 |
4.6 |
4.7 |
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Total Assets |
9.0 |
7.4 |
6.4 |
5.4 |
5.5 |
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Other Current Liabilities |
2.8 |
2.1 |
1.7 |
1.6 |
2.0 |
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Total Current Liabilities |
2.8 |
2.1 |
1.7 |
1.6 |
2.0 |
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Other Long Term Loans |
0.2 |
0.3 |
- |
0.4 |
0.5 |
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Other Long Term Liabilities |
0.2 |
0.2 |
0.5 |
0.2 |
0.2 |
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Total Long Term Liabilities |
0.4 |
0.4 |
0.5 |
0.6 |
0.7 |
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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 |
5.8 |
4.8 |
4.2 |
3.2 |
2.8 |
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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 |
5.8 |
4.8 |
4.2 |
3.2 |
2.8 |
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Net Worth |
5.8 |
4.8 |
4.2 |
3.2 |
2.8 |
Annual Cash Flows
Financials in: USD (mil)
|
31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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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) |
0.633217 |
0.626063 |
0.637195 |
0.636663 |
0.500129 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios
Financials in: USD (mil)
|
31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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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 |
0.637315 |
0.609199 |
0.638529 |
0.603191 |
0.504821 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
2.30 |
2.27 |
3.28 |
2.86 |
2.29 |
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Liquidity Ratio |
1.72 |
1.54 |
2.47 |
2.04 |
1.72 |
|
Borrowing Ratio |
3.36% |
5.56% |
- |
12.10% |
18.39% |
|
Equity Gearing |
64.20% |
65.38% |
65.67% |
59.15% |
50.02% |
|
Debt Gearing |
3.36% |
5.56% |
- |
12.10% |
18.39% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
UK Pound |
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.