MIRA INFORM REPORT

 

 

Report Date :

18.11.2014

 

IDENTIFICATION DETAILS

 

Name :

TAYSIDE MACHINERY LIMITED

 

 

Formerly Known As :

TIEHARD LIMITED

 

 

Registered Office :

176 Perth Road, Dundee DD1 4JS

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.08.2013

 

 

Date of Incorporation :

19.08.1987

 

 

Com. Reg. No.:

SC106211

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

·         Agents in industrial equipment.

·         Agents in industrial equipment.

·         Agents involved in the sale of machinery, industrial equipment, ships and aircraft

 

 

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 :

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 Ł375 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

 

Company Name

 

TAYSIDE MACHINERY LIMITED

 

 

Company identification

 

 

 

 

TAYSIDE MACHINERY LIMITED

 

Telephone

 

+44 013 8220 0797

 

176 Perth Road

Fax

-

Dundee

Website

www.taysidemachinery.com

 

DD1 4JS

United Kingdom

 

 

 

Company Number: Foundation:

 

SC106211 19/08/1987

 

Status:

VAT No

 

Active - Accounts Filed

N/A

 

 

 

 

Main indices

 

 

 

Payment experience and credit opinion

 

 

Credit Limit The company reports a weakening financial position. Recommend dealings on a pro-forma basis only

 

 

 

Comments

 

 No exact match CCJs are recorded against the company. A 14.3% growth in Total Assets occurred during the latest trading period.

 

Net Worth decreased by 95.1% during the latest trading period. The company saw a decrease in their Cash Balance of 73% during the latest trading period. The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

 

There is insufficient data to indicate a change in this company’s percentage of sales. There is insufficient data to indicate a change in this company’s pre-tax profit. The company is exempt from audit. No recent changes in directorship are recorded. The company is not part of a group. The company was established over 26 years ago.

 

 

 

 

 

Legal form

Private limited with Share Capital

 

 

 

 

Foundation

19/08/1987

 

 

 

 

Company No.

SC106211

 

 

 

 

Previous Names

 

 

      Date of change                   Previous Name

15/09/1987                      TIEHARD LIMITED

 

 

 

Shareholders

 

Name                                       Currency     Number of Share type        Nominal value

shares

MOIRA TAYLOR                        GBP                 1          ORDINARY       1

ROY RITCHIE TAYLOR              GBP                 99         ORDINARY       1

Total Share Capital                                                                               GBP 100

 

 

Management

 

 

Directors

Name

Address:

Date of birth

Nationality

Appointment

date

Mr Roy Ritchie Taylor

 

Mr Barry Richard Taylor

Hosie Park, Auchterhouse, Dundee DD3 0QL

176 Perth Road, Dundee DD1 4JS

02/02/1953

 

09/11/1981

British

 

British

19/10/1988

 

25/03/2013

 

 

Company Secretary

 

Name

Address:

Appointment

 

 

date

Ms Moira Taylor

Hosie Park, Auchterhouse, Dundee

06/08/1993

 

 

Other Known Addresses

 

176 Perth Road, Dundee, Angus DD1 4JS

Unit 15, Flemington Industrial Park, Craigneuk Street, Motherwell, Lanarkshire ML1 2NT

 

 

Business Activities

 

Main activity

Principal Activity           Agents in industrial equipment.

SIC03                           Agents in industrial equipment.

SIC07                           Agents involved in the sale of machinery, industrial equipment, ships and aircraft

 

 

Economic data

Turnover and Employees

 

Date of Accounts Turnover

Employees

31/08/2011

Not Stated

Not Stated

31/08/2012

Not Stated

Not Stated

31/08/2013

Not Stated

Not Stated

 

 

Supplementary data

 

Events

 

Company history

 

Date

Action

25/01/2010

Annual Returns

25/01/2010

Annual Returns

11/03/2010

New Accounts Filed

20/01/2011

New Accounts Filed

03/02/2011

Annual Returns

04/01/2012

New Accounts Filed

19/01/2012

Annual Returns

22/11/2012

New Accounts Filed

17/01/2013

Annual Returns

29/04/2013

New Board Member Mr B.R. Taylor appointed

28/02/2014

Annual Returns

09/06/2014

New Accounts Filed

 

Mortgages

 

Charge created

26/02/1990

Charge registered

15/03/1990

Status

Outstanding

Entitled person

CLYDESDALE BANK PUBLIC LIMITED COMPANY ALL

Secured amount

SUMS DUE OR TO BECOME DUE

Mortgage details

UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

 

Charge created

31/08/2001

Charge registered

11/09/2001

Status

OUTSTANDING

Entitled person

THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

Secured amount

ALL SUMS DUE OR TO BECOME DUE

Mortgage details

THE WHOLE ASSETS OF THE COMPANY

 

 

County Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

Accounts

 

PROFIT AND LOSS

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Turnover

0

0

0

0

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

0

0

0

0

Directors Emoluments

-

-

-

-

Operating Profit

-

-

-

-

Depreciation

32,737

32,191

12,913

7,063

Audit Fees

0

0

0

0

 

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Interests Payments

-

-

-

-

Pre Tax Profit

0

0

0

0

Taxation

-

-

-

-

Profit After Tax

-

-

-

-

Dividends Payable

-

-

-

-

Retained Profit

-

-

-

-

 

BALANCE SHEET

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Tangible Assets

90,122

120,895

132,070

29,660

Intangible Assets

0

0

0

0

Total Fixed Assets

90,122

120,895

132,070

29,660

Stock

266,097

259,781

176,985

136,155

Trade Debtors

325,246

137,698

288,019

274,885

Cash

4,729

17,523

1,264

16,235

Other Debtors

11,334

74,334

8,354

7,991

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

607,406

489,336

474,622

435,266

Trade Creditors

678,670

540,820

515,006

427,675

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

0

0

0

Miscellaneous Current Liabilities

0

0

0

0

Total Current Liabilities

678,670

540,820

515,006

427,675

Bank Loans and Overdrafts LTL

17,623

44,337

58,719

1,261

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

17,623

44,337

58,719

1,261

 

 

CAPITAL & RESERVES

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Called Up Share Capital

100

100

100

100

P and L Account Reserve

1,135

24,974

32,867

35,890

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

1,235

25,074

32,967

35,990

 

OTHER FINANCIAL ITEMS

 

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Net Worth

1,235

25,074

32,967

35,990

Working Capital

-71,264

-51,484

-40,384

7,591

Total Assets

697,528

610,231

606,692

464,926

Total Liabilities

696,293

585,157

573,725

428,936

Net Assets

1,235

25,074

32,967

35,990

 

CASH FLOW

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

-12,794

16,259

-14,971

9,927

 

MISCELLANEOUS

 

 

31/08/2013

52

GBP

Group: No

31/08/2012

52

GBP

Group: No

31/08/2011

52

GBP

Group: No

31/08/2010

52

GBP

Group: No

Capital Employed

18,858

69,411

91,686

37,251

 

FINANCIAL RATIOS

 

 

31/08/2013

31/08/2012

31/08/2011

31/08/2010

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

0.89

0.90

0.92

1.02

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

1426.96 %

176.82 %

178.11 %

3.50 %

Equity

0.18 %

4.11 %

5.43 %

7.74 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

0.50

0.42

0.57

0.69

Return on Capital Employed

0.0%

0.0%

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

0.0%

0.0%

Current Debt Ratio

549.53 %

21.56 %

15.62 %

11.88 %

Total Debt Ratio

563.80 %

23.33 %

17.40 %

11.91 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

0.0%

0.0%

 

REMARKS

 

The abbreviated balance sheet reports a weaker financial position with increased losses and very low shareholder’s equity. Remains to be seen how the company trades in the financial year ended August 2014

 

Apparent Net Loss Year Ended 31/08/2013 – 23,839GBP

 

Apparent Net Loss Year Ended 31/08/2012 – 7,893GBP

 

Activity –  suppliers of quality new and used CNC and Manual machinery

 

Trading address Confirmed - 176 Perth Rd, Dundee, Angus. Scotland. DD1 4JS

 

Employees 3+

 

Bank :- Not disclosed

 

Branches :-  None

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.68

UK Pound

1

Rs.96.94

Euro

1

Rs.77.36

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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.