MIRA INFORM REPORT

 

 

Report Date :

20.11.2014

 

IDENTIFICATION DETAILS

 

Name :

LEX MACHINERY LIMITED

 

 

Registered Office :

Unit 5, Ashmount Industrial Cent Castle Park Industrial Estate Flint Flintshire Ch6 5xa

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

23.03.2011

 

 

Com. Reg. No.:

07575104

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·         Other wholesale

·         Non-specialised wholesale trade

(We tried to confirm / obtain the detailed activity but the same is not available from any sources.)

 

 

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 – 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 £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

 

 

 

 

Company identification

 

 

LEX MACHINERY LIMITED

UNIT 5, ASHMOUNT INDUSTRIAL CENT

CASTLE PARK INDUSTRIAL ESTATE

FLINT

FLINTSHIRE

CH6 5XA

United Kingdom

 

Telephone

 

01344 860343

 

Fax

-

Website

www.lexmachinery.co.uk

 

Company Number: Foundation:

 

07575104

 

23/03/2011                                

 

 

 

Active - Accounts Filed

 

GB 150 3916 30

 

 

 

Comments  

 

 No exact match CCJs are recorded against the company. .

A 62.9% decline in Total Assets occurred during the latest trading period.

There has been no significant change in the company’s credit limit. The previous trading period saw no significant change in the percentage of sales. There is insufficient data to indicate a change in this company’s pre-tax profit. The company is exempt from audit. The company has undergone recent changes in its directorships. The company is not part of a group. The company has changed its registered address recently. The company was established over 3 years ago.   

 

 

Basic information

 

 

Legal form

Private limited with Share Capital

 

 

Foundation                                                                                                                                             

23/03/2011

 

 

Company No.

07575104

 

 

Shareholders

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr Michael Tuvey

2 Tiptree Close, Lower Earley, Reading RG6 4HS

29/04/1956

British

01/10/2014

Mr Luke Angel

Unit 5, Ashmount Industrial Centre Castle Park Ind, Flint, Clwyd CH6 5XA

03/04/1988

British

23/03/2011

Mr Rory Angel

Unit 5, Ashmount Industrial Centre Castle Park Ind, Flint, Clwyd CH6 5XA

01/10/1990

British

23/03/2011

 

 

Management

Company Secretary

Name

Address:

Appointment

 

 

date

Mr Michael Tuvey

2 Tiptree Close, Lower Earley, Reading, Berks

23/03/2011

 

RG6 4HS

 

 

Other Known Addresses                                                                                                                          

 

 

Unit 5, Ashmount Industrial Centre, Castle Park Industrial Estate, Flint, Clwyd CH6 5XA

 

 

Business activities

Main activity

SIC03               Other wholesale

SIC07               Non-specialised wholesale trade

 

Economic data

Turnover and Employees

 

Date of Accounts

 

 

31/03/2012

GBP 50,000

Not Stated

31/03/2013

Not Stated

Not Stated

 

 

Supplementary data

 

Events

Company history

Company history Date                                     Action

25/03/2011                                                        New Board Member Mr Y.E. Jacobs appointed

28/03/2011                                                        Mr Y.E. Jacobs has left the board

28/04/2011                                            New Board Member Mr R. Angel appointed

28/04/2011                                            New Board Member Mr L. Angel appointed

18/05/2011                                            New Company Secretary Mr M. Tuvey appointed

27/04/2012                                            Annual Returns

14/12/2012                                            New Accounts Filed

11/04/2013                                            Annual Returns

04/01/2014                                            New Accounts Filed

04/01/2014                                            New Accounts Filed

09/04/2014                                            Annual Returns

21/08/2014                                            Change in Reg.Office

21/08/2014                                            Change of Company Postcode

17/10/2014                                            New Board Member Mr M. Tuvey appointed

 

 

Accounts

 

Profit & Loss

 

 

31/03/2013

52 GBP Group: No

31/03/2012

52 GBP Group: No

Turnover

0

50,000

Export

-

-

Cost of Sales

-

-

Gross Profit

-

-

Wages And Salaries

0

0

Directors Emoluments

-

-

Operating Profit

-

-

Depreciation

0

0

Audit Fees

0

0

Interests Payments

-

-

Pre Tax Profit

0

0

Taxation

-

-

Profit After Tax

-

-

Dividends Payable

-

-

Retained Profit

-

-

 

Balance Sheet

 

 

31/03/2013

31/03/2012

 

52

52

 

GBP

GBP

 

Group: No

Group: No

Tangible Assets

0

0

Intangible Assets

0

0

Total Fixed Assets

0

0

-

 

 

Stock

0

0

-

 

 

Trade Debtors

2,598

7,002

-

 

 

Cash

0

0

-

 

 

Other Debtors

0

0

-

 

 

Miscellaneous Current Assets

0

0

-

 

 

Total Current Assets

2,598

7,002

-

 

 

Trade Creditors

2,596

7,000

-

 

 

Bank Loans and Overdraft

0

0

Other Short Term Finance

0

0

Miscellaneous Current Liabilities

0

0

Total Current Liabilities

2,596

7,000

Bank Loans and Overdrafts LTL

0

0

Other Long Term Finance

0

0

Total Long Term Liabilities

0

0

 

Capital & Reserves

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

Called Up Share Capital

-

0

0

 

P and L Account Reserve

-

0

0

 

Revaluation Reserve

-

0

0

 

Sundry Reserves

-

2

2

 

Shareholders Funds

-

2

2

 

 

 

Other Financial Items

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

Net Worth

-

2

2

 

Working Capital

-

2

2

 

Total Assets

-

2,598

7,002

 

Total Liabilities

-

2,596

7,000

 

Net Assets

-

2

2

 

 

Cash Flow

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

Net Cash Flow from Operations

-

0

0

 

Net Cash Flow before Financing

-

0

0

 

Net Cash Flow from Financing

-

0

0

 

Increase in Cash

-

0

0

 

 

Miscellaneous

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

Capital Employed

-

2

2

 

 

Financial Ratios

Name

31/03/2013

 

31/03/2012

Pre Tax Profit Margin

0.0%

0.0%

Current Ration

1.00

1.00

Sales or Net Working Capital

0.00

25000.00

Gearing

0.00 %

0.00 %

Equity

0.08 %

0.03 %

Creditor Days

0.00

50.96

Debtor Days

0.00

50.97

Liquidity or Acid test

1.00

1.00

Return on Capital Employed

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

Current Debt Ratio

1298.00 %

3500.00 %

Total Debt Ratio

1298.00 %

3500.00 %

Stock Turnover Ratio

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

 

 

REMARKS

 

The company operates as a Supplier and Buyer of used processing and packaging equipment and trades from office and large warehouse premises at Unit 5, Ashmount Industrial Centre, Castle Park Industrial Estate, Flint, Flintshire, CH6 5XA. The premises are leasehold.

 

The abbreviated balance sheet reports a weak financial position with no profitability and very low shareholder’s equity

 

The business trades internationally and finds employment for five persons.

 

Bankers are HSBC Bank PLC

 

Head Office telephone number is 01352 792860 (contact Jenny Latham)

 

Email address is info@lexmachinery.co.uk

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.83

UK Pound

1

Rs.96.56

Euro

1

Rs.77.42

 

INFORMATION DETAILS

 

Analysis Done by :

 DIV

 

 

Report Prepared by :

SDA

 

               

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.