MIRA INFORM REPORT

 

 

Report Date :

28.11.2014

 

IDENTIFICATION DETAILS

 

Name :

MILLMAN LIMITED

 

 

Registered Office :

14 St. Johns Road, Woking Surrey, GU21 7SE

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

10.05.1991

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Wholesale of chemical products

 

 

No. of Employees :

5

 

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 :

No complaints

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

REGISTERED NAME

 

MILLMAN LIMITED

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Sushovan Ghosh

Date of Birth

12/07/1957

Officers Title

Mr

Nationality

British

Present Appointments

8

Function

Director

Appointment Date

28/02/1994

 

 

Address

Acre Holt Golf Club Road, Hook Heath, Woking, Surrey, GU22 0LS

Other Actions

View Director Report

View Consumer Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Susmita Ghosh

Date of Birth

06/02/1963

Officers Title

Mrs

Nationality

British

Present Appointments

6

Function

Director

Appointment Date

01/02/2012

 

 

Address

14 St. Johns Road, Woking, Surrey, GU21 7SE

Other Actions

View Director Report

View Consumer Report

 

 

Current Company Secretary

Name

Richard Mew

Date of Birth

04/03/1964

Officers Title

Mr

Nationality

British

Present Appointments

9

Function

Company Secretary

Appointment Date

21/04/2008

 

 

Address

31 Cove Road, Farnborough, Hampshire, GU14 0EH

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Dhimant Shah

4

13

Dhimant Shah

4

13

SGI ENTERPRISES LIMITED

0

3

ALMAN LIMITED

0

1

Geoffrey Philip Smith

1

11

Jacqueline Chapman

0

2

FIRST DIRECTORS LIMITED

3526

39191

4 BUSINESS

5988

45287

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage          3

Outstanding              1

Satisfied                   2

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade          0

Total Value of Documented Trade            £0

 

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:

 

Date Charge Created:

05/12/13

 

 

Date Charge Registered:

10/12/13

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

SANTANDER UK PLC;

Amount Secured:

 

Details:

CHARGE ON CASH DEPOSITSCONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

 

Mortgage Type:

DEBENTURE

Date Charge Created:

09/09/09

 

 

Date Charge Registered:

11/12/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

HSBC BANK PLC;

Amount Secured:

 

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

 

Mortgage Type:

DEBENTURE

Date Charge Created:

12/10/05

 

 

Date Charge Registered:

19/10/05

 

 

Date Charge Satisfied:

13/01/10

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

FORTIS BANK SA-NV UK BRANCH

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER 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 MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

SGI GROUP LTD

GBP

100

ORDINARY

1

100

 

 

PAYMENT INFORMATION

 

Trade Payment Information

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

 

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

 

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

 

 

 

 

 

Outstanding

 

 

 

 

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group structure

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

ANNAPURNA TRUST

N/A

-

-

 

AP (HOLDINGS) LTD

N/A

-

-

 

SGI GROUP LIMITED

05635530

31.12.2013

Y

£100,376,683

MILLMAN LIMITED

02609249

31.12.2013

N

£99,879,235

ALMAN LIMITED

02617904

31.12.2013

N

 

UMS PROPERTY LIMITED

02706161

31.12.2013

N

 

ZENITH COLOURS & C...

02966395

31.12.2012

N

 

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£99,879,235

-10.5%

£111,561,694

-29.1%

£157,309,737

51.4%

£103,882,022

99.4%

£52,095,954

Export

£99,873,699

-10.5%

£111,538,815

-29.1%

£157,288,953

51.5%

£103,849,000

99.6%

£52,025,275

Cost of Sales

£98,463,981

-10.5%

£110,013,091

-29.4%

£155,896,219

52.6%

£102,190,446

102.6%

£50,431,547

Gross Profit

£1,415,254

-8.6%

£1,548,603

9.6%

£1,413,518

-16.4%

£1,691,576

1.6%

£1,664,407

Wages & Salaries

£304,567

57.4%

£193,520

-63.6%

£531,428

-24.5%

£703,513

-38.5%

£1,144,790

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

£223,152

-65.6%

£649,143

4.6%

£620,499

222.2%

£192,609

182.2%

£68,241

Depreciation

£173

-81.9%

£954

1.1%

£944

19.9%

£787

62.9%

£483

Audit Fees

£6,306

-31.3%

£9,180

-

-

-

-

-100%

£1,809

Interest Payments

£210,457

-66.6%

£629,596

15.5%

£544,990

281.6%

£142,811

114.6%

£66,561

Pre Tax Profit

£12,695

-35.1%

£19,547

-74.1%

£75,509

49.1%

£50,629

439.6%

£9,382

Taxation

-£10,505

-0.8%

-£10,425

60.5%

-£26,385

-81.5%

-£14,534

-214.3%

-£4,624

Profit After Tax

£2,190

-76%

£9,122

-81.4%

£49,124

36.1%

£36,095

658.6%

£4,758

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£2,190

-76%

£9,122

-81.4%

£49,124

36.1%

£36,095

658.6%

£4,758

Balance Sheet

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

£90,975

-2.2%

£93,039

87.3%

£49,666

999.9%

£2,076

-

0

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£90,975

-2.2%

£93,039

87.3%

£49,666

999.9%

£2,076

-

0

Stock

£3,232,904

7.9%

£2,996,478

32.5%

£2,261,805

-58.3%

£5,427,367

-41.6%

£9,300,251

Trade Debtors

£10,323,386

32.7%

£7,779,170

-26.2%

£10,547,341

43.6%

£7,346,210

7.2%

£6,850,861

Cash

£2,300,177

492.4%

£388,290

-79.1%

£1,857,512

420.1%

£357,150

-79%

£1,698,866

Other Debtors

£6,020,141

-5.9%

£6,396,402

-35%

£9,838,619

-9.6%

£10,887,672

224.8%

£3,352,593

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£21,876,608

24.6%

£17,560,340

-28.3%

£24,505,277

2%

£24,018,399

13.3%

£21,202,571

Trade Creditors

£72,794

40.3%

£51,902

999.9%

£637

-99.2%

£83,190

-87.5%

£666,041

Bank Loans & Overdrafts

£6,065,017

-44.9%

£11,006,113

-9.9%

£12,209,006

-2.5%

£12,526,500

110.1%

£5,961,171

Other Short Term Finance

£14,480,237

151.3%

£5,763,251

175.8%

£2,089,951

-76.2%

£8,796,221

-

0

Miscellaneous Current Liabilities

£1,146,404

82.8%

£627,008

-70.6%

£2,133,771

-7.8%

£2,315,115

-48.2%

£4,466,114

Total Current Liabilities

£21,764,452

24.7%

£17,448,274

6.2%

£16,433,365

-30.7%

£23,721,026

113.8%

£11,093,326

Bank Loans & Overdrafts and LTL

£6,071,082

-44.9%

£11,012,304

-45.3%

£20,132,028

58.7%

£12,688,096

-20.7%

£16,000,688

Other Long Term Finance

0

-

0

-

0

-

0

-100%

£10,039,517

Total Long Term Liabilities

£6,065

-2%

£6,191

-99.9%

£7,923,022

999.9%

£161,596

-98.4%

£10,039,517

 

Capital & Reserves

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Called Up Share Capital

£100

-

£100

-

£100

-

£100

-

£100

P & L Account Reserve

£196,966

-0.9%

£198,814

0.2%

£198,456

44.1%

£137,753

97.8%

£69,628

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£197,066

-0.9%

£198,914

0.2%

£198,556

44%

£137,853

97.7%

£69,728

 

Other Financial Items

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

£197,066

-0.9%

£198,914

0.2%

£198,556

44%

£137,853

97.7%

£69,728

Working Capital

£112,156

0.1%

£112,066

-98.6%

£8,071,912

999.9%

£297,373

-97.1%

£10,109,245

Total Assets

£21,967,583

24.4%

£17,653,379

-28.1%

£24,554,943

2.2%

£24,020,475

13.3%

£21,202,571

Total Liabilities

£21,770,517

24.7%

£17,454,465

-28.3%

£24,356,387

2%

£23,882,622

13%

£21,132,843

Net Assets

£197,066

-0.9%

£198,914

0.2%

£198,556

44%

£137,853

97.7%

£69,728

 

Miscellaneous

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£203,131

-1%

£205,105

-97.5%

£8,121,578

999.9%

£299,449

-97%

£10,109,245

Number of Employees

5

-

5

-28.6%

7

-

7

-

7

Auditors

WISE & CO

Auditor Comments

The audit report contains no adverse comments

Bankers

HSBC BANK PLC

Bank Branch Code

40-47-08

 

Ratios

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

0.01

0.02

0.05

0.05

0.02

Current ratio

1.01

1.01

1.49

1.01

1.91

Sales/Net Working Capital

890.54

995.50

19.49

349.33

5.15

Gearing %

3080.70

5536.20

10139.20

9204.10

22947.30

Equity in %

0.90

1.10

0.80

0.60

0.30

Creditor Days

0.26

0.16

-

0.29

4.65

Debtor Days

37.62

25.38

24.40

25.74

47.86

Liquidity/Acid Test

0.85

0.83

1.35

0.78

1.07

Return On Capital Employed %

6.24

9.53

0.92

16.90

0.09

Return On Total Assets Employed %

0.05

0.11

0.30

0.21

0.04

Current Debt Ratio

110.44

87.71

82.76

172.07

159.09

Total Debt Ratio

110.47

87.74

122.66

173.24

303.07

Stock Turnover Ratio %

3.23

2.68

1.43

5.22

17.85

Return on Net Assets Employed %

6.44

9.82

38.02

36.72

13.45

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Status History

No Status History found.

 

Event History

Date

Description

24/04/2014

Annual Returns

23/04/2014

New Accounts Filed

23/04/2014

New Accounts Filed

12/07/2013

New Accounts Filed

26/04/2013

Annual Returns

19/06/2012

New Accounts Filed

19/06/2012

New Accounts Filed

10/05/2012

Annual Returns

29/02/2012

New Board Member Mrs S. Ghosh appointed

02/05/2011

Annual Returns

02/04/2011

New Accounts Filed

02/04/2011

New Accounts Filed

19/07/2010

Change in Reg.Office

19/07/2010

Change of Company Postcode

01/06/2010

Annual Returns

 

Previous Company Names

No Previous Names found.

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.                                                   

Sales in the latest trading period decreased 10.5% on the previous trading period.               

Net Worth decreased by 0.9% during the latest trading period.                                            

 

A 24.4% growth in Total Assets occurred during the latest trading period.                            

Pre-tax profits decreased by 35.1% compared to the previous trading period.                      

The company saw an increase in their Cash Balance of 492.4% during the latest 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 22 years ago.                                                               

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.97.69

Euro

1

Rs.77.37

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

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.