MIRA INFORM REPORT

 

 

Report Date :

10.10.2014

 

IDENTIFICATION DETAILS

 

Name :

SPECIALISED BELTING SUPPLIES LIMITED

 

 

Formerly Known As :

SPECIALISED BELTING HOLDINGS LIMITED

 

 

Registered Office :

26-32 Brunel Way Thetford Norfolk IP 24 1HP

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.06.1989

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Manufacture of Lifting and Handling Equipment 

 

 

No. of Employees :

52

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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

 

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name: SPECIALISED BELTING SUPPLIES LIMITED

 

 

 

DIRECTORS/MANAGEMENT

 

Total Current Directors

1

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

8

 

Current Directors

Name

Matthias Welp

Date of Birth

13/01/1969

Officers Title

Mr

Nationality

German

Present Appointments

1

Function

Director

Appointment Date

01/06/2012

 

 

Address

Clausthalstr.2, Moers, D-47441

 

 

NEGATIVE INFORMATION

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade                   1

Total Value of Documented Trade                      £12,826

 

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:

LEGAL CHARGE

Date Charge Created:

10/12/07

 

 

Date Charge Registered:

26/06/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BARCLAYS BANK PLC;

Amount Secured:

 

Details:

26/32 BRUNEL WAY, THETFORD, NORFOLK T/NMK121060

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

21/11/07

 

 

Date Charge Registered:

23/11/07

 

 

Date Charge Satisfied:

08/06/12

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

 

Details:

F/H 27-33 HOWLETT WAY FISON WAY INDUSTRIAL ESTATE THETFORD NORFOLK

 

Mortgage Type:

DEBENTURE

Date Charge Created:

23/10/07

 

 

Date Charge Registered:

26/06/13

 

 

Date Charge Satisfied:

-

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BARCLAYS BANK PLC;

Amount Secured:

 

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 MACHINERY

 

Mortgage Type:

MORTGAGE

Date Charge Created:

14/07/00

 

 

Date Charge Registered:

19/07/00

 

 

Date Charge Satisfied:

14/12/07

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

LLOYDS TSB BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

THE F/H PROPERTY K/A HOWLETT WAY FISON WAY INDUSTRIAL ESTATE THETFORD NORFOLK T/N NK122594 TOGETHERWITH ALL BUILDINGS AND FIXTURES (INCLUDING TRADE FIXTURES) FIXED PLANT AND MACHINERY BY WAY OF FIXEDCHARGE ALL PRESENT AND FUTURE BOOK AND OTHER DEBTS FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT BY WAY OF ASSIGNMENT THE GOODWILL OF THE BUSINESS (IFANY) THE FULL BENEFIT OF ALL LICENCES AND ALL GUARANTEES

 

Mortgage Type:

MORTGAGE

Date Charge Created:

08/12/94

 

 

Date Charge Registered:

13/12/94

 

 

Date Charge Satisfied:

14/12/07

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

LLOYDS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

F/H-PREMISES AT HOWLETT WAY, THETFORD, NAND ASSIGNS THE GOODWILL OF THE BUSINESS (IF ANY) FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILSFURNITURE AND EQUIPMENT

 

Mortgage Type:

MORTGAGE

Date Charge Created:

14/12/93

 

 

Date Charge Registered:

23/12/93

 

 

Date Charge Satisfied:

14/12/07

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

LLOYDS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

F/H-UNIT AT HOWLETT WAY FISON WAY INDUSTAND ASSIGNS THE GOODWILL OF THE BUSINESS (IF ANY) FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILSFURNITURE AND EQUIPMENT

 

Mortgage Type:

SINGLE DEBENTURE

Date Charge Created:

27/03/90

 

 

Date Charge Registered:

10/04/90

 

 

Date Charge Satisfied:

14/12/07

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

LLOYDS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

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 MACHINERY

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

 

No Creditor Data

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£12,826

 

Company Name

Amount

Statement Date

K B K Limited

£12,826

23/07/2010

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

CONTITECH HOLDINGS BV

GBP

490

ORDINARY

1

100

 

 

PAYMENT INFORMATION

 

Na

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

CONTITECH HOLDINGS BV

 

Group structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

CONTITECH HOLDINGS BV

 

N/A

-

-

 

SPECIALISED BELTING SU...

 

02393041

31.12.2012

N

£5,991,685

 

 

FINANCIAL INFORMATION

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31/12/2012

£5,991,685

£23,429

£2,323,976

52

31/12/2011

£7,214,805

£493,184

£2,303,884

59

31/12/2010

-

-

£1,951,824

-

 

Profit & Loss

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£5,991,685

-17%

£7,214,805

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

£1,540,520

-6.4%

£1,646,474

-

-

-

-

-

-

Directors Emoluments

£90,190

-54.9%

£199,947

-

-

-

-

-

-

Operating Profit

£50,123

-90.4%

£520,818

-

-

-

-

-

-

Depreciation

£174,748

-4.4%

£182,731

32.2%

£138,196

-9.1%

£152,085

0.9%

£150,741

Audit Fees

£9,000

28.6%

£7,000

-

-

-

-

-

-

Interest Payments

£26,694

-3.4%

£27,634

-

-

-

-

-

-

Pre Tax Profit

£23,429

-95.2%

£493,184

-

-

-

-

-

-

Taxation

-£3,337

97.6%

-£141,124

-

-

-

-

-

-

Profit After Tax

£20,092

-94.3%

£352,060

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£20,092

-94.3%

£352,060

-

-

-

-

-

-

 

Balance Sheet

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Tangible Assets

£2,277,000

-2.6%

£2,337,507

5.4%

£2,217,703

0.2%

£2,212,692

-2.5%

£2,269,410

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£2,277,000

-2.6%

£2,337,507

5.4%

£2,217,703

0.2%

£2,212,692

-2.5%

£2,269,410

Stock

£839,929

-40.5%

£1,410,957

46.7%

£961,990

39%

£691,925

-2.8%

£711,698

Trade Debtors

£1,166,764

-21.3%

£1,482,099

-1.3%

£1,502,246

35.5%

£1,108,993

-32.8%

£1,649,505

Cash

£323,048

-33.8%

£488,040

350.7%

£108,295

-69.1%

£350,253

118.9%

£160,010

Other Debtors

£224,652

18.5%

£189,626

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£2,554,393

-28.5%

£3,570,722

38.8%

£2,572,531

19.6%

£2,151,171

-14.7%

£2,521,213

Trade Creditors

£373,630

-77.4%

£1,651,851

17.9%

£1,401,320

20.1%

£1,166,872

12.5%

£1,036,870

Bank Loans & Overdrafts

£275,426

59.8%

£172,330

14.8%

£150,107

108.5%

£71,980

-86.5%

£532,143

Other Short Term Finance

£449,171

999.9%

£15,899

66.9%

£9,526

-33.1%

£14,234

239%

£4,199

Miscellaneous Current Liabilities

£194,578

-47%

£366,981

-

0

-

0

-

0

Total Current Liabilities

£1,292,805

-41.4%

£2,207,061

41.4%

£1,560,953

24.6%

£1,253,086

-20.3%

£1,573,212

Bank Loans & Overdrafts and LTL

£1,490,038

-5.1%

£1,569,614

10%

£1,427,564

0.9%

£1,414,945

-31%

£2,051,780

Other Long Term Finance

£20,577

-38.2%

£33,309

5.8%

£31,474

-

0

-100%

£14,234

Total Long Term Liabilities

£1,214,612

-13.1%

£1,397,284

9.4%

£1,277,457

-4.9%

£1,342,965

-11.6%

£1,519,637

.

Capital & Reserves

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Called Up Share Capital

£490

-

£490

-

£490

-

£490

-

£490

P & L Account Reserve

£2,323,486

0.9%

£2,303,394

18%

£1,951,334

10.4%

£1,767,322

4.1%

£1,697,284

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£2,323,976

0.9%

£2,303,884

18%

£1,951,824

10.4%

£1,767,812

4.1%

£1,697,774

 

Other Financial Items

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Net Worth

£2,323,976

0.9%

£2,303,884

18%

£1,951,824

10.4%

£1,767,812

4.1%

£1,697,774

Working Capital

£1,261,588

-7.5%

£1,363,661

34.8%

£1,011,578

12.6%

£898,085

-5.3%

£948,001

Total Assets

£4,831,393

-18.2%

£5,908,229

23.3%

£4,790,234

9.8%

£4,363,863

-8.9%

£4,790,623

Total Liabilities

£2,507,417

-30.4%

£3,604,345

27%

£2,838,410

9.3%

£2,596,051

-16.1%

£3,092,849

Net Assets

£2,323,976

0.9%

£2,303,884

18%

£1,951,824

10.4%

£1,767,812

4.1%

£1,697,774

 

Miscellaneous

Date Of Accounts

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£3,538,588

-4.4%

£3,701,168

14.6%

£3,229,281

3.8%

£3,110,777

-3.3%

£3,217,411

Number of Employees

52

-11.9%

59

-

-

-

-

-

-

Auditors

LOVEWELL BLAKE LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

BARCLAYS BANK PLC

Bank Branch Code

20-69-85

 

Ratios

Date Of Accounts

31/12/12

31/12/11

31/12/10

31/12/09

31/12/08

Pre-tax profit margin %

0.39

6.84

-

-

-

Current ratio

1.98

1.62

1.65

1.72

1.60

Sales/Net Working Capital

4.75

5.29

-

-

-

Gearing %

64.10

68.10

73.10

80

120.90

Equity in %

48.10

39

40.70

40.50

35.40

Creditor Days

22.69

83.33

-

-

-

Debtor Days

70.88

74.77

-

-

-

Liquidity/Acid Test

1.32

0.97

1.03

1.16

1.15

Return On Capital Employed %

0.66

13.32

-

-

-

Return On Total Assets Employed %

0.48

8.34

-

-

-

Current Debt Ratio

0.55

0.95

0.79

0.70

0.92

Total Debt Ratio

1.07

1.56

1.45

1.46

1.82

Stock Turnover Ratio %

14.01

19.55

-

-

-

Return on Net Assets Employed %

1

21.40

-

-

-

 

 

FOREIGN EXCHANGE RATES

 

Na

 

ADDITIONAL INFORMATION

 

Mortgage Summary

Total Mortgage              7

Outstanding                              0

Satisfied                                   7

 

Current Company Secretary

Name

Barry Mills

Date of Birth

-

Officers Title

Mr

Nationality

 

Present Appointments

1

Function

Company Secretary

Appointment Date

18/03/2013

 

 

Address

26-32 Brunel Way, Thetford, Norfolk, IP24 1HP

 

Status History

No Status History found

 

Event History

Date

Description

 

10/10/2013

New Accounts Filed

 

10/10/2013

New Accounts Filed

 

27/07/2013

Annual Returns

 

21/03/2013

New Company Secretary Mr B. Mills appointed

 

02/01/2013

New Board Member Mr M. Welp appointed

 

13/12/2012

Ms C.P. Toft has left the board

 

13/12/2012

Mr S.G. Farmer has left the board

 

13/12/2012

Mr G. Toft has left the board

 

13/12/2012

Mrs G.A. Lord has left the board

 

13/12/2012

Mr P.J. Lord has resigned as company secretary

 

13/12/2012

Mr P.J. Lord has left the board

 

24/07/2012

Annual Returns

 

28/06/2012

New Accounts Filed

 

11/10/2011

New Accounts Filed

 

11/10/2011

New Accounts Filed

 

 

Previous Company Names

Date

Previous Name

08/05/2007

SPECIALISED BELTING HOLDINGS LIMITED

09/08/1989

CRANVEME LIMITED

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Peter John Lord

4

2

Peter John Lord

4

2

Glenda Ann Lord

1

3

Geoff Toft

5

4

Steven George Farmer

1

1

Carol Patricia Toft

3

3

Peter Howard Webster

3

2

Jane Webster

0

3

 

Average Invoice Value

£395.89

Invoices available

26

Paid

21

Outstanding

5

 

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

1

12

8

0

0

Outstanding

1

1

1

1

1

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.04

UK Pound

1

Rs.98.64

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

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.