MIRA INFORM REPORT

 

 

Report Date :

11.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SUPRAJIT EUROPE LIMITED

 

 

Formerly Known As :

GILLS CABLES LIMITED

 

 

Registered Office :

25 Apollolichfield Road  Industrial Estate Tamworthb79 7ta

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.02.2006

 

 

Com. Reg. No.:

05695359

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject acts as a UK based technology and marketing operation for automotive control cabe contracts manufactured at Suprajit Automotive Limited in India.

 

 

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

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 name and address

 

Company Name:            SUPRAJIT EUROPE LIMITED

Company No:                05695359

Company Status:           Active - Accounts Filed

 

 

Company summary

 

Registered Address:                 25 APOLLOLICHFIELD ROAD

INDUSTRIAL ESTATE

TAMWORTHB79 7TA

 

Trading Address                      25 Apollo Lichfield Road Industrial
Estate
Tamworth
Omagh, Co Tyrone
BT79 7TA

Website Address                      http://www.suprajit.com

Telephone Number                  01827304777

TPS                                          No

FPS                                          No

Incorporation Date                   02/02/2006

Previous Name                        GILLS CABLES LIMITED

Type                                        Private limited with Share Capital

Date of Change                         01/06/2011

Filing Date of Accounts            14/12/2013

Currency                                  GBP

Share Capital                                      £2,200,000

SIC07                                       32990

SIC07 Description                    OTHER MANUFACTURING N.E.C.

Principal Activity

To act as a UK based technology and marketing operation for automotive control cabe contracts manufactured at  Suprajit Automotive Limited in India.

 

 

Key Financials

 

Year to Date  Turnover             Pre Tax Profit  Shareholder  Funds    Employees

31/03/2013        £3,016,896        -£234,581           £281,831                      38

31/03/2012        £2,867,812         -£324,712          £540,147                      33

31/03/2011        £3,126,003         -£146,293          £891,114                      34


Mortgage Summary

 

Total Mortgage            1

Outstanding                 1

Satisfied                      0

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade   0

Total Value of Documented Trade       £0

 

 

Commentary

 

Net Worth decreased by 23.5% during the latest trading period.

 

A 6.8% decline in Total Assets occurred during the latest trading period.

 

No recent changes in directorship are recorded.

 

The company is part of a group.

 

 

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period increased 5.2% on the previous trading period.

 

Pre-tax profits increased by 27.8% compared to the previous trading period.

 

The company saw an increase in their Cash Balance of 999.9% during the latest trading period.

 

The audit report contains no adverse comments.

 

The company was established over 8 years ago.

 

 

Show more

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 -

-

 

 

 

Back to Top

Show more

Total Current Directors

2

Total Current Secretaries

0

Total Previous Directors / Company Secretaries

7

 

Current Directors

 

Name

Peter James Greensmith

Date of Birth

25/03/1960

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

08/05/2006

 

 

Address

44 Mayfield Drive, Kenilworth, Warwickshire, CV8 2SW

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Kula Ajith Kumar Rai

Date of Birth

26/06/1958

Officers Title

 

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

20/04/2006

 

 

Address

Tara, 114/1, Iv Main, 1st Cross,, Defence Colony, Indiranagar, Bangalore, 560 038

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

Current Company Secretary

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

SUPRAJIT ENGINEERING LTD

GBP

2,200,000

ORDINARY

1

100

 

 

Profit & Loss

 

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

 

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

 

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£3,016,896

5.2%

£2,867,812

-8.3%

£3,126,003

-10.2%

£3,482,061

-18.9%

£4,295,929

Export

£2,642,961

7.9%

£2,450,554

16.7%

£2,099,921

31.9%

£1,592,212

-54.1%

£3,465,442

Cost of Sales

£2,200,430

10.9%

£1,984,728

-15.7%

£2,355,064

-11.6%

£2,663,839

-19.6%

£3,312,127

Gross Profit

£816,466

-7.5%

£883,084

14.5%

£770,939

-5.8%

£818,222

-16.8%

£983,802

Wages & Salaries

£861,623

12.1%

£768,565

-7.5%

£830,735

6.8%

£777,791

-12.2%

£885,453

Directors Emoluments

£79,864

5%

£76,065

-

£76,065

-44.2%

£136,294

-3.6%

£141,402

Operating Profit

-£218,898

30.8%

-£316,506

-140.6%

-£131,526

24.6%

-£174,441

65.1%

-£499,882

Depreciation

£17,542

-57.4%

£41,154

-42.5%

£71,587

3.8%

£68,987

-1.5%

£70,059

Audit Fees

£9,000

111.8%

£4,250

-69.6%

£14,000

28.4%

£10,900

13%

£9,650

Interest Payments

£15,707

88.5%

£8,334

-43.6%

£14,767

119.1%

£6,739

-41.5%

£11,510

Pre Tax Profit

-£234,581

27.8%

-£324,712

-122%

-£146,293

19.3%

-£181,180

64.6%

-£511,392

Taxation

-£23,735

9.6%

-£26,257

-128.1%

-£11,512

-41.9%

-£8,111

89.5%

-£77,247

Profit After Tax

-£258,316

26.4%

-£350,969

-122.4%

-£157,805

16.6%

-£189,291

67.8%

-£588,639

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-£258,316

26.4%

-£350,969

-122.4%

-£157,805

16.6%

-£189,291

67.8%

-£588,639

 

 

Balance Sheet

 

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Tangible Assets

£30,917

-8.9%

£33,955

-26.9%

£46,469

-56.2%

£106,056

-39.4%

£175,043

Intangible Assets

0

-100%

£171,625

-50%

£343,262

-33.3%

£514,898

-25%

£686,533

Total Fixed Assets

£30,917

-85%

£205,580

-47.3%

£389,731

-37.2%

£620,954

-27.9%

£861,576

Stock

£638,005

21.7%

£524,211

-16%

£624,003

-6.4%

£666,347

-12.9%

£765,068

Trade Debtors

£303,105

-17.6%

£368,055

1.3%

£363,316

-26.5%

£494,076

-14.9%

£580,429

Cash

£190,428

999.9%

£13,303

-

0

-100%

£657

72.9%

£380

Other Debtors

£157,264

-48.4%

£304,773

-19.3%

£377,525

-41.2%

£641,812

10.9%

£578,979

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£1,288,802

6.5%

£1,210,342

-11.3%

£1,364,844

-24.3%

£1,802,892

-6.3%

£1,924,856

Trade Creditors

£146,087

-26.2%

£198,010

182.2%

£70,162

-46.7%

£131,678

-41.3%

£224,453

Bank Loans & Overdrafts

£377,280

126.4%

£166,617

-29.5%

£236,178

233.2%

£70,892

-69.5%

£232,377

Other Short Term Finance

£292,085

-1.8%

£297,420

-20.5%

£374,010

-44.4%

£673,261

37.5%

£489,641

Miscellaneous Current Liabilities

£222,436

4.1%

£213,728

16.7%

£183,111

-49.1%

£359,431

11.6%

£322,197

Total Current Liabilities

£1,037,888

18.5%

£875,775

1.4%

£863,461

-30.1%

£1,235,262

-2.6%

£1,268,668

Bank Loans & Overdrafts and LTL

£377,280

126.4%

£166,617

-29.5%

£236,178

12.2%

£210,557

-58.9%

£511,931

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-

0

-

0

-100%

£139,665

-50%

£279,554

.

Capital & Reserves

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Called Up Share Capital

£2,200,000

-

£2,200,000

-

£2,200,000

-

£2,200,000

-

£2,200,000

P & L Account Reserve

-£1,918,169

-15.6%

-£1,659,853

-26.8%

-£1,308,886

-13.7%

-£1,151,081

-19.7%

-£961,790

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£281,831

-47.8%

£540,147

-39.4%

£891,114

-15%

£1,048,919

-15.3%

£1,238,210

 

Other Financial Items

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Worth

£281,831

-23.5%

£368,522

-32.7%

£547,852

2.6%

£534,021

-3.2%

£551,677

Working Capital

£250,914

-25%

£334,567

-33.3%

£501,383

-11.7%

£567,630

-13.5%

£656,188

Total Assets

£1,319,719

-6.8%

£1,415,922

-19.3%

£1,754,575

-27.6%

£2,423,846

-13%

£2,786,432

Total Liabilities

£1,037,888

18.5%

£875,775

1.4%

£863,461

-37.2%

£1,374,927

-11.2%

£1,548,222

Net Assets

£281,831

-47.8%

£540,147

-39.4%

£891,114

-15%

£1,048,919

-15.3%

£1,238,210

 

Miscellaneous

 

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

 

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£281,831

-47.8%

£540,147

-39.4%

£891,114

-25%

£1,188,584

-21.7%

£1,517,764

Number of Employees

38

15.2%

33

-2.9%

34

9.7%

31

-24.4%

41

 

Auditors

CROWE CLARK WHITEHILL LLP

 

Auditor Comments

The audit report contains no adverse comments

 

Bankers

HSBC BANK PLC

 

Bank Branch Code

40-41-07

 

 

Ratios

 

 

Date Of Accounts

31/03/13

31/03/12

31/03/11

31/03/10

31/03/09

Pre-tax profit margin %

-7.78

-11.32

-4.68

-5.20

-11.90

Current ratio

1.24

1.38

1.58

1.46

1.52

Sales/Net Working Capital

12.02

8.57

6.23

6.13

6.55

Gearing %

133.90

30.80

26.50

20.10

41.30

Equity in %

21.40

43.40

63.10

54.90

59

Creditor Days

17.62

25.13

8.16

13.76

19.01

Debtor Days

36.57

46.71

42.30

51.64

49.18

Liquidity/Acid Test

0.62

0.78

0.85

0.92

0.91

Return On Capital Employed %

-83.23

-60.11

-16.41

-15.24

-33.69

Return On Total Assets Employed %

-17.77

-22.93

-8.33

-7.47

-18.35

Current Debt Ratio

3.68

1.62

0.96

1.17

1.02

Total Debt Ratio

3.68

1.62

0.96

1.31

1.25

Stock Turnover Ratio %

21.14

18.27

19.96

19.13

17.80

Return on Net Assets Employed %

-83.23

-60.11

-16.41

-17.27

-41.30

 

Summary Directors/Shareholders Financials Event History Group Structure Media Solutions

Status History Event History Rating History Limit History Previous Company Names

Status History

No Status History found

 

 

Event History

 

Date

Description

27/06/2014

Annual Returns

24/12/2013

New Accounts Filed

24/12/2013

New Accounts Filed

11/02/2013

Annual Returns

18/12/2012

New Accounts Filed

25/02/2012

Annual Returns

16/12/2011

New Accounts Filed

16/12/2011

New Accounts Filed

06/06/2011

Change of Name

10/05/2011

Mr K. Jones has resigned as company secretary

22/02/2011

Annual Returns

11/12/2010

New Accounts Filed

03/03/2010

Mr R.E. Crozier has left the board

01/03/2010

Annual Returns

15/01/2010

New Accounts Filed

 

 

Previous Company Names

 

Date

Previous Name

01/06/2011

GILLS CABLES LIMITED

22/03/2006

COBCO 750 LIMITED

 

Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

SUPRAJIT ENGINEERING

 

Group structure

 

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

SUPRAJIT ENGINEERING

 

008-6934

31.03.2014

-

€83,816,554

SUPRAJIT EUROPE LIMITED

 

05695359

31.03.2013

N

£3,016,896



Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

 

Mortgage Details

 

Mortgage Type:

DEBENTURE

Date Charge Created:

20/07/06

 

 

Date Charge Registered:

26/07/06

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

HSBC 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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Robert Charles Richards

0

6

Robert Charles Richards

0

6

Keith Jones

0

15

Trevor John Reynolds

1

8

COBBETTS (SECRETARIAL) LIMITED

220

432

Rowan Edwin Crozier

1

2

COBBETTS (DIRECTOR) LIMITED

91

188

 

Average Invoice Value

£180.80

Invoices available

6

Paid

6

Outstanding

0

 

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

0

0

4

0

2

Outstanding

0

0

0

0

0

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.82

UK Pound

1

Rs.98.14

Euro

1

Rs.78.65

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.