MIRA INFORM REPORT

 

 

Report Date :

17.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SALVAGE AND RECYCLING LTD

 

 

Registered Office :

7-11 Woodcote Road, Wallington, Surrey, SM6 0LH

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.10.2013

 

 

Date of Incorporation :

29.10.2007

 

 

Legal Form :

Private limited with share capital

 

 

Line of Business :

Treatment and disposal of non-hazardous waste

 

 

No. of Employees

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

 

SALVAGE AND RECYCLING LTD

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

 

Name

Nicholas John Catling

Date of Birth

14/01/1950

Officers Title

Mr

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

10/02/2012

 

 

Address

7-11 Woodcote Road, Wallington, Surrey, SM6 0LH

 

Current Company Secretary

 

Name

MAYFAIR COMPANY SERVICES LIMITED

Date of Birth

-

Officers Title

 

Nationality

British

Present Appointments

160

Function

Company Secretary

Appointment Date

29/10/2007

 

 

Address

7-11 Woodcote Road, Wallington, Surrey, SM6 0LH

 

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Nicholas John Catling

13

3

Henry Christopher Catling

2

1

DOUGLAS NOMINEES LIMITED

134

15516

M W DOUGLAS & COMPANY LIMITED

162

15369

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage               0

Outstanding                   0

Satisfied                        0

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade                     0

Total Value of Documented Trade                    £0

 

CCJ

Total Number of Exact CCJs -

1

Total Value of Exact CCJs -

£459

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

Date

Court

Amount

Status

Case Number

Date Paid

21/07/2014

COUNTY COURT BUSINESS CENTRE

£459

Judgement

A5QG9820

-

 

Exact CCJ Details

Date

Court

Amount

Status

Case Number

Date Paid

21/07/2014

COUNTY COURT BUSINESS CENTRE

£459

Judgement

A5QG9820

-

 

Possible CCJs Details

There are no possible CCJ details.

 

 

Writ Details

No writs found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

NICHOLAS JOHN CATLING

GBP

2

ORDINARY

1

100

 

 

PAYMENT INFORMATION

 

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

No group structure

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

-

-

-

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

-

-

-

-

-

-

-

-

-

Depreciation

£703

-25%

£937

-25%

£1,250

-

-

-

-

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

 

Balance Sheet

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Tangible Assets

£2,110

-25%

£2,813

-25%

£3,750

-

0

-

0

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£2,110

-25%

£2,813

-25%

£3,750

-

0

-

0

Stock

0

-

0

-

0

-

0

-

0

Trade Debtors

£452

-

£452

-83.5%

£2,744

36.2%

£2,015

384.4%

£416

Cash

£59

-

£59

-92.4%

£778

-63.7%

£2,142

-

0

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£511

-

£511

-85.5%

£3,522

-15.3%

£4,157

899.3%

£416

Trade Creditors

£33,098

21.8%

£27,182

21.9%

£22,304

17.4%

£18,995

121.5%

£8,577

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

0

-

0

-

0

-

0

-

0

Miscellaneous Current Liabilities

0

-

0

-

0

-

0

-

0

Total Current Liabilities

£33,098

21.8%

£27,182

21.9%

£22,304

17.4%

£18,995

121.5%

£8,577

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-

0

-

0

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-

0

-

0

-

0

-

0

 

Capital & Reserves

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Called Up Share Capital

£2

-

£2

-

£2

-

£2

-

£2

P & L Account Reserve

-£30,479

-27.7%

-£23,860

-58.7%

-£15,034

-1.3%

-£14,840

-81.8%

-£8,163

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

-£30,477

-27.7%

-£23,858

-58.7%

-£15,032

-1.3%

-£14,838

-81.8%

-£8,161

 

Other Financial Items

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Net Worth

-£30,477

-27.7%

-£23,858

-58.7%

-£15,032

-1.3%

-£14,838

-81.8%

-£8,161

Working Capital

-£32,587

-22.2%

-£26,671

-42%

-£18,782

-26.6%

-£14,838

-81.8%

-£8,161

Total Assets

£2,621

-21.1%

£3,324

-54.3%

£7,272

74.9%

£4,157

899.3%

£416

Total Liabilities

£33,098

21.8%

£27,182

21.9%

£22,304

17.4%

£18,995

121.5%

£8,577

Net Assets

-£30,477

-27.7%

-£23,858

-58.7%

-£15,032

-1.3%

-£14,838

-81.8%

-£8,161

 

Miscellaneous

Date Of Accounts

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

(%)

31/10/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

-£30,477

-27.7%

-£23,858

-58.7%

-£15,032

-1.3%

-£14,838

-81.8%

-£8,161

Number of Employees

-

-

-

-

-

-

-

-

-

Auditors

 

Auditor Comments

The company is exempt from audit

Bankers

 

Bank Branch Code

 

 

 

Ratios

Date Of Accounts

31/10/13

31/10/12

31/10/11

31/10/10

31/10/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

0.02

0.02

0.16

0.22

0.05

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

0

0

0

0

Equity in %

-1162.80

-717.70

-206.70

-356.90

-1961.80

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.01

0.01

0.15

0.21

0.04

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

-1.08

-1.13

-1.48

-1.28

-1.05

Total Debt Ratio

-1.08

-1.13

-1.48

-1.28

-1.05

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

ADDITIONAL INFORMATION

 

Status History

No Status History found.

 

Event History

Date

Description

11/12/2013

New Accounts Filed

02/12/2013

New Accounts Filed

02/12/2013

New Accounts Filed

13/11/2013

Annual Returns

12/11/2013

Mr H.C. Catling has left the board

29/11/2012

Annual Returns

30/07/2012

New Accounts Filed

14/02/2012

New Board Member Mr N.J. Catling appointed

29/11/2011

Annual Returns

29/07/2011

New Accounts Filed

24/11/2010

Annual Returns

02/08/2010

New Accounts Filed

07/01/2010

Annual Returns

26/11/2009

Mr N.J. Catling has left the board

23/11/2009

Annual Returns

 

Previous Company Names

No Previous Names found.

 

 

NOTES & COMMENTS

 

Commentary

CCJ recorded against the company.

 

Net Worth decreased by 27.7% during the latest trading period.

 

A 21.1% decline in Total Assets occurred during the latest trading period.

 

 

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.

 

The company has undergone recent changes in its directorships.

 

The company is not part of a group.

 

The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

 

The company was established over 6 years ago.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.10

UK Pound

1

Rs.99.04

Euro

1

Rs.79.03

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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.