MIRA INFORM REPORT

 

 

Report No. :

337096

Report Date :

14.08.2015

 

IDENTIFICATION DETAILS

 

Name :

RADICON TRANSMISSION UK LIMITED

 

 

Formerly Known As :

ELECON UK TRANSMISSION LIMITED

 

 

Registered Office :

Unit J3 Lowfields Waylowfields Business Parkellandhx5 9da

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.10.2010

 

 

Com. Reg. No.:

07397993

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Manufacture of Bearings, Gears, Gearing and Driving Elements.

 

 

No. of Employees :

Not Available

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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).

 

 

Source : CIA

 

Company Name AND ADDRESS

 

RADICON TRANSMISSION UK LIMITED

 

UNIT J3 LOWFIELDS WAYLOWFIELDS BUSINESS PARKELLANDHX5 9DA

 

 

Company No

 

07397993

 

 

Company Status

 

Active - Accounts Filed

 

 

Company Summary

 

Registered Address                  UNIT J3 LOWFIELDS WAY
LOWFIELDS BUSINESS PARK
ELLAND
HX5 9DA

 

Trading Address                      Unit J3 Lowfields Way
Lowfields Business Park
Elland
West Yorkshire
HX5 9DA

Website Address                      http://www.radicon.com

 

Telephone Number                   01484465800

Fax Number

TPS                                          No

FPS                                          No

Incorporation Date                   06/10/2010

Previous Name                         ELECON UK TRANSMISSION LIMITED

Type                                         Private limited with Share Capital

FTSE Index                              -

Date of Change             08/12/2010

Filing Date of Accounts            17/12/2014

Currency                                  GBP

Share Capital                           £2,156,020

SIC07                                       28150

Charity Number                        -

SIC07 Description                    MANUFACTURE OF BEARINGS, GEARS, GEARING AND DRIVING ELEMENTS

Principal Activity                      The provision of producer of highly engineered systems and associated after market parts and services.

 

 

Key Financials

 

Year to Date                 Turnover               Pre Tax Profit             Shareholder              Funds Employees

31/03/2014                    £13,644,967           -£126,614                    £1,602,528                72

31/03/2013                    £13,001,891           -£286,914                     £1,729,142                66

31/03/2012                    £11,739,240           -£170,441                     £2,016,056                62

 

 

Mortgage Summary

 

Total Mortgage             3

Outstanding                 3

Satisfied                       0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade     0

Total Value of Documented Trade        £0

 

 

Commentary

 

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company has only made late payments on a low percentage of invoices.

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower level of corporate failures.

 

 

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 -

-

 

Total Current Directors

3

Total Current Secretaries

0

Total Previous Directors / Company Secretaries

0

 

 

Current Directors

 

Name

Prayasvin Patel

Date of Birth

03/04/1958

Officers Title

Mr

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

06/10/2010

Address

Honest House Bakrol Road, Vallabh, Vidyanaga, Gujrat, 388 120

 

Name

Prashant Amin

Date of Birth

09/08/1956

Officers Title

Mr

Nationality

American

Present Appointments

1

Function

Director

Appointment Date

06/10/2010

Address

Bhikhabhai Marg, Vallabh, Vidyanagar, Gurjrat, 388 120

 

Name

Pradip Patel

Date of Birth

05/11/1947

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

06/10/2010

Address

318 Samudra Mahal 18th Floor, Dr Annie Basantt Road, Mumbai, 400 018

 

 

Current Company Secretary

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

ELECON TRANSMISSION INTERNATIONAL LTD

GBP

2,156,020

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

Weeks

52

(%)

52

(%)

52

(%)

18

(%)

-

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

-

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

-

barchart-grey

Turnover

£13,644,967

4.9%

£13,001,891

10.8%

£11,739,240

200.1%

£3,912,375

-

-

barchart-grey

Export

£5,772,674

12.2%

£5,146,141

23.1%

£4,178,880

218.3%

£1,313,045

-

-

barchart-grey

Cost of Sales

£11,255,857

6.8%

£10,543,891

14%

£9,252,062

202.1%

£3,062,591

-

-

barchart-grey

Gross Profit

£2,389,110

-2.8%

£2,458,000

-1.2%

£2,487,178

192.7%

£849,784

-

-

barchart-grey

Wages & Salaries

£2,798,288

7.1%

£2,613,249

9.5%

£2,386,789

218%

£750,553

-

-

barchart-grey

Directors Emoluments

-

-

-

-

£42,837

328.6%

£9,995

-

-

barchart-grey

Operating Profit

£241,822

161.6%

£92,443

-66.2%

£273,661

78.6%

£153,234

-

-

barchart-grey

Depreciation

£99,644

-14%

£115,859

28.8%

£89,987

266.7%

£24,539

-

-

barchart-grey

Audit Fees

£13,200

-

£13,200

-26.7%

£18,000

-

£18,000

-

-

barchart-grey

Interest Payments

£423,290

-4.3%

£442,383

-20.7%

£558,124

270.1%

£150,812

-

-

barchart-grey

Pre Tax Profit

-£126,614

55.9%

-£286,914

-68.3%

-£170,441

-659.2%

£30,477

-

-

barchart-grey

Taxation

-

-

-

-100%

£9,318

200%

-£9,318

-

-

barchart-grey

Profit After Tax

-£126,614

55.9%

-£286,914

-78.1%

-£161,123

-861.5%

£21,159

-

-

barchart-grey

Dividends Payable

-

-

-

-

-

-

-

-

-

barchart-grey

Retained Profit

-£126,614

55.9%

-£286,914

-78.1%

-£161,123

-861.5%

£21,159

-

-

 

 

Balance Sheet

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

barchart-grey

Tangible Assets

£980,643

-3.3%

£1,014,434

1.7%

£997,705

29.4%

£771,312

-

-

barchart-grey

Intangible Assets

£3,710,652

-5.7%

£3,933,291

-5.4%

£4,155,930

-5.1%

£4,378,569

-

-

barchart-grey

Total Fixed Assets

£4,691,295

-5.2%

£4,947,725

-4%

£5,153,635

0.1%

£5,149,881

-

-

barchart-grey

Stock

£3,337,545

14.2%

£2,923,110

53.3%

£1,907,385

-3.2%

£1,970,035

-

-

barchart-grey

Trade Debtors

£2,839,836

22.7%

£2,314,902

-4.3%

£2,419,449

0.8%

£2,400,453

-

-

barchart-grey

Cash

£32,978

-

0

-100%

£59,477

-94.4%

£1,054,268

-

-

barchart-grey

Other Debtors

£2,879,829

81.4%

£1,587,877

-24.1%

£2,093,104

10.6%

£1,892,540

-

-

barchart-grey

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

-

barchart-grey

Total Current Assets

£9,090,188

33.2%

£6,825,889

5.3%

£6,479,415

-11.5%

£7,317,296

-

-

barchart-grey

Trade Creditors

£1,712,383

33%

£1,287,226

-5.7%

£1,365,306

8.8%

£1,255,128

-

-

barchart-grey

Bank Loans & Overdrafts

0

-100%

£284,345

-

0

-

0

-

-

barchart-grey

Other Short Term Finance

£5,749,586

-28.4%

£8,029,340

3.8%

£7,737,922

-6.8%

£8,299,533

-

-

barchart-grey

Miscellaneous Current Liabilities

£397,902

9.2%

£364,460

-15%

£428,543

-33.7%

£646,565

-

-

barchart-grey

Total Current Liabilities

£7,859,871

-21.1%

£9,965,371

4.5%

£9,531,771

-6.6%

£10,201,226

-

-

barchart-grey

Bank Loans & Overdrafts and LTL

£4,319,084

999.9%

£363,446

326.5%

£85,223

-96.2%

£2,243,792

-

-

barchart-grey

Other Long Term Finance

£4,274,797

999.9%

£16,837

-26.7%

£22,959

-98.9%

£2,155,020

-

-

barchart-grey

Total Long Term Liabilities

£4,319,084

999.9%

£79,101

-7.2%

£85,223

-96.2%

£2,243,792

-

-

.

 

Capital & Reserves

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

barchart-grey

Called Up Share Capital

£2,156,020

-

£2,156,020

-

£2,156,020

999.9%

£1,000

-

-

barchart-grey

P & L Account Reserve

-£553,492

-29.7%

-£426,878

-205%

-£139,964

-761.5%

£21,159

-

-

barchart-grey

Revaluation Reserve

-

-

-

-

-

-

-

-

-

barchart-grey

Sundry Reserves

-

-

-

-

-

-

-

-

-

barchart-grey

Shareholder Funds

£1,602,528

-7.3%

£1,729,142

-14.2%

£2,016,056

999.9%

£22,159

-

-

 

Other Financial Items

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

barchart-grey

Net Worth

-£2,108,124

4.4%

-£2,204,149

-3%

-£2,139,874

50.9%

-£4,356,410

-

-

barchart-grey

Working Capital

£1,230,317

139.2%

-£3,139,482

-2.9%

-£3,052,356

-5.8%

-£2,883,930

-

-

barchart-grey

Total Assets

£13,781,483

17.1%

£11,773,614

1.2%

£11,633,050

-6.7%

£12,467,177

-

-

barchart-grey

Total Liabilities

£12,178,955

21.3%

£10,044,472

4.4%

£9,616,994

-22.7%

£12,445,018

-

-

barchart-grey

Net Assets

£1,602,528

-7.3%

£1,729,142

-14.2%

£2,016,056

999.9%

£22,159

-

-

 

 

Cash Flow

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

barchart-grey

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

barchart-grey

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

barchart-grey

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

barchart-grey

Increase in Cash

-

-

-

-

-

-

-

-

-

 

 

Miscellaneous

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

-

Contingent Liability

NO

-

NO

-

NO

-

NO

-

-

barchart-grey

Capital Employed

£5,921,612

227.5%

£1,808,243

-13.9%

£2,101,279

-7.3%

£2,265,951

-

-

barchart-grey

Number of Employees

72

9.1%

66

6.5%

62

6.9%

58

-

-

Accountants

Auditors

KILSBY & WILLIAMS LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

SVENSKSA HANDELSBANKEN AB

Bank Branch Code

60-95-34

Ratios

 

Date Of Accounts

31/03/14

31/03/13

31/03/12

31/03/11

-

barchart-grey

Pre-tax profit margin %

-0.93

-2.21

-1.45

0.78

-

barchart-grey

Current ratio

1.16

0.68

0.68

0.72

-

barchart-grey

Sales/Net Working Capital

11.09

-4.14

-3.85

-1.36

-

barchart-grey

Gearing %

269.50

21

4.20

10125.90

-

barchart-grey

Equity in %

15.90

22.10

27

0.30

-

barchart-grey

Creditor Days

45.68

36.03

42.33

40.42

-

barchart-grey

Debtor Days

75.75

64.80

75.02

77.30

-

barchart-grey

Liquidity/Acid Test

0.73

0.39

0.47

0.52

-

barchart-grey

Return On Capital Employed %

-2.13

-15.86

-8.11

1.34

-

barchart-grey

Return On Total Assets Employed %

-0.91

-2.43

-1.46

0.24

-

barchart-grey

Current Debt Ratio

4.90

5.76

4.72

460.36

-

barchart-grey

Total Debt Ratio

7.59

5.80

4.77

561.62

-

barchart-grey

Stock Turnover Ratio %

24.45

22.48

16.24

50.35

-

barchart-grey

Return on Net Assets Employed %

-7.90

-16.59

-8.45

137.53

-

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

28/12/2014

New Accounts Filed

28/12/2014

New Accounts Filed

14/10/2014

Annual Returns

26/10/2013

New Accounts Filed

26/10/2013

New Accounts Filed

25/10/2013

Annual Returns

02/02/2013

New Accounts Filed

13/10/2012

Annual Returns

12/04/2012

New Accounts Filed

09/11/2011

Change in Reg.Office

09/11/2011

Change of Company Postcode

25/10/2011

Annual Returns

13/12/2010

Change in Reg.Office

13/12/2010

Change of Company Postcode

10/12/2010

Change of Name

 

 

Previous Company Names

 

Date

Previous Name

08/12/2010

ELECON UK TRANSMISSION LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

3 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

ELECON ENGINEERING CO LTD

 

 

Group Structure Full

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

tminus ELECON ENGINEERING CO LTD

 

N/A

-

-

tminus ELECON TRANSMISSION IN...

 

N/A

-

-

L RADICON TRANSMISSION...

 

07397993

31.03.2014

N

£13,644,967

 

 

Mortgage Details

 

Mortgage Type:

PLEDGE AGREEMENT

Date Charge Created:

05/02/13

Date Charge Registered:

12/02/13

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

BANK OF BARODA

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

ALL RIGHT TITLE AND INTEREST IN AND TO THE COLLATERAL SEE IMAGE FOR FULL DETAILS

Mortgage Type:

DEBENTURE

Date Charge Created:

14/09/12

Date Charge Registered:

15/09/12

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

BANK OF BARODA

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM ELECON TRANSMISSION INTERNATIONAL LIMITED TO THE CHARGEE UNDERTHE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

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 SEE IMAGEFOR FULL DETAILS

 

Mortgage Type:

MORTGAGE DEBENTURE

Date Charge Created:

22/02/11

Date Charge Registered:

23/02/11

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

SVENSKA HANDELSBANKEN AB (PUBL)

Amount Secured:

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

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

 

 

 

 

Previous Director/Company Secretaries

 

No Previous Director Details

Average Invoice Value

Ł645.42

Invoices available

405

Paid

381

Outstanding

24

 

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

13

351

13

0

4

Outstanding

12

12

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.92

UK Pound

1

Rs.101.44

Euro

1

Rs.72.26

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

               

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.