MIRA INFORM REPORT

 

 

Report No. :

356188

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

UNION COLOURS LIMITED

 

 

Registered Office :

Union House Hempshaw Lane, Stockport, Cheshire SK1 4LG

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

09.10.2003

 

 

Com. Reg. No.:

04927813

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Wholesale of chemical products

 

 

No. of Employees :

16 [2014]

 

 

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 – 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 summary

 

Registered Address

 

Union House Hempshaw Lane
Stockport
Cheshire
SK1 4LG

 

Trading Address

 

Union House Hempshaw Lane
Stockport
Cheshire
SK1 4LG

 

Website Address

 

http://www.unioncolours.com

 

Telephone Number

 

01614757200

 

TPS

 

--

FPS

Yes

Incorporation Date

 

09/10/2003

 

Company Number

 

04927813

 

Previous Name

 

--

Type

 

Private limited with Share Capital

 

Date of Change

 

--

Filing Date of Accounts

 

29/05/2015

 

Currency

 

GBP

Share Capital

 

£10,000

 

SIC07

 


46750

 

Charity Number

 

--

SIC07 Description

 

Wholesale of chemical products

 

Principal Activity

 

Wholesale chemical dye products. Accounts data converted from Euro.

 

 

 

Key financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

 

31/12/2014

£20,430,760

 

£300,857

 

-£1,561,210

 

16

31/12/2013

£17,095,348

 

-£485,142

-£1,862,067

 

16

31/12/2012

£19,142,697

 

-£159,602

 

-£1,564,456

 

14

 

 

Mortgage Summary

 

Total Mortgage              3

Outstanding                  1

Satisfied                       2


Trade debtors / bad debt summary

 

Total Number of Documented Trade       1

Total Value of Documented Trade          £6,899

 

 

Commentary

 

 

This company has been treated as a Medium company.

This company's ratio of total liabilities to total assets indicates that assets are funded through debt rather than equity.

This company's return on total assets employed ratio indicates a relatively efficient use of assets.

This company's bank loans and overdrafts (less cash) account for a moderate percentage of short term liabilities.

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

 

 

Current Directors

 

Title

Function

Director

Name

Hongbo Rui

Nationality

Chinese

Date of Birth

04/1970

Present Appointments

1

Latest Address

Union House Hempshaw Lane, Stockport, Cheshire

Appointment Date

02/01/2004

Post Code

SK1 4LG

Title

Function

Director

Name

Bo Zhu

Nationality

British

Date of Birth

09/1974

Present Appointments

1

Latest Address

Union House Hempshaw Lane, Stockport, Cheshire

Appointment Date

01/03/2010

Post Code

SK1 4LG

 

Title

Mr

Function

Director

Name

Phillip Ian Myles

Nationality

British

Date of Birth

04/1968

Present Appointments

1

Latest Address

Union House Hempshaw Lane, Stockport, Cheshire

Appointment Date

07/04/2010

Post Code

SK1 4LG

 

 

Current Company Secretary

 

Title

Function

Company Secretary

Name

Bo Zhu

Nationality

Chinese

Date of Birth

09/1974

Present Appointments

2

Latest Address

Union House Hempshaw Lane, Stockport, Cheshire

Appointment Date

17/12/2003

Post Code

SK1 4LG

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

SINCOL CORP.

GBP

5,000

ORDINARY

1

50

LONGYU PIGMENT & CHEMICAL CO LTD

GBP

5,000

ORDINARY

1

50

 

 

Profit & Loss

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

barchart-grey

Turnover

£20,430,760

19.5%

£17,095,348

-10.7%

£19,142,697

7.1%

£17,868,527

4.4%

£17,110,275

barchart-grey

Export

-

-

-

-

-

-

-

-

-

barchart-grey

Cost of Sales

-

-

-

-

-

-

-

-

-

barchart-grey

Gross Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Wages & Salaries

£713,774

18%

£604,988

9.5%

£552,323

5%

£525,830

14.6%

£458,935

barchart-grey

Directors Emoluments

£139,494

7.2%

£130,139

-14.4%

£151,999

3.3%

£147,081

37.4%

£107,080

barchart-grey

Operating Profit

£300,825

162%

-£485,150

-204%

-£159,614

-90.6%

-£83,756

-15.8%

-£72,316

barchart-grey

Depreciation

£20,155

10.1%

£18,310

-19.3%

£22,680

27.1%

£17,839

1.2%

£17,635

barchart-grey

Audit Fees

£9,667

3.8%

£9,316

-12%

£10,580

-

£10,580

1.2%

£10,450

barchart-grey

Interest Payments

-

-

-

-

-

-

-

-

-

barchart-grey

Pre Tax Profit

£300,857

162%

-£485,142

-204%

-£159,602

-90.6%

-£83,753

-15.8%

-£72,309

barchart-grey

Taxation

-

-

-

-

-

-

-

-

-

barchart-grey

Profit After Tax

£300,857

162%

-£485,142

-204%

-£159,602

-90.6%

-£83,753

-15.8%

-£72,309

barchart-grey

Dividends Payable

-

-

-

-

-

-

-

-

-

barchart-grey

Retained Profit

£300,857

162%

-£485,142

-204%

-£159,602

-90.6%

-£83,753

-15.8%

-£72,309

 

 

Balance Sheet

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Tangible Assets

£57,514

53.7%

£37,410

-7.2%

£40,300

1%

£39,912

-19.4%

£49,512

barchart-grey

Intangible Assets

0

-

0

-

0

-

0

-

0

barchart-grey

Total Fixed Assets

£57,514

53.7%

£37,410

-7.2%

£40,300

1%

£39,912

-19.4%

£49,512

barchart-grey

Stock

£3,209,086

37.3%

£2,337,058

41.6%

£1,650,967

-33%

£2,462,778

36%

£1,811,148

barchart-grey

Trade Debtors

£4,189,332

-4.4%

£4,382,894

-17.5%

£5,312,139

50.1%

£3,539,364

-28.7%

£4,962,638

barchart-grey

Cash

£44,463

-93.1%

£645,551

41.4%

£456,493

747.8%

£53,844

-84.3%

£343,968

barchart-grey

Other Debtors

£60,467

-40.7%

£101,966

-46.4%

£190,353

146.6%

£77,193

-28.8%

£108,350

barchart-grey

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

barchart-grey

Total Current Assets

£7,503,348

0.5%

£7,467,470

-1.9%

£7,609,952

24.1%

£6,133,179

-15.1%

£7,226,104

barchart-grey

Trade Creditors

£495,094

61.5%

£306,597

-61.7%

£800,252

20.1%

£666,069

144%

£272,930

barchart-grey

Bank Loans & Overdrafts

£585,817

-

0

-

0

-100%

£785,312

-7.2%

£846,449

barchart-grey

Other Short Term Finance

£3,389,973

-28.1%

£4,716,476

-43.5%

£8,353,901

37.2%

£6,090,605

-18.1%

£7,434,578

barchart-grey

Miscellaneous Current Liabilities

£55,703

9.4%

£50,932

-15.9%

£60,555

68.4%

£35,959

-15.9%

£42,760

barchart-grey

Total Current Liabilities

£4,526,586

-10.8%

£5,074,005

-44.9%

£9,214,708

21.6%

£7,577,945

-11.9%

£8,596,717

barchart-grey

Bank Loans & Overdrafts and LTL

£5,181,302

20.7%

£4,292,942

-

0

-100%

£785,312

-7.2%

£846,449

barchart-grey

Other Long Term Finance

£4,595,485

7%

£4,292,942

-

0

-

0

-

0

barchart-grey

Total Long Term Liabilities

£4,595,485

7%

£4,292,942

-

0

-

0

-

0

.

 

Capital & Reserves

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Called Up Share Capital

£8,603

-

£8,603

-14%

£10,000

-

£10,000

-

£10,000

barchart-grey

P & L Account Reserve

-£1,569,812

16.1%

-£1,870,669

-18.8%

-£1,574,456

-11.3%

-£1,414,854

-6.3%

-£1,331,101

barchart-grey

Revaluation Reserve

-

-

-

-

-

-

-

-

-

barchart-grey

Sundry Reserves

-

-

-

-

-

-

-

-

-

barchart-grey

Shareholder Funds

-£1,561,210

16.2%

-£1,862,067

-19%

-£1,564,456

-11.4%

-£1,404,854

-6.3%

-£1,321,101

 

 

Other Financial Items

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Net Worth

-£1,561,210

16.2%

-£1,862,067

-19%

-£1,564,456

-11.4%

-£1,404,854

-6.3%

-£1,321,101

barchart-grey

Working Capital

£2,976,762

24.4%

£2,393,465

249.1%

-£1,604,756

-11.1%

-£1,444,766

-5.4%

-£1,370,613

barchart-grey

Total Assets

£7,560,862

0.7%

£7,504,880

-1.9%

£7,650,252

23.9%

£6,173,091

-15.2%

£7,275,616

barchart-grey

Total Liabilities

£9,122,072

-2.6%

£9,366,947

1.7%

£9,214,708

21.6%

£7,577,945

-11.9%

£8,596,717

barchart-grey

Net Assets

-£1,561,210

16.2%

-£1,862,067

-19%

-£1,564,456

-11.4%

-£1,404,854

-6.3%

-£1,321,101

 

 

Cash Flow

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Net Cashflow from Operations

-£1,454,962

63.9%

-£4,028,915

-432.7%

£1,211,017

648.7%

-£220,708

73.9%

-£846,600

barchart-grey

Net Cashflow before Financing

-£1,489,448

63.2%

-£4,049,957

-440.9%

£1,187,961

618.8%

-£228,987

73%

-£848,141

barchart-grey

Net Cashflow from Financing

£302,544

-93%

£4,292,942

-

-

-

-

-

-

barchart-grey

Increase in Cash

-£1,186,904

-588.5%

£242,984

-79.5%

£1,187,961

618.8%

-£228,987

73%

-£848,141

 

 

Miscellaneous

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

barchart-grey

Capital Employed

£3,034,276

24.8%

£2,430,875

255.4%

-£1,564,456

-11.4%

-£1,404,854

-6.3%

-£1,321,101

barchart-grey

Number of Employees

16

-

16

14.3%

14

7.7%

13

8.3%

12

Accountants

Auditors

MBL (BUSINESS AND TAX ADVISERS) LTD

Auditor Comments

The audit report contains no adverse comments

Bankers

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/12/14

31/12/13

31/12/12

31/12/11

31/12/10

barchart-grey

Pre-tax profit margin %

1.47

-2.84

-0.83

-0.47

-0.42

barchart-grey

Current ratio

1.66

1.47

0.83

0.81

0.84

barchart-grey

Sales/Net Working Capital

6.86

7.14

-11.93

-12.37

-12.48

barchart-grey

Gearing %

-331.90

-230.50

0

-55.90

-64.10

barchart-grey

Equity in %

-20.60

-24.80

-20.40

-22.80

-18.20

barchart-grey

Creditor Days

8.82

6.52

15.21

13.56

5.80

barchart-grey

Debtor Days

74.63

93.32

101.01

72.10

105.57

barchart-grey

Liquidity/Acid Test

0.94

1.01

0.64

0.48

0.62

barchart-grey

Return On Capital Employed %

9.91

-19.95

10.20

5.96

5.47

barchart-grey

Return On Total Assets Employed %

3.97

-6.46

-2.08

-1.35

-0.99

barchart-grey

Current Debt Ratio

-2.89

-2.72

-5.89

-5.39

-6.50

barchart-grey

Total Debt Ratio

-5.84

-5.03

-5.89

-5.39

-6.50

barchart-grey

Stock Turnover Ratio %

15.70

13.67

8.62

13.78

10.58

barchart-grey

Return on Net Assets Employed %

-19.27

26.05

10.20

5.96

5.47

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

 

Event History

 

Date

Description

05/11/2015

Annual Returns

11/06/2015

New Accounts Filed

11/06/2015

New Accounts Filed

07/11/2014

Annual Returns

05/09/2014

New Accounts Filed

15/10/2013

Annual Returns

09/10/2013

New Accounts Filed

09/10/2013

New Accounts Filed

09/11/2012

Annual Returns

19/06/2012

New Accounts Filed

19/06/2012

New Accounts Filed

20/10/2011

Annual Returns

19/10/2011

Change in Reg. Office

01/08/2011

New Accounts Filed

01/08/2011

New Accounts Filed

 

 

Previous Company Names

 

No Previous Names found

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

1 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Ultimate Holding Company

UNION COLOURS LIMITED

 

Group StructureFull

 

Company Name

Safe Number

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

T UNION COLOURS LIMITED

UK04574055

04927813

31.12.2014

N

£20,430,760

 

 

Mortgage Details

 

Mortgage Type:

DEBENTURE

Date Charge Created:

29/04/10

Date Charge Registered:

06/05/10

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

FORTIS COMMERCIAL FINANCE LIMITED

Amount Secured:

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

COMPOSITE ALL ASSETS GUARANTEE AND DEBENTURE

Date Charge Created:

03/03/08

Date Charge Registered:

11/03/08

Date Charge Satisfied:

30/04/10

Status:

SATISFIED

Person(s) Entitled:

GE COMMERCIAL FINANCE LIMITED (THE SECURITY HOLDER)

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. SEE IMAGEFOR FULL DETAILS

 

 

 

Mortgage Type:

DEBENTURE

Date Charge Created:

31/05/06

Date Charge Registered:

06/06/06

Date Charge Satisfied:

21/04/10

Status:

SATISFIED

Person(s) Entitled:

BARCLAYS 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

£6,899

Company Name

Amount

Statement Date

D & D Dispersions Limited

£6,899

23/07/2010

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Nicola Jane Myles

0

1

DUPORT DIRECTOR LIMITED

220

34197

DUPORT SECRETARY LIMITED

427

34630

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

GBP

1

Rs.0.015

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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.