|
Report No. : |
307668 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRICON ENERGY UK LIMITED |
|
|
|
|
Registered Office : |
Dashwood House 7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.09.2006 |
|
|
|
|
Com. Reg. No.: |
05938997 |
|
|
|
|
Legal Form : |
Private Limited With Share Capital |
|
|
|
|
Line of Business : |
·
Wholesale
fuels & related products ·
Wholesale
of other fuels and related products |
|
|
|
|
No. of Employees : |
3 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
TRICON
ENERGY UK LIMITED
Dashwood House 7th Floor
69 Old Broad Street
London Ec2m 1QS
United Kingdom
|
Telephone |
- |
|
Fax |
- |
|
Website |
- |
Payment experience and credit opinion
The company has more cash than short term bank borrowings. This company trades in an industry with a lower level of corporate failures. This company has been treated as a Large company in respect of the rating/limit generated. This company’s return on total assets employed ratio indicates a relatively efficient use of assets. This company’s ratio of total liabilities to total assets indicates the presence of moderate equity funding.
Legal form
Private limited with Share Capital
Foundation
18/09/2006
Company No.
05938997
Shareholders
|
Name |
Currency |
Number of |
Share type |
Nominal value |
|
|
|
shares |
|
|
|
TRICON
INTERNATIONAL LTD |
GBP |
100 |
ORDINARY |
1 |
|
Total Share Capital |
|
|
|
GBP
100 |
Management
|
Directors |
|
|
|
|
|
Name |
Address: |
Date of Birth |
Nationality |
Appointment Date |
|
Mr.
Ignacio Torras |
11606
Copperas Cove, Houston, Texas |
13/03/1964 |
Spanish |
18/09/2006 |
|
Mr.
Brian James Morris |
Dashwood
House, 7th Floor, 69 Old Broad Street, London EC2M 1 QS |
20/06/1981 |
American
|
10/07/2013 |
|
Mr.
Bryan Elwood |
Dashwood
House, 7th Floor, 69 Old Broad Street, London EC2M 1 QS |
23/06/1967 |
American
|
10/07/2013 |
Company Secretary
|
Name |
Address: |
Appointment Date |
|
Mr.
Bryan Elwood |
Dashwood
House, 7th Floor, 69 Old Broad Street, London EC2M 1 QS |
10/07/2013 |
Other Known Address
167 Fleet Street, London, London EC4A 2EA
7th Floor, Dashwood House, 69 Old Broad Street, London EC2M
1QS
Company Relationships
|
Company No. |
Name |
Status |
Country |
|
Ultimate Parent |
|
|
|
|
US23772930 |
Tricon International |
Non Trading |
USA |
Business Activities
|
Main Activity |
|
|
Principal
Activity |
The
distribution of industrial chemicals and petrochemicals. Accounts data converted from US Dollar. |
|
SIC03 |
Wholesale
fuels & related products |
|
SIC07 |
Wholesale
of other fuels and related products |
Economic Data
|
Turnover
and Employees |
|
|
|
Date
of Accounts |
Turnover |
Employees |
|
31/12/2011 |
GBP 129,360,818 |
2 |
|
31/12/2012 |
GBP 155,638,152 |
3 |
|
31/12/2013 |
GBP 256,395,621 |
3 |
Supplementary Data
|
Banks |
|
|
Bank
Name |
Bank
Branch Sort Code |
|
BNP PARIBAS FORTIS |
23-46-35 |
Auditor
Auditor Name
BEECHAMS LLP
Events
Company History
|
Date |
Action |
|
06/10/2010 |
New
Accounts Filed |
|
06/10/2010 |
New
Accounts Filed |
|
25/12/2010 |
Annual
Returns |
|
10/10/2011 |
New
Accounts Filed |
|
10/10/2011 |
New
Accounts Filed |
|
06/12/2011 |
Annual
Returns |
|
25/10/2012 |
New
Accounts Filed |
|
25/10/2012 |
New
Accounts Filed |
|
06/11/2012 |
Annual
Returns |
|
23/07/2013 |
Mr
W.A. Fry has resigned as company secretary |
|
23/07/2013 |
Mr
W.A. Fry has left the board |
|
23/07/2013 |
New
Company Secretary Mr B. Elwood appointed |
|
23/07/2013 |
New
Board Member Mr B. Elwood appointed |
|
23/07/2013 |
New
Board Member Mr B.J. Morris appointed |
|
28/09/2013 |
New
Accounts Filed |
|
28/09/2013 |
New
Accounts Filed |
|
19/10/2013 |
Annual
Returns |
|
23/09/2014 |
Annual
Returns |
|
03/10/2014 |
New
Accounts Filed |
|
03/10/2014 |
New
Accounts Filed |
|
20/10/2014 |
Change
in Reg.Office |
|
20/10/2014 |
Change
of Company Postcode |
|
Mortgages |
|
|
Charge
created |
21/05/2007 |
|
Charge
registered |
31/05/2007 |
|
Status |
OUTSTANDING |
|
Entitled
person |
FORTIS
BANK S.A./N.A. |
|
Secured
amount |
ALL
MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE |
|
|
ON ANY
ACCOUNT WHATSOEVER UNDER
THE TERMS OF
THE AFOREMEN- |
|
|
TIONED
INSTRUMENT CREATING OR EVIDENCING THE CHARGE |
|
Mortgage
detail |
FIRST FIXED
CHARGE THE DEPOSIT AND
ALL THE COM- |
|
|
PANY§RIGT,TITLE,BENEFIT
AND INTEREST WHATSOEVER SEE THE MORTGAGE |
|
|
CHARGE
DOCUMENT FOR FULL DETAILS |
|
Charge
created |
21/05/2007 |
|
Charge
registered |
31/05/2007 |
|
Status |
OUTSTANDING |
|
Entitled
person |
FORTIS
BANK S.A/N.V.,UK BRANCH |
|
Secured
amount |
ALL
MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE |
|
|
ON ANY
ACCOUNT WHATSOEVER UNDER
THE TERMS OF
THE AFOREMEN- |
|
|
TIONED
INSTRUMENT CREATING OR EVIDENCING THE CHARGE |
|
Mortgage
detail |
ALL ITS
RIGHT,TITLE AND INTEREST
IN ANDTO THE
RECEIVABLES SEE THE |
|
|
MORTGAGE
CHARGE DOCUMENT FOR FULL DETAILS |
|
Charge
created |
15/10/2010 |
|
Charge
registered |
20/10/2010 |
|
Status |
OUTSTANDING |
|
Entitled
person |
BNP
PARIBAS (SUISSE) SA |
|
Secured
amount |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE |
|
Mortgage
details |
ASSIGNMENT OF MONEYS AND RECEIVABLES AND INSURANCES,A FIRST PRIORITY SECURITY INTEREST IN AND FLOATING CHARGE ALL THE CHARGOR RIGHTS TITLE AND INTEREST IN AND TO ALL MONEYS AND OTHER RECEIVABLES SEE IMAGE FOR FULL DETAILS |
County Court Judgments (CCJs)
There are no County Court Judgments listed against this company
Profit & Loss
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
52 |
52 |
52 |
52 |
|
|
GBP |
GBP |
GBP |
GBP |
|
|
Group: No |
Group: No |
Group: No |
Group: No |
|
Turnover |
256,395,621 |
155,638,152 |
129,360,818 |
77,670,547 |
|
Export |
- |
- |
- |
- |
|
Cost of Sales |
247,727,624.35 |
153,776,021.3 |
127,481,545.77 |
75,198,716.32 |
|
Gross Profit |
8,667,996.18 |
1,862,130.63 |
1,879,272.08 |
2,471,831.07 |
|
Wages And Salaries |
0 |
0 |
0 |
0 |
|
Directors Emoluments |
- |
- |
- |
- |
|
Operating Profit |
2,345,819.99 |
183,866.65 |
-1,649,680.69 |
2,298,513.22 |
|
Depreciation |
0 |
0 |
0 |
0 |
|
Audit Fees |
15,293.64 |
10,005.54 |
8,986.82 |
7,757.75 |
|
Interests Payments |
610,140.35 |
37,932.15 |
154,647.6 |
72,234.81 |
|
Pre Tax Profit |
1,735,680 |
145,934 |
-1,804,328 |
2,228,057 |
|
Taxation |
-427,077.69 |
-35,679.63 |
-20,396.4 |
-113,409.49 |
|
Profit After Tax |
1,308,601.94 |
110,254.86 |
-1,824,724.7 |
2,114,647.34 |
|
Dividends Payable |
0 |
1,846,835.75 |
0 |
0 |
|
Retained Profit |
1,308,601.94 |
-1,736,580.89 |
-1,824,724.7 |
2,114,647.34 |
Balance Sheet
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
52 |
52 |
52 |
52 |
|
|
GBP |
GBP |
GBP |
GBP |
|
|
Group: No |
Group: No |
Group: No |
Group: No |
|
Tangible
Assets |
0 |
0 |
0 |
0 |
|
Intangible
Assets |
0 |
0 |
0 |
0 |
|
Total
Fixed Assets |
0 |
0 |
0 |
0 |
|
Stock |
3,449,786 |
816,529 |
249,495 |
65,920 |
|
Trade
Debtors |
50,874,122 |
38,280,118 |
28,911,343 |
26,505,648 |
|
Cash |
2,318,691 |
108,682 |
411,613 |
685,875 |
|
Other
Debtors |
51,334,417 |
39,826,413 |
18,953,615 |
566,953 |
|
Miscellaneous
Current Assets |
0 |
0 |
0 |
0 |
|
Total
Current Assets |
107,977,016 |
79,031,742 |
48,526,066 |
27,824,396 |
|
Trade
Creditors |
4,171,213 |
1,836,515 |
3,074,989 |
6,790,178 |
|
Bank
Loans and Overdraft |
0 |
0 |
0 |
0 |
|
Other
Short Term Finance |
74,147,469 |
55,764,229 |
38,621,487 |
16,794,892 |
|
Miscellaneous
Current Liabilities |
27,955,999 |
21,037,264 |
4,606,343 |
337,743 |
|
Total
Current Liabilities |
106,274,680 |
78,638,008 |
46,302,820 |
23,922,813 |
|
Bank
Loans and Overdrafts LTL |
0 |
0 |
0 |
0 |
|
Other
Long Term Finance |
0 |
0 |
0 |
0 |
|
Total
Long Term Liabilities |
0 |
0 |
0 |
0 |
Capital &
Reserves
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
52 |
52 |
52 |
52 |
|
|
GBP |
GBP |
GBP |
GBP |
|
|
Group: No |
Group: No |
Group: No |
Group: No |
|
Called Up Share Capital |
116 |
116 |
121 |
116 |
|
P and L Account Reserve |
1,702,220 |
393,618 |
2,223,126 |
3,901,467 |
|
Revaluation Reserve |
0 |
0 |
0 |
0 |
|
Sundry Reserves |
0 |
0 |
0 |
0 |
|
Shareholders Funds |
1,702,336 |
393,734 |
2,223,246 |
3,901,583 |
Other Financial Items
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
52 |
52 |
52 |
52 |
|
|
GBP |
GBP |
GBP |
GBP |
|
|
Group: No |
Group: No |
Group: No |
Group: No |
|
Net Worth |
1,702,336 |
393,734 |
2,223,246 |
3,901,583 |
|
Working Capital |
1,702,336 |
393,734 |
2,223,246 |
3,901,583 |
|
Total Assets |
107,977,016.12 |
79,031,741.56 |
48,526,066.17 |
27,824,395.93 |
|
Total Liabilities |
106,274,680 |
78,638,008 |
46,302,820 |
23,922,813 |
|
Net Assets |
1,702,336 |
393,734 |
2,223,246 |
3,901,583 |
Cash Flow
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
52 |
52 |
52 |
52 |
|
|
GBP |
GBP |
GBP |
GBP |
|
|
Group: No |
Group: No |
Group: No |
Group: No |
|
Net
Cash Flow from Operations |
2,904,529 |
1,599,668 |
-133,201 |
-840,873 |
|
Net
Cash Flow before Financing |
2,210,008 |
-285,725 |
-299,996 |
-1,106,544 |
|
Net
Cash Flow from Financing |
0 |
0 |
0 |
0 |
|
Increase
in Cash |
2,210,009 |
-302,931 |
-274,262 |
-1,172,125 |
Miscellaneous
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
52 |
52 |
52 |
52 |
|
|
GBP |
GBP |
GBP |
GBP |
|
|
Group: No |
Group: No |
Group: No |
Group: No |
|
Capital
Employed |
1,702,336 |
393,734 |
2,223,246 |
3,901,583 |
|
Financial Ratios |
|
|
|
|
|
Name |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Pre
Tax Profit Margin |
0.68 % |
0.09 % |
-1.39 % |
2.87 % |
|
Current
Ration |
1.02 |
1.01 |
1.05 |
1.16 |
|
Sales
or Net Working Capital |
150.61 |
395.29 |
58.19 |
19.91 |
|
Gearing |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
|
Equity |
1.58 % |
0.50 % |
4.58 % |
14.02 % |
|
Creditor
Days |
5.92 |
4.29 |
8.65 |
31.82 |
|
Debtor
Days |
72.22 |
89.52 |
81.35 |
124.21 |
|
Liquidity
or Acid test |
0.98 |
0.99 |
1.04 |
1.16 |
|
Return
on Capital Employed |
101.95 % |
37.06 % |
-81.15 % |
57.10 % |
|
Return
on Total Assets Employed |
1.60 % |
0.18 % |
-3.71 % |
8.00 % |
|
Current
Debt Ratio |
62.42 % |
199.72 % |
20.82 % |
6.13 % |
|
Total
Debt Ratio |
62.42 % |
199.72 % |
20.82 % |
6.13 % |
|
Stock
Turnover Ratio |
1.34 % |
0.52 % |
0.19 % |
0.08 % |
|
Return
on Net Assets Employed |
101.95 % |
37.06 % |
-81.15 % |
57.10 % |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.