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Report No. : |
304344 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SML EUROPE LIMITED |
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Formerly Known As : |
SML LABELS & PACKAGING LIMITED |
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Registered Office : |
Unit 1, Arkwright Road, Corby, Northamptonshire, Nn17 5ae |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.10.1998 |
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Com. Reg. No.: |
03650355 |
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Legal Form : |
Private Limited With
Share Capital |
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Line of Business : |
· engaged in global apparel branding and packaging group of companies serving an international clientele consisting of top fashion brands and some of the largest retailers in the world · Engaged in Manufacturing other wearing apparel · Engaged in Manufacturing other wearing apparel and accessories · A group engaged in the supplies of woven labels, trims and other accessories to the garment industry. ·
Subject
product ranges includes Woven and Printed Fabric Labels, RFID and EAS
labels, Heat Transfers, Printed Paper Products, Variable Data Tags And
Labels, Packaging & Specialty Trims |
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No of Employees : |
199 (31.12.2013) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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United Kingdom |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 Ł375 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.
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Source : CIA |
Note:
The Subject Company Name has been changed from SML LABELS & PACKAGING LIMITED to SML EUROPE LIMITED on the 29 December 2004.
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SML EUROPE LIMITED |
Telephone |
+44 015 3640 8408 |
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UNIT 1 |
Fax |
+44 015 3640 8381 |
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ARKWRIGHT ROAD |
Website |
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CORBY |
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NORTHAMPTONSHIRE |
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NN17 5AE |
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United Kingdom |
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Company Number: 03650355 Foundation: 15/10/1998 |
Status: VAT No: |
Active - Accounts Filed N/A |
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This company’s return on total assets employed ratio indicates a highly efficient use of assets. The company has more cash than short term bank borrowings.
This company’s ratio of total liabilities to total assets indicates that assets are funded through debt rather than equity.
This company has been treated as a Large company in respect of the rating/limit generated. This company has made late payments on a medium percentage of invoices. This company trades in an industry with a moderate level of corporate failures.
Legal form
Private limited with Share Capital
Foundation
15/10/1998
Company No.
03650355
Previous Names
Date of Change Previous Name
29/12/2004 SML LABELS & PACKAGING LIMITED
05/11/1999 SML MANUFACTURING LIMITED
Shareholders
|
Name |
Currency |
Number of shares |
Share type |
Nominal value |
|
SML GROUP
LTD |
GBP |
500,000 |
ORDINARY |
1 |
|
Total Share Capital GBP 500,000 |
||||
Management
|
Directors |
||||
|
Name |
Address: |
Date of birth |
Nationality |
Appointment date |
|
Mr Chin
Sing Mak |
Block J, 2/f Fu Cheung Centre, 5 - 7 Wong Chuk Yeung Street, Fotan, Shatin, Hong Kong |
03/11/1955 |
Chinese |
15/10/1998 |
|
Mr King
Wah Ho |
Block A, 3/f, Fu Cheung Centre, 5-7 Wong Chuk Yeung Street, Fotan, Shatin, Hong Kong |
26/03/1959 |
Chinese |
27/10/1999 |
|
Company
Secretary |
||
|
Name |
Address: |
Appointment date |
|
Mr Chin
Sing Mak |
Block J, 2/f, Fu Cheung Centre, 5 - 7 Wong Chuk Yeung Street,
Fotan, Shatin,
Hong Kong |
13/10/2000 |
Other Known Addresses
Unit 1, Arkwright Road, Willowbrook North Industrial Estate, Corby, Northamptonshire NN17 5AE
Company relationships
Name Status Country
Ultimate Parent
SML GROUP HOLDINGS LTD Other KY
Business activities
Main activity
|
Principal Activity |
A group engaged in the supplies of woven labels, trims and other accessories to the garment industry. |
|
SIC03 |
Manufacture other wearing apparel |
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SIC07 |
Manufacture of other wearing apparel and accessories n.e.c. |
Product Details
· Woven and Printed Fabric Labels,
· RFID and EAS labels,
· Heat Transfers,
· Printed Paper Products,
· Variable Data Tags and Labels,
· Packaging & Specialty Trims
Economic data
Turnover and Employees
|
Date of Accounts |
Turnover |
Employees |
|
31/12/2011 |
GBP 25,281,000 |
165 |
|
31/12/2012 |
GBP 24,097,000 |
159 |
|
31/12/2013 |
GBP 27,336,000 |
199 |
Banks
|
Bank Name |
Bank Branch
Sort Code |
|
HSBC BANK PLC |
40-32-04 |
Auditor
Auditor name
PRICEWATERHOUSECOOPERS LLP
Events
Company history
Date action
|
15/10/2010 |
New Accounts Filed |
|
15/10/2010 |
New Accounts Filed |
|
27/11/2010 |
Annual Returns |
|
22/09/2011 |
New Accounts Filed |
|
19/11/2011 |
Annual Returns |
|
01/12/2011 |
New Board Member Mr K.W. Ho
appointed |
|
31/07/2012 |
New Accounts Filed |
|
31/07/2012 |
New Accounts Filed |
|
14/11/2012 |
Annual Returns |
|
29/10/2013 |
Annual Returns |
|
02/11/2013 |
New Accounts Filed |
|
02/11/2013 |
New Accounts Filed |
|
07/07/2014 |
New Accounts Filed |
|
07/07/2014 |
New Accounts Filed |
|
07/11/2014 |
Annual Returns |
Mortgages
|
Charge created |
04/07/2000 |
|
|
Charge registered |
05/07/2000 |
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Status |
OUTSTANDING |
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Entitled person |
HSBC ASSET FINANCE (UK) LIMITED AND HSBC EQUIPMENT FINANCE (UK) LIM- ITED |
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Secured amount |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
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Mortgage detail |
ALL THE CHATTELS PLANT MACHINERY BEING MUSONIC ULTRASONIC LABEL CUTTING MACHINES/NO. 1/265 |
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County Court Judgments
(CCJs)
There are no County Court Judgments listed
against this company
Profit & Loss
|
|
31/12/2013 52 GBP Group: Yes |
31/12/2012 52 GBP Group: Yes |
31/12/2011 52 GBP Group: Yes |
31/12/2010 52 GBP Group: Yes |
|
Turnover |
27,336,000 |
24,097,000 |
25,281,000 |
27,844,000 |
|
Cost of Sales |
13,349,000 |
11,183,000 |
11,963,000 |
14,680,000 |
|
Gross Profit |
13,987,000 |
12,914,000 |
13,318,000 |
13,164,000 |
|
Wages And Salaries |
6,924,000 |
5,997,000 |
6,069,000 |
6,503,000 |
|
Operating Profit |
3,436,000 |
3,362,000 |
3,141,000 |
2,495,000 |
|
Depreciation |
509,000 |
694,000 |
694,000 |
709,000 |
|
Audit Fees |
131,000 |
122,000 |
174,000 |
126,000 |
|
Interests Payments |
2,000 |
0 |
1,000 |
11,000 |
|
Pre Tax Profit |
2,687,000 |
3,309,000 |
3,614,000 |
2,738,000 |
|
Profit After
Tax |
1,441,000 |
2,872,000 |
3,477,000 |
2,224,000 |
|
Retained Profit |
1,441,000 |
3,712,000 |
3,522,000 |
2,224,000 |
Balance Sheet
|
|
31/12/2013 52 GBP Group: Yes |
31/12/2012 52 GBP Group: Yes |
31/12/2011 52 GBP Group: Yes |
31/12/2010 52 GBP Group: Yes |
|
Tangible Assets |
3,316,000 |
1,991,000 |
3,262,000 |
3,353,000 |
|
Intangible Assets |
1,460,000 |
1,512,000 |
916,000 |
1,285,000 |
|
Total Fixed Assets |
4,776,000 |
3,503,000 |
4,178,000 |
4,638,000 |
|
Stock |
1,507,000 |
1,083,000 |
1,538,000 |
1,484,000 |
|
Trade Debtors |
3,049,000 |
2,225,000 |
3,173,000 |
3,301,000 |
|
Cash |
2,364,000 |
1,903,000 |
3,220,000 |
2,871,000 |
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Other Debtors |
22,185,000 |
20,261,000 |
14,854,000 |
12,257,000 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
|
Total Current
Assets |
29,105,000 |
25,472,000 |
22,785,000 |
19,913,000 |
|
Trade Creditors |
1,947,000 |
1,314,000 |
1,482,000 |
1,644,000 |
|
Bank Loans
and Overdraft |
0 |
0 |
0 |
118,000 |
|
Other Short Term Finance |
41,301,000 |
38,889,000 |
40,667,000 |
40,747,000 |
|
Miscellaneous Current
Liabilities |
2,962,000 |
2,630,000 |
2,552,000 |
3,348,000 |
|
Total Current
Liabilities |
46,210,000 |
42,833,000 |
44,701,000 |
45,857,000 |
|
Bank Loans
and Overdrafts LTL |
553,000 |
422,000 |
183,000 |
223,000 |
|
Other Long
Term Finance |
0 |
0 |
0 |
0 |
|
Total Long Term Liabilities |
553,000 |
422,000 |
183,000 |
105,000 |
Capital & Reserves
|
|
31/12/2013 52 GBP Group: Yes |
31/12/2012 52 GBP Group: Yes |
31/12/2011 52 GBP Group: Yes |
31/12/2010 52 GBP Group: Yes |
|
Called Up Share Capital |
500,000 |
500,000 |
500,000 |
500,000 |
|
Sundry Reserves |
371,000 |
414,000 |
485,000 |
517,000 |
Other Financial Items
|
|
31/12/2013 52 GBP Group: Yes |
31/12/2012 52 GBP Group: Yes |
31/12/2011 52 GBP Group: Yes |
31/12/2010 52 GBP Group: Yes |
|
Net Worth |
-14,342,000 |
-15,792,000 |
-18,837,000 |
-22,696,000 |
|
Working Capital |
-17,105,000 |
-17,361,000 |
-21,916,000 |
-25,944,000 |
|
Total Assets |
33,881,000 |
28,975,000 |
26,963,000 |
24,551,000 |
|
Total Liabilities |
46,763,000 |
43,255,000 |
44,884,000 |
45,962,000 |
|
Net Assets |
-12,882,000 |
-14,280,000 |
-17,921,000 |
-21,411,000 |
Cash Flow
|
|
31/12/2013 52 GBP Group: Yes |
31/12/2012 52 GBP Group: Yes |
31/12/2011 52 GBP Group: Yes |
31/12/2010 52 GBP Group: Yes |
|
Net Cash
Flow from Operations |
2,428,000 |
775,000 |
704,000 |
-2,086,000 |
|
Net Cash
Flow before Financing |
462,000 |
-1,280,000 |
506,000 |
-2,577,000 |
|
Net Cash
Flow from Financing |
-2,000 |
0 |
-7,000 |
2,540,000 |
|
Increase in Cash |
461,000 |
-1,317,000 |
349,000 |
0 |
Miscellaneous
|
|
31/12/2013 52 GBP Group: Yes |
31/12/2012 52 GBP Group: Yes |
31/12/2011 52 GBP Group: Yes |
31/12/2010 52 GBP Group: Yes |
|
Capital Employed |
-12,329,000 |
-13,858,000 |
-17,738,000 |
-21,306,000 |
Financial Ratios
Name 31/12/2013 31/12/2012 31/12/2011 31/12/2010
|
Pre Tax Profit Margin |
9.83 % |
13.73 % |
14.30 % |
9.83 % |
|
Current Ration |
0.63 |
0.59 |
0.51 |
0.43 |
|
Sales or Net Working Capital |
-1.60 |
-1.39 |
-1.15 |
-1.07 |
|
Gearing |
-4.29 % |
-2.96 % |
-1.02 % |
-1.04 % |
|
Equity |
-39.73 % |
-52.00 % |
-68.80 % |
-92.03 % |
|
Creditor Days |
25.92 |
19.84 |
21.33 |
21.49 |
|
Debtor Days |
40.59 |
33.60 |
45.68 |
43.15 |
|
Liquidity or Acid test |
0.59 |
0.56 |
0.47 |
0.40 |
|
Return on Capital Employed |
-21.79 % |
-23.87 % |
-20.37 % |
-12.85 % |
|
Return on
Total Assets Employed |
7.93 % |
11.42 % |
13.40 % |
11.15 % |
|
Current Debt Ratio |
-3.58 % |
-2.99 % |
-2.49 % |
-2.14 % |
|
Total Debt Ratio |
-3.63 % |
-3.02 % |
-2.50 % |
-2.14 % |
|
Stock Turnover Ratio |
5.51 % |
4.49 % |
6.08 % |
5.32 % |
|
Return on Net Assets
Employed |
-20.85 % |
-23.17 % |
-20.16 % |
-12.78 % |
Remarks
The
financial statement reports turnover has increased but with reduced net
profits. The balance sheet a weak financial position with a continuing and
reducing deficit in the P & L Account Reserve and in shareholder’s funds.
Based on this information the company appears to be trading in an insolvent
position. Remains to be seen how the company trades in the financial year ended
December 2014
Net Profit
Year Ended 31/12/2013 – 1,441,000GBP
Net Profit
Year Ended 31/12/2012 – 3,712,000GBP
Activity: engaged in global apparel branding and packaging group of companies serving an international clientele consisting of top fashion brands and some of the largest retailers in the world
Trading Address Confirmed: Unit 1, Arkwright Road, Corby, Northamptonshire, NN17 5AE
Branches: worldwide
Employees: 199
Bank: HSBC Bank PLC
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
UK Pound |
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared by
: |
MNL |
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.