MIRA INFORM REPORT

 

 

Report No. :

304542

Report Date :

27.01.2015

 

IDENTIFICATION DETAILS

 

Name :

BULK HARDWARE LIMITED

 

 

Formerly Known as : 

FIXA-PAC LIMITED

 

 

Registered Office :

One New Street, Wells, Somerset, Ba5 2la

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.07.1974

 

 

Com. Reg. No.:

01177960

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

·         Engaged in Packaging and selling of Hardware Products

·         Engaged as trader of Bulk Packed and Pre-Packed Hardware, Ironmongery as well as DIY and Housewares Products. 

 

 

No of Employees :

53 (31.12.2013)

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 identification

 

BULK HARDWARE LIMITED

Telephone

 

ONE NEW STREET

Fax

-

WELLS

Website

www.antiscaldplug.co.uk

SOMERSET

 

 

BA5 2LA

 

 

United Kingdom

 

 

 

Company Number:

01177960

Status:

Active - Accounts Filed

Foundation:

19/07/1974

 

 

 

 

Comments

 

This company's ratio of total liabilities to total assets indicates the presence of strong equity funding. 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 Medium 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 has made late payments on a medium percentage of invoices.

 

 

Legal form

 

Private Limited With Share Capital

 

 

Foundation

 

19/07/1974

 

 

Company No.

 

01177960

 

 

Previous Names

 

Date of Change

Previous Name

31/12/1980

FIXA-PAC LIMITED

 

 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

GARETH REES

GBP

100

ORDINARY B

1

JANICE REES

GBP

390

ORDINARY A

1

WYNFORD REES

GBP

510

ORDINARY A

1

Total Share Capital

GBP 1,000

 

 

Management

 

Directors

Name

Address:

Date of

birth

Nationality

Appointment date

Ms Janice Elizabeth Rees

Bulk Hardware Ltd Parsonage Way, Chippenham, Wiltshire SN15 5PN

15/01/1949

British

08/11/1991

Mr Wynford Rees

Bulk Hardware Ltd Parsonage Way, Chippenham, Wiltshire SN15 5PN

13/01/1948

British

08/11/1991

Mr Gareth Rees

Bulk Hardware Ltd Parsonage Way, Chippenham, Wiltshire SN15 5PN

12/03/1969

British

11/04/2007

 

 

Company Secretary

Name

Address:

Appointment date

Ms Janice Elizabeth Rees

10 Sion Hill, Lansdown, Bath BA1 2UH

08/11/1991

 

 

Other Known Addresses

 

·         One New Street, Wells, Somerset BA5 2LA

·         Parsonage Way, Chippenham, Wiltshire SN15 5PN

 

 

Business activities

 

Main activity

 

Principal Activity          

·         Engaged in Packaging and selling of Hardware Products

·         Engaged as trader of Bulk Packed and Pre-Packed Hardware, Ironmongery as well as DIY and Housewares Products. 


Economic data

 

Turnover and Employees

Date of Accounts

Turnover

Employees

31/12/2011

GBP 4,349,216

54

31/12/2012

GBP 4,331,288

49

31/12/2013

GBP 4,278,569

53

 

 

Auditor

 

Auditor name

WEBB & CO LTD

 

 

Events

 

Company history

Date

Action

09/10/2010

New Accounts Filed

09/10/2010

New Accounts Filed

03/12/2010

Annual Returns

03/10/2011

New Accounts Filed

03/10/2011

New Accounts Filed

14/11/2011

Annual Returns

18/09/2012

New Accounts Filed

18/09/2012

New Accounts Filed

13/11/2012

Annual Returns

30/09/2013

New Accounts Filed

18/11/2013

Annual Returns

11/06/2014

New Accounts Filed

29/11/2014

Annual Returns

 

 

Mortgages

 

Charge created

04/12/1981

Charge registered

18/12/1981

Status

SATISFIED

Entitled person

BARCLAYS BANK PLC

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER.

Mortgage detail

FIXED AND FLOATING CHARGES UNDERTAKING AND ALL PROPERTY AND AS­SETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND UN­CALLED CAPITAL WITH ALL BUILDINGS FIXTURES(INCL. TRADE FIXTURES) FIXED PLANT AND MACHINERY.

 

Charge created

23/12/1981

Charge registered

19/01/1982

Status

SATISFIED

Entitled person

BARCLAYS MERCHANT BANK LTD

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN.

Mortgage detail

FIXED AND FLOATING CHARGES UNDERTAKING AND ALL PROPERTY AND AS­SETS PRESENT AND FUTURE INCLUDING GOODWILL BOOK DEBTS AND UN­CALLED CAPITAL WITH ALL BUILDINGS, FIXTURES (INCL. TRADE FIXTURES) FIXED PLANT AND MACHINERY.

 

Charge created              04/01/1982
Charge registered          19/01/1982
Status                           SATISFIED
Entitled person              BARCLAYS MERCHANT BANK LTD
Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR

ANY OF THE OTHERCOMPANIES NAMED THEREIN.

Mortgage detail                         FIXED AND FLOATING CHARGES UNDERTAKING AND ALL PROPERTY AND

ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOK DEBTS AND UNCALLED CAPITAL WITH ALL BUILDINGS, FIXTURES (INCL. TRADE FIXTURES)
FIXED PLANT AND MACHINERY.

 

Charge created              05/04/1983
Charge registered          15/04/1983
Status                           SATISFIED
Entitled person              ALEX LAWRIE RECEIVABLES FINANCING LIMITED
Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

UNDER THE TERMS OF AN AGREEMENT DATED 5.4.83

Mortgage detail                         FIRST FIXED CHARGE ON ALL BOOK AND OTHER DEBTS AS ARE NOT SOLD TO

AND BOUGHT BY ALEX LAWRIE RECEIVABLES FINANCING LIMITED.

 

 

Charge created              27/07/1983
Charge registered          10/08/1983
Status                           SATISFIED
Entitled person              LONDON AND LIVERPOOL TRUST PLC
Secured amount            UKP,200,000 AND ALL OTHER MONIES DUE OR TO BECOME DUE FROM THE

COMPANY TO THE CHARGEE UNDER THE TERMS OF AN AGREEMENT DATED 27.7.83

Mortgage detail                         FIXED CHARGE OVER THE COMPANY §F/H PROPERTY K/A AND SITUATE AT

PARSONAGE WAY INDUSTRIAL ESTATE, CHIPPENHAM WILTSHIRE TOG. WITH ALL FIXTURES (INC. TRADE FIXTURES) FIXED PLANT AND MACHINERY. FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED
CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

 

Charge created              09/09/1983
Charge registered          19/09/1983
Status                           SATISFIED
Entitled person              BARCLAYS BANK PLC
Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail                         FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND

ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL
BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

 

Charge created              30/12/1983
Charge registered          09/01/1984
Status                           SATISFIED
Entitled person              COMMERCIAL CREDIT SERVICES LIMITED
Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail                         PIECE/PARCEL OF F/H LAND SITUATE ON THEPARSONAGE WAY/FORMERLY

(OCKLEBURY) INDUSTRIAL ESTATE, CHIPPENHAM WILTSHIRE CONTAINING IN

AREA APPROX. 0.77 ACRES DESCRIBED IN A CONVEYANCE ON SALE DATED

4/12/81 TOG. WITH ALL BLDGS. ERECTED THEREON ANDBENEFIT OF THE
RIGHTS AND OTHER MATTERS REFERRED TO IN THE SAID CONVEYANCE

 

Charge created              29/01/1998
Charge registered          04/02/1998
Status                           SATISFIED
Entitled person              MIDLAND BANK PLC
Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail .           FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY

AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS

UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE
THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Charge created              07/08/2000
Charge registered          10/08/2000
Status                           OUTSTANDING
Entitled person              LLOYDS TSB BANK PLC
Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail                         F/H PROPERTY K/A LAND AND BUILDINGS ON YTHE SOUTH EAST SIDE OF

PARSONAGE WAY CHIPPENHAM WT130519 TOGETHER WITH ALL BUILDINGS AND FIXTURES (INCLUDING TRADE FIXTURES) FIXED PLANT AND MACHINERY BY WAY OF FIXED CHARGE ALL PRESENT AND FUTURE BOOK AND OTHER DEBTS FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT BY WAY OF ASSIGNMENT THE GOODWILL OF THE BUSINESS (IF ANY) THE FULL BENEFIT OF ALL LICENCES AND ALL GUARANTEES


Charge created                          05/09/2000
Charge registered                      08/09/2000
Status                                       OUTSTANDING
Entitled person                          LLOYDS TSB BANK PLC
Secured amount                        ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE

CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail                                     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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Charge created                          11/03/2013
Charge registered                      14/03/2013
Status                                       OUTSTANDING
Entitled person                          WYNFORD REES AND JANICE REES
Secured amount                        ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE

CHARGEE ON ANY ACCOUNT WHATSOEVER\

Mortgage detail                                     FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL

PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, FIXED PLANT AND MACHINERY

 

 

County Court Judgments

(CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Turnover

4,278,569

4,331,288

4,349,216

4,360,259

Export

-

-

-

-

Cost of Sales

2,973,083

2,840,644

2,728,761

2,754,223

Gross Profit

1,305,486

1,490,644

1,620,455

1,606,036

Wages And Salaries

897,966

837,797

841,496

901,697

Directors Emoluments

435,543

67,796

68,590

66,516

Operating Profit

184,433

826,529

854,862

865,510

Depreciation

62,890

67,378

70,047

61,461

Audit Fees

13,550

12,500

12,500

12,250

Interests Payments

43,436

18,582

17,656

23,833

Pre Tax Profit

138,188

809,828

839,949

841,677

Taxation

-30,426

-195,821

-219,557

-226,852

Profit After Tax

107,762

614,007

620,392

614,825

Dividends Payable

366,200

516,000

249,996

414,106

Retained Profit

-258,438

98,007

370,396

200,719

 

Balance Sheet

 

31/12/2013

52

GBP Group: No

31/12/2012

52

GBP Group: No

31/12/2011

52

GBP Group: No

31/12/2010

52

GBP Group: No

Tangible Assets

688,133

729,891

750,506

745,950

Intangible Assets

0

0

2,439

6,980

Total Fixed Assets

688,133

729,891

752,945

752,930

Stock

2,136,264

2,226,758

2,399,063

2,515,793

Trade Debtors

452,897

549,393

514,798

555,514

Cash

481,504

246,493

300

300

Other Debtors

91,583

59,983

174,262

94,588

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

3,162,248

3,082,627

3,088,423

3,166,195

Trade Creditors

130,146

101,993

105,700

138,675

Bank Loans and Overdraft

0

0

143,123

532,785

Other Short Term Finance

499,029

83,318

85,919

102,073

Miscellaneous Current Liabilities

242,464

385,044

359,301

377,598

Total Current Liabilities

871,639

570,355

694,043

1,151,131

Bank Loans and Overdrafts LTL

13,806

18,789

165,081

545,808

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

13,806

18,789

21,958

13,023

 

Capital & Reserves

 

31/12/2013

52

GBP Group: No

31/12/2012

52

GBP Group: No

31/12/2011

52

GBP Group: No

31/12/2010

52

GBP Group: No

Called Up Share Capital

1,000

1,000

1,000

1,000

P and L Account Reserve

2,963,936

3,222,374

3,124,367

2,753,971

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

2,964,936

3,223,374

3,125,367

2,754,971

 

Other Financial Items

 

31/12/2013

52

GBP Group: No

31/12/2012

52

GBP Group: No

31/12/2011

52

GBP Group: No

31/12/2010

52

GBP Group: No

Net Worth

2,964,936

3,223,374

3,122,928

2,747,991

Working Capital

2,290,609

2,512,272

2,394,380

2,015,064

Total Assets

3,850,381

3,812,518

3,841,368

3,919,125

Total Liabilities

885,445

589,144

716,001

1,164,154

Net Assets

2,964,936

3,223,374

3,125,367

2,754,971

 


Cash Flow

 

31/12/2013

52

GBP Group: No

31/12/2012

52

GBP Group: No

31/12/2011

52

GBP Group: No

31/12/2010

52

GBP Group: No

Net Cash Flow from Operations

867,889

1,179,661

951,173

1,027,774

Net Cash Flow before Financing

235,011

389,316

389,661

248,339

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

235,011

246,193

0

0

 

 

Miscellaneous

 

31/12/2013

52

GBP Group: No

31/12/2012

52

GBP Group: No

31/12/2011

52

GBP Group: No

31/12/2010

52

GBP Group: No

Capital Employed

2,978,742

3,242,163

3,147,325

2,767,994

BULK HARDWARE LIMITED                                                                           Company No.: Financial Ratios

Name

31/12/2013

31/12/2012

31/12/2011

31/12/2010

Pre Tax Profit Margin

3.23 %

18.70 %

19.31 %

19.30%

Current Ration

3.63

5.40

4.45

2.75

Sales or Net Working Capital

1.87

1.72

1.82

2.16

Gearing

0.47 %

0.58 %

5.28 %

19.81 %

Equity

77.00 %

84.55 %

81.41 %

70.42 %

Creditor Days

11.07

8.57

8.84

11.57

Debtor Days

38.53

46.17

43.08

46.37

Liquidity or Acid test

1.17

1.50

0.99

0.56

Return on Capital Employed

4.63 %

24.97 %

26.68 %

30.40 %

Return on Total Assets Employed

3.58 %

21.24%

21.86 %

21.47%

Current Debt Ratio

0.29 %

0.17%

0.22 %

0.41 %

Total Debt Ratio

0.29 %

0.18%

0.22 %

0.42 %

Stock Turnover Ratio

49.92 %

51.41 %

55.16%

57.69 %

Return on Net Assets Employed

4.66 %

25.12%

26.87 %

30.55 %

 

 

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

 

 

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%)

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.