MIRA INFORM REPORT
|
Report No. : |
326212 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIDLAND BRIGHT STEELS LIMITED |
|
|
|
|
Registered Office : |
Swinford
House Albion Street Brierley Hill West Midlands DY5 3EE |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1.04.2000 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
Subject is agents selling agricultural raw materials,
livestock, textile raw materials and semi-finished goods |
|
|
|
|
No. of Employee : |
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 – 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. 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. 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 5.8% in 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.
|
Source
: CIA |
Company Name
MIDLAND BRIGHT STEELS LIMITED
Registered
Address
SWINFORD HOUSE ALBION STREET BRIERLEY HILL WEST MIDLANDS DY5 3EE
Company Summary
Registered Address
SWINFORD HOUSE ALBION STREET
BRIERLEY HILL
WEST MIDLANDS
DY5 3EE
Trading Address
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Website Address http://www.steelstockholders.org
Telephone Number 01215224435
Fax Number
TPS No
FPS No
Incorporation Date 11/04/2000
Previous Name
Type Private
limited with Share Capital
FTSE Index -
Date of Change -
Filing Date of Accounts 06/06/2014
Currency GBP
Share Capital £44,000
SIC07 46110
Charity Number -
SIC07
Description AGENTS
SELLING AGRICULTURAL RAW MATERIALS, LIVESTOCK, TEXTILE RAW MATERIALS AND
SEMI-FINISHED GOODS
Principal Activity Agents
in the steel industry.
Key
Financials
Year to Date Turnover
Pre Tax Profit Shareholder Funds Employees
31/12/2013 -
- £1,068,969 -
31/12/2012 -
- £938,111 -
31/12/2011 -
- £889,442 -
Mortgage
Summary
Total Mortgage 1
Outstanding 1
Satisfied 0
Trade
Debtors / Bad Debt Summary
Total Number of Documented Trade 1
Total Value of Documented Trade £1,638
Commentary
|
This company has been treated as a Small company in respect of
the rating/limit generated. |
|
|
The latest Balance Sheet indicates a very positive net working
capital position. |
|
|
The latest cash balances represent a positive level in terms
of the overall outstanding creditor obligations. |
|
|
There has been an increase in shareholders funds compared with
the previous balance sheet. |
|
|
This company trades in an industry with a moderate 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 |
1 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company Secretaries |
1 |
Current
Directors
|
Name |
Stephen Sutton |
Date of Birth |
24/03/1960 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
11/04/2000 |
||
|
Address |
Swinford House Albion Street, Brierley Hill, West Midlands,
DY5 3EE |
||
Current
Company Secretary
|
Name |
Jeff Hurst Sutton |
Date of Birth |
22/06/1970 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Company Secretary |
|
Appointment Date |
11/04/2000 |
||
|
Address |
Swinford House Albion Street, Brierley Hill, West Midlands,
DY5 3EE |
||
Top
20 Shareholders
|
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
|
STEPHEN SUTTON |
GBP |
44,000 |
ORDINARY |
1 |
100 |
Profit & Loss
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated
A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost
of Sales |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Wages
& Salaries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Directors
Emoluments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Operating
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Depreciation |
£27,524 |
60.6% |
£17,140 |
35.6% |
£12,636 |
23% |
£10,273 |
16% |
£8,855 |
|
Audit
Fees |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Interest
Payments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Pre
Tax Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Taxation |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Profit
After Tax |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Dividends
Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Retained
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Balance
Sheet
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Tangible
Assets |
£221,052 |
-11.1% |
£248,576 |
50.8% |
£164,803 |
-1.7% |
£167,628 |
-1.4% |
£169,951 |
|
Intangible
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total
Fixed Assets |
£221,052 |
-11.1% |
£248,576 |
50.8% |
£164,803 |
-1.7% |
£167,628 |
-1.4% |
£169,951 |
|
Stock |
£91,328 |
- |
£91,328 |
-8.2% |
£99,454 |
9% |
£91,244 |
104% |
£44,728 |
|
Trade
Debtors |
£845,315 |
-14.3% |
£986,502 |
18.6% |
£831,992 |
4.1% |
£799,122 |
37.2% |
£582,505 |
|
Cash |
£845,262 |
38.8% |
£609,067 |
-23.2% |
£792,556 |
5.1% |
£753,835 |
27.5% |
£591,060 |
|
Other
Debtors |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous
Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total
Current Assets |
£1,781,905 |
5.6% |
£1,686,897 |
-2.2% |
£1,724,002 |
4.9% |
£1,644,201 |
35% |
£1,218,293 |
|
Trade
Creditors |
£904,929 |
-4.6% |
£949,052 |
-1.7% |
£965,134 |
2.6% |
£940,566 |
32.4% |
£710,328 |
|
Bank
Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other
Short Term Finance |
0 |
- |
0 |
-100% |
£412 |
-96% |
£10,259 |
- |
0 |
|
Miscellaneous
Current Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total
Current Liabilities |
£904,929 |
-4.6% |
£949,052 |
-1.7% |
£965,546 |
1.5% |
£950,825 |
33.9% |
£710,328 |
|
Bank
Loans & Overdrafts and LTL |
£29,059 |
-39.8% |
£48,310 |
42.9% |
£33,817 |
123.9% |
£15,103 |
198.2% |
£5,064 |
|
Other
Long Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total
Long Term Liabilities |
£29,059 |
-39.8% |
£48,310 |
42.9% |
£33,817 |
123.9% |
£15,103 |
198.2% |
£5,064 |
.
Capital
& Reserves
|
Date Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Called Up Share Capital |
£44,000 |
- |
£44,000 |
- |
£44,000 |
- |
£44,000 |
- |
£44,000 |
|
P & L Account Reserve |
£988,969 |
15.2% |
£858,111 |
6% |
£809,442 |
5.7% |
£765,901 |
29.2% |
£592,852 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
£36,000 |
- |
£36,000 |
- |
£36,000 |
- |
£36,000 |
- |
£36,000 |
|
Shareholder Funds |
£1,068,969 |
13.9% |
£938,111 |
5.5% |
£889,442 |
5.1% |
£845,901 |
25.7% |
£672,852 |
Other
Financial Items
|
Date Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Net Worth |
£1,068,969 |
13.9% |
£938,111 |
5.5% |
£889,442 |
5.1% |
£845,901 |
25.7% |
£672,852 |
|
Working Capital |
£876,976 |
18.9% |
£737,845 |
-2.7% |
£758,456 |
9.4% |
£693,376 |
36.5% |
£507,965 |
|
Total Assets |
£2,002,957 |
3.5% |
£1,935,473 |
2.5% |
£1,888,805 |
4.2% |
£1,811,829 |
30.5% |
£1,388,244 |
|
Total Liabilities |
£933,988 |
-6.4% |
£997,362 |
-0.2% |
£999,363 |
3.5% |
£965,928 |
35% |
£715,392 |
|
Net Assets |
£1,068,969 |
13.9% |
£938,111 |
5.5% |
£889,442 |
5.1% |
£845,901 |
25.7% |
£672,852 |
Cash
Flow
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Net
Cashflow from Operations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net
Cashflow before Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net
Cashflow from Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Increase
in Cash |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Miscellaneous
|
Date Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Contingent Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
Capital Employed |
£1,098,028 |
11.3% |
£986,421 |
6.8% |
£923,259 |
7.2% |
£861,004 |
27% |
£677,916 |
|
Number of Employees |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Auditors |
|||||||||
|
Auditor Comments |
The company is exempt from audit |
||||||||
|
Bankers |
|||||||||
|
Bank Branch Code |
|||||||||
Ratios
|
Date
Of Accounts |
31/12/13 |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
|
Pre-tax
profit margin % |
- |
- |
- |
- |
- |
|
Current
ratio |
1.97 |
1.78 |
1.79 |
1.73 |
1.72 |
|
Sales/Net
Working Capital |
- |
- |
- |
- |
- |
|
Gearing
% |
2.70 |
5.10 |
3.80 |
1.80 |
0.80 |
|
Equity
in % |
53.40 |
48.50 |
47.10 |
46.70 |
48.50 |
|
Creditor
Days |
- |
- |
- |
- |
- |
|
Debtor
Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid
Test |
1.86 |
1.68 |
1.68 |
1.63 |
1.65 |
|
Return
On Capital Employed % |
- |
- |
- |
- |
- |
|
Return
On Total Assets Employed % |
- |
- |
- |
- |
- |
|
Current
Debt Ratio |
0.84 |
1.01 |
1.08 |
1.12 |
1.05 |
|
Total
Debt Ratio |
0.87 |
1.06 |
1.12 |
1.14 |
1.06 |
|
Stock
Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return
on Net Assets Employed % |
- |
- |
- |
- |
- |
Event History
|
Date |
Description |
|
02/05/2015 |
Annual
Returns |
|
11/06/2014 |
New
Accounts Filed |
|
23/04/2014 |
Annual
Returns |
|
23/04/2014 |
Change
in Reg.Office |
|
23/04/2014 |
Change
of Company Postcode |
|
21/06/2013 |
New
Accounts Filed |
|
04/05/2013 |
Annual
Returns |
|
31/05/2012 |
New
Accounts Filed |
|
31/05/2012 |
New
Accounts Filed |
|
28/04/2012 |
Annual
Returns |
|
08/06/2011 |
New
Accounts Filed |
|
08/06/2011 |
New
Accounts Filed |
|
14/05/2011 |
Annual
Returns |
|
24/08/2010 |
New
Accounts Filed |
|
12/05/2010 |
Annual
Returns |
Previous
Company Names
|
No
Previous Names found |
Writ Details
|
No
writs found |
Statistics
|
Group |
-
|
|
Linkages |
0
companies |
|
Countries |
In
0 countries |
Summary
|
Holding
Company
|
-
|
|
Ownership
Status
|
|
|
Ultimate
Holding Company
|
-
|
Group
Structure
No
Group Structure
Mortgage
Details
|
Mortgage
Type: |
|||
|
Date
Charge Created: |
26/05/15 |
||
|
Date Charge Registered: |
27/05/15 |
||
|
Date Charge Satisfied: |
- |
||
|
Status: |
OUTSTANDING |
||
|
Person(s) Entitled: |
HSBC BANK PLC; |
||
|
Amount Secured: |
|||
|
Details: |
A FIXED AND FLOATING CHARGE OVER ALL ASSETSCONTAINS FIXED
CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING
OF THE COMPANY.CONTAINS NEGATIVE PLEDGE. |
||
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 |
£1,638 |
|
Company Name |
Amount |
Statement Date |
|
Cronation Ltd |
£1,638 |
12/07/2013 |
Previous
Director/Company Secretaries
|
Name |
Current Directorships |
Previous Directorships |
|
SWIFT INCORPORATIONS LIMITED |
2579 |
263489 |
|
Average Invoice Value |
Ł436.25 |
|
Invoices available |
39 |
|
Paid |
38 |
|
Outstanding |
1 |
|
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 |
38 |
0 |
0 |
0 |
0 |
|
Outstanding |
1 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.97.84 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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.
SS