MIRA INFORM REPORT

 

 

Report No. :

310694

Report Date :

09.03.2015

 

IDENTIFICATION DETAILS

 

Name :

FILMLIGHT LIMITED

 

 

Registered Office :

14-15 Manette Street London W1d 4ap

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.02.2000

 

 

Com. Reg. No.:

03917536

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

  • Development, design, manufacture and supply of digital systems to the world's leading producers to feature films.
  • Manufacture optical, photographic equipment
  • Manufacture of photographic and cinematographic equipment

 

 

No. of Employee :

53

 

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

 

FILMLIGHT LIMITED

Telephone

+44 020 7292 0400

14-15 MANETTE STREET LONDON

W1D 4AP United Kingdom

Fax

-

Website

www.filmlight.ltd.uk

       Company Number

03917536

                     Status

Active - Accounts Filed

 

                        Foundation

01/02/2000

 

             

Comments

 

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

This company has made late payments on a high percentage of invoices.

This company has been treated as a Medium company in respect of the rating/limit generated. This company’s ratio of total liabilities to total assets indicates the presence of moderate equity funding. 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

 

 

Basic information

                       

 

Legal form

Private limited with Share Capital

 

Foundation

01/02/2000

 

Company No.

03917536

 

Previous Names             

Date of Change

Previous Name

13/12/2002

WAVENEY IMAGING SYSTEMS LIMITED

                 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

FILMLIGHT HOLDINGS LTD

GBP

541,377

ORDINARY

0.5

Total Share Capital                                                                            GBP 270,688.5

 

 

Management

 

Directors

 

Name

Address:

Date of

birth

Nationality

Appointment date

Mr Stephen Michael Chapman

67 Paines Lane, Pinner, Middlesex HA5 3BX

21/12/1958

British

01/02/2000

Mr Michael Ross Harris

Bay Tree House, South Weirs, Brockenhurst, Hampshire SO42 7UQ

09/09/1955

British

10/04/2003

Mr Peter Stothart

Westbury Mill Lane, Monks Risborough, Princes Risborough, Buckinghamshire HP27 9LH

22/02/1951

British

01/04/2002

Mr Wolfgang Reinhart Lempp

107 Jerningham Road, London SE14

5NH

21/07/1954

German

01/02/2002

 

Company Secretary

Name

Address:

Appointment date

Mr Michael Ross Harris

Bay Tree House, South Weirs, Brockenhurst, Hampshire SO42 7UQ

15/02/2002

 

 

Other Known Addresses

 

Artists House, 14-15 Manette Street, London W1D 4AP

 

 

Company relationships

 

Company No.

Name

Status

Country

Ultimate parent

07615763

FILMLIGHT HOLDINGS LIMITED

Active

United Kingdom

 

 

Business activities

 

Main activity

Principal Activity

Development, design, manufacture and supply of digital systems to the world's leading producers to feature films.

SIC03

Manufacture optical, photographic equipment

SIC07

Manufacture of photographic and cinematographic equipment

 

 

Economic data

 

Turnover and Employees

Date of Accounts

Turnover

Employees

31/03/2012

GBP 11,747,333

62

31/03/2013

GBP 9,913,034

59

31/03/2014

GBP 8,846,757

53

 

Supplementary data

 

Banks

 

Bank Name                                                                               Bank Branch Sort Code

HSBC BANK PLC

 

Auditor

Auditor name

WILKINS KENNEDY LLP

 

 

Events

 

Company history

Date

Action

16/11/2010

New Accounts Filed

16/11/2010

New Accounts Filed

14/04/2011

Mr A.M. Grieve has left the board

16/04/2011

Annual Returns

21/11/2011

New Accounts Filed

21/11/2011

New Accounts Filed

10/03/2012

Annual Returns

12/01/2013

New Accounts Filed

12/01/2013

New Accounts Filed

07/02/2013

Ms C. Williams has left the board

13/04/2013

Annual Returns

09/01/2014

New Accounts Filed

08/03/2014

Annual Returns

14/01/2015

New Accounts Filed

14/01/2015

New Accounts Filed

 

 

Mortgages

 

Charge created

06/06/2003

Charge registered

11/06/2003

Status

OUTSTANDING

Entitled person

MYHOTEL LIMITED

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 detail

THE INTEREST OF THE TENANT IN A DEPOSITACCOUNT CONTAINING GBP 41,000 PLUS INTEREST (TOGETHER WITH VALUE ADDED TAX ON THATSUM)

 

 

Charge created

07/01/2004

Charge registered

08/01/2004

Status

OUTSTANDING

Entitled person

HSBC ASSET FINANCE (UK) LIMITED AND HSBC EQUIPMENT FINANCE (UK) LIM­ITED

Secured amount

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

Mortgage detail

ALL AND SINGULAR THE CHATTELS BEING NORTHLIGHT FILM SCANNER SERIAL NO 15

 

 

Charge created

09/11/2005

Charge registered

23/11/2005

Status

OUTSTANDING

Entitled person

NOVED INVESTMENT COMPANY

Secured amount

GBP 52,933.75 DUE OR TO BECOME DUE FROM THE COMPANY TO

Mortgage detail

THE SUM OF GBP 52,933.75 DEPOSITED BY THE COMPANY WITH THE CHARGEE

(OR THE BALANCEFROM TIME TO TIME STANDING TO THE ACCOUNT SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

Charge created

28/03/2007

Charge registered

31/03/2007

Status

SATISFIED

Entitled person

FIVE ARROWS LEASING LIMITED

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE AND/OR ANY ASSOCIATE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS

OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

 

 

Charge created

15/03/2006

Charge registered

17/03/2006

 

Status

OUTSTANDING

 

Entitled person

HSBC 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

 

 

 

 

Charge created

28/03/2007

 

Charge registered

31/03/2007

 

Status

SATISFIED

 

Entitled person

FIVE ARROWS LEASING LIMITED

 

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE AND/OR ANY ASSOCIATE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

 

 Mortgage detail

BASELIGHT FOUR, SYSTEM NAME VITO (S/N BC0058) AND ALL FUTURE GUAR­ANTEES, WARRANTIES, SERVICING AND MAINTENANCE AGREEMENTS AND THE BENEFIT OF ALL INSURANCES.

 

 

 

 

Charge created

29/11/2007

 

Charge registered

03/12/2007

 

Status

SATISFIED

 

Entitled person

FIVE ARROWS LEASING LIMITED

 

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 detail

EQUIPMENT - NORTHLIGHT 2 SCANNER S/NO NL67, ALL FUTURE GUARANTEES

WARRANTIES AND SERVICING AND MAINTENANCE AGREEMENTS IN RELATION TO THE ASSETS AND THE BENEFITOF ALL INSURANCES RELATING TO THE AS­SETS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

 

 

Charge created

13/05/2008

 

Charge registered

21/05/2008

 

Status

OUTSTANDING

 

Entitled person

FIVE ARROWS LEASING LIMITED

 

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE

CHARGEE AND/OR ANY ASSOCIATE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENTCREATING OR EVIDENC­ING THE CHARGE

 

Mortgage detail

THE COMPANY WITH FULL GUARANTEE BY WAY OF FIXED EQUITABLE CHARGE, NORTHLIGHT IISCANNER AND BASELIGHT 4 GRADER (VITO) ALLFUTURE GUAR­ANTEES, WARRANTIES AND SERVICING AND MAINTENANCE AGREEMENTS AND

THE BENEFIT OF ALL INSURANCES RELATING TO THE ASSETS

 

Charge created

16/12/2008

 

Charge registered

24/12/2008

 

 

 

 

Status

OUTSTANDING

 

Entitled person

FIVE ARROWS LEASING LIMITED (FAL)

 

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE AND/OR ANY ASSOCIATE OF FAL ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

 

Mortgage detail

FILMLIGHT NORTHLIGHT 1 SCANNER )S/NO NL70), NORTHLIGHT 2 SCANNER (S/NO NL67) AND BASELIGHT FOUR SYSTEM NAME VITO (S/NO BC0058) SEE IM­AGE FOR FULL DETAILS

 

 

 

 

Charge created

26/01/2012

 

Charge registered

10/02/2012

 

Status

OUTSTANDING

 

Entitled person

EMCO HOLDINGS LIMITED

 

Secured amount

GBP 5,000.00 DUE OR TO BECOME DUE FROM THECOMPANY TO THE CHARGEE

 

Mortgage detail

INITIAL DEPOSIT SUM OF GBP 5,000.00 SEE IMAGE FOR FULL DETAILS

 

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

31/03/2014

52

GBP Group: Yes

31/03/2013

52

GBP Group: Yes

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

Turnover

8,846,757

9,913,034

11,747,333

13,849,868

Export

6,928,197

7,713,245

-

-

Cost of Sales

2,507,761

3,306,367

4,938,336

5,690,666

Gross Profit

6,338,996

6,606,667

6,808,997

8,159,202

Wages And Salaries

3,506,763

4,496,754

4,014,105

3,967,783

Directors Emoluments

280,893

399,217

541,699

502,193

Operating Profit

334,900

257,029

657,112

2,106,688

Depreciation

7,814

103,848

107,709

100,325

Audit Fees

24,918

21,648

18,063

15,749

Interests Payments

15,807

30,876

19,423

40,931

Pre Tax Profit

292,997

234,654

644,887

2,065,757

Taxation

62,823

501,994

2,077

5,929

Profit After Tax

355,820

736,648

646,964

2,071,686

Dividends Payable

20,000

259,880

1,000,000

499,908

Retained Profit

335,820

476,768

-353,036

1,571,778

 

Balance Sheet

 

31/03/2014

52

GBP Group: Yes

31/03/2013

52

GBP Group: Yes

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

Tangible Assets

242,846

268,042

281,669

323,597

Intangible Assets

970,394

624,802

95,000

104,500

Total Fixed Assets

1,213,240

892,844

376,669

428,097

Stock

3,424,093

3,508,661

2,969,446

2,334,068

Trade Debtors

3,151,741

2,696,325

1,969,667

1,379,738

Cash

475,189

309,184

2,000,060

2,916,610

Other Debtors

757,628

861,362

653,453

324,086

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

7,808,651

7,375,532

7,592,626

6,954,502

Trade Creditors

389,419

654,103

597,295

683,696

Bank Loans and Overdraft

636,870

702,556

434,115

0

Other Short Term Finance

291,061

291,061

323,871

154,616

Miscellaneous Current Liabilities

2,503,110

1,755,045

1,328,854

1,492,791

Total Current Liabilities

3,820,460

3,402,765

2,684,135

2,331,103

Bank Loans and Overdrafts LTL

636,870

702,556

1,130,206

109,391

Other Long Term Finance

0

0

0

32,810

Total Long Term Liabilities

0

0

696,091

109,391

 

Capital & Reserves

 

31/03/2014

52

GBP Group: Yes

31/03/2013

52

GBP Group: Yes

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

Called Up Share Capital

270,688

270,688

270,688

270,688

P and L Account Reserve

4,766,431

4,430,611

4,154,069

4,507,105

Revaluation Reserve

0

0

0

0

Sundry Reserves

164,312

164,312

164,312

164,312

Shareholders Funds

5,201,431

4,865,611

4,589,069

4,942,105

 

Other Financial Items

 

31/03/2014

52

GBP Group: Yes

31/03/2013

52

GBP Group: Yes

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

Net Worth

4,231,037

4,240,809

4,494,069

4,837,605

Working Capital

3,988,191

3,972,767

4,908,491

4,623,399

Total Assets

9,021,891

8,268,376

7,969,295

7,382,599

Total Liabilities

3,820,460

3,402,765

3,380,226

2,440,494

Net Assets

5,201,431

4,865,611

4,589,069

4,942,105

 

Cash Flow

 

31/03/2014

52

GBP Group: Yes

31/03/2013

52

GBP Group: Yes

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

Net Cash Flow from Operations

0

0

-736,407

3,274,981

Net Cash Flow before Financing

0

0

-1,819,075

2,669,272

Net Cash Flow from Financing

0

0

792,430

-689,523

Increase in Cash

166,005

-1,690,876

-916,550

1,979,749

 

Miscellaneous

 

31/03/2014

31/03/2013

31/03/2012

31/03/2011

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: Yes

Group: Yes

Group: No

Group: No

Capital Employed

5,201,431

4,865,611

5,285,160

5,051,496

 

Financial Ratios

Name

31/03/2014

31/03/2013

31/03/2012

31/03/2011

Pre Tax Profit Margin

3.31 %

2.37 %

5.49 %

14.92%

Current Ration

2.04

2.17

2.83

2.98

Sales or Net Working Capital

2.22

2.50

2.39

3.00

Gearing

12.24 %

14.44%

24.63 %

2.21 %

Equity

64.60 %

63.66 %

58.28 %

67.90 %

Creditor Days

16.02

24.01

18.50

17.96

Debtor Days

129.67

99.00

61.03

36.26

Liquidity or Acid test

1.14

1.13

1.72

1.98

Return on Capital Employed

5.63 %

4.82 %

12.20%

40.89 %

Return on Total Assets Employed

3.24 %

2.83 %

8.09 %

27.98 %

Current Debt Ratio

0.73 %

0.69 %

0.58 %

0.47 %

Total Debt Ratio

0.73 %

0.69 %

0.73 %

0.49 %

Stock Turnover Ratio

38.70 %

35.39 %

25.27 %

16.85%

Return on Net Assets Employed

5.63 %

4.82 %

14.05%

41.79%


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.94.71

Euro

1

Rs.68.60

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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.