MIRA INFORM REPORT

 

 

Report No. :

351724

Report Date :

28.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SYNPAC LIMITED

 

 

Formerly Known As :

DIMETREND LIMITED

 

 

Registered Office :

Saxon Way, Priory Park, Hessle North Humberside, HU13 9PB

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.05.2015

 

 

Date of Incorporation :

28.02.1984

 

 

Com. Reg. No.:

01795597

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Manufacture of Plastic Packing Goods.

 

 

No. of Employees :

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 :

No Complaints

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has been a net importer of energy since 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 6.0% in 2014.

 

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

 

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).

 

Source : CIA

Company summary

 

Registered Address

 

Saxon Way, Priory Park
Hessle
North Humberside
HU13 9PB

 

Trading Address

 

Unit 10
Swann St
Hull
North Humberside
HU2 0PH

 

Saxon Way, Priory Park
Hessle
North Humberside
HU13 9PB

 

Website Address

 

http://www.synpac.co.uk

 

Company Number

01795597

 

Telephone Number

 

01482640606

 

Fax Number

 

--

TPS

 

Yes

FPS

 

No

Incorporation Date

 

28/02/1984

 

Previous Name

 

DIMETREND LIMITED

 

Type

 

Private limited with Share Capital

 

FTSE Index

 

--

Date of Change

 

13/04/1984

 

Filing Date of Accounts

 

29/10/2015

 

Currency

 

GBP

 

Share Capital

 

£1,000

 

SIC07

 

22220

 

SIC07 Description

 

Manufacture of Plastic Packing Goods

 

 

 

Key financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

 

31/12/2015

--

--

£3,031,339

 

--

31/12/2014

--

--

£2,536,044

 

--

31/12/2013

--

--

£2,428,107

 

--

 

 

Mortgage Summary

 

Total Mortgage              2

Outstanding                  0

Satisfied                       2

 

Trade debtors / bad debt summary

 

Total Number of Documented Trade       4

Total Value of Documented Trade          £4,210

 

 

Commentary

 

This company has been treated as a Small company.

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.

 

 

Current Directors

 

Name

George Webb

Date of Birth

21/07/1944

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

30/11/1991

Address

Saxon Way, Priory Park, Hessle, North Humberside, HU13 9PB

 

Name

Sheila Webb

Date of Birth

26/05/1947

Officers Title

Mrs

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

30/11/1991

Address

Saxon Way, Priory Park, Hessle, North Humberside, HU13 9PB

 

 

Current Company Secretary

 

Name

George Webb

Date of Birth

21/07/1944

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Company Secretary

Appointment Date

30/11/1991

Address

Saxon Way, Priory Park, Hessle, North Humberside, HU13 9PB

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

MRS SHEILA WEBB

GBP

500

ORDINARY

1

50

MR GEORGE WEBB

GBP

500

ORDINARY

1

50

 

 

Profit & loss

 

Date Of Accounts

31/05/15

(%)

31/05/14

(%)

31/05/13

(%)

31/05/12

(%)

31/05/11

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

barchart-grey

Turnover

-

-

-

-

-

-

-

-

-

barchart-grey

Export

-

-

-

-

-

-

-

-

-

barchart-grey

Cost of Sales

-

-

-

-

-

-

-

-

-

barchart-grey

Gross Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Wages & Salaries

-

-

-

-

-

-

-

-

-

barchart-grey

Directors Emoluments

-

-

-

-

-

-

-

-

-

barchart-grey

Operating Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Depreciation

£103,730

-1.6%

£105,371

3.3%

£101,982

-6.2%

£108,764

-13.3%

£125,430

barchart-grey

Audit Fees

-

-

-

-

-

-

-

-

-

barchart-grey

Interest Payments

-

-

-

-

-

-

-

-

-

barchart-grey

Pre Tax Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Taxation

-

-

-

-

-

-

-

-

-

barchart-grey

Profit After Tax

-

-

-

-

-

-

-

-

-

barchart-grey

Dividends Payable

-

-

-

-

-

-

-

-

-

barchart-grey

Retained Profit

-

-

-

-

-

-

-

-

-

 

 

Balance sheet

 

Date Of Accounts

31/05/15

(%)

31/05/14

(%)

31/05/13

(%)

31/05/12

(%)

31/05/11

barchart-grey

Tangible Assets

£721,785

-11.7%

£816,967

-2.3%

£836,090

-9.6%

£924,693

-9.2%

£1,017,894

barchart-grey

Intangible Assets

0

-

0

-

0

-

0

-

0

barchart-grey

Total Fixed Assets

£721,785

-11.7%

£816,967

-2.3%

£836,090

-9.6%

£924,693

-9.2%

£1,017,894

barchart-grey

Stock

£344,665

-16.7%

£413,838

-16.7%

£497,040

-3.7%

£516,368

6.5%

£484,959

barchart-grey

Trade Debtors

£724,443

0.9%

£717,640

-9%

£788,924

5.5%

£748,083

-0.6%

£752,264

barchart-grey

Cash

£1,837,610

55.9%

£1,178,380

36.1%

£866,066

13.6%

£762,127

37.4%

£554,699

barchart-grey

Other Debtors

0

-

0

-

0

-

0

-

0

barchart-grey

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

barchart-grey

Total Current Assets

£2,906,718

25.8%

£2,309,858

7.3%

£2,152,030

6.2%

£2,026,578

13.1%

£1,791,922

barchart-grey

Trade Creditors

£510,379

4.4%

£488,927

7.2%

£455,923

-3.4%

£471,957

1.4%

£465,538

barchart-grey

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

barchart-grey

Other Short Term Finance

0

-

0

-

0

-

0

-

0

barchart-grey

Miscellaneous Current Liabilities

0

-

0

-

0

-

0

-

0

barchart-grey

Total Current Liabilities

£510,379

4.4%

£488,927

7.2%

£455,923

-3.4%

£471,957

1.4%

£465,538

barchart-grey

Bank Loans & Overdrafts and LTL

£86,785

-14.8%

£101,854

-2.1%

£104,090

-23.4%

£135,864

-17.5%

£164,607

barchart-grey

Other Long Term Finance

0

-

0

-

0

-

0

-

0

barchart-grey

Total Long Term Liabilities

£86,785

-14.8%

£101,854

-2.1%

£104,090

-23.4%

£135,864

-17.5%

£164,607

 

 

Capital & reserves

 

Date Of Accounts

31/05/15

(%)

31/05/14

(%)

31/05/13

(%)

31/05/12

(%)

31/05/11

barchart-grey

Called Up Share Capital

£1,000

-

£1,000

-

£1,000

-

£1,000

-

£1,000

barchart-grey

P & L Account Reserve

£3,030,339

19.5%

£2,535,044

4.4%

£2,427,107

3.6%

£2,342,450

7.5%

£2,178,671

barchart-grey

Revaluation Reserve

-

-

-

-

-

-

-

-

-

barchart-grey

Sundry Reserves

-

-

-

-

-

-

-

-

-

barchart-grey

Shareholder Funds

£3,031,339

19.5%

£2,536,044

4.4%

£2,428,107

3.6%

£2,343,450

7.5%

£2,179,671

 

 

Other financial items

 

Date Of Accounts

31/05/15

(%)

31/05/14

(%)

31/05/13

(%)

31/05/12

(%)

31/05/11

barchart-grey

Net Worth

£3,031,339

19.5%

£2,536,044

4.4%

£2,428,107

3.6%

£2,343,450

7.5%

£2,179,671

barchart-grey

Working Capital

£2,396,339

31.6%

£1,820,931

7.4%

£1,696,107

9.1%

£1,554,621

17.2%

£1,326,384

barchart-grey

Total Assets

£3,628,503

16%

£3,126,825

4.6%

£2,988,120

1.2%

£2,951,271

5%

£2,809,816

barchart-grey

Total Liabilities

£597,164

1.1%

£590,781

5.5%

£560,013

-7.9%

£607,821

-3.5%

£630,145

barchart-grey

Net Assets

£3,031,339

19.5%

£2,536,044

4.4%

£2,428,107

3.6%

£2,343,450

7.5%

£2,179,671

 

 

Miscellaneous

 

Date Of Accounts

31/05/15

(%)

31/05/14

(%)

31/05/13

(%)

31/05/12

(%)

31/05/11

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

barchart-grey

Capital Employed

£3,118,124

18.2%

£2,637,898

4.2%

£2,532,197

2.1%

£2,479,314

5.8%

£2,344,278

barchart-grey

Number of Employees

-

-

-

-

-

-

-

-

-

Accountants

SMAILES GOLDIE

Auditors

Auditor Comments

The company is exempt from audit

Bankers

BARCLAYS BANK PLC

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/05/15

31/05/14

31/05/13

31/05/12

31/05/11

barchart-grey

Pre-tax profit margin %

-

-

-

-

-

barchart-grey

Current ratio

5.70

4.72

4.72

4.29

3.85

barchart-grey

Sales/Net Working Capital

-

-

-

-

-

barchart-grey

Gearing %

2.90

4

4.30

5.80

7.60

barchart-grey

Equity in %

83.50

81.10

81.30

79.40

77.60

barchart-grey

Creditor Days

-

-

-

-

-

barchart-grey

Debtor Days

-

-

-

-

-

barchart-grey

Liquidity/Acid Test

5.01

3.87

3.62

3.19

2.80

barchart-grey

Return On Capital Employed %

-

-

-

-

-

barchart-grey

Return On Total Assets Employed %

-

-

-

-

-

barchart-grey

Current Debt Ratio

0.16

0.19

0.18

0.20

0.21

barchart-grey

Total Debt Ratio

0.19

0.23

0.23

0.25

0.28

barchart-grey

Stock Turnover Ratio %

-

-

-

-

-

barchart-grey

Return on Net Assets Employed %

-

-

-

-

-

 

 

Report notes

 

There are no notes to display.

 

 

Status history

 

No status history found

 

Event history

 

Date

Description

04/11/2015

New Accounts Filed

09/12/2014

Annual Returns

14/11/2014

New Accounts Filed

21/12/2013

Annual Returns

04/12/2013

New Accounts Filed

17/12/2012

Annual Returns

08/11/2012

New Accounts Filed

28/12/2011

Annual Returns

17/11/2011

New Accounts Filed

17/11/2011

New Accounts Filed

08/12/2010

Annual Returns

08/10/2010

New Accounts Filed

08/10/2010

New Accounts Filed

18/02/2010

New Accounts Filed

18/02/2010

New Accounts Filed

 

 

Previous Company Names

 

Date

Previous Name

13/04/1984

DIMETREND LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

-

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Ultimate Holding Company

-

 

 

Group StructureFull

 

No Group Structure

 

 

Mortgage Details

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

21/02/97

Date Charge Registered:

06/03/97

Date Charge Satisfied:

26/03/15

Status:

SATISFIED

Person(s) Entitled:

BARCLAYS BANK PLC;

Amount Secured:

Details:

LAND AND PREMISES AT PRIORY PARK HESSLEEAST YORKSHIRE

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

30/03/87

Date Charge Registered:

09/04/87

Date Charge Satisfied:

04/09/97

Status:

SATISFIED

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

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

Details:

LAND SITUATE OFF BONTOFT AVENUE NATIONAL AVENUE, KINGSTON UPON HULL, HUMBERSIDE.

 

 

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

4

£4,210

Company Name

Amount

Statement Date

Operational Support Limited

£1,876

12/08/2010

Grosvenor Fresh Foods Limited

£1,411

03/05/2011

Hungry Hector Ltd

£599

02/09/2014

Crown Hotels & Restaurants Limited

£324

22/03/2013

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Robert Mitchell Mead

2

1

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.67

Euro

1

Rs.70.87

GBP

1

Rs.0.015

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TPT

 

               

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.