SKY METAL FINISHING LTD

MANUFACTURING

Funds Raised

£54,000.00

Final AER

19.96%

Loan term

60 MONTHS

Auction Closed

2019-05-31

Micro Loan Opportunities
Buy Capital Seller's
Premium
Price Buyer's
Rate
BuyBack
£19.60 +3.90% £20.37 18.14%
£98.02 +4.00% £101.94 18.10%
£78.41 +4.00% £81.55 18.10%
£58.81 +4.00% £61.16 18.10%
£49.01 +4.00% £50.97 18.10%

About the Business

Company Name: SKY METAL FINISHING LTD Company Number: 09777362
Business Type: MANUFACTURING Years Trading: 3-5 years
Business Location: Wolverhampton

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

Personal Guarantee - PG from Jasvinder Singh

Est. Equity: 0.00

Personal Guarantee - PG from Jaswinder Kaur

Est. Equity: 375000.00

Risk Indicators Identified:

May not produce Management Accounts
This company may not prepare management accounts on a regular basis
Disclosures
This listing contains disclosures from ReBS. Lenders are encouraged to read them in the profile tab

Important Files

Who are we?

Sky Metal Finishing Ltd established in September 2015. This is family run business and the applicant has over 25 years experience the industry. This business has grown rapidly since 2016, primary through good orders and due to demand and supply of metal finishing in the market place,Since 2016 turn over exceeded over four times that has also reflected in the profit. This is achieved without any borrowing. The activity of the business is metal polishing and widely used in every component of the engineering sector. The future looks good as the new orders are coming and business need to accommodate the demand and supply of the production work this will result achieving higher turn over and profitability.

Read more

Loan Offers

What is the loan for?

The business has no overdraft facility. business is expanding by new orders therefore requires cash flow and working facility to meet the demand and supply to achieve certain level of productivity, which will secure some raw material at the discounted rate, that requires up front payments.

Why consider investing?

The business has grown over four times since 2016, with new orders in place the owners will take the business to the next level of the production work. which will result in higher turn over and greater profitability. Sky metal finishing has good reputation with their suppliers and with the end customers. Business always paid their liabilities on time, has established its reputation with trusting service and conduct of the business in professional manners.Considering the experience of the owners further comfort can be driven that the owners has good knowledge in the industry and seeking for perpetual growth through out the business cycle for long term growth trend.

Disclosure

1) In 2018 the applicant took a business loan to purchase their commercial premises. The loan was taken by Goldberry Limited, a separate holding company also owned by the shareholders. The freehold interest of the property is owned by Goldberry Limited but the loan is being repaid by Sky Metal Finishing Limited as the holding company is non-trading. As such, although the loan liability is that of Goldberry Limited, it has been included in the finances tab and was included in our risk rating and assessments into factors like loan affordability and equity to debt.

2) Our applicant company (Sky Metal Finishing Limited) has given a debenture to this lender as security for the commercial mortgage. The security underpinning our loan are Personal Guarantees and are therefore unaffected by the commercial mortgage. However, lenders should be aware that the existence of the debenture over Sky Metal Finishing means that should the mortgage enter default, the lender in question would have the option to pursue Sky Metal Finishing Limited for the debt under the debenture.

Security

The loan will be secured by way of Personal Guarantees.

PGs will be provided by the two shareholders, Ms Jasvinder Singh and Mr Jaswinder Kaur. Mr Kaur has an estimated net worth of £375,000. This is derived from his ownership of 3 properties -his domestic residence which has an est. value of £300,000 with £170,000 est equity; an investment property with £110,000 est. value and £30,000 est. equity; and finally a second investment property with an est. value of £120,000 with £40,000 est. equity. His total bricks and mortar assets are worth an estimated £530,000 with an estimated £240,000 equity.

Mr Singh is not a property owner and his PG has little realisable value. As a result, in the event of default this PG will likely be useful only as a tool to bring a reluctant debtor to the table or by way of an income payment order should we need to proceed to bankruptcy.

DateAmountCapitalInterestReceived
04/07/2019£1,429.35£531.33£898.02
04/08/2019£1,429.35£540.17£889.18
04/09/2019£1,429.35£549.15£880.20Not Due
04/10/2019£1,429.35£558.28£871.07Not Due
04/11/2019£1,429.35£567.56£861.79Not Due
04/12/2019£1,429.35£577.00£852.35Not Due
04/01/2020£1,429.35£586.60£842.75Not Due
04/02/2020£1,429.35£596.35£833.00Not Due
04/03/2020£1,429.35£606.27£823.08Not Due
04/04/2020£1,429.35£616.35£813.00Not Due
04/05/2020£1,429.35£626.60£802.75Not Due
04/06/2020£1,429.35£637.02£792.33Not Due
04/07/2020£1,429.35£647.62£781.73Not Due
04/08/2020£1,429.35£658.39£770.96Not Due
04/09/2020£1,429.35£669.34£760.01Not Due
04/10/2020£1,429.35£680.47£748.88Not Due
04/11/2020£1,429.35£691.78£737.57Not Due
04/12/2020£1,429.35£703.29£726.06Not Due
04/01/2021£1,429.35£714.98£714.37Not Due
04/02/2021£1,429.35£726.87£702.48Not Due
04/03/2021£1,429.35£738.96£690.39Not Due
04/04/2021£1,429.35£751.25£678.10Not Due
04/05/2021£1,429.35£763.74£665.61Not Due
04/06/2021£1,429.35£776.44£652.91Not Due
04/07/2021£1,429.35£789.36£639.99Not Due
04/08/2021£1,429.35£802.48£626.87Not Due
04/09/2021£1,429.35£815.83£613.52Not Due
04/10/2021£1,429.35£829.40£599.95Not Due
04/11/2021£1,429.35£843.19£586.16Not Due
04/12/2021£1,429.35£857.21£572.14Not Due
04/01/2022£1,429.35£871.47£557.88Not Due
04/02/2022£1,429.35£885.96£543.39Not Due
04/03/2022£1,429.35£900.69£528.66Not Due
04/04/2022£1,429.35£915.67£513.68Not Due
04/05/2022£1,429.35£930.90£498.45Not Due
04/06/2022£1,429.35£946.38£482.97Not Due
04/07/2022£1,429.35£962.12£467.23Not Due
04/08/2022£1,429.35£978.12£451.23Not Due
04/09/2022£1,429.35£994.38£434.97Not Due
04/10/2022£1,429.35£1,010.92£418.43Not Due
04/11/2022£1,429.35£1,027.73£401.62Not Due
04/12/2022£1,429.35£1,044.82£384.53Not Due
04/01/2023£1,429.35£1,062.20£367.15Not Due
04/02/2023£1,429.35£1,079.86£349.49Not Due
04/03/2023£1,429.35£1,097.82£331.53Not Due
04/04/2023£1,429.35£1,116.08£313.27Not Due
04/05/2023£1,429.35£1,134.64£294.71Not Due
04/06/2023£1,429.35£1,153.51£275.84Not Due
04/07/2023£1,429.35£1,172.69£256.66Not Due
04/08/2023£1,429.35£1,192.19£237.16Not Due
04/09/2023£1,429.35£1,212.02£217.33Not Due
04/10/2023£1,429.35£1,232.17£197.18Not Due
04/11/2023£1,429.35£1,252.66£176.69Not Due
04/12/2023£1,429.35£1,273.49£155.86Not Due
04/01/2024£1,429.35£1,294.67£134.68Not Due
04/02/2024£1,429.35£1,316.20£113.15Not Due
04/03/2024£1,429.35£1,338.09£91.26Not Due
04/04/2024£1,429.35£1,360.34£69.01Not Due
04/05/2024£1,429.35£1,382.97£46.38Not Due
04/06/2024£1,429.35£1,405.96£23.39Not Due
Total:£54,000.01£31,760.99