AARTEE BRIGHT BAR LIMITED
Company Details
Registration Number
03725308
Registered Address
Suite 3 Regency House 91 Western Road Brighton BN1 2NW
Company Status
Liquidation
Employee Count
279
Turnover
£44,319,000
EBITDA
£1,665,000
Additional Information
Website
www.greydove.co.uk/Company Type
Private limited Company
Incorporated on
3 March 1999
Nature of Business (SIC)
24100 - Manufacture of basic iron and steel and of ferro-alloys
24310 - Cold drawing of bars
Industries
Non-precious metals, steel and other alloys
Region
South EastCompany Location
Financial Overview
£1,195,000
£19,794,000
Last Reporting Period
Filed
30 Jan 2023
Period
01 Jul 2022 - 31 Dec 2022
Payment Timing
Average Time to Pay
61 days
Payment Periods
Shortest
15 days
Longest
120 days
Max Contractual
120 days
Payment Timeline
Not Paid Within Terms
73%
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 61 | 26% | 24% | 50% | 73% |
| 01 Jan 2022 - 30 Jun 2022 | 27 Jul 2022 | 76 | 27% | 28% | 45% | 68% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 51 | 19% | 29% | 52% | 42% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 55 | 16% | 37% | 47% | 50% |
| 01 Jul 2020 - 31 Dec 2020 | 08 Feb 2021 | 65 | 12% | 36% | 52% | 48% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Jul 2020 | 63 | 10% | 28% | 62% | 62% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 64 | 11% | 29% | 60% | 36% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 65 | 11% | 28% | 61% | 54% |
| 01 Jul 2018 - 31 Dec 2018 | 23 Jan 2019 | 58 | 13% | 33% | 54% | 4% |
| 01 Jan 2018 - 30 Jun 2018 | 13 Jul 2018 | 59 | 14% | 35% | 51% | 2% |
Company Summary
AARTEE BRIGHT BAR LIMITED is a company that specializes in manufacturing and supplying various types of bright bars, including cold drawn, peeled, and ground bars
The company is committed to sustainability and has implemented several initiatives to reduce their environmental impact
Their sustainability program includes using energy-efficient machinery, recycling waste materials, and continuously improving their processes to minimize their carbon footprint
They also prioritize sourcing raw materials from sustainable and ethical suppliers
AARTEE BRIGHT BAR LIMITED offers a wide range of products, including bright bars made from carbon steel, alloy steel, and stainless steel
These bars are used in various industries such as automotive, construction, and engineering
The key people behind AARTEE BRIGHT BAR LIMITED are Mr
Anil Jain and Mr
Dinesh Jain, who have extensive experience in the steel industry
Their expertise and leadership have helped the company grow and establish a strong reputation in the market
The company's website address is https://www.arteesteels.com/ and their registered office address is Plot No
15, Sector 1, Integrated Industrial Estate (IIE), BHEL Haridwar - 249403, Uttarakhand, India
Customers can contact them through their website or by phone at +91-1334-238491/92/93
AARTEE BRIGHT BAR LIMITED is committed to providing high-quality products and services while also promoting sustainability, making them a reliable and responsible choice for customers
Company Review
Trend Analysis
The average time taken by AARTEE BRIGHT BAR LIMITED to pay invoices to suppliers has been fluctuating over the past three periods, with a gradual increase in 2020 and a significant decrease in 2021. The percentage of invoices paid within 30 days has also been fluctuating, with a slight increase in 2021. However, there has been a consistent increase in the percentage of invoices paid later than 60 days and not paid within agreed terms over the past three periods.
Volatility Analysis
The data for AARTEE BRIGHT BAR LIMITED shows a high level of volatility in terms of the average time taken to pay invoices and the percentage of invoices paid within 30 days. There has been a significant increase in volatility in 2021, especially in the percentage of invoices paid later than 60 days and not paid within agreed terms.
Summary Analysis
Between 2018 and 2020, AARTEE BRIGHT BAR LIMITED showed a slight improvement in their payment practices, with a decrease in the average time taken to pay invoices and an increase in the percentage of invoices paid within 30 days. However, in 2021, there was a significant improvement as the average time taken to pay invoices decreased by 10%, and the percentage of invoices paid within 30 days increased by 3%. However, there was also a significant increase in the percentage of invoices paid later than 60 days and not paid within agreed terms, which could be a cause for concern.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The standard contractual length of time for payment of invoices is variable based upon the type of supply and the market in which the supplier trades (e.g. geographical location) At the point of initial order with a new supplier the agreed terms are forwarded to the supplier for verification by the suppliers finance department and a signed copy is held with the Aartee Bright Bar finance department for future reference In consideration of the supply of Goods and/or Services by the Seller, the Buyer shall pay the invoice amounts in accordance with the terms of credit where it is implied that the Seller shall receive payment up to 2 days from the agreed processing date
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
No changes have been made to the underlying terms during the period
Maximum contractual payment period agreed
120
Dispute Resolution Process
Upon receipt of invoices the documents are date stamped and entered onto a register as proof of receipt. Where necessary invoices are then forwarded to the originating purchaser for authorisation. A weekly review is made of all invoices that have been registered for greater than 1 week but not fully authorised and an up to date status added to the internal system for review by Management and the finance department for follow up. Quality : Upon receipt of goods a visual inspection is made and if deemed sub-standard referred to the Quality Department Where appropriate an internal rejection is raised and the supplier informed with any photographic evidence and samples if required Once a reasonable period has elapsed the supplier will be chased for a response and action taken in accordance with the findings Once action has been agreed the credit note is processed and/or invoice released for processing and payment Weight/quantity (Steel) : Actual receipts are compared to advised receipts with any discrepancies investigated and reported to quality if found to be material Suppliers are notified of any shortage and credit requested Once action has been agreed the credit note is processed and/or invoice released for processing and payment Pricing : Invoices are checked and if there is a variance to the original purchase order, the invoice is referred back to the originating purchaser for investigation The price is either confirmed as correct, or credit requested if overcharged Once the credit note is received or the purchaser agrees the variance the invoice is processed Late Delivery : Where material is receipted in one month but invoiced during the prior period the due date for the invoice will be presumed as being based on the month of receipt. Suppliers will be informed and payment date amended accordingly POD’s : POD’s must be supplied with invoices. This is a standard request to all carriage suppliers and internally for all sundry supplies Payment query – lost in post/damaged Cheques lost in the post or damaged will be reissued and resent within 1 working week
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
✅
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
❌
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
❌
