%20LIMITED%2024-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
WERNER
MOTOR COMPANY (UK) LIMITED |
|
|
|
|
Registered Office : |
11-12 Mckay Trading Estate,
Station Approach, Bicester, Oxfordshire, OX26 6BZ |
|
|
|
|
Country : |
United
Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
03164803 |
|
|
|
|
Legal Form : |
Private Limited with share capital |
|
|
|
|
Line of Business : |
Engaged in the Manufacture of Motorised Pulleys |
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 |
|
Maximum Credit Limit : |
GBP 400 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
Company Identification Details
Subject Reported on WERNER MOTOR COMPANY (UK)
LIMITED
Holding Company WERNER MOTOR COMPANY LTD
Ultimate Holding
Company PORTEC GROUP
INTERNATIONAL, INC
Trading Address 11-12 Mckay Trading Estate, Station Approach,
Bicester, Oxfordshire,
OX26
6BZ
Telephone 01869
369919
Risk Score 52 out of 100
Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit GBP 400
Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit GBP 400
Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.
Official Company Data
Legal Form Private Limited
with share capital
Registration Number 03164803
Date of Incorporation 27/02/1996
Registered Office DEANS COURT, 1 3 LONDON
ROAD, BICESTER, OXFORDSHIRE,
OX26
6BU.
Date of Last Annual
Return
to Registry 27/02/2006
Activities ENGAGED IN
THE MANUFACTURE OF MOTORISED PULLEYS. - -
Accounts The last
filed accounts cover the period to 31/12/2005 and were presented to Companies
House on 27/04/2006
Recently Filed Documents
Details of the most recent documents
Date Received Description
02/09/2006 Notification Of A Change Among The
Directors Of A Company
21/04/2006 Notification Of A Change Among The
Directors Of A Company
06/04/2006 Notification Of A Change Among The
Directors Of A Company
05/01/2006 Notification Of A Change Among The Directors
Of A Company
28/01/2004 Notification Of A Change Among The
Directors Of A Company
21/12/2002 Notification Of A Change Among The
Directors Of A Company
11/04/2002 Documents Making Or Evidencing An
Alteration In The Memorandum Or Articles Of Association
17/03/2000 Notification Of A Change Among The
Directors Of A Company
28/01/2000 Notification Of A Change Among The
Directors Of A Company
24/03/1997 Notification Of A Change Among The
Directors Of A Company
31/08/1996 Documents Making Or Evidencing An Alteration
In The Memorandum Or Articles Of Association
31/08/1996 Notification Of A Change Among The
Directors Of A Company
28/02/1996 Notification Of A Change Among The
Directors Of A Company
It should
be noted that there is no legal requirement to file satisfaction details of
mortgages/charges at Companies House.
Known Directors
DIRECTOR
KIRK WILLIAM MORTON
Occupation DIRECTOR
Address 3022, CANYON VIEW COURT WALLA WALLA , 99362 WASHINGTON
, USA
,
Country
of Origin AMERICAN
Date of
Birth 01/12/1960
Appointment
Date 01/01/2006
Other
Appointments PORTEC INTERNATIONAL LIMITED
SECRETARY
ROBERT J TRUSCINSKI
Address 3934 , CONCORD , 43612 OHIO , USA ,
Country
of Origin BRITISH
Date of
Birth 24/10/1950
Recently Resigned Directors (last
3)
DIRECTOR KENNETH WILLIAM JAMES HALE
Occupation DIRECTOR
Address 79 , MILL LANE , CHELMSFORD , - -
Country
of Origin BRITISH
Date of
Birth 05/11/1950
Resignation
Date 31/08/2006
DIRECTOR MR LAURENCE WEBER
Occupation CEO
Address 717 , LOST LAKES DR , OHIO , USA , - -
Country
of Origin US CITIZEN
Date of
Birth 27/10/1941
Resignation
Date 31/12/2005
DIRECTOR WILLIAM JOHN ADAMS
Occupation MANUFACTURING DIRECTOR
Address MOUNTFIELDS , BICESTER ROAD , BUCKINGHAM , - -
Country
of Origin BRITISH
Date of
Birth 22/10/1946
Resignation
Date 31/05/2003
Share Summary
Share Currency: GBP
Issued at date of
report: 350,000 ORD Shares of 100 pence each
Prinicipal Shareholders: Type Of Share No. of Shares Value
WERNER MOTOR COMPANY LTD ORD 350,000 350,000.00
Mortgages and Charges
Total Registered 2
Total Outstanding 0
Total Satisfied 2
Most Recent Mortgage 14/03/1997
|
Date Registered |
20/03/1997 |
|
Type |
395 |
|
Date Created |
14/03/1997 |
|
Lender |
BARCLAYS BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Details |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE CHARGE PARTICULARS FORM FOR DETAILS |
|
Satisfied? |
Fully |
|
|
|
|
Date Registered |
20/03/1997 |
|
Type |
403A |
|
Date Created |
14/03/1997 |
|
Lender |
BARCLAYS BANK PLC |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER |
|
Details |
FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE CHARGE PARTICULARS FORM FOR DETAILS |
|
Satisfied? |
Fully |
|
|
|
|
Date Registered |
09/08/1996 |
|
Type |
395 |
|
Date Created |
06/08/1996 |
|
Lender |
S W FACTORIES LIMITED |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LEASE OF EVEN DATE |
|
Details |
RENTAL DEPOSIT OF 20,000 TOGETHER WITH ALL ACCRUED INTEREST HELD ON A DEPOSIT ACCOUNT WITH CHILD & CO. SEE CHARGE PARTICULARS FORM FOR DETAILS |
|
Satisfied? |
Fully |
|
|
|
|
Date Registered |
09/08/1996 |
|
Type |
403A |
|
Date Created |
06/08/1996 |
|
Lender |
S W FACTORIES LIMITED |
|
Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LEASE OF EVEN DATE |
|
Details |
RENTAL DEPOSIT OF 20,000 TOGETHER WITH ALL ACCRUED INTEREST HELD ON A DEPOSIT ACCOUNT WITH CHILD & CO. SEE CHARGE PARTICULARS FORM FOR DETAILS |
|
Satisfied? |
Fully |
Public Record Information
Summary of CCJ's/Scottish Decrees
There are no unsatisfied CCJs against the company.
Operations
Activities ENGAGED IN THE
MANUFACTURE OF MOTORISED PULLEYS. - -
Sic Code Description
2875 Manufacture
of other fabricated metal products not elsewhere classified
Auditors TITCHENERS LIMITED
Auditors Notes Major Qualification.
The Auditors have qualified their opinion on the accounts for 31/12/2005.
Bankers BARCLAYS BANK PLC
Subsidiaries 04145511 PORTEC INTERNATIONAL LIMITED
Financial Data
PROFIT AND LOSS
The following figures
are shown in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
|
Consolidated? |
No |
No |
No |
No |
|
SALES |
- |
2,083 |
1,454 |
1,286 |
|
Cost of goods sold |
- |
1,780 |
1,224 |
1,103 |
|
GROSS PROFIT |
- |
304 |
230 |
183 |
|
Other Expenses |
- |
324 |
392 |
377 |
|
Directors Emoluments |
- |
0 |
13 |
84 |
|
Auditors Fees |
- |
4 |
4 |
3 |
|
Depreciation |
14 |
23 |
26 |
20 |
|
Operating Profit |
- |
-21 |
- |
- |
|
Non Trading Income |
- |
1 |
0 |
0 |
|
Exceptional Items |
- |
0 |
-1 |
-1 |
|
PRE TAX PROFIT |
- |
-20 |
-163 |
-195 |
|
PROFIT AFTER TAX |
0 |
-20 |
-163 |
-195 |
|
RETAINED PROFITS |
- |
-20 |
-163 |
-195 |
BALANCE SHEET
The following figures
are shown in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
|
Consolidated? |
No |
No |
No |
No |
|
TOTAL FIXED ASSETS |
29 |
34 |
51 |
77 |
|
Tangible Assets |
29 |
34 |
51 |
77 |
|
Fixed Assets |
29 |
34 |
51 |
77 |
|
Intermediate Assets |
0 |
0 |
0 |
0 |
|
TOTAL CURRENT ASSETS |
831 |
956 |
674 |
418 |
|
Total Debtors |
513 |
630 |
429 |
272 |
|
Trade Debtors |
- |
576 |
389 |
247 |
|
Other Debtors |
- |
53 |
40 |
25 |
|
Stocks/WIP |
242 |
293 |
226 |
133 |
|
Cash |
76 |
34 |
20 |
13 |
|
TOTAL ASSETS |
860 |
990 |
725 |
495 |
|
TOTAL CURRENT LIABILITIES |
1,392 |
1,162 |
877 |
483 |
|
Trade creditors |
- |
150 |
79 |
28 |
|
Due From Group |
- |
950 |
754 |
423 |
|
Other Current Liabilities |
1,392 |
52 |
33 |
23 |
|
Misc Current Liabilities |
0 |
10 |
10 |
9 |
|
WORKING CAPITAL |
-561 |
-206 |
-202 |
-66 |
|
NET ASSETS/(LIABILITIES) |
-532 |
-172 |
-152 |
11 |
|
SHARE CAPITAL + RESERVES |
-532 |
-172 |
-152 |
11 |
|
Issued Share Capital |
350 |
350 |
350 |
350 |
|
Profit and Loss account |
-882 |
-522 |
-502 |
-339 |
|
SHAREHOLDERS FUNDS |
-532 |
-172 |
-152 |
11 |
|
CAPITAL EMPLOYED |
-532 |
-172 |
-152 |
11 |
KEY CREDIT RATIOS
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Current Ratio |
0.60 |
0.82 |
0.77 |
0.86 |
|
Long Term Debt/T.N.W (%) |
0.00 |
0.00 |
0.00 |
0.00 |
|
Profit Before Tax |
- |
-0.97 |
-11.21 |
-15.14 |
|
Debtors Days (D.S.O) |
- |
101.01 |
97.77 |
69.98 |
|
Creditors Days (D.P.O) |
- |
30.72 |
23.56 |
9.19 |
|
Quick Ratio |
0.42 |
0.57 |
0.51 |
0.59 |
|
Return on Assets |
- |
-2.03 |
-22.49 |
-39.37 |
|
T.N.W/Total Assets |
-61.82 |
-17.34 |
-20.92 |
2.30 |
|
Return on Capital |
- |
- |
- |
-1708.88 |
|
Rtn on Shareholders Funds |
- |
- |
- |
-1708.88 |
|
Working Capital/Sales |
- |
-9.88 |
-13.91 |
-5.10 |
|
Borrowing Ratio |
- |
-553.46 |
-497.44 |
3712.08 |
|
Equity Gearing |
-61.82 |
-17.34 |
-20.92 |
2.30 |
|
Stock Turnover |
- |
7.12 |
6.45 |
9.66 |
FINANCIAL COMPARISON
The following figures
are shown in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Currency |
GBP '000 |
GBP '000 |
GBP '000 |
GBP '000 |
|
Directors Remuneration |
- |
0 |
13 |
84 |
|
Auditors Remuneration |
- |
4 |
4 |
3 |
|
Other Deferred Liabs |
0 |
0 |
0 |
0 |
|
Tangible Net Worth(T.N.W) |
-532 |
-172 |
-152 |
11 |
|
Equity |
-532 |
-172 |
-152 |
11 |
KEY INDUSTRY SECTOR
TRENDS
|
|
Company |
Industry Averages |
||
|
|
31/12/2005 |
Lower |
Median |
Upper |
|
Current Ratio |
0.60 |
0.9 |
1.3 |
2 |
This comparison is
based on the results of 0007730 companies in the same industrial sector:
finished metal products nes
Financial Summary
|
Working Capital |
The company's working capital deficiency increased in the period
and now stands at GBP 560,530 |
|
Tangible Net Worth |
Net worth reduced by 360,063 during the period and now stands at
GBP -531,791 |
|
Fixed Assets |
The subjects fixed assets reduced during the period by
GBP 5,362 to GBP 28,739 and are now 3% of total assets compared
with 3% in the previous period |
|
Long Term Liabilities |
Long term liabilities are now 0% of total assets compared with
0% in the previous period |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|