MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GLEASON CUTTING TOOLS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
18/03/1959 |
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Com. Reg. No.: |
00623520 |
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Legal Form : |
Private Limited |
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Line of Business : |
The manufacture and sale of cutters for machinery used principally in the automotive industry and the sale of machinery manufactured by its parent company. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on GLEASON CUTTING
TOOLS LIMITED
Address
Telephone 01752 739661
Creditline Recommendations
Monthly Credit
Guide GBP 250,000
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration
Number 00623520
Date of
Incorporation 18/03/1959
Registered
History 11/07/2005 : Change
of name from GLEASON WORKS LIMITED.
Date of Last
Annual
Return to Registry
04/01/2007
Accounts The last filed
accounts at Companies House are those to 31/12/2005
Accounting
Reference
Date 31/12
Operations
Activities The manufacture and sale of cutters for machinery used principally in the automotive
industry and the sale of machinery manufactured by its parent company.
Nace Code 2940
Premises Owned, Offices, Factory
Staff Employed 253
Bankers BARCLAYS BANK PLC
Address
Sort Code 206810
Auditors Ernst & Young LLP
Branches
Public Record
Information
Summary of
CCJ's/Scottish Decrees
No CCJs/Scottish Decrees are recorded in our
file.
Summary of Mortgages,
Charges and
Satisfactions
Total Number of
Mortgages/Charges Registered 1
Number Outstanding
1
Number Partially
Satisfied 0
Number Satisfied 0
Date of Latest
Mortgage Created 31/01/2006
Details of most
recent Mortgages,
Charges and Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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21/02/2006 |
31/01/2006 |
Debenture |
395 |
South West Of England Regional Development
Agency |
It should be noted that
there is no legal requirement to file satisfaction details of mortgages/charges
at Companies House.
Other Filings and
Notices
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Date |
Source |
Description |
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08/02/2005 |
Companies House Gazette |
Change among the directors of a company |
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15/01/2003 |
Companies House Gazette |
Change among the directors of a company |
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05/11/1999 |
Companies House Gazette |
Change among the directors of a company |
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27/01/1999 |
Companies House Gazette |
Change among the directors of a company |
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02/08/1997 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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18/02/1992 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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27/03/1991 |
Companies House Gazette |
Change among the directors of a company |
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23/05/1990 |
Companies House Gazette |
Change among the directors of a company |
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21/02/1990 |
Companies House Gazette |
Change among the directors of a company |
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16/05/1989 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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29/09/1988 |
Companies House Gazette |
Documents delivered by a company under
section 241 (annual accounts) |
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28/02/1987 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
Secretary EDWARD JAMES PELTA
Address
Country of Origin
Date of Birth 28/01/1961
Appointment Date 31/12/1998
Other Directorships GLEASON
HOLDINGS (
Directors
Vice President ROBERT PHILLIPS
Address
Country of
Origin
Date of Birth 12/04/1957
Appointment Date 14/01/2005
Other
Directorships GLEASON HOLDINGS (
Vice President STUART DESMOND PIPER
Address 11 MORLEY CLOSE,
Country of
Origin UNITED KINGDOM
Date of Birth 03/05/1953
Appointment Date 03/01/2003
Other
Directorships GLEASON HOLDINGS (
President JOHN JOSEPH PERROTTI
Address
Country of
Origin
Date of Birth 17/05/1960
Appointment Date 14/10/1999
Other
Directorships GLEASON HOLDINGS (
Vice President EDWARD
JAMES PELTA
Address
Country of
Origin
Date of Birth 28/01/1961
Appointment Date 31/12/1998
Other
Directorships GLEASON HOLDINGS (
Share Capital
Shares Ordinary GBP 1.00
Issued Number 500,000
Principal
Shareholder 500,000 Gleason
Works (Holdings) Ltd
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Holding Company GLEASON HOLDINGS (
Ultimate Parent GLEASON CORP, a
company incorporated in
Payment Analysis
(No Payment Analysis Data is Available)
Financial Data
Profit and Loss
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Currency GBP GBP GBP GBP
SALES 14235 15810 15736 16892
Export 12750 14112 13494 14221
Cost of goods sold 10046 10765 10893 11050
GROSS PROFIT 4189 5045 4843 5842
Wages and Salaries 5698 6136 6517 6108
Directors
Emoluments 117 109 112 114
Auditors Fees 20 20 20 20
Non-Audit Fees 29 43 48 50
Trading Profit 1625 2019 911 1777
Depreciation 1113 1679 1301 1351
OPERATING PROFIT 512 340 (390) 426
Non Trading Income 799 684 178 165
Interest Payable 982 877 81 70
PRE TAX PROFIT 329 147 (293) 521
Taxation (133) (138) (48) 152
PROFIT AFTER TAX 462 285 (245) 369
Dividends Payable 1000 900
RETAINED PROFITS 462 (715) (1145) 369
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 6249 7127 5815 7233
Tangible Assets 6249 7127 5815 7233
Fixed Assets 5017 5461 5815 7233
Intermediate
assets 1232 1666
TOTAL CURRENT
ASSETS 7650 8252 7770 7168
Trade debtors 1537 1999 1956 2107
Stocks 708 1242 1428 1491
Other Current
Assets 5405 5011 4386 3570
Misc Current
Assets 114 135 151 277
Due From Group 4578 4469 3689 3250
Cash 713 407 546 43
TOTAL ASSETS 13899 15379 13585 14401
TOTAL CURRENT
LIABILITIES 4440 4644 3647 3249
Trade creditors 974 1057 820 936
Short Term Loans 2947 2899 1987 1688
Bank Overdraft 64
Due To Group 2947 2899 1987 1624
Other Liabilities 519 688 840 625
WORKING CAPITAL 3210 3608 4123 3919
TOTAL LONG TERM
LIABS 4371 6215 1303 1189
Other Liabilities 4371 6215 1303 1189
NET
ASSETS/(LIABILITIES) 5088 4520 8635 9963
SHARE CAPITAL +
RESERVES 5088 4520 8635 9963
Share Cap + Sundry
Res 704 792 881 984
Issued Share
Capital 500 500 500 500
Sundry Reserves 204 292 381 484
Profit and Loss
account 4384 3728 7754 8979
SHAREHOLDERS FUNDS 5088 4520 8635 9963
CAPITAL EMPLOYED 9459 10735 9938 11152
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Currency GBP GBP GBP GBP
Directors
Remuneration 117 109 112 114
Auditors
Remuneration 20 20 20 20
Liquid Assets 2250 2406 2502 2150
Net Working
Capital 3210 3608 4123 3919
Other Deferred
Liabs 4371 6215 1303 1189
Tangible Net
Worth(T.N.W) 5088 4520 8635 9963
Equity 5088 4520 8635 9963
Number of Years
Trading 46 45 44 43
Number of
Employees 253 294 287 296
Profit per
Employee 1300.4 500 (1020.9) 1760.1
Sales per Employee 56264.8 53775.5 54829.3 57067.6
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Current Ratio 1.7 1.8 2.1 2.2
Pre Tax Profit
Margin% 2.3 0.9 (1.9) 3.1
Gross Profit% 29.4 31.9 30.8 34.6
Debtors Days
(D.S.O) 39 46 45 46
Creditors Days
(D.P.O) 25 24 19 20
Quick Ratio 1.6 1.5 1.7 1.7
W.I.P/Inventory
Days 25.7 42.1 47.8 49.3
Return on
Investment% 10.6 7.5 (1.8) 4.6
Return on Assets% 2.4 1 (2.2) 3.6
T.N.W/Total
Assets% 36.6 29.4 63.6 69.2
Return on Capital% 3.5 1.4 (2.9) 4.7
Rtn on
Shareholders Funds% 6.5 3.3 (3.4) 5.2
Working
Capital/Sales% 22.6 22.8 26.2 23.2
Borrowing Ratio% 57.9 64.1 23 16.9
Equity Gearing% 57.7 41.6 174.4 224.5
Stock Turnover 20.1 12.7 11 11.3
Days Purchases
Outstanding 35.4 35.8 27.5 30.9
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 556 895 902 891
Pre-Tax Profit
Margin 8.8 8.9 7.5 2.4
Current Ratio 1.6 1.6 1.5 1.6
Borrowing Ratio 56.9 83.7 67.2 46.1
Return on Capital 26 25.6 28.6 18.4
Creditors Days 53 52 55 41
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector :
Manufacture of machine tools
Financial Summary
Auditors Qualification
The Auditors have expressed a clean
opinion (i.e. unqualified with no referrals) on the accounts for the period
ended 31/12/2005.
Turnover
Turnover decreased by more than 10 % in the year and totaled GBP 14,235,000 for the period.
Operating Profit
Totaled GBP 512,000. In the year prior
a Profit of GBP 340,000 was achieved.
Pre Tax Profit
The subject's profit increased by 123
% in the year.
Working Capital
The subject's working capital
decreased by 11 % in the period but remains positive.
Net Worth
Net worth has increased by 13 % and
now stands at GBP 5,088,000.
Fixed Assets
The subject's fixed assets reduced
during the year by GBP 878,000 to GBP 6,249,000 and are now 44 % of total
assets compared with 46 % in the previous year.
Long Term Liabilities
The company's long term liabilities
reduced during the period by 29 % and are now 86 % of net worth compared with
138 % in the previous period.
Long Term Liabilities
Long term liabilities are now 31 % of
total liabilities compared with 40 % in the previous period.
Long Term Liabilities
Long term liabilities are 46 % of
capital employed, a decrease of 12 % over the previous period.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)