MIRA INFORM REPORT

Report Date :

06.09.2007

IDENTIFICATION DETAILS

Name :	APEX STAINLESS FASTENERS LIMITED

Registered Office :	Unit 41 Somers Rd Ind, Est, Rugby Warwickshire CV22 7DH

Country :	United Kingdom

Financials (as on) :	31.12.2006

Date of Incorporation :	22/07/1991

Com. Reg. No.:	02631068

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesalers of stainless steel fasteners

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Company Identification Details


Subject Reported on	APEX STAINLESS FASTENERS LIMITED
Ultimate Holding Company	APEX STAINLESS FASTENERS LTD
Trading Address	41 Somers Rd,RUGBY,CV22 7DH

Telephone	01788-537979


Credit Limit	GBP 1,095,900
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.

Contract Limit	GBP 8,082,200
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data


Legal Form	Private Limited Liability Company (GB)
Registration Number	02631068
Date of Incorporation	22/07/1991
Registered Office	Unit 41 Somers Rd Ind, Est, Rugby Warwickshire CV22 7DH
Date of Last Annual Return to Registry	05/07/2007
Activities	Wholesalers of stainless steel fasteners
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 30/04/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
05/07/2007	Annual Return
31/12/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR

STEVEN PRINCE

Occupation

COMPANY DIRECTOR

Address

25, CHERWELL WAY LONG LAWFORD, RUGBY, WARWICKSHIRE, CV23 9SU

Country of Origin

BRITISH

Date of Birth

21/05/1961

Appointment Date

05/02/1997

Other Appointments

APEX STAINLESS FASTENERS LIMITED

DIRECTOR

PAUL RICHARD LOWER

Occupation

Address

NORTHEND MANOR, LITTLE DASSETT, SOUTHAM, WARWICKSHIRE, CV47 2TX

Country of Origin

BRITISH

Date of Birth

17/09/1948

Appointment Date

01/10/1993

Other Appointments

APEX STAINLESS FASTENERS LIMITED, PRECISION STAINLESS FASTENERS LIMITED, APEX INOX LIMITED, APEX MARINETECH LIMITED, AEROTIGHT MANUFACTURING LIMITED

DIRECTOR

LINDA JOAN LOWER

Occupation

COMPANY DIRECTOR

Address

NORTHEND MANOR, LITTLE DASSETT, SOUTHAM, WARWICKSHIRE, CV47 2TX

Country of Origin

BRITISH

Date of Birth

12/03/1954

Appointment Date

23/12/1994

Other Appointments

APEX STAINLESS FASTENERS LIMITED, PRECISION STAINLESS FASTENERS LIMITED

DIRECTOR

MATTHEW PAUL LOWER

Occupation

COMPANY DIRECTOR

Address

NORTHEND MANOR , LITTLE DASSETT , SOUTHAM , WARWICKSHIRE , CV47 2TX

Date of Birth

31/05/1975

Appointment Date

07/05/2003

Other Appointments

APEX STAINLESS FASTENERS LIMITED, APEX INOX LIMITED, APEX MARINETECH LIMITED, AEROTIGHT MANUFACTURING LIMITED

DIRECTOR

EDWARD RICHARD LOWER

Occupation

COMPANY DIRECTOR

Address

8, MONTPELLIER GARDENS MILKING BANK , DUDLEY , WEST MIDLANDS , DY1 2UQ

Country of Origin

BRITISH

Date of Birth

22/02/1981

Appointment Date

09/10/2006

Other Appointments

APEX STAINLESS FASTENERS LIMITED

SECRETARY

MR PAUL LOWER

Address

NORTHEND MANOR, LITTLE DASSETT , SOUTHAM , WARWICKSHIRE , CV47 2TX

Country of Origin

BRITISH

Date of Birth

17/09/1948

Appointment Date

11/04/1994

Recently Resigned Directors (last 3)


DIRECTOR	KEITH JOHN EVERTON
Occupation	STAINLESS FASTENER EXECUTIVE
Address	23 , ULLSWATER ROAD , WILLENHALL , WEST MIDLANDS , - -
Country of Origin	BRITISH
Date of Birth	23/02/1956
Resignation Date	24/11/2005
DIRECTOR	ANTHONY JOHN BROWN
Occupation	COMPANY DIRECTOR
Address	15 , GRAFTON ROAD , BIRMINGHAM , - -
Country of Origin	BRITISH
Date of Birth	03/10/1945
Resignation Date	07/09/2005

Share Summary


Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Paul Richard Lower				88.00
Linda Joan Lower				8.00
Edward Richard Lower				1.00
Claire Vectoria Davies				1.00
Jessica Elisabeth Lower				1.00
Matthew Paul Lower				1.00

Mortgages and Charges


Total Registered	2
Total Outstanding	2
Total Satisfied	0
Most Recent Mortgage	05/02/1998


Date Registered	07/02/1998
Type	395
Date Created	05/02/1998
Lender	MIDLAND BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	41 SOMERS ROAD SOMERS ROAD INDUSTRIAL ESTATE RUGBY WARWICKS. WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATING TO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESS FROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLE UNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECT OF THE PROPERTY
Satisfied?	No

Date Registered	06/12/1991
Type	395
Date Created	27/11/1991
Lender	MIDLAND 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 CHARGE OVER ALL THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL
Satisfied?	No

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations


Activities	Wholesalers of stainless steel fasteners
Sic Code	Description
5147	Wholesale of other household goods
Staff Employed	63
Auditors	Baker Tilly
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	HSBC Bank Plc
Sort Codes	403911

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
GROSS PROFIT	7,115	5,110	4,379	2,850
General administration costs (-)	3,534	3,127	2,774	2,153
Wages and Salaries	2,532	1,864	1,328	1,096
Depreciation	111	77	86	92
Net Operating Profit(Loss)	3,581	1,984	1,604	697
Non Trading Income	0	4	-	-
Total Non Trading Income	0	4	0	0
Interest expenses & similar (-)	77	83	93	613
Financial Expenses	77	83	93	613
PRE TAX PROFIT	3,504	1,905	1,511	84
Other Taxation	0	-2	65	-65
Taxation	1,059	551	398	64
PROFIT AFTER TAX	2,445	1,356	1,048	84
Net Profit	2,445	1,356	1,048	84
Dividends Payable	0	0	0	-
RETAINED PROFITS	2,445	1,356	1,048	NaN

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	659	638	468	449
Land & buildings	305	313	320	-
Plant, machinery & equipment	322	289	148	-
Intangible Assets	32	36	-	-
TOTAL CURRENT ASSETS	13,293	8,789	7,837	6,380
Stocks	7,928	5,908	4,912	4,302
Trade Debtors	4,560	2,801	2,633	1,986
Prepaid expenses	72	72	99	27
Cash	733	9	192	-
TOTAL ASSETS	13,952	9,426	8,305	6,828
TOTAL CURRENT LIABILITIES	6,646	4,541	4,537	3,856
Trade Creditors	944	1,430	1,679	1,818
Bank Overdraft	2,192	895	1,182	938
Loans From Principals	463	434	305	328
Taxes	1,029	814	671	284
Other Current Liabilities	1,736	639	340	334
Accruals & deferred income	282	328	360	141
WORKING CAPITAL	6,646	4,248	3,300	2,524
TOTAL LONG TERM LIABS	0	25	264	516
NET ASSETS/(LIABILITIES)	7,306	4,886	3,768	2,973
SHARE CAPITAL + RESERVES	7,307	4,862	3,506	2,458
Issued Share Capital	239	239	239	239
Share Premium Accounts	20	20	20	20
Profit and Loss account	7,048	4,603	3,247	2,199
SHAREHOLDERS FUNDS	7,307	4,862	3,506	2,458
CAPITAL EMPLOYED	7,307	4,887	3,770	2,974
TANGIBLE NET WORTH	7,274	4,825	3,505	2,457

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	2.00	1.94	1.73	1.65
Quick Ratio	-	-	-	-
Return on Assets	25.17	20.29	18.19	1.23
T.N.W/Total Assets	0.52	0.51	0.42	0.36
Return on Capital	47.95	38.98	40.08	2.82
Equity Gearing	-	-	0.18	0.06

Financial Summary

Operating Profit	Totaled GBP 3,581,000 In the period prior a profit of GBP 1,984,000 was achieved.
Pre Tax	The subject made a profit of GBP 3,504,000 compared with a profit of GBP 1,905,000 in the previous period.
Working Capital	The company's working capital improved in the period by 56%
Tangible Net Worth	Net worth increased by 2,449,000 during the period and now stands at GBP 7,274,000
Fixed Assets	The subjects fixed assets increased during the period by GBP 26,000 to GBP 627,000 and are now 4% of total assets compared with 6% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 20% and are now 4% of net worth compared with 7% in the previous period
Long Term Liabilities	Long term liabilities are now 2% of total assets compared with 4% 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.	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

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