MIRA INFORM REPORT

Report Date :

27.08.2008

IDENTIFICATION DETAILS

Name :	VAPORMATIC COMPANY LIMITED(THE)
Registered Office :	P O Box 58, Kestrel Way, Sowton Est, Exeter Devon EX2 7NB
Country :	United Kingdom
Financials (as on) :	31.10.2006
Date of Incorporation :	29.09.1954
Com. Reg. No.:	00538655
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Retailers of Farm Tractors and Parts

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

company identification

Subject Reported on	VAPORMATIC COMPANY LIMITED(THE)
Holding Company	Backlaser Ltd
Ultimate Holding Company	Deere & Company
Trading Address	Po Box 58, Sowton Industrial Estate,EXETER,EX2 7NB
Telephone	01392-435461
	This company has an average risk status and should be treated with a degree of caution

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00538655
Date of Incorporation	29/09/1954
Registered Office	P O Box 58, Kestrel Way, Sowton Est, Exeter Devon EX2 7NB
Date of Last Annual Return to Registry	14/07/2008
Activities	Retailers of farm tractors and parts
Accounts	The last filed accounts cover the period to 31/10/2006 and were filed on 03/09/2007 with Companies House. Please note that the transition, analysis and publication of these accounts may take up to 10 days to appear on this report.

Recently Filed Documents ( view available documents )

Details of the most recent documents

Date Received	Description
14/07/2008	Annual Return
31/10/2006	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	MR   PETER  ANTHONY  BRENNAN
Occupation	DIRECTOR
Address	CLIFFORD HOUSE ,  LAMBERT VIEW , CROCKERNWELL , DEVON , EX6 6NA
Country of Origin	BRITISH
Date of Birth	29/07/1964
Appointment Date	16/07/2004
Other Appointments	LAMBERT VIEW MANAGEMENT COMPANY LIMITED, VAPORMATIC COMPANY LIMITED(THE)
DIRECTOR	MS   GAIL    LEESE
Occupation	VICE PRESIDENT WW PARTS DEERE
Address	28 TIMBER RIDGE DRIVE ,  , COAL VLLEY , ILLINOIS 61240 ,
Country of Origin	USA
Date of Birth	06/02/1956
Appointment Date	14/09/2007
Other Appointments	VAPORMATIC COMPANY LIMITED(THE)
SECRETARY	MR   ROBERT  MICHAEL  GILKES
Address	BRAMBER ,  SALTY LANE , SHALDON , DEVON , TQ14 0AP
Country of Origin	BRITISH
Date of Birth	05/05/1962
Appointment Date	28/03/2002

Recently Resigned Directors (last 3)

DIRECTOR	MR   DIETER    HECHT
Occupation	Manager
Address	3613 7TH ST CT ,  , MOLINE , IL 61265 ,
Country of Origin	German
Date of Birth	28/10/1946
Resignation Date	14/09/2007
DIRECTOR	MR   MARK  STEVEN  KOSTKA
Occupation	Manager
Address	3 MALT FIELD , LYMPSTONE , EXMOUTH , DEVON , EX8 5ND
Country of Origin	American
Date of Birth	18/06/1956
Resignation Date	16/07/2004
DIRECTOR	MR   RICHARD  EDWARD  YAHNKE
Occupation	Manager
Address	3626 71ST STREET COURT ,  , MOLINE , ILLINOIS ,
Country of Origin	American
Date of Birth	26/03/1944
Resignation Date	16/07/2004

Share Summary

Share Currency:	GBP
Principal Shareholders:	Type Of Share	No. of Shares	Value	Voting %age
BACKLASER LTD		3,006,000	3,006,000.00	100.00
BACKLASER LTD	B ORD	14,000	14,000.00	100.00

Mortgages and Charges

Total Registered	2
Total Outstanding	0
Total Satisfied	2
Most Recent Mortgage	21/04/2000

Date Registered	02/05/2000
Type	395
Date Created	21/04/2000
Lender	ROYAL BANK OF SCOTLAND PLC (AS AGENT AND TRUSTEE)
Secured On	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES OF EACH OBLIGOR (AS DEFINED) TO THE SECURITY TRUSTEE AND THE SECURED BENEFICIARIES (AS DEFINED) AND TO ANY OF THEM UNDER THE FINANCING DOCUMENTS (AS DEFINED)
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
Satisfied?	Fully
Date Registered	03/02/1981
Type	9999
Date Created	27/01/1981
Lender	EAGLE STAR INSURANCE CO LTD.
Secured On	ALL MONEY DUE OR TO BECOME DUE FORM GROVEWOOD SECURITIES LIMITED TO THE CHARGEE
Details	ALL THE FREEHOLD AND LEASEHOLD PROPERTY IN ENGLAND AND WALES OF THE COMPANY BOTH PRESENT AND FUTURE AND THE FIXTURES IN THE NATURE OF LANDLORDS FIXTURES AND TRADE FIXTURES FROM TIME TO TIME THEREON BUT EXCLUDING AND LEASEHOLD PROPERTY WHERE THE REVERSIONERS CONSENT TO SUCH CHARGE IS NECESSARY UNLESS AND UNTIL ANY NECESSARY CONSENT TO THE CHARGING OF SUCH PROPERTY HAS BEEN OBTAINED FROM THE REVERSIONER
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Retailers of farm tractors and parts
Sic Code	Description
5248	Other retail sale in specialised stores
Staff Employed	105
Auditors	Deloitte & Touche LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	The Royal Bank of Scotland PLC
Sort Codes	150000
Bankers	The Royal Bank of Scotland PLC
Sort Codes	151999
Bankers	Barclays Bank PLC
Sort Codes	200050

Financial Data

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/10/2006	31/10/2005	31/10/2004	31/10/2003
Currency	GBP	GBP	GBP	GBP
Units	000	000	000	000
Consolidated?	No	No	No	No
SALES	14,734	14,594	13,412	12,088
Cost of goods sold	10,488	10,138	9,458	8,239
GROSS PROFIT	4,246	4,456	3,954	3,849
General administration costs (-)	4,443	4,200	4,309	3,928
Wages and Salaries	2,937	2,688	2,680	2,533
Depreciation	61	50	35	40
Net Operating Profit(Loss)	-197	256	-355	-79
Group Non Trading Income	345	13	19	-
Total Non Trading Income	345	13	22	41
Other financial charges	342	589	781	562
Financial Expenses	342	589	781	562
PRE TAX PROFIT	-194	-320	-1,114	-600
Other Taxation	-183	-2	-44	-75
Taxation	-59	59	0	0
PROFIT AFTER TAX	48	-377	-1,070	-525
Net Profit	48	-	-	-
Dividends Payable	0	0	0	0
RETAINED PROFITS	48	-	-	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/10/2006	31/10/2005	31/10/2004	31/10/2003
Currency	GBP	GBP	GBP	GBP
Units	000	000	000	000
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	3,329	3,331	3,289	3,659
Land & buildings	881	955	923	939
Plant, machinery & equipment	167	95	85	48
Intermediate Assets	2,281	2,281	2,281	2,672
TOTAL CURRENT ASSETS	7,647	7,437	6,896	6,710
Stocks	4,070	4,757	4,260	4,415
Trade Debtors	1,823	1,658	1,486	1,352
Other Receivables	945	288	432	316
Prepaid expenses	95	140	97	110
Group Loans	649	594	510	445
Cash	65	-	111	72
TOTAL ASSETS	10,976	10,768	10,185	10,369
TOTAL CURRENT LIABILITIES	3,805	1,956	3,340	3,379
Trade Creditors	1,696	1,139	1,284	940
Taxes	93	96	82	71
Due From Group	1,135	17	1,421	2,020
Accruals & deferred income	881	600	553	348
WORKING CAPITAL	3,842	5,481	3,556	3,331
TOTAL LONG TERM LIABS	4,580	6,269	6,925	6,000
Debts to group companies	4,580	6,269	6,646	6,000
NET ASSETS/(LIABILITIES)	7,171	8,812	6,845	6,990
SHARE CAPITAL + RESERVES	2,591	2,543	-80	990
Issued Share Capital	3,020	3,020	20	20
Share Premium Accounts	93	93	93	93
Reserves	259	261	263	265
Profit and Loss account	-781	-831	-456	612
SHAREHOLDERS FUNDS	2,591	2,543	-80	990
CAPITAL EMPLOYED	7,171	8,812	6,845	6,990
TANGIBLE NET WORTH	2,591	2,543	-80	990

Key Credit Ratios

Accounts Date	31/10/2006	31/10/2005	31/10/2004	31/10/2003
Current Ratio	2.01	3.80	2.06	1.99
Profit Before Tax	-0.01	-0.02	-0.08	-0.05
Creditors Days (D.P.O)	59.02	41.01	49.55	41.64
Quick Ratio	0.94	1.37	0.79	0.68
Return on Assets	-2.23	-3.77	-14.09	-7.80
T.N.W/Total Assets	0.24	0.24	-0.01	0.10
Return on Capital	-2.71	-3.63	-16.27	-8.58
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.01	0.00	0.00	0.00
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	323.62	323.44	-12831.25	947.37

Financial Summary

Turnover	Turnover increased by 1% in the period. Turnover totalled GBP  14,734,000 for the period.
Operating Loss	Totalled GBP  -197,000 In the period prior a profit of GBP   256,000 was achieved.
Pre Tax	The subject made a loss of GBP  194,000 compared with a loss of GBP  320,000 in the previous period.
Working Capital	The company's working capital decreased in the period by 30%
Tangible Net Worth	Net worth increased by 48,000 during the period and now stands at GBP  2,591,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  2,000 to GBP  1,048,000 and are now 10% of total assets compared with 10% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 27% and are now 177% of net worth compared with 247% in the previous period
Long Term Liabilities	Long term liabilities are now 42% of total assets compared with 58% in the previous period

Previous Searches on this Company

Last 3 Months	Last 6 Months	Last 12 Months
0	1	1

Date	Time	SIC Code	SIC Category	Report Type
30/04/2008	4:45PM	6340	Activities of other transport agencies	Keep-It-Live Comprehensive Report

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.7.
UK Pound	1	Rs.80.31
Euro	1	Rs.64.61

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