MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NOVAR ED & S LIMITED |
|
|
|
|
Registered Office : |
Honeywell Hse, Arlington Business Pk, Bracknell, Berks
RG12 1EB |
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|
|
|
Country : |
United Kingdom |
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|
|
|
Financials (as on) : |
31/12/2006 |
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|
|
|
Date of Incorporation : |
17/04/1923 |
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|
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Com. Reg. No.: |
00189291 |
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|
Legal Form : |
Private Limited Liability Company (GB) |
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|
|
|
Line of Business : |
Electric connection equipment manufacturers |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 |
|
Maximum Credit Limit : |
GBP 613900 |
|
|
|
|
Status : |
Good |
|
|
|
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Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
Company Identification Details
|
|
|
|
Subject Reported on |
NOVAR ED & S LIMITED |
|
Holding Company |
NOVAR LTD |
|
Ultimate Holding Company |
Honeywell Holding B.V. |
|
Trading Address |
HONEYWELL HO,ARLINGTON BUSINESS PK,BRACKNELL,RG12 1EB |
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Telephone |
01268-563000 |
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Low Risk - There is a high degree of confidence this
company will prove good for the assigned Credit Limit |
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|
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Credit Limit |
GBP 613,900 |
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|
|
Selling to this company? The Credit Limit is the
recommended maximum outstanding debtor exposure at any one time. |
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|
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Contract Limit |
GBP 613,900 |
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|
|
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 |
00189291 |
|
Date of Incorporation |
17/04/1923 |
|
Registered Office |
Honeywell Hse, Arlington Business Pk, Bracknell, Berks
RG12 1EB |
|
Date of Last Annual Return to Registry |
17/06/2007 |
|
Activities |
Electric connection equipment manufacturers |
|
Accounts |
The last filed accounts cover the period to 31/12/2006 and
were filed on 28/09/2007 |
Recently Filed Documents
Details of the most recent documents
|
Date
Received |
Description |
|
17/06/2007 |
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 |
|
||
|
Occupation |
DIRECTOR |
||
|
Address |
ROCKETS , BANNISTER GREEN FELSTED , DUNMOW
, ESSEX , CM6 3NF |
||
|
Country
of Origin |
BRITISH |
||
|
Date
of Birth |
23/08/1952 |
||
|
Appointment
Date |
01/01/1996 |
||
|
Other
Appointments |
ACKERMANN LIMITED, BEAMA INSTALLATION
LIMITED, EGA LIMITED, EX-OR HOLDINGS LIMITED, EX-OR
LIMITED, FRIEDLAND LIMITED, GILFLEX LIMITED, INLINE
ELECTRONICS LIMITED, NOVAR ED&S LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
DIRECTOR |
||
|
Address |
19, LUCTONS AVENUE , BUCKHURST HILL
, ESSEX , IG9 5SG |
||
|
Country
of Origin |
BRITISH |
||
|
Date
of Birth |
27/08/1965 |
||
|
Appointment
Date |
01/11/2004 |
||
|
Other
Appointments |
ACKERMANN LIMITED, EGA LIMITED, EX-OR HOLDINGS
LIMITED, EX-OR LIMITED, FRIEDLAND LIMITED, GILFLEX
LIMITED, INLINE ELECTRONICS LIMITED, NOVAR ED&S LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
DIRECTOR |
||
|
Address |
CAMBRIAN HOUSE , THE HEATH HATFIELD HEATH
, BISHOPS STORTFORD , HERTS , CM22 7EB |
||
|
Country of Origin |
BRITISH |
||
|
Date of Birth |
05/07/1961 |
||
|
Appointment Date |
01/08/2000 |
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|
Other Appointments |
NOVAR ED&S LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
TECHNICAL DIRECTOR |
||
|
Address |
1, BELVEDERE MEWS BLACKHEATH , LONDON
, SE3 7DF |
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|
Date of Birth |
24/06/1968 |
||
|
Appointment Date |
02/01/2004 |
||
|
Other Appointments |
NOVAR ED&S LIMITED |
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|
DIRECTOR |
|
||
|
Occupation |
OPERATIONS DIRECTOR |
||
|
Address |
41, MILLHOLME CLOSE , SOUTHAM
, WARWICKSHIRE , CV47 1FQ |
||
|
Date of Birth |
17/04/1967 |
||
|
Appointment Date |
02/01/2004 |
||
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Other Appointments |
NOVAR ED&S LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
GM & VP BUILD CONTROL PROD EC |
||
|
Address |
AVENUE GENERAL GUISAN 25 , PULLY , VAUD CH 1009
, SWITZERLAND , |
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|
Country of Origin |
GERMAN |
||
|
Date of Birth |
12/07/1955 |
||
|
Appointment Date |
01/08/2005 |
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Other Appointments |
NOVAR ED&S LIMITED, TREND CONTROL SYSTEMS LIMITED |
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|
DIRECTOR |
|
||
|
Occupation |
TRADEMARK COUNSEL |
||
|
Address |
755, WINYAH AVENUE WESTFIELD , NEW JERSEY 07090
, USA , |
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|
Country of Origin |
AMERICAN |
||
|
Date of Birth |
04/06/1969 |
||
|
Appointment Date |
01/08/2005 |
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Other Appointments |
HONEYWELL ANALYTICS LIMITED, HONEYWELL CONTROL
SYSTEMS LIMITED, NOVAR ED&S LIMITED |
||
|
DIRECTOR |
|
||
|
Occupation |
SOLICITOR |
||
|
Address |
12, THISTLE GROVE , LONDON , SW10 9RZ |
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|
Country of Origin |
BRITISH |
||
|
Date of Birth |
11/11/1962 |
||
|
Appointment Date |
01/03/2007 |
||
|
Other Appointments |
ADEMCO INTERNATIONAL LIMITED, ADI-GARDINER EMEA
LIMITED, ADI-GARDINER HOLDING LIMITED, ADI-GARDINER LIMITED, B
W EUROPE LIMITED, CAPTEUR SENSORS AND ANALYSERS LIMITED, CARADON
PLC , CARADON UK DOORS & WINDOWS HOLDINGS LIMITED, CHESHIRE
CASTINGS LIMITED, CHLORIDE SAFETY SYSTEMS LIMITED, CITY TECHNOLOGY
HOLDINGS LIMITED, CITY TECHNOLOGY LIMITED, COMSTACK
LIMITED, ELMWOOD SENSORS LIMITED, ENTRED 1 LIMITED, ENTRED 2
LIMITED, ENTRED 3 LIMITED, FIRST TECHNOLOGY (2002) LIMITED, FIRST
TECHNOLOGY AUTOMOTIVE LIMITED, FIRST TECHNOLOGY INTERNATIONAL
LIMITED, FIRST TECHNOLOGY LIMITED, FIRST TECHNOLOGY MANAGEMENT
SERVICES LIMITED, FIRST TECHNOLOGY OVERSEAS LIMITED, FRIEDLAND
LIMITED, FT FINANCE LIMITED, FT NORTH AMERICA (HOLDINGS) LIMITED, FT
NORTH AMERICA LIMITED, HONEYWELL ACQUISITIONS II LIMITED, HONEYWELL
ACQUISITIONS LIMITED, HONEYWELL ANALYTICS (SALES AND SERVICE)
LIMITED, HONEYWELL ANALYTICS LIMITED, HONEYWELL FINANCE PUBLIC
LIMITED COMPANY, HONEYWELL FM2 LIMITED, HONEYWELL GROUP HOLDING
UK, HONEYWELL GROUP HOLDING UK II , HONEYWELL HOLDINGS
LIMITED, HONEYWELL INTERNATIONAL UK LIMITED, HONEYWELL
LIMITED, HONEYWELL SECURITY UK LIMITED, HONEYWELL SF DETECTION
LIMITED, HONEYWELL VIDEO SYSTEMS UK LIMITED, MB GROUP
LIMITED, MORLEY ELECTRONIC FIRE SYSTEMS LIMITED, NEOTRONICS
LIMITED, NOVAR (TWYFORDS) LIMITED, NOVAR BUILDING PRODUCTS
LIMITED, NOVAR ED&S LIMITED, NOVAR NOMINEES LIMITED, NOVAR
PROPERTIES LIMITED, PITTWAY SYSTEMS TECHNOLOGY GROUP EUROPE LIMITED
(only 1st 50 directorships shown) |
||
|
SECRETARY |
EPS SECRETARIES LTD |
||
|
Address |
LACON HOUSE, THEOBALDS ROAD , LONDON
, WC1X 8RW |
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|
Country of Origin |
|
||
|
Appointment Date |
30/06/2005 |
Recently Resigned Directors (last
3)
|
DIRECTOR |
SVEN ERIC MOIZAHN |
|
Occupation |
FINANCE DIRECTOR |
|
Address |
AV DES RENEVEYRES 24 , CH1110 , SWITZERLAND
, - - |
|
Country of Origin |
GERMAN |
|
Date of Birth |
30/12/1967 |
|
Resignation Date |
01/09/2007 |
|
DIRECTOR |
ANDREW ROBERT STEARNS |
|
Occupation |
GLOBAL PRODUCT DIRECTOR |
|
Address |
9 , ARBOUR CLOSE , CAMBRIDGE , - - |
|
Country of Origin |
BRITISH |
|
Date of Birth |
09/12/1964 |
|
Resignation Date |
24/05/2007 |
|
DIRECTOR |
NICHOLAS TIMON DRAKESMITH |
|
Occupation |
ACCOUNTANT |
|
Address |
9 , NIGHTINGALE SQUARE , LONDON , - - |
|
Country of Origin |
BRITISH |
|
Date of Birth |
28/05/1965 |
|
Resignation Date |
30/06/2005 |
Share Summary
|
Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
%age |
|
|
NOVAR LTD |
ORD |
40,440,536 |
40,440,536.00 |
97.00 |
|
|
NOVAR ELECTRICAL HOLDINGS LTD |
ORD |
1,100,604 |
1,100,604.00 |
3.00 |
|
|
Novar Nominees Ltd |
ORD |
1 |
1.00 |
0.00 |
|
Mortgages and Charges
|
Total Registered |
1 |
|
Total Outstanding |
0 |
|
Total Satisfied |
1 |
|
Most Recent Mortgage |
24/08/1989 |
|
|
|
|
Date Created |
24/08/1989 |
|
Lender |
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION |
|
Secured On |
ALL MONIES - ASSETS |
|
Details |
MEMORANDUM OF AGREEMENT |
|
Satisfied? |
Fully |
Public Record Information
Summary of CCJ's/Scottish Decrees
|
There are 7 exact unsatisfied CCJs totalling GBP 3058 in
the last 72 months |
Details of most recent CCJ's/Scottish Decrees
|
16/11/2007, a Judgment of "GBP" 793 was made in
NORTHAMPTON court (Case No. 7XV95395 ) against Novar Ed & S Ltd,
Honeywell Ho, Arlington Business Pk, Bracknell, Berkshire, RG12 1EB |
|
14/11/2006, a Judgment of "GBP" 300 was made in
NORTHAMPTON court (Case No. 6XB11097 ) against Novar Ed & S Ltd,
Honeywell Ho, Arlington Business Pk, Bracknell, Berkshire, RG12 1EB |
|
28/07/2006, a Judgment of "GBP" 395 was made in NORTHAMPTON
court (Case No. 6XC66980 ) against Novar Ed & S Ltd, Xgs Vantage Point
Business Village, Mitcheldean, Gloucestershire, GL17 |
|
24/03/2006, a Judgment of "GBP" 122 was made in
SOUTHEND court (Case No. 6JL25848 ) against Novar Ed & S Ltd, 15 Progress
Rd, Leigh-On-Sea, Essex, SS9 5LE |
|
06/01/2006, a Judgment of "GBP" 239 was
"Satisfied" in NORTHAMPTON court (Case No. 5XQ36780 ) against Novar
E D & S Ltd, Honeywell Ho, Arlington Business Pk, Bracknell, Berkshire,
RG12 1EB |
|
14/11/2005, a Judgment of "GBP" 239 was made in
NORTHAMPTON court (Case No. 5XQ36780 ) against Novar Ed & S Ltd,
Honeywell Ho, Arlington Business Pk, Bracknell, Berkshire, RG12 1EB |
|
03/05/2005, a Judgment of "GBP" 754 was made in
HORSHAM court (Case No. 5HM00913 ) against Novar E D & S Ltd, R/o Novar
Ho, 24 Queens Rd, Weybridge, Surrey, KT13 9UX |
|
04/08/2004, a Judgment of "GBP" 245 was made in
NORTHAMPTON court (Case No. 4XJ18976 ) against Novar E D & S Ltd, The
Arnold Centre, Paycocke Rd, Basildon, Essex, SS14 3EA |
|
09/06/2004, a Judgment of "GBP" 449 was made in
NORTHAMPTON court (Case No. 4XJ11222 ) against Novar Ed & S Ltd, Glascoed
Rd, St Asaph, Clwyd, LL17 0ER |
Operations
|
Activities |
Electric connection equipment manufacturers |
|
Sic Code |
Description |
|
3120 |
Manufacture of electricity distribution and control
apparatus |
|
Staff Employed |
1162 |
|
Auditors |
PricewaterhouseCoopers LLP |
|
Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion
(i.e. unqualified with no referrals) on the latest accounts. |
|
Bankers |
Barclays Bank PLC |
|
Sort Codes |
200000 |
|
Bankers |
National Westminster Bank PLC |
|
Sort Codes |
501018 |
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 |
|
SALES |
135,927 |
142,806 |
146,374 |
148,009 |
|
Export Sales |
28,067 |
31,106 |
- |
- |
|
Cost of goods sold |
76,465 |
- |
- |
- |
|
GROSS PROFIT |
59,462 |
26,555 |
46,332 |
45,959 |
|
Other Expenses |
9,015 |
- |
- |
- |
|
General administration costs (-) |
36,927 |
- |
- |
- |
|
Wages and Salaries |
29,720 |
31,466 |
36,516 |
34,689 |
|
Depreciation |
4,653 |
4,673 |
6,828 |
7,490 |
|
Other operating charges |
1,029 |
580 |
- |
1,386 |
|
Net Operating Profit(Loss) |
12,491 |
-10,164 |
1,737 |
2,394 |
|
Non Trading Income |
33 |
30 |
36 |
13 |
|
Other financial income |
11,300 |
7,400 |
107 |
196 |
|
Total Non Trading Income |
11,333 |
7,536 |
143 |
209 |
|
Interest expenses & similar (-) |
9,100 |
11,613 |
- |
367 |
|
Other financial charges |
3,033 |
46 |
312 |
- |
|
Financial Expenses |
12,133 |
11,659 |
312 |
367 |
|
PRE TAX PROFIT |
11,691 |
-14,287 |
1,568 |
2,236 |
|
Other Taxation |
-2,051 |
870 |
460 |
-960 |
|
Taxation |
544 |
0 |
0 |
1,640 |
|
PROFIT AFTER TAX |
13,198 |
-15,157 |
1,108 |
1,556 |
|
Net Profit |
13,198 |
- |
1,108 |
1,556 |
|
Dividends Payable |
0 |
0 |
0 |
123,033 |
|
RETAINED PROFITS |
13,198 |
- |
1,108 |
-121,477 |
|
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 |
52,753 |
54,515 |
64,491 |
70,405 |
|
Land & buildings |
12,331 |
12,791 |
12,589 |
12,915 |
|
Plant, machinery & equipment |
7,799 |
8,359 |
17,785 |
22,621 |
|
Intermediate Assets |
20,903 |
20,903 |
20,903 |
20,903 |
|
Intangible Assets |
11,720 |
12,462 |
13,214 |
13,966 |
|
TOTAL CURRENT ASSETS |
61,029 |
54,633 |
77,523 |
80,762 |
|
Stocks |
13,564 |
11,986 |
16,707 |
17,137 |
|
Trade Debtors |
19,657 |
23,588 |
25,660 |
29,728 |
|
Other Receivables |
201 |
258 |
773 |
973 |
|
Prepaid expenses |
657 |
449 |
2,108 |
2,134 |
|
Group Loans |
7,305 |
9,304 |
23,011 |
13,510 |
|
Cash |
3,803 |
8,504 |
9,022 |
16,498 |
|
Tax Recoverable |
15,842 |
544 |
242 |
782 |
|
TOTAL ASSETS |
113,782 |
109,148 |
142,014 |
151,167 |
|
TOTAL CURRENT LIABILITIES |
60,990 |
34,038 |
54,143 |
57,393 |
|
Trade Creditors |
10,208 |
6,667 |
12,267 |
15,887 |
|
Taxes |
2,928 |
1,333 |
2,954 |
2,375 |
|
Other Current Liabilities |
550 |
8,358 |
3,452 |
3,531 |
|
Due From Group |
33,597 |
8,800 |
35,346 |
35,476 |
|
Proposed Dividend |
6,066 |
- |
124 |
124 |
|
Accruals & deferred income |
7,641 |
8,880 |
- |
- |
|
WORKING CAPITAL |
39 |
20,595 |
23,380 |
23,369 |
|
TOTAL LONG TERM LIABS |
53,035 |
93,922 |
12,255 |
16,233 |
|
Other Long Term Liabilities |
53,035 |
89,644 |
- |
10,485 |
|
NET ASSETS/(LIABILITIES) |
52,792 |
75,110 |
87,871 |
93,774 |
|
SHARE CAPITAL + RESERVES |
-243 |
-18,812 |
75,616 |
77,541 |
|
Issued Share Capital |
1,101 |
1,101 |
41,542 |
41,542 |
|
Share Premium Accounts |
19,800 |
19,800 |
19,800 |
19,800 |
|
Reserves |
714 |
714 |
714 |
714 |
|
Profit and Loss account |
-21,858 |
-40,427 |
13,560 |
15,485 |
|
SHAREHOLDERS FUNDS |
-243 |
-18,812 |
75,616 |
77,541 |
|
CAPITAL EMPLOYED |
52,792 |
75,110 |
87,871 |
93,774 |
|
TANGIBLE NET WORTH |
-11,963 |
-31,274 |
62,402 |
63,575 |
|
Key Credit Ratios
|
|
Accounts Date |
31/12/2006 |
31/12/2005 |
31/12/2004 |
31/12/2003 |
|
Current Ratio |
1.00 |
1.61 |
1.43 |
1.41 |
|
Profit Before Tax |
0.09 |
-0.10 |
0.01 |
0.02 |
|
Creditors Days (D.P.O) |
48.73 |
20.93 |
44.76 |
56.82 |
|
Quick Ratio |
0.78 |
1.25 |
1.12 |
1.11 |
|
Return on Assets |
14.41 |
-18.85 |
1.45 |
1.92 |
|
T.N.W/Total Assets |
-0.11 |
-0.29 |
0.44 |
0.42 |
|
Return on Capital |
22.15 |
-19.02 |
1.78 |
2.38 |
|
Working Capital/Sales |
0.00 |
0.00 |
0.00 |
0.00 |
|
Equity Gearing |
0.00 |
0.00 |
0.05 |
0.04 |
|
Stock Turnover |
0.00 |
0.00 |
0.00 |
0.00 |
|
Solvency (%) |
-953.15 |
-409.16 |
106.40 |
115.81 |
|
|
|
Financial Summary
|
|
|
Turnover |
Turnover decreased by more than 5% in the period. Turnover
totalled GBP 135,927,000 for the period. |
|
Operating Profit |
Totalled GBP 12,491,000 In the period prior a loss
of GBP 10,164,000 was achieved. |
|
Pre Tax |
The subject made a profit of GBP 11,691,000 compared
with a loss of GBP 14,287,000 in the previous period. |
|
Working Capital |
The company's working capital decreased in the period by
100% |
|
Tangible Net Worth |
Net worth increased by 19,311,000 during the period and
now stands at GBP -11,963,000 |
|
Fixed Assets |
The subjects fixed assets reduced during the period by GBP
1,020,000 to GBP 20,130,000 and are now 18% of total assets
compared with 19% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities reduced during the
period by 41% and are now -507% of net worth compared with -329% in the
previous period |
|
Long Term Liabilities |
Long term liabilities are now 53% of total assets compared
with 94% 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%)