MIRA INFORM REPORT

Report Date :

06.06.2008

IDENTIFICATION DETAILS

Name :	SPAREX LIMITED
Registered Office :	Exeter Airport, Clyst Honiton, Exeter Devon EX5 2LJ
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	19.03.1965
Com. Reg. No.:	00841771
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Wholesalers of Tractor and Implement Spare Parts and Accessories

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   465,100
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Company Identification Details

Subject Reported on	SPAREX LIMITED
Holding Company	ANGLEHAWK LTD
Ultimate Holding Company	ANGLEHAWK LTD
Trading Address	EXETER AIRPORT INDUSTRIAL ESTATE, EXETER AIRPORT,CLYST HONITON,EXETER,EX5 2LJ
Telephone	01392-368892

	This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP   465,100
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   5,487,600
	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	00841771
Date of Incorporation	19/03/1965
Registered Office	Exeter Airport, Clyst Honiton, Exeter Devon EX5 2LJ
Date of Last Annual Return to Registry	28/10/2007
Activities	Tractor and implement spare parts and accessories wholesalers
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 05/11/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
28/10/2007	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	THEUNIS  STORTENBEKER
Occupation	COMPANY DIRECTOR
Address	33,  PARKSIDE DRIVE , EXMOUTH , DEVON , EX8 4LB
Country of Origin	DUTCH
Date of Birth	23/07/1948
Appointment Date	01/08/1996
Other Appointments	SPAREX INTERNATIONAL LIMITED, SPAREX LIMITED
DIRECTOR	CHRISTOPHER ROBERT STEELE
Occupation	COMPANY DIRECTOR
Address	6,  UPLOWMAN ROAD , TIVERTON , DEVON , EX16 4LU
Country of Origin	BRITISH
Date of Birth	16/04/1948
Appointment Date	01/02/1997
Other Appointments	SPAREX INTERNATIONAL LIMITED, SPAREX LIMITED
DIRECTOR	ALASDAIR FREDERICK LACHLAN MACLEAN
Occupation	DIRECTOR
Address	MULBERRY KNOWLES ,  COLY ROAD , COLYTON , DEVON , EX24 6PU
Country of Origin	BRITISH
Date of Birth	16/03/1957
Appointment Date	01/02/1997
Other Appointments	SPAREX INTERNATIONAL LIMITED, SPAREX LIMITED, SPENCO ENGINEERING CO. LIMITED
DIRECTOR	ALAN THOMAS FLETCHER  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	14,  FIERY HILL ROAD BARNT GREEN , BIRMINGHAM , B45 8LG
Country of Origin	BRITISH
Date of Birth	17/12/1934
Appointment Date	18/04/2000
Other Appointments	ABBOT BROWN & SONS,LIMITED, AIR DIFFUSION SALES LIMITED, ALLSPRINT LIMITED, ANGLEHAWK LIMITED, ANTIFERENCE (HOLDINGS) LIMITED, ANTIFERENCE LIMITED, BOWENS INTERNATIONAL LIMITED, CABLES HOLDINGS LIMITED, CALUMET HOLDINGS LIMITED, CALUMET INTERNATIONAL LIMITED, CALUMET LIMITED, CALUMET PHOTOGRAPHIC LTD, CALUMET TRADING LIMITED, CMD LIMITED, CRAIGNISH LIMITED, D P G LIMITED, DIEMOULD HOLDINGS LIMITED, DIEMOULD SERVICE COMPANY LIMITED, DIHURST HOLDINGS LIMITED, ELECTRIC MOTOR DEVELOPMENTS (HALSTEAD) LIMITED, EMD DRIVE SYSTEMS LIMITED, EMD GROUP HOLDINGS LIMITED, FINANCE HOLDINGS LIMITED, FINPLOT LIMITED, FORM FITTINGS LIMITED, G O S INVESTMENTS LIMITED, GENTECH INTERNATIONAL LIMITED, GOLDEN EAGLE TRANSPORT LIMITED, H.A. WEST (X-RAY) LIMITED, HARGREAVES A-V- & VIDEO (MANCHESTER) LIMITED, HARGREAVES PHOTOGRAPHIC (MANCHESTER) LIMITED, HELIX EBT LIMITED, HELIX INDUSTRIES LIMITED, INHOCO 3367 LIMITED, INTEGRA PRODUCTS HOLDINGS LIMITED, INTEGRA PRODUCTS LIMITED, INTERNATIONAL MARINE SYSTEMS LIMITED, LEEDS PHOTOVISUAL LIMITED, LIGHTMILE LIMITED, M.G. SANDERS COMPANY LIMITED, MGS GROUP HOLDINGS LIMITED, MID COUNTIES PHOTOGRAPHIC SUPPLIES LIMITED, MINORTRAVEL LIMITED, NETALINE A.D.P. LIMITED, PANKHURST ENGINEERING COMPANY LIMITED, PCH (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS LIMITED, POWERPLAN SYSTEMS LIMITED, POWERSURE (SCOTLAND) LIMITED (only 1st 50 directorships shown)
DIRECTOR	IAN  FISHER  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	26,  LOUDOUN ROAD , LONDON , NW8 0LT
Country of Origin	ISRAELI
Date of Birth	22/08/1950
Appointment Date	18/04/2000
Other Appointments	ABBOT BROWN & SONS,LIMITED, AIR DIFFUSION SALES LIMITED, ALLSPRINT LIMITED, ANGLEHAWK LIMITED, ANTIFERENCE (HOLDINGS) LIMITED, ANTIFERENCE LIMITED, BOWENS INTERNATIONAL LIMITED, CABLES HOLDINGS LIMITED, CALUMET HOLDINGS LIMITED, CALUMET INTERNATIONAL LIMITED, CALUMET LIMITED, CALUMET PHOTOGRAPHIC LTD, CALUMET TRADING LIMITED, CMD LIMITED, CRAIGNISH LIMITED, D P G LIMITED, DIEMOULD HOLDINGS LIMITED, DIEMOULD SERVICE COMPANY LIMITED, DIHURST HOLDINGS LIMITED, ELECTRIC MOTOR DEVELOPMENTS (HALSTEAD) LIMITED, EMD DRIVE SYSTEMS LIMITED, EMD GROUP HOLDINGS LIMITED, FINANCE HOLDINGS LIMITED, FINPLOT LIMITED, FORM FITTINGS LIMITED, G O S INVESTMENTS LIMITED, GENTECH INTERNATIONAL LIMITED, GOLDEN EAGLE TRANSPORT LIMITED, H.A. WEST (X-RAY) LIMITED, HARGREAVES A-V- & VIDEO (MANCHESTER) LIMITED, HARGREAVES PHOTOGRAPHIC (MANCHESTER) LIMITED, HELIX EBT LIMITED, HELIX INDUSTRIES LIMITED, INTEGRA PRODUCTS HOLDINGS LIMITED, INTEGRA PRODUCTS LIMITED, INTERNATIONAL MARINE SYSTEMS LIMITED, KEITH JOHNSON & PELLING LTD, LEEDS PHOTOVISUAL LIMITED, LIGHTMILE LIMITED, M.G. SANDERS COMPANY LIMITED, MGS GROUP HOLDINGS LIMITED, MID COUNTIES PHOTOGRAPHIC SUPPLIES LIMITED, MINORTRAVEL LIMITED, NETALINE A.D.P. LIMITED, PANKHURST ENGINEERING COMPANY LIMITED, PCH (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS LIMITED, POWERPLAN SYSTEMS LIMITED, POWERSURE (SCOTLAND) LIMITED (only 1st 50 directorships shown)
DIRECTOR	ANDREW OLAF FISCHER  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	AYSTON HALL ,  AYSTON , OAKHAM , LEICS , LE15 9AE
Country of Origin	GERMAN
Date of Birth	24/08/1964
Appointment Date	18/04/2000
Other Appointments	ABBOT BROWN & SONS,LIMITED, AIR DIFFUSION SALES LIMITED, ALLSPRINT LIMITED, ANGLEHAWK LIMITED, ANTIFERENCE (HOLDINGS) LIMITED, ANTIFERENCE LIMITED, BOWENS INTERNATIONAL LIMITED, CABLES HOLDINGS LIMITED, CALUMET HOLDINGS LIMITED, CALUMET INTERNATIONAL LIMITED, CALUMET LIMITED, CALUMET PHOTOGRAPHIC LTD, CALUMET TRADING LIMITED, CMD LIMITED, CRAIGNISH LIMITED, D P G LIMITED, DIEMOULD HOLDINGS LIMITED, DIEMOULD SERVICE COMPANY LIMITED, DIHURST HOLDINGS LIMITED, ELECTRIC MOTOR DEVELOPMENTS (HALSTEAD) LIMITED, EMD DRIVE SYSTEMS LIMITED, EMD GROUP HOLDINGS LIMITED, FINANCE HOLDINGS LIMITED, FINPLOT LIMITED, FORM FITTINGS LIMITED, G O S INVESTMENTS LIMITED, GENTECH INTERNATIONAL LIMITED, GOLDEN EAGLE TRANSPORT LIMITED, H.A. WEST (X-RAY) LIMITED, HARGREAVES A-V- & VIDEO (MANCHESTER) LIMITED, HARGREAVES PHOTOGRAPHIC (MANCHESTER) LIMITED, HELIX EBT LIMITED, HELIX INDUSTRIES LIMITED, INTEGRA PRODUCTS HOLDINGS LIMITED, INTEGRA PRODUCTS LIMITED, INTERNATIONAL MARINE SYSTEMS LIMITED, KEITH JOHNSON & PELLING LTD, LEEDS PHOTOVISUAL LIMITED, LIGHTMILE LIMITED, M.G. SANDERS COMPANY LIMITED, MGS GROUP HOLDINGS LIMITED, MID COUNTIES PHOTOGRAPHIC SUPPLIES LIMITED, MINORTRAVEL LIMITED, NETALINE A.D.P. LIMITED, PANKHURST ENGINEERING COMPANY LIMITED, PCH (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS LIMITED, POWERPLAN SYSTEMS LIMITED, POWERSURE (SCOTLAND) LIMITED (only 1st 50 directorships shown)
DIRECTOR	JONATHAN CHARLES RICHARDSON  (One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	24,  FOXCOTE WAY WALTON , CHESTERFIELD , DERBYSHIRE , S42 7NP
Country of Origin	BRITISH
Date of Birth	05/11/1960
Appointment Date	09/08/2005
Other Appointments	ABBOT BROWN & SONS,LIMITED, ANGLEHAWK LIMITED, ANTIFERENCE (HOLDINGS) LIMITED, ANTIFERENCE LIMITED, BOWENS INTERNATIONAL LIMITED, CABLES HOLDINGS LIMITED, CALUMET HOLDINGS LIMITED, CALUMET INTERNATIONAL LIMITED, CALUMET LIMITED, CALUMET PHOTOGRAPHIC LTD, CALUMET TRADING LIMITED, CMD LIMITED, D P G LIMITED, DIEMOULD HOLDINGS LIMITED, DIEMOULD SERVICE COMPANY LIMITED, DIHURST HOLDINGS LIMITED, ELECTRIC MOTOR DEVELOPMENTS (HALSTEAD) LIMITED, EMD DRIVE SYSTEMS LIMITED, EMD GROUP HOLDINGS LIMITED, FINANCE HOLDINGS LIMITED, FINPLOT LIMITED, FORM FITTINGS LIMITED, G O S INVESTMENTS LIMITED, GENTECH INTERNATIONAL LIMITED, H.A. WEST (X-RAY) LIMITED, HELIX EBT LIMITED, HELIX INDUSTRIES LIMITED, INTEGRA PRODUCTS HOLDINGS LIMITED, INTEGRA PRODUCTS LIMITED, INTERNATIONAL MARINE SYSTEMS LIMITED, LEEDS PHOTOVISUAL LIMITED, LIGHTMILE LIMITED, M.G. SANDERS COMPANY LIMITED, MGS GROUP HOLDINGS LIMITED, MID COUNTIES PHOTOGRAPHIC SUPPLIES LIMITED, MINORTRAVEL LIMITED, NETALINE A.D.P. LIMITED, PANKHURST ENGINEERING COMPANY LIMITED, PCH (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS (HOLDINGS) LIMITED, PNEUMATIC COMPONENTS LIMITED, POWERPLAN SYSTEMS LIMITED, REMROCK TRADING LIMITED, SIDINGS NO. 3 LIMITED, SIDINGS NO. 4 LIMITED, SIDINGS NO. 5 LIMITED, SPAREX HOLDINGS LIMITED, SPAREX INTERNATIONAL LIMITED, SPAREX LIMITED, SPENCO ENGINEERING CO. LIMITED (only 1st 50 directorships shown)
DIRECTOR	PIERRE  NADEAU  (One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	SWISS COTTAGE ,  MAPSTONE HILL LUSTLEIGH , NEWTON ABBOT , DEVON , TQ13 9SE
Country of Origin	BRITISH
Date of Birth	18/10/1962
Appointment Date	21/03/2006
Other Appointments	HOLLIMEX LIMITED, SCENTS & SENSIBILITY LIMITED, SPAREX INTERNATIONAL LIMITED, SPAREX LIMITED, SPENCO ENGINEERING CO. LIMITED
DIRECTOR	STEPHEN BRIAN POTTER
Occupation	DIRECTOR
Address	12,  AVON ROAD WEST MOORS , FERNDOWN , DORSET , BH22 0EG
Country of Origin	BRITISH
Date of Birth	30/01/1959
Appointment Date	21/03/2006
Other Appointments	SPAREX INTERNATIONAL LIMITED, SPAREX LIMITED, SPENCO ENGINEERING CO. LIMITED
SECRETARY	MR  HUGH TRAPNELL
Address	5 THE ORCHARD,  , ABBOTSKERSWELL , DEVON , TQ12 5QE
Country of Origin	BRITISH
Date of Birth	31/05/1949
Appointment Date	21/12/2005

Recently Resigned Directors (last 3)

DIRECTOR	STEPHEN ANTHONY SMITH
Occupation	COMPANY DIRECTOR
Address	THE TUDOR HOUSE , HOLSWORTHY , DEVON , - -
Country of Origin	BRITISH
Date of Birth	24/08/1951
Resignation Date	28/04/2006
DIRECTOR	JOANNE NEWMAN HIORNS
Occupation	COMPANY DIRECTOR
Address	35 , COOMBESHEAD ROAD , NEWTON ABBOT , DEVON , - -
Country of Origin	BRITISH
Date of Birth	14/06/1965
Resignation Date	31/03/2006
DIRECTOR	MARIANNE ROSALIND JONES
Occupation	ACCOUNTANT
Address	3 , ROSS CLOSE , EXETER , - -
Country of Origin	BRITISH
Date of Birth	15/01/1964
Resignation Date	21/12/2005

Share Summary

Share Currency:	GBP
Priniciple Shareholders:	Type Of Share	No. of Shares	Value	Voting %age
Anglehawk Ltd	ORD	261,612	261,612.00	100.00

Mortgages and Charges

Total Registered	3
Total Outstanding	2
Total Satisfied	1
Most Recent Mortgage	13/03/2006

Date Registered	21/03/2006
Type	395
Date Created	13/03/2006
Lender	THE ROYAL BANK OF SCOTLAND plc
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM EACH OBLIGOR TO THE CHARGEE AND THE SECURED PARTIES AND TO ANY OF THEM ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
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 THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	07/11/2006
Type	403B
Date Created	13/03/2006
Lender	THE ROYAL BANK OF SCOTLAND plc
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 THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
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

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Tractor and implement spare parts and accessories wholesalers
Sic Code	Description
5166	Wholesale of agricultural machinery and accessories and implements, including tractors
Staff Employed	337
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	Lloyds TSB Bank Plc Birmingham North CSC
Sort Codes	300003

Financial Data

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
Units	units	units	units	units
Consolidated?	No	No	No	No
SALES	18,748,366	17,712,530	16,615,237	14,481,235
Change in stocks of finished goods & in work in progress	155,831	319,826	-582,690	-451,129
Other operating income	755,124	34,535	276,421	231,990
Raw materials, consumables	12,198,703	11,064,266	11,245,435	9,406,978
Cost of Goods Sold	12,354,534	11,384,092	10,662,745	8,955,849
GROSS PROFIT	6,393,832	6,328,438	5,952,492	5,525,386
Wages and Salaries	3,670,723	3,648,414	3,121,451	2,934,020
Depreciation	194,736	210,823	173,833	170,974
Other operating charges	4,995,830	2,505,374	2,463,461	1,941,888
Net Operating Profit(Loss)	-1,712,333	-1,638	470,168	710,494
Non Trading Income	6,383	4,828	4,450	3,375
Group Non Trading Income	1,142,506	1,333,410	1,339,054	88,508
Other financial income	115,848	109,351	17,266	1,281,958
Total Non Trading Income	1,264,737	1,447,589	1,360,770	1,373,841
Other financial charges	458,478	382,692	313,523	230,922
Financial Expenses	458,478	382,692	313,523	230,922
PRE TAX PROFIT	-906,074	1,063,259	1,517,415	1,853,413
Other Taxation	-132,101	3,459	-591,992	-573,827
Taxation	0	116,451	661,177	877,105
PROFIT AFTER TAX	-773,973	943,349	1,448,230	1,550,135
Net Loss	773,973	-	-	-
Dividends Payable	0	0	1,100,000	1,550,000
RETAINED PROFITS	-	943,349	348,230	135

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
Units	units	units	units	units
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	5,091,353	6,535,977	6,739,079	6,879,489
Land & buildings	1,717,456	1,756,544	1,792,984	1,830,111
Plant, machinery & equipment	293,695	351,592	318,758	281,562
Intermediate Assets	3,080,202	4,427,841	4,627,337	4,767,816
TOTAL CURRENT ASSETS	16,278,889	13,414,924	11,252,868	8,802,791
Stocks	4,604,772	4,760,603	5,117,830	4,535,140
Trade Debtors	2,159,666	1,777,045	1,782,637	1,655,644
Other Receivables	302,202	67,300	63,099	22,261
Prepaid expenses	58,438	68,003	76,236	61,852
Group Loans	8,525,471	6,500,324	3,939,381	2,239,224
Cash	288,705	234,149	266,185	288,670
Tax Recoverable	339,635	7,500	7,500	-
TOTAL ASSETS	21,370,242	19,950,901	17,991,947	15,682,280
TOTAL CURRENT LIABILITIES	11,467,648	9,274,334	8,258,729	6,126,953
Trade Creditors	2,137,515	2,367,806	2,209,300	2,075,507
Taxes	236,055	223,794	316,979	191,970
Other Current Liabilities	437,656	599,342	670,455	765,037
Due From Group	8,427,028	5,987,895	5,039,683	3,082,827
Accruals & deferred income	229,394	95,497	22,312	11,612
WORKING CAPITAL	4,811,241	4,140,590	2,994,139	2,675,838
TOTAL LONG TERM LIABS	25,000	25,000	25,000	195,339
Other Long Term Liabilities	25,000	25,000	25,000	25,000
NET ASSETS/(LIABILITIES)	9,902,594	10,676,567	9,733,218	9,555,327
SHARE CAPITAL + RESERVES	9,877,594	10,651,567	9,708,218	9,359,988
Issued Share Capital	261,612	261,612	261,612	261,612
Reserves	52,506	52,506	52,506	52,506
Profit and Loss account	9,563,476	10,337,449	9,394,100	9,045,870
SHAREHOLDERS FUNDS	9,877,594	10,651,567	9,708,218	9,359,988
CAPITAL EMPLOYED	9,902,594	10,676,567	9,733,218	9,555,327
TANGIBLE NET WORTH	9,877,594	10,651,567	9,708,218	9,359,988

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.42	1.45	1.36	1.44
Profit Before Tax	-0.05	0.06	0.09	0.13
Creditors Days (D.P.O)	63.15	75.92	75.63	84.59
Quick Ratio	1.02	0.93	0.74	0.70
Return on Assets	-4.95	6.85	11.35	16.98
T.N.W/Total Assets	0.46	0.53	0.54	0.60
Return on Capital	-9.15	9.96	15.59	19.40
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	3.95	4.26	3.88	0.48
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	116.35	87.30	85.33	67.55

Financial Summary

Turnover	Turnover increased by more than 6% in the period. Turnover totalled GBP  18,748,366,units for the period.
Operating Loss	Totalled GBP  -1,712,333,units In the period prior a loss of GBP   1,638,units was achieved.
Pre Tax	The subject made a loss of GBP  906,074,units compared with a profit of GBP  1,063,259,units in the previous period.
Working Capital	The company's working capital improved in the period by 16%
Tangible Net Worth	Net worth reduced by 773,973 during the period and now stands at GBP  9,877,594,units
Fixed Assets	The subjects fixed assets reduced during the period by GBP  96,985 to GBP  2,011,151,units and are now 9% of total assets compared with 11% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 0% and are now 0% of net worth compared with 0% in the previous period
Long Term Liabilities	Long term liabilities are now 0% of total assets compared with 0% in the previous period

Previous Searches on this Company

Last 3 Months	Last 6 Months	Last 12 Months
1	2	5

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%)

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