MIRA INFORM REPORT

Report Date :

29.01.2011

IDENTIFICATION DETAILS

Name :	APEX STAINLESS FASTENERS LIMITED
Registered Office :	Unit 41, Somers Road Industrial Estate, Rugby, Warwickshire, Cv22 7dh
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	22.07.1991
Com. Reg. No.:	02631068
Legal Form :	Private Limited Company
Line of Business :	Distributors The stock holding and distribution of stainless steel fasteners.

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 460,000
Status :	Very Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Identification Details

Subject Reported on	APEX STAINLESS FASTENERS LIMITED
Registration Number	02631068
Address	UNIT 41, SOMERS ROAD INDUSTRIAL ESTATE, RUGBY, WARWICKSHIRE, CV22 7DH.
Telephone	01788 537 979
Facsimile	01788 547 974
Email	sales@apexstainless.com
Web Address	www.apexstainless.com

Creditline Recommendations

Monthly Credit Guide

GBP 460,000

Official Company Data

Legal Form	Private Limited
Registration Number	02631068
Subject Status	Trading
Date of Incorporation	22/07/1991
Registered Office	UNIT 41 SOMERS ROAD INDUSTRIAL, ESTATE, RUGBY, WARWICKSHIRE, CV22 7DH.
History	2/05/1998 : The Registered Office address changed from 56 SOMERS ROAD INDUSTRIAL ESTATE, RUGBY CV22.
Date of Last Annual Return to Registry	05/07/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	Distributors The stock holding and distribution of stainless steel fasteners.
Premises	Owned,Offices,Warehouse
Staff Employed	94
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	HSBC BANK PLC
Address	RUGBY.
Sort Code	403911
Auditors	Harrison Beale & Owen Ltd
Branches	4 BRANCHES NATIONWIDE.

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	2
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	1
Date of Latest Mortgage Created	05/02/1998
Date of Latest Satisfaction	27/05/2008

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
27/05/2008	07/02/1998	05/02/1998	Legal Mortgage	395	Midland Bank Plc
	06/12/1991	27/11/1991	Fixed And Floting Charge	395	Midland Bank Plc

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

Other Filings and Notices

Date

Source

Description

23/07/2008	Companies House Gazette	Change among directors of a company
14/10/2006	Companies House Gazette	Change among directors of a company
29/11/2005	Companies House Gazette	Change among directors of a company
10/09/2005	Companies House Gazette	Change among directors of a company
08/05/2003	Companies House Gazette	Change among directors of a company
08/02/1997	Companies House Gazette	Change among directors of a company
09/05/1996	Companies House Gazette	Change among directors of a company
30/09/1995	Companies House Gazette	Change among directors of a company
16/09/1995	Companies House Gazette	Change among directors of a company
15/03/1995	Companies House Gazette	Alteration in memorandum or articles of association
29/12/1994	Companies House Gazette	Change among directors of a company
12/10/1993	Companies House Gazette	Change among directors of a company
17/10/1991	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	PAUL RICHARD LOWER
Service Address	NORTHEND MANOR, LITTLE DASSETT, SOUTHAM, WARWICKSHIRE, CV47 2TX.
Country of Origin	UNITED KINGDOM
Date of Birth	17/09/1948
Appointment Date	11/04/1994
Other Directorships	PRECISION STAINLESS FASTENERS LIMITED, APEX INOX LIMITED, APEX MARINETECH LIMITED, AEROTIGHT MANUFACTURING LIMITED, BRITISH ASSOCIATION OF FASTENER DISTRIBUTORS LIMITED

Directors

Director	MRS LINDA JOAN LOWER
Service Address	NORTHEND MANOR, LITTLE DASSETT, SOUTHAM, WARWICKSHIRE, CV47 2TX.
Country of Origin	UNITED KINGDOM
Date of Birth	12/03/1954
Appointment Date	23/12/1994
Other Directorships	PRECISION STAINLESS FASTENERS LIMITED
Director	PAUL RICHARD LOWER
Service Address	NORTHEND MANOR, LITTLE DASSETT, SOUTHAM, WARWICKSHIRE, CV47 2TX.
Country of Origin	UNITED KINGDOM
Date of Birth	17/09/1948
Appointment Date	01/10/1993
Other Directorships	PRECISION STAINLESS FASTENERS LIMITED, APEX INOX LIMITED, APEX MARINETECH LIMITED, AEROTIGHT MANUFACTURING LIMITED, BRITISH ASSOCIATION OF FASTENER DISTRIBUTORS LIMITED
Director	MATTHEW PAUL LOWER
Service Address	NORTHEND MANOR, LITTLE DASSETT, SOUTHAM, WARWICKSHIRE, CV47 2TX.
Country of Origin	UNITED KINGDOM
Date of Birth	31/05/1975
Appointment Date	07/05/2003
Director	EDWARD RICHARD LOWER
Service Address	8 MONTPELLIER GARDENS, MILKING BANK, DUDLEY, BIRMINGHAM, DY1 2UQ.
Country of Origin	UNITED KINGDOM
Date of Birth	22/02/1981
Appointment Date	09/10/2006

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	238,500
Principal Shareholder	207,500 Paul Richard Lower
	20,000 Linda Joan Lower
	3,500 Edward Richard Lower
	3,500 Matthew Paul Lower
	2,000 Jessica Elisabeth Lower
	2,000 Claire Victoria Davies

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES	18287	22150	23032	17350
UK sales	18123		22684	17198
Export	164		348	152
Cost of goods sold	11445	14032	13745	10235
GROSS PROFIT	6842	8118	9287	7115
Wages and Salaries	2095	2356	2721	1856
Directors Emoluments	348	326	726	288
Auditors Fees	12	12	12	14
Trading Profit	2647	2986	4365	3692
Depreciation	92	100	105	111
OPERATING PROFIT	2555	2886	4260	3581
Non Trading Income	10	41	36
Interest Payable	52	173	286	77
PRE TAX PROFIT	2513	2754	4010	3504
Taxation	706	744	1212	1059
PROFIT AFTER TAX	1807	2010	2798	2445
Dividends Payable	1551
RETAINED PROFITS	256	2010	2798	2445

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	222	222	586	659
Tangible Assets	222	198	558	627
Fixed Assets	222	198	558	627
Intangible Assets		24	28	32
TOTAL CURRENT ASSETS	14655	18101	17878	13293
Trade debtors	3829	4343	5119	4560
Stocks	8441	11203	11842	7928
Other Current Assets	2385	2555	917	805
Misc Current Assets	125	120	64	72
Cash	2260	2435	853	733
TOTAL ASSETS	14877	18323	18464	13952
TOTAL CURRENT LIABILITIES	2507	6210	8360	6646
Trade creditors	825	829	1802	944
Short Term Loans	636	2984	4738	2655
Bank Overdraft		2909
Bank Loans			4493	2192
Due To Group	383
Due To Directors	253	75	245	463
Other Liabilities	1046	2397	1820	3047
WORKING CAPITAL	12148	11891	9518	6647
NET ASSETS/(LIABILITIES)	12370	12113	10104	7306
SHARE CAPITAL + RESERVES	12370	12113	10104	7306
Share Cap + Sundry Res	258	258	258	258
Issued Share Capital	238	238	238	238
Sundry Reserves	20	20	20	20
Profit and Loss account	12112	11855	9846	7048
SHAREHOLDERS FUNDS	12370	12113	10104	7306
CAPITAL EMPLOYED	12370	12113	10104	7306

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	5062	3877	(604)	614
Increase in Cash	(176)	1582	121	837
Directors Remuneration	348	326	726	288
Auditors Remuneration	12	12	12	14
Liquid Assets	6089	6778	5972	5293
Net Working Capital	12148	11891	9518	6647
Long Term Debt(>12 Months)
Tangible Net Worth(T.N.W)	12370	12089	10076	7274
Equity	12370	12113	10104	7306
Number of Years Trading	18	17	16	15
Number of Employees	94	113	115	98
Profit per Employee	26734	24371.7	34869.6	35755.1
Sales per Employee	194542.6	196017.7	200278.3	177040.8

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	5.8	2.9	2.1	2
Long Term Debt/T.N.W
Pre Tax Profit Margin%	13.7	12.4	17.4	20.2
Gross Profit%	37.4	36.7	40.3	41
Debtors Days (D.S.O)	76	72	81	96
Creditors Days (D.P.O)	16	14	29	20
Quick Ratio	2.5	1.1	0.7	0.8
W.I.P/Inventory Days	269.2	291.4	314.5	282.7
Return on Investment%	19.7	19.4	28.9	36
Return on Assets%	16.9	15	21.7	25.1
T.N.W/Total Assets%	83.1	66	54.6	52.1
Return on Capital%	20.3	22.7	39.7	48
Rtn on Shareholders Funds%	20.3	22.7	39.7	48
Working Capital/Sales%	66.4	53.7	41.3	38.3
Borrowing Ratio%	5.1	24.7	47	36.5
Equity Gearing%	493.4	195.1	120.9	109.9
Stock Turnover	2.2	2	1.9	2.2
Days Purchases Outstanding	26.3	21.6	47.9	33.7
Sales/Fixed Assets	82.4	111.9	41.3	27.7
Debt Gearing

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover decreased by more than 10 % in the year and totalled GBP 18,287,000 for the period.

Operating Profit

Totalled GBP 2,555,000. In the year prior a Profit of GBP 2,886,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 8 % over the previous year.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

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	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
----	NB	New Business	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.