|
Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
SPAREX LIMITED |
|
|
|
|
Registered Office : |
Sparex Limited , Exeter Airport, Devon, Ex5 2lj |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.03.1965 |
|
|
|
|
Com. Reg. No.: |
00841771 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
Wholesale of agricultural machinery, accessories & equipment |
|
|
|
|
No. of Employees : |
180 employees |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 Name |
SPAREX LIMITED |
Company Number |
00841771 |
|
Registered
Address |
SPAREX LIMITED |
Trading Address |
56 Seskanore
Road |
|
|
EXETER AIRPORT. |
|
|
|
|
DEVON. . |
|
|
|
|
EX5 2LJ |
|
|
|
|
|
|
|
|
Website Address |
|
|
|
|
Telephone Number
|
01392368892 |
Fax Number |
|
|
TPS |
No |
FPS |
No |
|
Incorporation
Date |
19/03/1965 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
|
Type |
Private limited with Share Capital |
|
Date of Change |
- |
Filing Date of Accounts |
07/08/2012 |
|
|
|
Share Capital |
£261,612 |
|
SIC03 |
5188 |
Currency |
GBP |
|
SIC03
Description |
WHOLESALE OF AGRICULTURAL MACHIERY,
ACCESSORIES & EQUIPMENT |
||
|
SIC07 |
46610 |
||
|
SIC07
Description |
WHOLESALE OF AGRICULTURAL MACHINERY,
EQUIPMENT AND SUPPLIES |
||
|
Principal
Activity |
Assembly and distribution of agricultural
spare parts and accessories |
||
Directors
|
Total Current Directors |
8 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company Secretaries |
18 |
Current Directors
|
Name |
Alain Bernard Pinvidic |
Date of Birth |
01/12/1964 |
|
Officers Title |
Mr |
Nationality |
French |
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
14/01/2011 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
Name |
Mark Doggrell |
Date of Birth |
07/09/1973 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
01/07/2011 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
Name |
Alasdair Frederick Lachlan MacLean |
Date of Birth |
16/03/1957 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
01/02/1997 |
|
|
|
Address |
Mulberry Knowles, Coly Road, Colyton, EX24 6PU |
||
|
|
|
|
|
|
Name |
Roger Neil Batkin |
Date of Birth |
23/08/1968 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
14 |
Function |
Director |
|
Appointment Date |
15/12/2010 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
|
|
|
|
|
Name |
Boris Nikolaus Schoepplein |
Date of Birth |
06/03/1970 |
|
Officers Title |
Mr |
Nationality |
German |
|
Present Appointments |
5 |
Function |
Director |
|
Appointment Date |
15/12/2010 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
|
|
|
|
|
Name |
Frederic Michel Devienne |
Date of Birth |
04/11/1961 |
|
Officers Title |
Mr |
Nationality |
French |
|
Present
Appointments |
5 |
Function |
Director |
|
Appointment Date |
15/12/2010 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
|
|
|
|
|
Name |
Paul William De Brissac Bernard |
Date of Birth |
03/03/1963 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
3 |
Function |
Director |
|
Appointment Date |
15/12/2010 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
|
|
|
|
|
Name |
Jeremy Burgess |
Date of Birth |
29/07/1965 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment Date |
03/01/2012 |
|
|
|
Address |
Sparex Limited, Exeter Airport., Devon. Ex5 2lj., EX5 2LJ |
||
|
|
|
|
|
Current Company
Secretary
|
Name |
Hugh Andrew Trapnell |
Date of Birth |
31/05/1949 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
3 |
Function |
Company Secretary |
|
Appointment Date |
21/12/2005 |
|
|
|
Address |
5 The Orchard, , Abbotskerswell, TQ12 5QE |
||
CCJ
|
Total Number of
Exact CCJs - |
0 |
Total Value of
Exact CCJs - |
|
Total Number of Possible
CCJs - |
0 |
Total Value of
Possible CCJs - |
|
Total Number of
Satisfied CCJs - |
0 |
Total Value of
Satisfied CCJs - |
|
Total Number of
Writs - |
- |
|
Exact CCJ Details
There are no exact CCJ details
Possible CCJ
Details
There are no possible CCJ details
Writ Details
There are no writ details
Status History
|
No Status History found |
Top 20
Shareholders
|
Name |
Individual Share
Value |
|
ANGLEHAWK LTD |
261,612 ORDINARY GBP 1.00 |
Payment
Information Summary
|
Days Beyond Terms |
||||
|
Trade Debtors /
Bad Debt Summary
|
Total Number of
Documented Trade Debtors / Bad Debt - |
3 |
|
Total Value of
Documented Trade Debtors / Bad Debt - |
£763 |
Group Structure
Statistics
|
Summary
|
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder
Funds |
Employees |
|
31/12/2011 |
£30,436,115 |
£5,210,606 |
£32,174,736 |
180 |
|
31/12/2010 |
£27,122,045 |
£5,613,219 |
£26,966,312 |
168 |
|
31/12/2009 |
£26,145,489 |
£9,245,347 |
£21,453,404 |
161 |
Profit & Loss
|
Date Of Accounts |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
£30,436,115 |
12.2% |
£27,122,045 |
3.7% |
£26,145,489 |
9.5% |
£23,873,773 |
17.2% |
£20,376,433 |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost of Sales |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross Profit |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Wages & Salaries |
£5,293,521 |
-0.9% |
£5,341,100 |
11.4% |
£4,794,912 |
-8.2% |
£5,222,508 |
25.2% |
£4,170,759 |
|
Directors Emoluments |
£614,808 |
-10% |
£683,320 |
-15.8% |
£811,673 |
-0.2% |
£812,915 |
28.6% |
£632,049 |
|
Operating Profit |
£1,763,967 |
92.9% |
£914,285 |
-4.5% |
£957,648 |
298.2% |
-£483,275 |
-133.2% |
£1,456,481 |
|
Depreciation |
£142,888 |
3.1% |
£138,582 |
8.6% |
£127,608 |
-7.3% |
£137,671 |
-26.7% |
£187,697 |
|
Audit Fees |
£32,000 |
-5% |
£33,700 |
3.2% |
£32,667 |
2.4% |
£31,890 |
-24.9% |
£42,481 |
|
Interest Payments |
£167,296 |
-47.3% |
£317,458 |
-18.3% |
£388,552 |
2.4% |
£379,605 |
2.5% |
£370,438 |
|
Pre Tax Profit |
£5,210,606 |
-7.2% |
£5,613,219 |
-39.3% |
£9,245,347 |
999.9% |
-£647,414 |
-117.5% |
£3,707,025 |
|
Taxation |
-£2,182 |
97.8% |
-£100,311 |
88.4% |
-£861,831 |
-999.9% |
£41,308 |
-54.8% |
£91,375 |
|
Profit After Tax |
£5,208,424 |
-5.5% |
£5,512,908 |
-34.2% |
£8,383,516 |
999.9% |
-£606,106 |
-116% |
£3,798,400 |
|
Dividends Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Retained Profit |
£5,208,424 |
-5.5% |
£5,512,908 |
-34.2% |
£8,383,516 |
999.9% |
-£606,106 |
-116% |
£3,798,400 |
Balance Sheet
|
Date Of Accounts |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
|
Tangible Assets |
£4,031,469 |
-3.4% |
£4,173,201 |
2.1% |
£4,089,285 |
-7.5% |
£4,420,332 |
-13.3% |
£5,098,624 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
£4,031,469 |
-3.4% |
£4,173,201 |
2.1% |
£4,089,285 |
-7.5% |
£4,420,332 |
-13.3% |
£5,098,624 |
|
Stock |
£7,852,916 |
35.1% |
£5,810,560 |
3.9% |
£5,591,993 |
-11.3% |
£6,303,420 |
15.2% |
£5,472,573 |
|
Trade Debtors |
£2,859,092 |
19% |
£2,403,019 |
-4.3% |
£2,511,619 |
6.9% |
£2,349,475 |
6.3% |
£2,211,104 |
|
Cash |
£778,981 |
4.1% |
£748,331 |
240.9% |
£219,526 |
-57.7% |
£518,910 |
26.3% |
£410,944 |
|
Other Debtors |
£27,532,318 |
19.3% |
£23,075,143 |
14.8% |
£20,107,832 |
24.3% |
£16,172,024 |
29.1% |
£12,530,846 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£39,023,307 |
21.8% |
£32,037,053 |
12.7% |
£28,430,970 |
12.2% |
£25,343,829 |
22.9% |
£20,625,467 |
|
Trade Creditors |
£2,108,785 |
18% |
£1,786,773 |
-11% |
£2,008,555 |
-27.2% |
£2,760,272 |
23.9% |
£2,227,589 |
|
Bank Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Finance |
£7,440,628 |
15.5% |
£6,440,927 |
-15.1% |
£7,586,146 |
-40.8% |
£12,813,289 |
43.9% |
£8,907,087 |
|
Miscellaneous Current Liabilities |
£1,330,627 |
30.9% |
£1,016,242 |
-31% |
£1,472,150 |
34.4% |
£1,095,712 |
23.3% |
£888,421 |
|
Total Current Liabilities |
£10,880,040 |
17.7% |
£9,243,942 |
-16.5% |
£11,066,851 |
-33.6% |
£16,669,273 |
38.6% |
£12,023,097 |
|
Bank Loans & Overdrafts and LTL |
0 |
- |
0 |
- |
0 |
-100% |
£25,000 |
- |
£25,000 |
|
Other Long Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Long Term Liabilities |
0 |
- |
0 |
- |
0 |
-100% |
£25,000 |
- |
£25,000 |
Capital &
Reserves
|
Date Of Accounts |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
|
Called Up Share Capital |
£261,612 |
- |
£261,612 |
- |
£261,612 |
- |
£261,612 |
- |
£261,612 |
|
P & L Account Reserve |
£31,860,618 |
19.5% |
£26,652,194 |
26.1% |
£21,139,286 |
65.7% |
£12,755,770 |
-4.5% |
£13,361,876 |
|
Revaluation Reserve |
- |
- |
- |
-100% |
£12,824 |
- |
£12,824 |
- |
£12,824 |
|
Sundry Reserves |
£52,506 |
- |
£52,506 |
32.3% |
£39,682 |
- |
£39,682 |
- |
£39,682 |
|
Shareholder Funds |
£32,174,736 |
19.3% |
£26,966,312 |
25.7% |
£21,453,404 |
64.1% |
£13,069,888 |
-4.4% |
£13,675,994 |
Other Financial
Items
|
Date Of Accounts |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
|
Net Worth |
£32,174,736 |
19.3% |
£26,966,312 |
25.7% |
£21,453,404 |
64.1% |
£13,069,888 |
-4.4% |
£13,675,994 |
|
Working Capital |
£28,143,267 |
23.5% |
£22,793,111 |
31.3% |
£17,364,119 |
100.2% |
£8,674,556 |
0.8% |
£8,602,370 |
|
Total Assets |
£43,054,776 |
18.9% |
£36,210,254 |
11.3% |
£32,520,255 |
9.3% |
£29,764,161 |
15.7% |
£25,724,091 |
|
Total Liabilities |
£10,880,040 |
17.7% |
£9,243,942 |
-16.5% |
£11,066,851 |
-33.7% |
£16,694,273 |
38.6% |
£12,048,097 |
|
Net Assets |
£32,174,736 |
19.3% |
£26,966,312 |
25.7% |
£21,453,404 |
64.1% |
£13,069,888 |
-4.4% |
£13,675,994 |
Cash Flow
|
Date Of Accounts |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
|
Net Cashflow from Operations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Cashflow before Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Cashflow from Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Increase in Cash |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Miscellaneous
|
Date Of Accounts |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
|
Contingent Liability |
NO |
- |
NO |
- |
YES |
- |
YES |
- |
YES |
|
Capital Employed |
£32,174,736 |
19.3% |
£26,966,312 |
25.7% |
£21,453,404 |
63.8% |
£13,094,888 |
-4.4% |
£13,700,994 |
|
Number of Employees |
180 |
7.1% |
168 |
4.3% |
161 |
5.2% |
153 |
6.3% |
144 |
|
Auditors |
KPMG LLP |
||||||||
|
Auditor Comments |
The audit report contains no adverse comments |
||||||||
|
Bankers |
THE ROYAL BANK OF SCOTLAND PLC |
||||||||
|
Bank Branch Code |
16-04-00 |
||||||||
Ratios
|
Date Of Accounts |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
31/12/07 |
|
Pre-tax profit margin % |
17.12 |
20.70 |
35.36 |
-2.71 |
18.19 |
|
Current ratio |
3.59 |
3.47 |
2.57 |
1.52 |
1.72 |
|
Sales/Net Working Capital |
1.08 |
1.19 |
1.51 |
2.75 |
2.37 |
|
Gearing % |
0 |
0 |
0 |
0.20 |
0.20 |
|
Equity in % |
74.70 |
74.50 |
66 |
43.90 |
53.20 |
|
Creditor Days |
25.21 |
23.97 |
27.96 |
42.08 |
39.79 |
|
Debtor Days |
34.19 |
32.25 |
34.96 |
35.82 |
39.49 |
|
Liquidity/Acid Test |
2.86 |
2.83 |
2.06 |
1.14 |
1.26 |
|
Return On Capital Employed % |
16.19 |
20.81 |
43.09 |
-4.94 |
27.05 |
|
Return On Total Assets Employed % |
12.10 |
15.50 |
28.42 |
-2.17 |
14.41 |
|
Current Debt Ratio |
0.33 |
0.34 |
0.51 |
1.27 |
0.87 |
|
Total Debt Ratio |
0.33 |
0.34 |
0.51 |
1.27 |
0.88 |
|
Stock Turnover Ratio % |
25.80 |
21.42 |
21.38 |
26.40 |
26.85 |
|
Return on Net Assets Employed % |
16.19 |
20.81 |
43.09 |
-4.95 |
27.10 |
N/a
*Event History
|
Date |
Description |
|
15/08/2012 |
New Accounts Filed |
|
15/08/2012 |
New Accounts Filed |
|
14/06/2012 |
New Board Member Mr J. Burgess appointed |
|
13/06/2012 |
Mr P. Nadeau has left the board |
|
08/11/2011 |
Annual Returns |
|
14/10/2011 |
Mr S.B. Potter has left the board |
|
12/10/2011 |
New Accounts Filed |
|
12/10/2011 |
New Accounts Filed |
|
23/09/2011 |
New Board Member Mr M. Doggrell appointed |
|
21/05/2011 |
T. Stortenbeker has left the board |
|
27/01/2011 |
New Board Member Mr A.B. Pinvidic appointed |
|
19/01/2011 |
Mr J.C. Richardson has left the board |
|
19/01/2011 |
Mr A.O. Fischer has left the board |
|
19/01/2011 |
Mr I. Fisher has left the board |
|
19/01/2011 |
Mr A.T. Fletcher has left the board |
Limit History
|
Date |
Limit |
|
15/08/2012 |
£250,000 |
|
01/05/2012 |
£220,000 |
|
12/10/2011 |
£215,000 |
|
10/10/2011 |
£210,000 |
|
01/10/2011 |
- |
|
10/05/2010 |
£210,000 |
|
10/11/2009 |
£190,000 |
|
06/11/2009 |
- |
|
19/08/2009 |
£165,000 |
|
20/02/2009 |
£850,000 |
Previous Company
Names
|
No Previous Names found |
Mortgage Summary
|
Outstanding |
0 |
|
Satisfied |
2 |
Commentary
|
No exact match CCJs are recorded against the company. |
|
The credit limit on this company
has risen 13.6% in comparison to the previously suggested credit limit. |
|
Sales in the latest trading period increased 12.2% on the previous
trading period. |
|
Net Worth increased by 19.3% during the latest trading period. |
|
A 18.9% growth in Total Assets occurred during the latest trading
period. |
|
Pre-tax profits decreased by 7.2% compared to the previous trading
period. |
|
The company saw an increase in their Cash Balance of 4.1% during the
latest trading period. |
|
The audit report contains no adverse comments. |
|
The company has undergone recent changes in its directorships. |
|
The company is part of a group. |
|
The company was established over 47 years ago. |
|
The company has recently filed accounts at Companies House |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.51 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.