MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	BROWNS FASTENERS LIMITED
Formerly Known as:	BROWNS OF GILDERSOME LIMITED
Registered Office :	P O Box 13 Deanfield Mills, Asquith Avenue, Morley, Ls27 9re
Country :	United Kingdom
Financials (as on) :	31.03.2012
Date of Incorporation :	30.06.1953
Com. Reg. No.:	00521228
Legal Form :	Private limited with Share Capital
Line of Business :	Non-Specialised Wholesale Trade
No. of Employees :	Not available

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 :	Usually Correct
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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
United Kingdom	A1	A1

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

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company name & address

Company Name:	BROWNS FASTENERS LIMITED
Company No:	00521228

Registered Address:

P O BOX 13 DEANFIELD MILLS

ASQUITH AVENUE

MORLEY

LS27 9RE

Company summary

Company Name	BROWNS FASTENERS LIMITED	Company Number	00521228
Registered Address	P O BOX 13 DEANFIELD MILLS	Trading Address	Asquith Avenue Morley Leeds West Yorkshire LS27 9QS
	ASQUITH AVENUE
	MORLEY
	LS27 9RE
Website Address	http://www.brownsfasteners.co.uk
Telephone Number	01132522185	Fax Number	01132520826
TPS	No	FPS	Yes
Incorporation Date	30/06/1953	Company Status	Active - Accounts Filed
Previous Name	BROWNS OF GILDERSOME LIMITED	Type	Private limited with Share Capital
Date of Change	06/03/1989	Filing Date of Accounts	21/12/2012
		Share Capital	£850
SIC03	5190	Currency	GBP
SIC03 Description	OTHER WHOLESALE
SIC07	46900
SIC07 Description	NON-SPECIALISED WHOLESALE TRADE
Principal Activity	Wholesale.

Commentary

No exact match CCJs are recorded against the company.
The company's credit rating has increased from not rated to 63 which indicates good creditworthiness.
There has been no significant change in the company's credit limit.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth increased by 3% during the latest trading period.
A 6.9% growth in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this companies pre-tax profit.
The company saw a decrease in their Cash Balance of 12.7% during the latest trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is not part of a group.
The positive change in the P&L Account Reserve suggests that the company made a profit after tax and other appropriations.
The company was established over 59 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2012	-	-	£539,126	-
31/03/2011	-	-	£523,630	-
31/03/2010	-	-	£483,847	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

4	10
Company DBT	UK Average DBT

Steady

ImprovingWorsening

Be the first to leave a payment experience
for this company

Within Terms91+ Days

Trade Debtors / Bad Debt Summar

Total Number of Documented Trade Debtors / Bad Debt -	1
Total Value of Documented Trade Debtors / Bad Debt -	£10,111

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

Mortgage Summary

Outstanding	2
Satisfied	2

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	5

Current Directors

Name	Tony Wilber	Date of Birth	08/05/1953
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	15/06/1991
Address	5 Keldale Gardens, Sharow, Ripon, North Yorkshire, HG4 5BA

Name	Mark Andrew Ainsworth	Date of Birth	01/01/1962
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/11/2003
Address	77 Altrincham Road, Gatley, Cheshire, SK8 4EG

Name	Carol Sheila Wilber	Date of Birth	13/11/1953
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	19/11/2012
Address	5 Keldale Gardens, Sharow, Ripon, North Yorkshire, HG4 5BA

Current Company Secretary

Name	Tony Wilber	Date of Birth	08/05/1953
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	20/08/2008
Address	5 Keldale Gardens, Sharow, Ripon, North Yorkshire, HG4 5BA

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
TONY WILBER	GBP	425	ORDINARY	1	50
CAROL WILBER	GBP	275	ORDINARY	1	32.35
MARK AINSWORTH	GBP	150	ORDINARY	1	17.65

Profit & Loss

Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
Weeks	52	52	52	52	52
Currency	GBP	GBP	GBP	GBP	GBP
Consolidated A/cs	N	N	N	N	N
Turnover	-	-	-	-	-
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	-	-	-	-	-
Wages & Salaries	-	-	-	-	-
Directors Emoluments	-	-	-	-	-
Operating Profit	-	-	-	-	-
Depreciation	£40,243	£35,349	£26,211	£30,800	£23,114
Audit Fees	-	-	-	-	-
Interest Payments	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-
Taxation	-	-	-	-	-
Profit After Tax	-	-	-	-	-
Dividends Payable	-	-	-	-	-
Retained Profit	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
Tangible Assets	£162,694	£155,426	£149,974	£99,462	£110,840
Intangible Assets	0	0	0	0	0
Total Fixed Assets	£162,694	£155,426	£149,974	£99,462	£110,840
Stock	£773,994	£728,485	£579,044	£578,303	£683,544
Trade Debtors	£636,370	£585,178	£623,381	£597,839	£786,920
Cash	£11,439	£13,101	£24,128	£21	£11,410
Other Debtors	0	0	0	0	0
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	£1,421,803	£1,326,764	£1,226,553	£1,176,163	£1,481,874
Trade Creditors	£706,148	£628,833	£589,385	£549,054	£750,298
Bank Loans & Overdrafts	£294,954	£281,324	£259,558	£282,742	£428,689
Other Short Term Finance	£31,769	£27,541	£22,450	£7,038	£23,851
Miscellaneous Current Liabilities	0	0	0	0	0
Total Current Liabilities	£1,032,871	£937,698	£871,393	£838,834	£1,202,838
Bank Loans & Overdrafts and LTL	£307,454	£302,186	£280,845	£284,242	£433,627
Other Long Term Finance	0	£11,362	£13,787	0	£1,038
Total Long Term Liabilities	£12,500	£20,862	£21,287	£1,500	£4,938

Capital & Reserves

Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
Called Up Share Capital	£850	£850	£850	£900	£900
P & L Account Reserve	£528,726	£513,230	£473,447	£424,891	£374,538
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	£9,550	£9,550	£9,550	£9,500	£9,500
Shareholder Funds	£539,126	£523,630	£483,847	£435,291	£384,938

Other Financial Items

Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
Net Worth	£539,126	£523,630	£483,847	£435,291	£384,938
Working Capital	£388,932	£389,066	£355,160	£337,329	£279,036
Total Assets	£1,584,497	£1,482,190	£1,376,527	£1,275,625	£1,592,714
Total Liabilities	£1,045,371	£958,560	£892,680	£840,334	£1,207,776
Net Assets	£539,126	£523,630	£483,847	£435,291	£384,938

Miscellaneous

Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
	Contingent Liability	NO	NO	NO	NO	NO
Capital Employed	£551,626	£544,492	£505,134	£436,791	£389,876
Number of Employees	-	-	-	-	-
Auditors	SAGARS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	THE ROYAL BANK OF SCOTLAND PLC
Bank Branch Code

Ratios

Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.38	1.41	1.41	1.40	1.23
Sales/Net Working Capital	-	-	-	-	-
Gearing %	57	57.70	58	65.30	112.60
Equity in %	34	35.30	35.10	34.10	24.20
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.62	0.63	0.74	0.71	0.66
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	1.91	1.79	1.80	1.92	3.12
Total Debt Ratio	1.93	1.83	1.84	1.93	3.13
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

Status History

No Status History found

Event History

Date	Description
10/01/2013	New Accounts Filed
11/12/2012	New Board Member Ms C.S. Wilber appointed
02/07/2012	Annual Returns
11/11/2011	New Accounts Filed
27/06/2011	Annual Returns
12/01/2011	New Accounts Filed
12/01/2011	New Accounts Filed
21/07/2010	Annual Returns
29/12/2009	New Accounts Filed
02/08/2009	Annual Returns
26/01/2009	New Company Secretary Mr T. Wilber appointed
14/12/2008	Annual Returns
02/10/2008	New Company Secretary Mr T. Wilber appointed
27/09/2008	Mr M.A. Harland has left the board
27/09/2008	Mr M.A. Harland has resigned as company secretary

Previous Company Names

Date	Previous Name
06/03/1989	BROWNS OF GILDERSOME LIMITED

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	FIXED AND FLOATING CHARGE
Date Charge Created:	31/12/04
Date Charge Registered:	14/01/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND COMMERCIAL SERVICES LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT 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 FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	26/05/91
Date Charge Registered:	30/05/91
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	CHARGE OVER ALL BOOK DEBTS
Date Charge Created:	12/06/84
Date Charge Registered:	15/06/84
Date Charge Satisfied:	22/07/91
Status:	SATISFIED
Person(s) Entitled:	MIDLAND BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL BOOK AND OTHER DEBTS NOW AND FROM TIME TO TIME HEREAFTER DUE OWING OR INCURRED TO THE COMPANY

Mortgage Type:	FLOATING CHARGE
Date Charge Created:	29/09/77
Date Charge Registered:	05/10/77
Date Charge Satisfied:	22/07/91
Status:	SATISFIED
Person(s) Entitled:	MIDLAND BANK LTD
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FLOATING CHARGE ON THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLEDCAPITAL

Creditor Details

No Creditor Data
Total Value	-

Trade Debtors / Bad Debt Detail

Company Name	Amount	Statement Date
Royden Structures Limited	£10,111	05/04/2012
Total Value	£10,111

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Mark Adrian Harland	0	2
Mark Adrian Harland	0	2
Courtley Philip Jagger	0	1
Raymond Thompson	0	1
Glyn Anthony Brown	4	4

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.38
UK Pound	1	Rs.82.07
Euro	1	Rs.70.37

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%)

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.