MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	GARDNER DENVER LTD
Formerly Known As :	LAMCOR (UK) LIMITED
Registered Office :	Springmill Street, Bradford, BD5 7HW
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	19.04.1995
Com. Reg. No.:	03047245
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture sale and support of compressor systems and associated equipment to a worldwide market.
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

REGISTERED NAME & COMPANY SUMMARY

Company Name	GARDNER DENVER LTD	Company Number	03047245
Registered Address	C/O GARDNER DENVER INTERNATIONAL	Trading Address	Claybrook Drive Washford Industrial Estate Redditch Worcestershire B98 0DS
	SPRINGMILL STREET
	BRADFORD
	BD5 7HW
Website Address	http://www.compair.com
Telephone Number	-	Fax Number	01617671545
TPS	-	FPS	Yes
Incorporation Date	19/04/1995	Company Status	Active - Accounts Filed
Previous Name	LAMCOR (UK) LIMITED	Type	Private limited with Share Capital
Date of Change	01/06/1998	Filing Date of Accounts	22/09/2012
		Share Capital	£1,001
SIC03	2912	Currency	GBP
SIC03 Description	MANUFACTURE OF PUMPS AND COMPRESSORS
SIC07	28132
SIC07 Description	MANUFACTURE OF COMPRESSORS
Principal Activity	Manufacture, sale and support of compressor systems and associated equipment to a worldwide market.

DIRECTORS/MANAGEMENT

Current Directors

Name	Michael Meyer Larsen	Date of Birth	16/01/1969
Officers Title	Mr	Nationality	Danish
Present Appointments	27	Function	Director
Appointment Date	01/11/2010
Address	1800 Gardner Expressway, Quincy, Il 62305
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Bradley Lauren Wideman	Date of Birth	18/07/1978
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	05/04/2012
Address	1500 Liberty Ridge Dr Ste, 3000 Wayne Pa 19087, Pa 19087
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michael James McGrath	Date of Birth	28/05/1965
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	05/04/2012
Address	1500 Liberty Ridge Dr Ste, 3000 Wayne Pa 19087, Pa 19087
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Brent Andrew Walters	Date of Birth	18/08/1964
Officers Title	Mr	Nationality	American
Present Appointments	22	Function	Director
Appointment Date	02/09/2009
Address	1800 Gardner Expressway, Quincy, Illinois, 62305
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christopher Paul Barker	Date of Birth	17/04/1958
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	10/03/2004
Address	8 Lowe Lane, Alveley, Bridgnorth, Shropshire, WV15 6HX

NEGATIVE INFORMATION

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 -	1	Total Value of Satisfied CCJs -	£67
Total Numberf Wrawits -	-

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GARDNER DENVER INTERNATIONAL LTD	GBP	1,001	ORDINARY	1	100

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

4	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company Click Here

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Holding Company	GARDNER DENVER INTERNATIONAL LTD
Ownership Status	Wholly Owned
Ultimate Holding Company	GARDNER DENVER, INC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
GARDNER DENVER, INC		-	-	69	$7,400,000	$2,370,903,000
GARDNER DENVER INTERNATIONAL...	N/A	-	-	-	-
GD FIRST (UK) LIMITED	04955958	31.12.2011	N	95	£240,000
GARDNER DENVER HOLDINGS...	06707847	31.12.2011	N	96	£4,900,000
COMPAIR HOLDINGS LIMITED	04430818	31.12.2011	N	95	£100,000
COMPAIR FINANCE LIMITED	04430824	31.12.2011	N	95	£50,000
COMPAIR ACQUISITIO...	04470283	31.12.2011	N	93	£8,100,000
COMPAIR BROOMWAD...	04982109	31.12.2011	N	83	£1,000
SHANGHAI COMPRES...	04085166	31.12.2011	N	97	£180,000
COMPAIR ACQUISITIO...	04430828	31.12.2011	N	97	£350,000
COMPAIR HOLMAN L...	00089261	31.12.2010	N	N/R	-
GARDNER DENVER INDUSTRIE...	00166252	31.12.2011	N	96	£3,200,000
GD ARIA INVESTMENTS LI...	07845969	-	N	67	£1,000
GARDNER DENVER INTERNATI...	00736644	31.12.2011	N	96	£4,950,000
GARDNER DENVER GROUP S...	02193570	31.12.2011	N	97	£700,000	£30,261,698
GARDNER DENVER LTD	03047245	31.12.2011	N	69	£480,000	£136,234,000

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	£136,234,000	£7,630,000	£10,299,000	-
31/12/2010	£135,755,000	£2,352,000	£4,608,000	-
31/12/2009	£67,278,000	-£668,000	£1,679,000	-

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	£136,234,000	0.4%	£135,755,000	101.8%	£67,278,000	85%	£36,365,000	-4.8%	£38,202,000
	Export	£74,182,000	5.2%	£70,484,000	67.7%	£42,038,000	47.6%	£28,489,000	-7.5%	£30,809,000
	Cost of Sales	£84,234,000	1.9%	£82,639,000	107.5%	£39,822,000	87.6%	£21,231,000	-6.2%	£22,628,000
	Gross Profit	£52,000,000	-2.1%	£53,116,000	93.5%	£27,456,000	81.4%	£15,134,000	-2.8%	£15,574,000
	Wages & Salaries	-	-	-	-	-	-	-	-100%	£5,449,000
	Directors Emoluments	-	-	-	-	-	-	-	-100%	£373,000
	Operating Profit	£8,754,000	0.6%	£8,701,000	191.5%	£2,985,000	16.5%	£2,562,000	-19.3%	£3,173,000
	Depreciation	£2,445,000	-13.2%	£2,818,000	93.1%	£1,459,000	161.9%	£557,000	12.1%	£497,000
	Audit Fees	£230,000	2.2%	£225,000	48%	£152,000	133.8%	£65,000	51.2%	£43,000
	Interest Payments	£943,000	-83.9%	£5,859,000	62.1%	£3,614,000	999.9%	£290,000	276.6%	£77,000
	Pre Tax Profit	£7,630,000	224.4%	£2,352,000	452.1%	-£668,000	-530.2%	-£106,000	-103.1%	£3,380,000
	Taxation	-£1,873,000	-432.1%	£564,000	999.9%	-£27,000	92%	-£336,000	70%	-£1,121,000
	Profit After Tax	£5,757,000	97.4%	£2,916,000	519.6%	-£695,000	-57.2%	-£442,000	-119.6%	£2,259,000
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	£5,757,000	97.4%	£2,916,000	519.6%	-£695,000	-57.2%	-£442,000	-119.6%	£2,259,000

Balance Sheet

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Tangible Assets	£23,524,000	-9.9%	£26,095,000	-38.2%	£42,209,000	545.3%	£6,541,000	-11%	£7,349,000
	Intangible Assets	£62,131,000	-5.5%	£65,732,000	-4.7%	£68,978,000	999.9%	£425,000	-5.8%	£451,000
	Total Fixed Assets	£85,655,000	-6.7%	£91,827,000	-17.4%	£111,187,000	999.9%	£6,966,000	-10.7%	£7,800,000
	Stock	£15,394,000	-7.8%	£16,703,000	6.3%	£15,714,000	183.3%	£5,546,000	12.9%	£4,914,000
	Trade Debtors	£14,833,000	-1.7%	£15,093,000	-19.8%	£18,819,000	261.5%	£5,206,000	-10.9%	£5,840,000
	Cash	£219,000	-92.4%	£2,884,000	-64.1%	£8,035,000	371.8%	£1,703,000	-56.7%	£3,931,000
	Other Debtors	£13,614,000	46.6%	£9,287,000	-11.9%	£10,536,000	308.5%	£2,579,000	15.7%	£2,230,000
	Miscellaneous Current Assets	£1,019,000	-	0	-	0	-	0	-	0
	Total Current Assets	£45,079,000	2.5%	£43,967,000	-17.2%	£53,104,000	253.2%	£15,034,000	-11.1%	£16,915,000
	Trade Creditors	£12,053,000	28.3%	£9,394,000	-26%	£12,699,000	252.5%	£3,603,000	-29.5%	£5,113,000
	Bank Loans & Overdrafts	£31,698,000	-32.3%	£46,795,000	999.9%	£50,000	-	0	-	0
	Other Short Term Finance	£1,526,000	-63.5%	£4,185,000	-71.2%	£14,543,000	173%	£5,327,000	18%	£4,515,000
	Miscellaneous Current Liabilities	£10,652,000	69.5%	£6,283,000	-36.1%	£9,838,000	464.1%	£1,744,000	-49%	£3,417,000
	Total Current Liabilities	£55,929,000	-16.1%	£66,657,000	79.5%	£37,130,000	247.9%	£10,674,000	-18.2%	£13,045,000
	Bank Loans & Overdrafts and LTL	£96,204,000	-13.6%	£111,324,000	-11.3%	£125,532,000	999.9%	£8,959,000	2.2%	£8,764,000
	Other Long Term Finance	£62,840,000	-0.5%	£63,136,000	-49%	£123,902,000	999.9%	£6,173,000	-25.5%	£8,291,000
	Total Long Term Liabilities	£64,506,000	0%	£64,529,000	-48.6%	£125,482,000	999.9%	£8,959,000	2.2%	£8,764,000

Capital & Reserves

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Called Up Share Capital	£1,000	-	£1,000	-	£1,000	-	£1,000	-	£1,000
	P & L Account Reserve	£7,298,000	354.1%	£1,607,000	221.6%	-£1,322,000	-108.5%	-£634,000	-230.2%	-£192,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£3,000,000	-	£3,000,000	-	£3,000,000	-	£3,000,000	-3.1%	£3,097,000
	Shareholder Funds	£10,299,000	123.5%	£4,608,000	174.4%	£1,679,000	-29.1%	£2,367,000	-18.5%	£2,906,000

Other Financial Items

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Net Worth	-£51,832,000	15.2%	-£61,124,000	9.2%	-£67,299,000	-999.9%	£1,942,000	-20.9%	£2,455,000
	Working Capital	-£10,850,000	52.2%	-£22,690,000	-242%	£15,974,000	266.4%	£4,360,000	12.7%	£3,870,000
	Total Assets	£130,734,000	-3.7%	£135,794,000	-17.3%	£164,291,000	646.8%	£22,000,000	-11%	£24,715,000
	Total Liabilities	£120,435,000	-8.2%	£131,186,000	-19.3%	£162,612,000	728.3%	£19,633,000	-10%	£21,809,000
	Net Assets	£10,299,000	123.5%	£4,608,000	174.4%	£1,679,000	-29.1%	£2,367,000	-18.5%	£2,906,000

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	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£74,805,000	8.2%	£69,137,000	-45.6%	£127,161,000	999.9%	£11,326,000	-2.9%	£11,670,000
	Number of Employees	-	-	-	-	-	-	-	-	259
	Auditors	KPMG AUDIT PLC
	Auditor Comments	The audit report contains no adverse comments
	Bankers	BARCLAYS BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
	Pre-tax profit margin %	5.60	1.73	-0.99	-0.29	8.85
	Current ratio	0.81	0.66	1.43	1.41	1.30
	Sales/Net Working Capital	-12.56	-5.98	4.21	8.34	9.87
	Gearing %	934.10	2415.90	7476.60	378.50	301.60
	Equity in %	15	6.60	1.80	11	12
	Creditor Days	32.20	25.18	68.70	36.06	48.71
	Debtor Days	39.63	40.46	101.81	52.11	55.64
	Liquidity/Acid Test	0.53	0.40	1	0.88	0.91
	Return On Capital Employed %	10.19	3.40	-0.52	-0.93	28.96
	Return On Total Assets Employed %	5.83	1.73	-0.40	-0.48	13.67
	Current Debt Ratio	5.43	14.46	22.11	4.50	4.48
	Total Debt Ratio	11.69	28.46	96.85	8.29	7.50
	Stock Turnover Ratio %	11.29	12.30	23.35	15.25	12.86
	Return on Net Assets Employed %	74.08	51.04	-39.78	-4.47	116.31

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	Mark Elliott Grummett	Date of Birth	14/07/1966
Officers Title	Mr	Nationality	British
Present Appointments	46	Function	Company Secretary
Appointment Date	01/04/2009
Address	21 Lowther Drive, Garforth, Leeds, West Yorkshire, LS25 1EW

Status History

No Status History found.

Event History

Date	Description
02/10/2012	New Accounts Filed	View Document
30/04/2012	Annual Returns	View Document
17/04/2012	New Board Member Mr M.J. McGrath appointed	View Document
17/04/2012	New Board Member Mr B.L. Wideman appointed	View Document
17/11/2011	Mr A.M. Pritchard has left the board	View Document
20/10/2011	New Accounts Filed	View Document
26/04/2011	Annual Returns	View Document
16/11/2010	New Board Member Mr M.M. Larsen appointed	View Document
08/11/2010	Ms H.W. Cornell has left the board	View Document
08/11/2010	New Board Member Mr M.M. Larsen appointed	View Document
26/10/2010	New Accounts Filed	View Document
26/10/2010	New Accounts Filed	View Document
23/06/2010	Mr J.P. Warr has left the board	View Document
24/04/2010	Annual Returns	View Document
08/09/2009	New Board Member Mr B.A. Walters appointed

Previous Company Names

Date	Previous Name	Companies House Documents
01/06/1998	LAMCOR (UK) LIMITED	View Document
19/05/1995	ALLOWESCORT LIMITED	View Document

NOTES & COMMENTS

Commentary

CCJ recorded against the company.
The company's credit rating has dropped from 96 to 69 but the company still indicates good creditworthiness.
The credit limit on this company has fallen 26.2% in comparison to the previously suggested credit limit.
Sales in the latest trading period increased 0.4% on the previous trading period.
Net Worth increased by 15.2% during the latest trading period.
A 3.7% decline in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 224.4% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 92.4% 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 17 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.09
UK Pound	1	Rs.82.46
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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