MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	LOAKE BROTHERS LIMITED
Registered Office :	Unique Works Wood Street Kettering Northamptonshire NN16 9SN
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	21.01.1895
Com. Reg. No.:	00043081
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of footwear
No. of Employees :	117

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

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, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

Company Name	LOAKE BROTHERS LIMITED	Company Number	00043081
Registered Address	UNIQUE WORKS WOOD STREET	Trading Address	Unit E Bartley Drive Telford Way Industrial Estate Kettering Northamptonshire NN16 8UT
	KETTERING
	NORTHAMPTONSHIRE
	NN16 9SN
Website Address	http://www.loake.co.uk
Telephone Number	01536415411	Fax Number
TPS	No	FPS	No
Incorporation Date	21/01/1895	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	09/05/2013
		Share Capital	£141,410
SIC03	1930 View More	Currency	GBP
SIC03 Description	Manufacture of footwear
SIC07	15200
SIC07 Description	MANUFACTURE OF FOOTWEAR
Principal Activity	Manufacture and wholesale of leather footwear.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6

Current Directors

Name	Richard John Sutton	Date of Birth	26/08/1956
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	20/06/1991
Address	The Limes, 9 Welham Road, Great Bowden, Market Harborough, Leicestershire, LE16 7HS
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Ernest Loake	Date of Birth	09/06/1958
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	10/04/1991
Address	5 St Botolphs Road, Barton Seagrave, Kettering, Northamptonshire, NN15 6SR
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Graham Charles Dutton	Date of Birth	31/05/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2006
Address	10 Ironwood Avenue, The Grange, Desborough, Northamptonshire, NN14 2JJ
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Peter Nigel Davis	Date of Birth	08/01/1962
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	01/01/2006
Address	21 Queensway, Burton Latimer, Northamptonshire, NN15 5QH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jonathan Andrew Campbell Perkins Cory	Date of Birth	03/04/1970
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2006
Address	40 Main Street, Medbourne, Market Harborough, Leicestershire, LE16 8DT
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David John Coker	Date of Birth	30/04/1951
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2006
Address	18 Beech Close, Desborough, Northamptonshire, NN14 2XQ
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Richard John Sutton	Date of Birth	26/08/1956
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Company Secretary
Appointment Date	10/04/1991
Address	The Limes, 9 Welham Road, Great Bowden, Market Harborough, Leicestershire, LE16 7HS

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -	C:\SCARLET_BACK UPREPORTS4ECCJDetails.aspx?CompanyNumber=00043081
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -	C:\SCARLET_BACK UPREPORTS4ECCJDetails.aspx?CompanyNumber=00043081
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -	C:\SCARLET_BACK UPREPORTS4ECCJDetails.aspx?CompanyNumber=00043081
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	0
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
MAUREEN PATRICIA LOAKE & BARRY RUSSELL MATTHEWS	GBP	2,147	ORDINARY	10
PETER JOSEPH WILSON & JONATHAN DAVID LOAKE & ANDREW ERNEST LOAKE	GBP	1,809	ORDINARY	10
JOHN NICHOLAS LOAKE	GBP	1,752	ORDINARY	10
JONATHAN DAVID LOAKE & ANDREW ERNEST LOAKE	GBP	1,401	ORDINARY	10
JONATHAN ANDREW CAMPBELL PERKINS-CORY	GBP	1,157	ORDINARY	10
ANDREW ERNEST LOAKE	GBP	1,152	ORDINARY	10
VIVIENNE NORAH PERKINS-CORY	GBP	908	ORDINARY	10
STEPHEN BROCKMAN	GBP	908	ORDINARY	10
EXECUTORS OF SHEILA J. MOBBS	GBP	855	ORDINARY	10
THOMAS LOAKE	GBP	500	ORDINARY	10
ROBERT NIGEL PERKINS-CORY	GBP	342	ORDINARY	10
ROBERT HAYS CHAPPELL	GBP	342	ORDINARY	10
RICHARD JOHN SUTTON	GBP	226	ORDINARY	10
DAVID EARLE	GBP	185	ORDINARY	10
JONATHAN DAVID LOAKE & ANDREW ERNEST LOAKE	GBP	109	PREFERENCE	10
DAVID MICHAEL GRAEME MONK	GBP	50	ORDINARY	10
WILLIAM ROY TYLDESLEY	GBP	50	ORDINARY	10
JOHN NICHOLAS LOAKE	GBP	44	PREFERENCE	10
MAUREEN PATRICIA LOAKE & BARRY RUSSELL MATTHEWS	GBP	44	PREFERENCE	10
STEPHEN BROCKMAN	GBP	41	PREFERENCE	10

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	£14,416,509	£1,130,223	£10,080,618	117
31/12/2010	£15,654,816	£1,142,531	£9,788,051	111
31/12/2009	£13,275,072	£1,271,330	£9,599,886	110

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

14	11
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Financials

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	£14,416,509	-7.9%	£15,654,816	17.9%	£13,275,072	3.1%	£12,870,522	5.2%	£12,231,690
	Export	£4,552,352	6.6%	£4,269,170	52.7%	£2,796,242	9.4%	£2,556,067	18.8%	£2,150,818
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	£3,489,359	7.6%	£3,241,852	3.3%	£3,137,129	-1%	£3,168,131	-0.4%	£3,180,008
	Directors Emoluments	£651,900	0.4%	£649,102	4.1%	£623,500	5.8%	£589,484	14.3%	£515,586
	Operating Profit	£1,096,692	1.4%	£1,081,494	-20.4%	£1,358,730	9.9%	£1,235,906	43.7%	£860,187
	Depreciation	£137,713	-31.5%	£200,974	-2.1%	£205,237	40.1%	£146,495	-	-
	Audit Fees	£16,550	-2.6%	£17,000	2.4%	£16,600	3.8%	£16,000	8.1%	£14,800
	Interest Payments	£63,376	-58%	£150,833	-1.8%	£153,603	625.6%	£21,168	-27.5%	£29,208
	Pre Tax Profit	£1,130,223	-1.1%	£1,142,531	-10.1%	£1,271,330	-7.6%	£1,375,403	41.4%	£972,982
	Taxation	-£291,789	1%	-£294,842	10.5%	-£329,324	-32.4%	-£248,695	-177.5%	-£89,610
	Profit After Tax	£838,434	-1.1%	£847,689	-10%	£942,006	-16.4%	£1,126,708	27.5%	£883,372
	Dividends Payable	£110,486	6.7%	£103,594	-	£103,594	-	£103,594	-40%	£172,514
	Retained Profit	£727,948	-2.2%	£744,095	-11.2%	£838,412	-18.1%	£1,023,114	43.9%	£710,858

Balance Sheet

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Tangible Assets	£1,531,492	-1.3%	£1,552,410	-6.6%	£1,661,673	-11.3%	£1,874,069	-26.1%	£2,534,475
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£1,531,492	-1.3%	£1,552,410	-6.6%	£1,661,673	-11.3%	£1,874,069	-26.1%	£2,534,475
	Stock	£4,287,985	-1.4%	£4,347,817	32.6%	£3,278,879	-1.3%	£3,322,030	18.5%	£2,804,575
	Trade Debtors	£3,139,987	39.6%	£2,249,106	-8.2%	£2,449,441	9.3%	£2,240,343	-2.4%	£2,294,498
	Cash	£857,600	27%	£675,263	17.1%	£576,746	33.1%	£433,449	-21.4%	£551,366
	Other Debtors	£141,010	-25.7%	£189,738	-8%	£206,128	27.1%	£162,212	-6.6%	£173,650
	Miscellaneous Current Assets	£3,620,863	-16.1%	£4,313,842	0.3%	£4,301,277	9%	£3,944,462	8.9%	£3,622,723
	Total Current Assets	£12,047,445	2.3%	£11,775,766	8.9%	£10,812,471	7%	£10,102,496	6.9%	£9,446,812
	Trade Creditors	£891,599	58.9%	£561,251	45.9%	£384,624	-23.6%	£503,277	0.6%	£500,228
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	£560,644	-19.5%	£696,597	1.7%	£684,719	-12.3%	£780,733	31.6%	£593,396
	Total Current Liabilities	£1,452,243	15.5%	£1,257,848	17.6%	£1,069,343	-16.7%	£1,284,010	17.4%	£1,093,624
	Bank Loans & Overdrafts and LTL	£2,046,076	-10.3%	£2,282,277	26.4%	£1,804,915	17.6%	£1,535,228	60.2%	£958,548
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£2,046,076	-10.3%	£2,282,277	26.4%	£1,804,915	17.6%	£1,535,228	60.2%	£958,548

Capital & Reserves

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Called Up Share Capital	£141,410	-	£141,410	-	£141,410	-	£141,410	-	£141,410
	P & L Account Reserve	£9,803,714	4.8%	£9,358,766	0.7%	£9,290,671	4.1%	£8,924,259	-3.4%	£9,243,145
	Revaluation Reserve	£43,836	-77.7%	£196,217	157.7%	£76,147	-	-	-100%	£452,902
	Sundry Reserves	£91,658	-	£91,658	-	£91,658	-	£91,658	-	£91,658
	Shareholder Funds	£10,080,618	3%	£9,788,051	2%	£9,599,886	4.8%	£9,157,327	-7.8%	£9,929,115

Other Financial Items

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Net Worth	£10,080,618	3%	£9,788,051	2%	£9,599,886	4.8%	£9,157,327	-7.8%	£9,929,115
	Working Capital	£10,595,202	0.7%	£10,517,918	8%	£9,743,128	10.5%	£8,818,486	5.6%	£8,353,188
	Total Assets	£13,578,937	1.9%	£13,328,176	6.8%	£12,474,144	4.2%	£11,976,565	0%	£11,981,287
	Total Liabilities	£3,498,319	-1.2%	£3,540,125	23.2%	£2,874,258	2%	£2,819,238	37.4%	£2,052,172
	Net Assets	£10,080,618	3%	£9,788,051	2%	£9,599,886	4.8%	£9,157,327	-7.8%	£9,929,115

Cash Flow

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Net Cashflow from Operations	£38,573	-65.3%	£111,202	-78%	£505,818	83%	£276,406	399.4%	£55,353
	Net Cashflow before Financing	£182,337	85.1%	£98,518	-31.2%	£143,297	221.5%	-£117,917	-89.1%	-£62,367
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	£182,337	85.1%	£98,518	-31.2%	£143,297	221.5%	-£117,917	-89.1%	-£62,367

Miscellaneous

	Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£12,126,694	0.5%	£12,070,328	5.8%	£11,404,801	6.7%	£10,692,555	-1.8%	£10,887,663
	Number of Employees	117	5.4%	111	0.9%	110	-9.8%	122	-8.3%	133
	Auditors	GRANT THORNTON UK LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	HSBC BANK PLC
	Bank Branch Code	40-26-47

Ratios

	Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
	Pre-tax profit margin %	7.84	7.30	9.58	10.69	7.95
	Current ratio	8.30	9.36	10.11	7.87	8.64
	Sales/Net Working Capital	1.36	1.49	1.36	1.46	1.46
	Gearing %	20.30	23.30	18.80	16.80	9.70
	Equity in %	74.20	73.40	77	76.50	82.90
	Creditor Days	22.51	13.05	10.54	14.23	14.89
	Debtor Days	79.28	52.29	67.16	63.36	68.28
	Liquidity/Acid Test	5.34	5.90	7.04	5.28	6.07
	Return On Capital Employed %	9.32	9.46	11.14	12.86	8.94
	Return On Total Assets Employed %	8.32	8.57	10.19	11.48	8.12
	Current Debt Ratio	0.14	0.12	0.11	0.14	0.11
	Total Debt Ratio	0.34	0.36	0.29	0.30	0.20
	Stock Turnover Ratio %	29.74	27.77	24.69	25.81	22.93
	Return on Net Assets Employed %	11.21	11.67	13.24	15.01	9.80

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has fallen 4.2% in comparison to the previously suggested credit limit.
Sales in the latest trading period decreased 7.9% on the previous trading period.
Net Worth increased by 3% during the latest trading period.
A 1.9% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 1.1% compared to the previous trading period.
The company saw an increase in their Cash Balance of 27% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is not part of a group.
The company was established over 118 years ago.

The company has recently filed accounts at Companies House

Event History

Status History

No Status History found

*Event History

Date	Description
11/05/2013	Annual Returns
09/05/2012	New Accounts Filed
09/05/2012	New Accounts Filed
02/05/2012	Annual Returns
17/05/2011	New Accounts Filed
11/05/2011	Annual Returns
25/05/2010	New Accounts Filed
25/05/2010	New Accounts Filed
10/05/2010	Annual Returns
17/05/2009	New Accounts Filed
07/05/2009	Annual Returns
07/05/2009	Change in Reg.Office
15/05/2008	New Accounts Filed
08/05/2008	Annual Returns
23/05/2007	New Accounts Filed

Previous Company Names

No Previous Names found

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

SDA

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.