MIRA INFORM REPORT
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Report Date : |
25.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
APEX STAINLESS FASTENERS LTD |
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Registered Office : |
20 Somers Road, Rugby, CV22 7DH |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.07.1991 |
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Com. Reg. No.: |
02631068 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Stockholders, distributors and manufacturers of fasteners |
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No. of Employees : |
108 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Company Name and Address
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Apex Stainless Fasteners Ltd. |
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Business Description
Stockholders, distributors and manufacturers of fasteners
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
43999 -
Specialised construction activities (other than scaffold erection) n.e.c. |
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US SIC 1987: |
Key Executives
|
Name |
Title |
|
Tara Michelle Castle |
Secretary |
|
Edward Richard Lower |
Director |
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Matthew Paul Lower |
Director |
|
Paul Richard Lower |
Director |
Financial Summary
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FYE: 31-Dec-2012 |
USD (mil) |
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Registered No.(UK): 02631068
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6190609
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ANZSIC 2006 Codes: |
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32 |
- |
Construction Services |
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ISIC Rev 4 Codes: |
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|
4390 |
- |
Other specialized construction activities |
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NACE Rev 2 Codes: |
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|
4399 |
- |
Other specialised construction activities
n.e.c. |
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NAICS 2012 Codes: |
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|
238990 |
- |
All Other Specialty Trade Contractors |
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US SIC 1987: |
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|
179 |
- |
Miscellaneous Special Trade Contractors |
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UK SIC 2007: |
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43999 |
- |
Specialised construction activities (other
than scaffold erection) n.e.c. |
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More Business
Descriptions |
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Corporate Structure News
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Rugby |
United Kingdom |
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|
|
Subsidiary |
Rugby |
United Kingdom |
Specialty
Construction Trade Contractors |
36.7 |
108 |
|
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UK Branch/Trading
address |
Bilston |
United Kingdom |
Metal Products
Manufacturing |
36.7 |
42 |
Executives Report
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Board
of Directors |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Secretary |
Company Secretary |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 01788537979 |
Annual Return Date: 05 Jul 2013 |
Individual Directors
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
Current |
22 Feb 1981 |
8 Montipellier Gardens, Milking Bank, |
09 Oct 2006 |
NA |
Current:2 |
|
|
Current |
17 Sep 1948 |
The Manor House, Avenue Road, |
01 Oct 1993 |
NA |
Current:7 |
|
|
Current |
31 May 1975 |
50 Alder House, Lucas Court, |
07 May 2003 |
NA |
Current:4 |
|
|
Previous |
23 Feb 1956 |
23 Ullswater Road, |
18 Apr 1996 |
24 Nov 2005 |
Current:0 |
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|
Previous |
21 May 1961 |
25 Cherwell Way, Long Lawford, |
05 Feb 1997 |
23 Jul 2008 |
Current:0 |
|
|
Previous |
NA |
The Coach House, Nothern Manor, |
23 Dec 1994 |
05 Apr 2013 |
Current:0 |
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|
Previous |
03 Oct 1945 |
15 Grafton Road, Handsworth, |
13 Sep 1995 |
07 Sep 2005 |
Current:0 |
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Corporate
Directors
There are no corporate directors for this company.
Individual Secretaries
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
Current |
NA |
20 Somers Road, |
01 Jul 2013 |
NA |
Current:1 |
|
|
Previous |
17 Sep 1948 |
The Manor House, Avenue Road, |
11 Apr 1994 |
01 Jul 2013 |
Current:7 |
Corporate Secretaries
There are no corporate secretaries for this company.
Individual Shareholders
There are no individual shareholders for this company.
Corporate Shareholders
|
Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
08403986 |
238500 Ordinary GBP 1.00 |
Ordinary |
238,500 |
1.00 |
238,500.00 |
100.00 |
Annual Profit & Loss
|
Financials
in: USD (mil) |
|
|
Except
for share items (millions) and per share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.631174 |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Turnover |
36.7 |
39.4 |
33.5 |
28.5 |
40.6 |
|
Cost of Sales |
22.8 |
24.6 |
19.5 |
17.8 |
25.7 |
|
Gross Profit |
13.9 |
14.8 |
14.0 |
10.7 |
14.9 |
|
Depreciation |
0.4 |
0.4 |
0.2 |
0.1 |
0.2 |
|
Other Expenses |
8.3 |
8.9 |
7.7 |
6.7 |
9.8 |
|
Operating Profit |
5.7 |
- |
6.3 |
4.0 |
- |
|
Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Interest Paid |
0.0 |
0.1 |
0.1 |
0.1 |
0.3 |
|
Exceptional Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
5.7 |
5.9 |
6.2 |
3.9 |
5.0 |
|
Tax Payable / Credit |
1.4 |
1.6 |
1.7 |
1.1 |
1.4 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.0 |
0.0 |
2.4 |
2.4 |
0.0 |
|
Profit After Taxes |
4.3 |
4.3 |
2.1 |
0.4 |
3.7 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Number of Employees |
108 |
108 |
107 |
94 |
113 |
|
Wages |
3.9 |
4.0 |
3.7 |
3.3 |
4.3 |
|
Social Security Costs |
0.4 |
0.4 |
0.3 |
0.3 |
0.4 |
|
Pensions |
- |
- |
- |
0.0 |
0.0 |
|
Other Pension Costs |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees Remuneration |
4.4 |
4.5 |
4.2 |
3.7 |
4.9 |
|
Directors Emoluments |
- |
- |
- |
- |
0.6 |
|
Other Costs |
- |
- |
- |
0.5 |
0.0 |
|
Directors Remuneration |
0.7 |
0.6 |
0.6 |
0.5 |
0.6 |
|
Highest Paid Director |
0.3 |
0.3 |
0.3 |
- |
0.2 |
Annual Balance sheet
Financials
in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619061 |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
1.6 |
1.6 |
1.5 |
0.0 |
0.0 |
|
Fixtures & Fittings |
0.6 |
0.7 |
0.6 |
0.2 |
0.2 |
|
Plant & Vehicles |
0.1 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Total Tangible Fixed Assets |
2.3 |
2.5 |
2.2 |
0.4 |
0.3 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
2.3 |
2.5 |
2.2 |
0.4 |
0.3 |
|
Stocks |
16.4 |
17.1 |
15.8 |
13.6 |
16.1 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
16.4 |
17.1 |
15.8 |
13.6 |
16.1 |
|
Trade Debtors |
8.1 |
8.3 |
7.5 |
6.2 |
6.2 |
|
Inter-Company Debtors |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Debtors |
0.2 |
0.2 |
0.3 |
0.2 |
0.2 |
|
Total Debtors |
8.3 |
8.5 |
7.8 |
6.4 |
6.4 |
|
Cash and Equivalents |
9.0 |
3.5 |
0.8 |
3.6 |
3.5 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
33.7 |
29.1 |
24.4 |
23.7 |
26.0 |
|
Total Assets |
36.1 |
31.6 |
26.6 |
24.0 |
26.3 |
|
Trade Creditors |
1.1 |
1.8 |
0.7 |
1.3 |
1.2 |
|
Bank Overdraft |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inter-Company Creditors |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Current Liability) |
0.0 |
0.2 |
1.0 |
0.4 |
0.1 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current
Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Short Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
4.2 |
|
Accruals/Deferred Income (Current
Liability) |
2.0 |
1.9 |
1.5 |
0.7 |
0.7 |
|
Social Security/VAT |
0.9 |
0.5 |
0.2 |
0.3 |
0.3 |
|
Corporation Tax |
0.3 |
0.7 |
0.2 |
0.7 |
0.5 |
|
Dividends (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
0.8 |
1.1 |
1.6 |
0.6 |
1.9 |
|
Total Current Liabilities |
5.2 |
6.1 |
5.1 |
4.0 |
8.9 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term
Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term
Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.4 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
30.4 |
25.1 |
21.1 |
19.6 |
17.0 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
30.9 |
25.5 |
21.5 |
20.0 |
17.4 |
|
Net Worth |
30.9 |
25.5 |
21.5 |
20.0 |
17.4 |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.631174 |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
7.2 |
4.6 |
3.9 |
7.9 |
7.1 |
|
Net Cash Flow from ROI and Servicing of
Finance |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.2 |
|
Taxation |
-1.8 |
-1.1 |
-2.1 |
-1.0 |
-1.8 |
|
Capital Expenditures |
-0.1 |
-0.7 |
-2.0 |
-0.2 |
0.7 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
-2.4 |
-2.4 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
0.0 |
0.0 |
0.0 |
-4.5 |
-2.9 |
|
Increase in Cash |
5.3 |
2.8 |
-2.7 |
-0.3 |
2.9 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.619061 |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
6.49 |
4.79 |
4.78 |
5.84 |
2.91 |
|
Liquidity Ratio |
3.33 |
1.97 |
1.68 |
2.48 |
1.11 |
|
Stock Turnover |
2.28 |
2.22 |
2.14 |
2.17 |
1.98 |
|
Credit Period (Days) |
78.80 |
79.34 |
80.99 |
76.43 |
71.57 |
|
Working Capital by Sales |
76.18% |
60.41% |
56.88% |
66.43% |
53.69% |
|
Trade Credit by Debtors |
0.14 |
0.22 |
0.09 |
0.22 |
0.19 |
|
Return on Capital |
18.81% |
22.27% |
29.34% |
20.31% |
22.74% |
|
Return on Assets |
16.10% |
17.98% |
23.71% |
16.89% |
15.03% |
|
Profit Margin |
15.50% |
14.90% |
18.58% |
13.74% |
12.43% |
|
Return on Shareholders Funds |
18.81% |
22.27% |
29.34% |
20.31% |
22.74% |
|
Borrowing Ratio |
0.15% |
0.65% |
4.49% |
2.05% |
24.68% |
|
Equity Gearing |
85.58% |
80.76% |
80.81% |
83.14% |
66.11% |
|
Interest Coverage |
619.31 |
115.27 |
63.06 |
48.73 |
15.95 |
|
Sales by Tangible Assets |
16.05 |
15.42 |
15.50 |
82.49 |
112.12 |
|
Average Remuneration per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit per Employee |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Sales per Employee |
0.3 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Capital Employed per Employee |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.3 |
0.3 |
0.2 |
0.3 |
0.2 |
|
Employee Remuneration by Sales |
12.00% |
11.33% |
12.53% |
12.86% |
12.02% |
|
Creditor Days (Cost of Sales Based) |
18.03 |
27.40 |
12.37 |
26.30 |
21.57 |
|
Creditor Days (Sales Based) |
11.19 |
17.11 |
7.21 |
16.46 |
13.67 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.66 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.