MIRA INFORM REPORT

Report Date :

21.08.2014

IDENTIFICATION DETAILS

Name :	APEX STAINLESS FASTENERS

Registered Office :	20, Somers Road, Rugby, Warwickshire CV22, 7DH

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	22.07.1991

Legal Form :	Private Limited With Share Capital

Line of Business :	Stockholders, Distributors and Manufacturer of Fasteners.

No of Employees :	108

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but 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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

APEX STAINLESS FASTENERS

DIRECTORS/MANAGEMENT

CURRENT DIRECTORS

Name	Paul Richard Lower	Date of Birth	17/09/1948
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	01/10/1993
Address	Northend Manor, Little Dassett, Southam, Warwickshire, CV47 2TX
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Matthew Paul Lower	Date of Birth	31/05/1975
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	07/05/2003
Address	20 Somers Road, Rugby, Warwickshire, CV22 7DH
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Edward Richard Lower	Date of Birth	22/02/1981
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	09/10/2006
Address	8 Montpellier Gardens, Milking Bank, Dudley, Birmingham, DY1 2UQ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report

Current Company Secretary

Name	Tara Michelle Castle	Date of Birth	-
Officers Title	Mrs	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/07/2013
Address	20 Somers Road, Rugby, Warwickshire, CV22 7DH

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Louis Errold Jean-Noel Louison	0	1
Linda Joan Lower	1	2
Anthony John Brown	0	1
Keith John Everton	0	1
Steven Prince	0	1
Paul Richard Lower	8	7
LONDON LAW SERVICES LIMITED	1697	53451
LONDON LAW SECRETARIAL LIMITED	1799	53393

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 3

Outstanding 2

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 9

Total Value of Documented Trade £16,716

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

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:
Date Charge Created:	17/06/14
Date Charge Registered:	18/06/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS NEGATIVEPLEDGE.

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	05/02/98
Date Charge Registered:	07/02/98
Date Charge Satisfied:	27/05/08
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:	41 SOMERS ROAD SOMERS ROAD INDUSTRIAL ESTATE RUGBY WARWICKS. WITH THE BENEFIT OF ALL RIGHTS LICENCESGUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCEOR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

Mortgage Type:	FIXED AND FLOTING CHARGE
Date Charge Created:	27/11/91
Date Charge Registered:	06/12/91
Date Charge Satisfied:	-
Status:	OUTSTANDING
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:	FIXED AND FLOATING CHARGE OVER ALL THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	9	£16,716

Company Name	Amount	Statement Date
All Elecmech Limited	£4,634	22/12/2009
The Special Bolt Company Limited	£4,365	18/11/2009
Wilfast Limited	£3,852	25/11/2009
Penn Engineering Supplies Limited	£1,312	17/12/2009
Westwood Bolt And Nut Company Ltd	£892	19/05/2011
Abcrest (UK) Ltd	£837	08/03/2010
Malton Engineering Supplies Limited	£348	06/08/2013
A J S Fasteners Limited	£300	11/08/2009
Lugg Facilities Ltd	£176	15/04/2011

SHARE & SHARE CAPITAL INFORMATION

TOP 20 SHAREHOLDERS

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
APEX STAINLESS HOLDINGS LTD	GBP	238,500	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£1311.57
Invoices available	100
Paid	81
Outstanding	19

Outstanding

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	29	33	4	4	11
Outstanding	0	1	2	0	16

GROUP STRUCTURE & AFFILIATED COMPANIES

GROUP STRUCTURE

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
APEX STAINLESS HOLDINGS...	08403986	31.12.2013	Y	£14,496,067
APEX STAINLESS FASTENE...	02631068	31.12.2013	N	£22,124,015

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£22,124,015	-4.6%	£23,187,211	-5.5%	£24,545,913	13.1%	£21,694,002	18.6%	£18,286,992
Export	-	-	-	-	£209,769	-41.4%	£357,990	118.7%	£163,715
Cost of Sales	£13,811,370	-4%	£14,389,891	-6.1%	£15,328,644	21.3%	£12,633,126	10.4%	£11,444,921
Gross Profit	£8,312,645	-5.5%	£8,797,320	-4.6%	£9,217,269	1.7%	£9,060,876	32.4%	£6,842,071
Wages & Salaries	£2,657,845	-4.5%	£2,781,871	0.1%	£2,780,376	2.3%	£2,717,321	15.5%	£2,352,525
Directors Emoluments	£287,995	-34.3%	£438,178	14%	£384,463	6.7%	£360,220	3.5%	£348,017
Operating Profit	£3,152,104	-12.1%	£3,584,547	-2.7%	£3,684,020	-9.8%	£4,085,612	59.9%	£2,554,501
Depreciation	£104,825	-53.2%	£224,033	-3.3%	£231,691	78.5%	£129,813	41%	£92,083
Audit Fees	£13,500	-2%	£13,775	8.9%	£12,650	5.4%	£12,000	2.1%	£11,750
Interest Payments	£4,948	-14.7%	£5,803	-81.7%	£31,722	-50.4%	£63,919	24%	£51,566
Pre Tax Profit	£3,204,205	-10.8%	£3,593,869	-1.7%	£3,656,636	-9.3%	£4,030,880	60.4%	£2,512,764
Taxation	-£730,009	19.4%	-£906,098	7.1%	-£975,055	12.3%	-£1,111,822	-57.4%	-£706,152
Profit After Tax	£2,474,196	-7.9%	£2,687,771	0.2%	£2,681,581	-8.1%	£2,919,058	61.6%	£1,806,612
Dividends Payable	£1,478,700	-	-	-	-	-100%	£1,550,250	-	£1,550,250
Retained Profit	£995,496	-63%	£2,687,771	0.2%	£2,681,581	95.9%	£1,368,808	433.9%	£256,362

balance sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£6,326,650	338%	£1,444,454	-9.2%	£1,591,525	13.7%	£1,399,248	531.2%	£221,685
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£6,326,650	338%	£1,444,454	-9.2%	£1,591,525	13.7%	£1,399,248	531.2%	£221,685
Stock	£9,789,824	-3.7%	£10,162,361	-7.9%	£11,033,844	9.1%	£10,117,190	19.9%	£8,441,353
Trade Debtors	£4,608,799	-7.9%	£5,006,096	-6.2%	£5,335,324	10.8%	£4,813,902	25.7%	£3,829,041
Cash	£1,613,229	-71.1%	£5,583,975	148.8%	£2,244,668	339.7%	£510,487	-77.4%	£2,259,599
Other Debtors	£153,673	18.7%	£129,488	2.2%	£126,669	-21%	£160,335	27.7%	£125,578
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£16,165,525	-22.6%	£20,881,920	11.4%	£18,740,505	20.1%	£15,601,914	6.5%	£14,655,571
Trade Creditors	£411,959	-42.1%	£710,914	-38.2%	£1,150,617	168.7%	£428,236	-48.1%	£824,763
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£45,939	56.5%	£29,357	-72.7%	£107,430	-82.6%	£617,145	143.5%	£253,463
Miscellaneous Current Liabilities	£1,930,959	-22.1%	£2,478,281	-6.6%	£2,653,932	19.7%	£2,217,311	55.1%	£1,429,368
Total Current Liabilities	£2,388,857	-25.8%	£3,218,552	-17.7%	£3,911,979	19.9%	£3,262,692	30.1%	£2,507,594
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£238,500	-	£238,500	-	£238,500	-	£238,500	-	£238,500
P & L Account Reserve	£19,845,318	5.3%	£18,849,822	16.6%	£16,162,051	19.9%	£13,480,470	11.3%	£12,111,662
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£19,500	-	£19,500	-	£19,500	-	£19,500	-	£19,500
Shareholder Funds	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470	11.1%	£12,369,662

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470	11.1%	£12,369,662
Working Capital	£13,776,668	-22%	£17,663,368	19.1%	£14,828,526	20.2%	£12,339,222	1.6%	£12,147,977
Total Assets	£22,492,175	0.7%	£22,326,374	9.8%	£20,332,030	19.6%	£17,001,162	14.3%	£14,877,256
Total Liabilities	£2,388,857	-25.8%	£3,218,552	-17.7%	£3,911,979	19.9%	£3,262,692	30.1%	£2,507,594
Net Assets	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470	11.1%	£12,369,662

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	£4,541,181	57.2%	£2,888,638	13.2%	£2,550,699	-49.6%	£5,061,640
Net Cashflow before Financing	-	-100%	£3,339,307	92.6%	£1,734,181	199.1%	-£1,749,112	-164%	£2,732,866
Net Cashflow from Financing	-	-	-	-	-	-	-	100%	-£2,908,724
Increase in Cash	-	-	£3,339,307	92.6%	£1,734,181	199.1%	-£1,749,112	-894.6%	-£175,858

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470	11.1%	£12,369,662
Number of Employees	108	-	108	-	108	0.9%	107	13.8%	94
Auditors	HARRISON BEALE & OWEN LIMITED
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

Ratio

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	14.48	15.50	14.90	18.58	13.74
Current ratio	6.77	6.49	4.79	4.78	5.84
Sales/Net Working Capital	1.61	1.31	1.66	1.76	1.51
Gearing %	0	0	0	0	0
Equity in %	89.40	85.60	80.80	80.80	83.10
Creditor Days	6.77	11.16	17.06	7.18	16.41
Debtor Days	75.82	78.58	79.11	80.77	76.21
Liquidity/Acid Test	2.66	3.33	1.97	1.68	2.47
Return On Capital Employed %	15.93	18.80	22.26	29.34	20.31
Return On Total Assets Employed %	14.24	16.09	17.98	23.70	16.88
Current Debt Ratio	0.11	0.16	0.23	0.23	0.20
Total Debt Ratio	0.11	0.16	0.23	0.23	0.20
Stock Turnover Ratio %	44.24	43.82	44.95	46.63	46.16
Return on Net Assets Employed %	15.93	18.80	22.26	29.34	20.31

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

STATUS HISTORY

No Status History found.

Event History

Date	Description
18/07/2014	Annual Returns
31/05/2014	New Accounts Filed
31/05/2014	New Accounts Filed
29/07/2013	Annual Returns
22/07/2013	Annual Returns
19/07/2013	Mr P.R. Lower has resigned as company secretary
19/07/2013	New Company Secretary Mrs T.M. Castle appointed
07/05/2013	Mrs L.J. Lower has left the board
13/04/2013	New Accounts Filed
27/07/2012	Annual Returns
10/05/2012	New Accounts Filed
05/03/2012	Change in Reg. Office
22/07/2011	Annual Returns
18/05/2011	New Accounts Filed
18/05/2011	New Accounts Filed

Previous Company Names

No Previous Names found

NOTES & COMMENTS

COMMENTARY

No exact match CCJs are recorded against the company.

Sales in the latest trading period decreased 4.6% on the previous trading period.

Net Worth increased by 5.2% during the latest trading period.

A 0.7% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 10.8% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 71.1% 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 22 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.67
UK Pound	1	Rs.100.81
Euro	1	Rs.80.73

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.