MIRA INFORM REPORT

Report Date :

31.07.2014

IDENTIFICATION DETAILS

Name :	ROTORK CONTROLS LIMITED
Registered Office :	Rotork House Brassmill Lane, Bath, BA1 3JQ
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	21.07.1958
Legal Form :	Private limited with share capital
Line of Business :	Manufacturer of bearings, gears, gearing and driving elements.
No. of Employees	322

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 :	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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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

Company name and address

ROTORK CONTROLS LIMITED

DIRECTORS/MANAGEMENT

Current Directors

Name	Jonathan Mark Davis	Date of Birth	08/03/1966
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	01/04/2010
Address	Rotork House Brassmill Lane, Bath, BA1 3JQ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Peter Ian France	Date of Birth	06/04/1968
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	04/01/2008
Address	Rotork House Brassmill Lane, Bath, BA1 3JQ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Stephen Rhys Jones	Date of Birth	20/08/1958
Officers Title	Mr	Nationality	British
Present Appointments	29	Function	Company Secretary
Appointment Date	02/03/1999
Address	Rotork House Brassmill Lane, Bath, BA1 3JQ

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Stella Jane Pirie	5	16
Stella Jane Pirie	5	16
Thomas Wake Eassie	3	11
David Treharne Smith	3	13
William Henry Whiteley	5	16
Robert Edward Slater	1	15
Robert Edward Slater	1	15

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 1

Outstanding 0

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

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:	DEED OF CHARGE OVER CREDIT BALANCES
Date Charge Created:	03/03/99
Date Charge Registered:	10/03/99
Date Charge Satisfied:	27/04/10
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	ACCOUNT NO.90608580THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL ORANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) ANDTHE DEBTS REPRESENTED THEREBY) TOGETHER WITH ALL INTERESTFROM TIME TO TIME ACCRUING THEREON IT ALSOCREATES AN ASSIGNMENT BY THE CHARGORFOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THERIGHT OF THE CHARGOR TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
ROTORK PLC	GBP	16,015,000	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£1718.99
Invoices available	295
Paid	285
Outstanding	10

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	67	89	62	30	37
Outstanding	0	0	0	4	6

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	15 companies
Linkages	8 companies
Countries	In 4 countries

Summary

Holding Company	ROTORK P.L.C.
Ownership Status	Wholly Owned
Ultimate Holding Company	ROTORK P.L.C.

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
ROTORK P.L.C.	00578327	31.12.2013	Y	£578,440,000
ROTORK INSTRUMENTS LIM...	03908922	31.12.2012	N
G.H. CHAPLIN & CO. (EN...	01339474	31.12.2012	N
ROTORK ANALYSIS LIMITED	02466765	31.12.2012	N
ROTORK CLEANERS LIMITED	01568172	31.12.2012	N
ROTORK CONTROLS LIMITED	00608345	31.12.2013	N	£114,813,000
ROTORK UK LIMITED	01090344	31.12.2013	N	£49,153,000
FLOWCO LIMITED	02891839	30.06.2013	N
PROKITS LIMITED	04223700	31.12.2013	N
VALVEKITS LIMITED	03215737	31.12.2012	N
CIRCA ENGINEERING...	03133815	31.12.2012	N
ROTORK CONTROL & SAFET...	01355951	31.12.2012	N
ROTORK NOMINEES LIMITED	00688773	31.12.2012	N
ROTORK OVERSEAS LIMITED	01010160	31.12.2013	N
WIDCOMBE(DEVELOPMENTS)...	00705211	31.12.2012	N

Other Linked companies

Name	Number	Latest Key Financials	Turnover
ROTORK SWEDEN AB	5560613670	31.12.2013	153,566 KSEK
KLEIN-SOETEBIER VERMÖGENSVERWALTUNG GMBH	HRB 5860	31.12.2012
KLEIN-SOETEBIER VERMÖGENSVERWALTUNG GMBH	HRB 728	31.12.2009
ROTORK CONTROLS (DEUTSCHLAND) GMBH	HRB 45047	31.12.2012	€30,434,825
ROBUSTA MIRY BROOK B.V.	34345688	31.12.2011
REMOTE CONTROL LIMITED	00606693	-
ROTORK GEARS HOLDING B.V.	08129917	31.12.2011	€447,833,000
ROTORK B.V.	24187104	-

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	£114,813,000	-2%	£117,135,000	4.2%	£112,415,000	16.8%	£96,234,000	9.3%	£88,070,000
Export	£101,317,000	0.8%	£100,534,000	2.7%	£97,895,000	18.4%	£82,698,000	13.4%	£72,900,000
Cost of Sales	£68,140,000	-0.2%	£68,267,000	4%	£65,629,000	16.5%	£56,340,000	9.4%	£51,485,000
Gross Profit	£46,673,000	-4.5%	£48,868,000	4.5%	£46,786,000	17.3%	£39,894,000	9%	£36,585,000
Wages & Salaries	£20,486,000	-21.7%	£26,162,000	34.5%	£19,445,000	16.1%	£16,751,000	4.1%	£16,093,000
Directors Emoluments	-	-	-	-100%	£38,000	-89.9%	£378,000	-1.3%	£383,000
Operating Profit	£32,578,000	10.4%	£29,518,000	-8.8%	£32,365,000	22.8%	£26,354,000	12%	£23,523,000
Depreciation	£1,859,000	20.4%	£1,544,000	20.2%	£1,284,000	17.5%	£1,093,000	18.4%	£923,000
Audit Fees	£48,000	6.7%	£45,000	-4.3%	£47,000	2.2%	£46,000	12.2%	£41,000
Interest Payments	£103,000	-85.8%	£724,000	999.9%	£39,000	457.1%	£7,000	-	-
Pre Tax Profit	£48,645,000	12.4%	£43,293,000	-7.1%	£46,606,000	29.9%	£35,872,000	27%	£28,238,000
Taxation	-£8,128,000	2.5%	-£8,334,000	11.6%	-£9,424,000	-30.2%	-£7,237,000	-5.4%	-£6,863,000
Profit After Tax	£40,517,000	15.9%	£34,959,000	-6%	£37,182,000	29.8%	£28,635,000	34%	£21,375,000
Dividends Payable	£10,000,000	-60%	£25,000,000	-24.2%	£33,000,000	10%	£30,000,000	100%	£15,000,000
Retained Profit	£30,517,000	206.4%	£9,959,000	138.1%	£4,182,000	406.4%	-£1,365,000	-121.4%	£6,375,000

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£14,856,000	12.7%	£13,177,000	-82.5%	£75,357,000	394.6%	£15,235,000	17.2%	£13,001,000
Intangible Assets	£7,386,000	1.6%	£7,271,000	13.2%	£6,424,000	5.5%	£6,087,000	2%	£5,967,000
Total Fixed Assets	£22,242,000	8.8%	£20,448,000	-75%	£81,781,000	283.6%	£21,322,000	12.4%	£18,968,000
Stock	£13,971,000	3.5%	£13,499,000	51.4%	£8,917,000	18.4%	£7,531,000	10.7%	£6,803,000
Trade Debtors	£1,537,000	-65%	£4,386,000	-7.5%	£4,743,000	39.7%	£3,394,000	-5.4%	£3,589,000
Cash	£23,794,000	23.4%	£19,286,000	70.3%	£11,323,000	-78.1%	£51,606,000	69.4%	£30,465,000
Other Debtors	£138,224,000	65.5%	£83,519,000	315.2%	£20,117,000	35.8%	£14,810,000	0.3%	£14,763,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£177,526,000	47.1%	£120,690,000	167.6%	£45,100,000	-41.7%	£77,341,000	39.1%	£55,620,000
Trade Creditors	£8,826,000	-4.5%	£9,240,000	-14.9%	£10,858,000	44.4%	£7,521,000	17.3%	£6,410,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£106,929,000	40.7%	£76,013,000	7%	£71,038,000	39.3%	£50,997,000	88.5%	£27,054,000
Miscellaneous Current Liabilities	£7,752,000	-1.5%	£7,873,000	-7.6%	£8,520,000	26.8%	£6,718,000	-4.4%	£7,030,000
Total Current Liabilities	£123,507,000	32.6%	£93,126,000	3%	£90,416,000	38.6%	£65,236,000	61.1%	£40,494,000
Bank Loans & Overdrafts and LTL	£1,480,000	-60.5%	£3,748,000	73.5%	£2,160,000	-34.6%	£3,304,000	26.8%	£2,606,000
Other Long Term Finance	0	-100%	£2,890,000	242.8%	£843,000	-60.7%	£2,146,000	41.6%	£1,516,000
Total Long Term Liabilities	£1,480,000	-60.5%	£3,748,000	73.5%	£2,160,000	-34.6%	£3,304,000	26.8%	£2,606,000

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£16,015,000	-	£16,015,000	-	£16,015,000	-	£16,015,000	-	£16,015,000
P & L Account Reserve	£55,706,000	121.2%	£25,189,000	65.4%	£15,230,000	37.9%	£11,048,000	-11%	£12,413,000
Revaluation Reserve	£1,216,000	-	£1,216,000	-	£1,216,000	-	£1,216,000	-	£1,216,000
Sundry Reserves	£1,844,000	-	£1,844,000	-	£1,844,000	-	£1,844,000	-	£1,844,000
Shareholder Funds	£74,781,000	68.9%	£44,264,000	29%	£34,305,000	13.9%	£30,123,000	-4.3%	£31,488,000

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£67,395,000	82.2%	£36,993,000	32.7%	£27,881,000	16%	£24,036,000	-5.8%	£25,521,000
Working Capital	£54,019,000	96%	£27,564,000	160.8%	-£45,316,000	-474.4%	£12,105,000	-20%	£15,126,000
Total Assets	£199,768,000	41.5%	£141,138,000	11.2%	£126,881,000	28.6%	£98,663,000	32.3%	£74,588,000
Total Liabilities	£124,987,000	29%	£96,874,000	4.6%	£92,576,000	35.1%	£68,540,000	59%	£43,100,000
Net Assets	£74,781,000	68.9%	£44,264,000	29%	£34,305,000	13.9%	£30,123,000	-4.3%	£31,488,000

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	£76,261,000	58.8%	£48,012,000	31.7%	£36,465,000	9.1%	£33,427,000	-2%	£34,094,000
Number of Employees	322	-8.5%	352	8%	326	2.8%	317	1.9%	311
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	42.37	36.96	41.46	37.28	32.06
Current ratio	1.44	1.30	0.50	1.19	1.37
Sales/Net Working Capital	2.13	4.25	-2.48	7.95	5.82
Gearing %	2	8.50	6.30	11	8.30
Equity in %	38.90	33.10	28.50	32.50	45.90
Creditor Days	27.98	28.71	35.15	28.44	26.49
Debtor Days	4.87	13.62	15.35	12.83	14.83
Liquidity/Acid Test	1.32	1.15	0.40	1.07	1.20
Return On Capital Employed %	63.78	90.17	127.81	107.31	82.82
Return On Total Assets Employed %	24.35	30.67	36.73	36.35	37.85
Current Debt Ratio	1.65	2.10	2.63	2.16	1.28
Total Debt Ratio	1.67	2.18	2.69	2.27	1.36
Stock Turnover Ratio %	12.16	11.52	7.93	7.82	7.72
Return on Net Assets Employed %	65.04	97.80	135.85	119.08	89.67

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Enquiries Trend

There have been 144 enquiries in the last 12 months.

There are an average of 12 reports taken each month.

Status History

No Status History found.

Event History

Date	Description
31/05/2014	New Accounts Filed
31/05/2014	New Accounts Filed
08/11/2013	Annual Returns
26/03/2013	New Accounts Filed
26/03/2013	New Accounts Filed
07/11/2012	Annual Returns
22/06/2012	New Accounts Filed
07/11/2011	Annual Returns
28/04/2011	New Accounts Filed
06/11/2010	Annual Returns
10/07/2010	New Accounts Filed
09/04/2010	Mr R.E. Slater has left the board
09/04/2010	New Board Member Mr J.M. Davis appointed
23/12/2009	Annual Returns
05/11/2009	Annual Returns

Previous Company Names

No Previous Names found.

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

Sales in the latest trading period decreased 2% on the previous trading period.

Net Worth increased by 82.2% during the latest trading period.

A 41.5% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 12.4% compared to the previous trading period.

The company saw an increase in their Cash Balance of 23.4% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 55 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.15
UK Pound	1	Rs.101.92
Euro	1	Rs.80.64

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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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