MIRA INFORM REPORT

Report No. :	356415
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	ATLAS CONVERTING EQUIPMENT LIMITED
Formerly Known As :	VALMET ATLAS PLC
Registered Office :	Wolseley Road, Kempston, Bedford, MK42 7XT
Country :	United Kingdom
Financials (as on) :	31.12.2014
Date of Incorporation :	10.09.1976
Com. Reg. No.:	01276725
Legal Form :	Private Limited With Share Capital
Line of Business :	· Manufacture of other general-purpose machinery · The manufacture of slitting and rewinding machines.
No. of Employees :	136 [2014]

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. 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

Company summary

Registered Address	Wolseley Road Kempston Bedford MK42 7XT	Trading Address	Wolseley Road Woburn Road Industrial Estate Kempston Bedford, Bedfordshire MK42 7XT
Website Address	http://www.atlas-converting.co.uk	Telephone Number	01234852553
Fax Number	01234851151	FTSE Index	--
TPS	No	FPS	Yes
Incorporation Date	10/09/1976	Company Number	01276725
Previous Name	VALMET ATLAS PLC	Type	Private limited with Share Capital
Date of Change	01/03/2004	Filing Date of Accounts	08/09/2015
Currency	GBP	Share Capital	£528,842
SIC07	28290	Charity Number	--
SIC07 Description	Manufacture of other general-purpose machinery n.e.c.	Principal Activity	The manufacture of slitting and rewinding machines.

Key financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2014	£34,165,000	£1,533,000	£8,812,000	136
31/12/2013	£40,633,000	£1,533,000	£7,932,000	137
31/12/2012	£34,869,000	£1,861,000	£6,453,000	128

Mortgage Summary

Total Mortgage 5

Outstanding 3

Satisfied 2

Trade debtors / bad debt summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Large company.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a moderate level of corporate failures.

Current Directors

Title	Mr	Function	Director
Name	Stephen Jeffrey Darlington	Nationality	British
Date of Birth	02/1959	Present Appointments	7
Latest Address	Wolseley Road, Kempston, Bedford	Appointment Date	25/10/2010
Post Code	MK42 7XT
Title	Mr	Function	Director
Name	Thomas Riddell Walker	Nationality	British
Date of Birth	11/1953	Present Appointments	10
Latest Address	Wolseley Road, Kempston, Bedford	Appointment Date	25/10/2010
Post Code	MK42 7XT

Title	Mr	Function	Director
Name	Alan Ingram Johnson	Nationality	British
Date of Birth	11/1959	Present Appointments	2
Latest Address	Wolseley Road, Kempston, Bedford	Appointment Date	25/10/2010
Post Code	MK42 7XT
Title	Mr	Function	Director
Name	Stanley Alan Braycotton	Nationality	British
Date of Birth	09/1958	Present Appointments	2
Latest Address	Wolseley Road, Kempston, Bedford	Appointment Date	25/10/2010
Post Code	MK42 7XT

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Thomas Riddell Walker	Nationality	British
Date of Birth	11/1953	Present Appointments	10
Latest Address	155 Great North Road, Eaton Socon, Cambridgeshire	Appointment Date	30/06/2005
Post Code	PE19 8EQ

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
ATLAS CONVERTING (UK HOLDINGS) LTD	GBP	10,576,839	ORDINARY	0.05	100

Profit & Loss

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£34,165,000	-15.9%	£40,633,000	16.5%	£34,869,000	-2.9%	£35,899,000	56.5%	£22,938,000
	Export	£33,810,000	-15.2%	£39,859,000	16.9%	£34,087,000	-3.2%	£35,206,000	60.3%	£21,961,000
	Cost of Sales	£26,838,000	-14.3%	£31,307,000	16.4%	£26,907,000	-5.5%	£28,464,000	61.4%	£17,641,000
	Gross Profit	£7,327,000	-21.4%	£9,326,000	17.1%	£7,962,000	7.1%	£7,435,000	40.4%	£5,297,000
	Wages & Salaries	£6,511,000	1.9%	£6,392,000	5.9%	£6,037,000	0.9%	£5,981,000	4.6%	£5,720,000
	Directors Emoluments	£510,000	4.9%	£486,000	-	£486,000	-16.5%	£582,000	569%	£87,000
	Operating Profit	£1,497,000	-23.7%	£1,962,000	10.8%	£1,770,000	21.3%	£1,459,000	829.5%	-£200,000
	Depreciation	£97,000	27.6%	£76,000	33.3%	£57,000	42.5%	£40,000	-55.6%	£90,000
	Audit Fees	£31,000	3.3%	£30,000	-3.2%	£31,000	3.3%	£30,000	-	£30,000
	Interest Payments	£36,000	-46.3%	£67,000	-30.9%	£97,000	-18.5%	£119,000	-53.5%	£256,000
	Pre Tax Profit	£1,533,000	-24%	£2,016,000	8.3%	£1,861,000	36.8%	£1,360,000	-80.6%	£7,006,000
	Taxation	-£3,000	-109.1%	£33,000	178.6%	-£42,000	-950%	-£4,000	-	-
	Profit After Tax	£1,530,000	-25.3%	£2,049,000	12.6%	£1,819,000	34.1%	£1,356,000	-80.6%	£7,006,000
	Dividends Payable	£650,000	14%	£570,000	9.6%	£520,000	-	-	-	-
	Retained Profit	£880,000	-40.5%	£1,479,000	13.9%	£1,299,000	-4.2%	£1,356,000	-80.6%	£7,006,000

Balance Sheet

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Tangible Assets	£3,674,000	-0.3%	£3,686,000	-1.5%	£3,744,000	0.9%	£3,709,000	999.9%	£76,000
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£3,674,000	-0.3%	£3,686,000	-1.5%	£3,744,000	0.9%	£3,709,000	999.9%	£76,000
	Stock	£2,030,000	324.7%	£478,000	-71.9%	£1,701,000	53.5%	£1,108,000	-82.7%	£6,401,000
	Trade Debtors	£8,563,000	-1.5%	£8,695,000	17.3%	£7,411,000	90.3%	£3,894,000	-36.8%	£6,158,000
	Cash	£2,685,000	-46.2%	£4,989,000	-25.2%	£6,673,000	-23.2%	£8,688,000	26.8%	£6,853,000
	Other Debtors	£4,938,000	2.1%	£4,835,000	47.6%	£3,275,000	45.2%	£2,256,000	-3.5%	£2,337,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£18,216,000	-4.1%	£18,997,000	-0.3%	£19,060,000	19.5%	£15,946,000	-26.7%	£21,749,000
	Trade Creditors	£4,965,000	5.6%	£4,701,000	12.7%	£4,171,000	132%	£1,798,000	-46.2%	£3,341,000
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£1,231,000	-38%	£1,986,000	8.5%	£1,830,000	759.2%	£213,000	-	0
	Miscellaneous Current Liabilities	£4,988,000	-11%	£5,605,000	-17.9%	£6,829,000	-9.7%	£7,564,000	-7.7%	£8,192,000
	Total Current Liabilities	£11,184,000	-9%	£12,292,000	-4.2%	£12,830,000	34%	£9,575,000	-17%	£11,533,000
	Bank Loans & Overdrafts and LTL	£1,894,000	-23%	£2,459,000	-30.2%	£3,521,000	-28.5%	£4,926,000	-24.1%	£6,494,000
	Other Long Term Finance	0	-100%	£742,000	-66.7%	£2,230,000	-40%	£3,718,000	-31.8%	£5,454,000
	Total Long Term Liabilities	£1,894,000	-23%	£2,459,000	-30.2%	£3,521,000	-28.5%	£4,926,000	-24.1%	£6,494,000

.

Capital & Reserves

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Called Up Share Capital	£529,000	-	£529,000	-	£529,000	-	£529,000	-	£529,000
	P & L Account Reserve	£8,283,000	11.9%	£7,403,000	25%	£5,924,000	28.1%	£4,625,000	41.5%	£3,269,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£8,812,000	11.1%	£7,932,000	22.9%	£6,453,000	25.2%	£5,154,000	35.7%	£3,798,000

Other Financial Items

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Net Worth	£8,812,000	11.1%	£7,932,000	22.9%	£6,453,000	25.2%	£5,154,000	35.7%	£3,798,000
	Working Capital	£7,032,000	4.9%	£6,705,000	7.6%	£6,230,000	-2.2%	£6,371,000	-37.6%	£10,216,000
	Total Assets	£21,890,000	-3.5%	£22,683,000	-0.5%	£22,804,000	16%	£19,655,000	-9.9%	£21,825,000
	Total Liabilities	£13,078,000	-11.3%	£14,751,000	-9.8%	£16,351,000	12.8%	£14,501,000	-19.6%	£18,027,000
	Net Assets	£8,812,000	11.1%	£7,932,000	22.9%	£6,453,000	25.2%	£5,154,000	35.7%	£3,798,000

Cash Flow

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	£6,257,000
	Net Cashflow before Financing	-	-	-	-	-	-	-	-100%	£6,043,000
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-£3,000,000
	Increase in Cash	-	-	-	-	-	-	-	-	£3,043,000

Miscellaneous

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£10,706,000	3%	£10,391,000	4.2%	£9,974,000	-1.1%	£10,080,000	-2.1%	£10,292,000
	Number of Employees	136	-0.7%	137	7%	128	1.6%	126	-0.8%	127
	Accountants
	Auditors	MAZARS LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	CLYDESDALE BANK PLC
	Bank Branch Code	82-64-05

Ratios

	Date Of Accounts	31/12/14	31/12/13	31/12/12	31/12/11	31/12/10
	Pre-tax profit margin %	4.49	4.96	5.34	3.79	30.54
	Current ratio	1.63	1.55	1.49	1.67	1.89
	Sales/Net Working Capital	4.86	6.06	5.60	5.63	2.25
	Gearing %	21.50	31	54.60	95.60	171
	Equity in %	40.30	35	28.30	26.20	17.40
	Creditor Days	52.89	42.11	43.54	18.23	53.01
	Debtor Days	91.23	77.89	77.36	39.48	97.72
	Liquidity/Acid Test	1.44	1.50	1.35	1.54	1.33
	Return On Capital Employed %	14.31	19.40	18.65	13.49	68.07
	Return On Total Assets Employed %	7	8.88	8.16	6.91	32.10
	Current Debt Ratio	1.26	1.54	1.98	1.85	3.03
	Total Debt Ratio	1.48	1.85	2.53	2.81	4.74
	Stock Turnover Ratio %	5.94	1.17	4.87	3.08	27.90
	Return on Net Assets Employed %	17.39	25.41	28.83	26.38	184.46

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
22/09/2015	New Accounts Filed
05/07/2015	Annual Returns
03/10/2014	New Accounts Filed
03/10/2014	New Accounts Filed
04/07/2014	Annual Returns
28/09/2013	New Accounts Filed
28/09/2013	New Accounts Filed
11/06/2013	Annual Returns
25/06/2012	New Accounts Filed
25/06/2012	New Accounts Filed
13/06/2012	Annual Returns
30/06/2011	New Accounts Filed
30/06/2011	New Accounts Filed
21/06/2011	Annual Returns
16/11/2010	New Board Member Mr T.R. Walker appointed

Previous Company Names

Date	Previous Name
01/03/2004	VALMET ATLAS PLC
01/12/1999	ATLAS CONVERTING EQUIPMENT PLC
05/03/1982	GUETHARY LIMITED

Writ Details

No writs found

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	ATLAS CONVERTING (UK HOLDINGS) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	ATLAS CONVERTING (UK HOLDINGS) LIMITED

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
ATLAS CONVERTING (UK HOL...	07393507	31.12.2014	Y	£35,509,000
ATLAS CONVERTING EQUIP...	01276725	31.12.2014	N	£34,165,000

Mortgage Details

Mortgage Type:
Date Charge Created:	04/09/15
Date Charge Registered:	17/09/15
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE BANK PLC (TRADING AS BOTH CLYDESDALE AND YORKSHIRE BANK);
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS NEGATIVEPLEDGE.
Mortgage Type:	DEPOSIT AGREEMENT
Date Charge Created:	09/11/10
Date Charge Registered:	16/11/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE DEPOSIT MEANS THE PRINCIPAL SUM SEEIMAGE FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	25/10/10
Date Charge Registered:	06/03/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	BOBST GROUP (UK HOLDINGS) LIMITED;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGEFOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	25/10/10
Date Charge Registered:	30/10/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGE FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	11/01/93
Date Charge Registered:	15/01/93
Date Charge Satisfied:	06/12/03
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FOR FULL DETAILS SEE FORM 395 TC REF: M47C FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Frederick Anthony Moody	5	21
Frederick Anthony Moody	5	21
Michael John Gavin	1	6
Christopher Robin Rogers	3	9
Peter George Slater	1	5
John Lawrence Southall	3	5
Geoffrey Reginald Deveson	0	5
Stephen Jeffrey Darlington	7	59
Mikko Siiteri	1	1
Jarl-Henrik Bergendahl	0	1
Jorma Matti Sundberg	0	2
Hannu Kelevi Korpisaari	0	1
Juhani Pakkala	0	1
Kari Littunen	0	1
Mikko Helander	0	5
Sari Aitokallio	0	4
Jorma Nykanen	0	6
Jorma Nykanen	0	6
Claude Currat	0	5
Philippe De Preux	0	3
Lauri Rasanen	0	3
Christian Budry	3	5
Martti Karttunen	0	5
Kevin Peter Windo	4	2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
GBP	1	Rs.0.015

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN
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%)

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