MIRA INFORM REPORT

Report No. :	331128
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	COOPER ROLLER BEARINGS COMPANY LIMITED

Formerly Known As :	COOPER BEARINGS LIMITED

Registered Office :	Wisbech Road Kings Lynn Norfolk Pe30 5jx

Country :	United Kingdom

Financials (as on) :	31.12.2014

Date of Incorporation :	16.06.1982

Com. Reg. No.:	01643976

Legal Form :	Cooper Bearings Limited

Line of Business :	Subject is manufacture of bearings, gears, gearing and driving elements

No. of Employee :	226

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 :	No complaints

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

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 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. 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 5.8% in 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company Name

COOPER ROLLER BEARINGS COMPANY LIMITED

Company No

01643976

Registered Address

WISBECH ROAD KINGS LYNN NORFOLK PE30 5JX

Company Summary

Registered Address

WISBECH ROAD
KINGS LYNN
NORFOLK
PE30 5JX

Trading Address

Wisbech Road
King's Lynn
Norfolk
PE30 5JX

Website Address http://www.cooperbearings.com

Telephone Number 01553763447

Fax Number

TPS No

FPS No

Incorporation Date 16/06/1982

Previous Name COOPER BEARINGS LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 01/01/1983

Filing Date of Accounts 14/04/2015

Currency GBP

Share Capital £2,445,329

SIC07 28150

Charity Number -

SIC07 Description MANUFACTURE OF BEARINGS, GEARS, GEARING AND DRIVING ELEMENTS

Principal Activity The manufacture and sale of complete bearings and parts.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2014 £25,236,000 £9,967,000 £28,112,000 226

31/12/2013 £22,346,000 £5,189,000 £19,679,000 236

31/12/2012 £23,935,000 £6,007,000 £15,593,000 244

Mortgage Summary

Total Mortgage 2

Outstanding 0

Satisfied 2

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 1

Total Value of Documented Trade £987

Commentary

This company has been treated as a Medium company in respect of the rating/limit generated.
This company's ratio of total liabilities to total assets indicates the presence of strong equity funding.
This company's return on total assets employed ratio indicates a highly efficient use of assets.
This company has only made late payments on a low percentage of invoices.
The company has more cash than short term bank borrowings.
This company trades in an industry with a lower level of corporate failures.

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 -	-

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	22

Current Directors

Name	Sharon Linda Smith	Date of Birth	27/11/1962
Officers Title	Ms	Nationality	British
Present Appointments	30	Function	Director
Appointment Date	12/12/2013
Address	Wisbech Road, Kings Lynn, Norfolk, PE30 5JX
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ian Christian Ross	Date of Birth	12/07/1972
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	05/04/2011
Address	Wisbech Road, Kings Lynn, Norfolk, PE30 5JX
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Benjamin Jay Mondics	Date of Birth	16/08/1958
Officers Title	Mr	Nationality	American
Present Appointments	1	Function	Director
Appointment Date	22/05/2015
Address	Wisbech Road, Kings Lynn, Norfolk, PE30 5JX
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Ian Christian Ross	Date of Birth	12/07/1972
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	05/01/2009
Address	Living Waters Common Road, Shelfanger, Diss, Norfolk, IP22 2DL
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
KAYDON CORPORATION LTD	GBP	2,445,329	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	27/11/10
Weeks	52	(%)	52	(%)	52	(%)	57	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£25,236,000	12.9%	£22,346,000	-6.6%	£23,935,000	-0.9%	£24,146,000	27.5%	£18,933,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£13,790,000	6.9%	£12,894,000	-3.3%	£13,338,000	-1.2%	£13,494,000	25.1%	£10,783,000
Gross Profit	£11,446,000	21.1%	£9,452,000	-10.8%	£10,597,000	-0.5%	£10,652,000	30.7%	£8,150,000
Wages & Salaries	£7,541,000	1.4%	£7,437,000	-8.9%	£8,167,000	-11.5%	£9,225,000	29%	£7,149,000
Directors Emoluments	£118,000	-48%	£227,000	27.5%	£178,000	-53.8%	£385,000	134.8%	£164,000
Operating Profit	£9,911,000	92.9%	£5,137,000	-13.8%	£5,957,000	11.1%	£5,361,000	54.1%	£3,480,000
Depreciation	£823,000	7.6%	£765,000	30.8%	£585,000	-21.7%	£747,000	-2.6%	£767,000
Audit Fees	£48,000	-	£48,000	9.1%	£44,000	-22.8%	£57,000	-13.6%	£66,000
Interest Payments	-	-	-	-	-	-	-	-100%	£2,000
Pre Tax Profit	£9,967,000	92.1%	£5,189,000	-13.6%	£6,007,000	10.9%	£5,418,000	54.7%	£3,502,000
Taxation	-£1,534,000	-39.1%	-£1,103,000	23.9%	-£1,449,000	-2.3%	-£1,417,000	-46.8%	-£965,000
Profit After Tax	£8,433,000	106.4%	£4,086,000	-10.4%	£4,558,000	13.9%	£4,001,000	57.7%	£2,537,000
Dividends Payable	-	-	-	-	-	-100%	£7,000,000	-	-
Retained Profit	£8,433,000	106.4%	£4,086,000	-10.4%	£4,558,000	252%	-£2,999,000	-218.2%	£2,537,000

Balance Sheet

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	27/11/10
Tangible Assets	£8,092,000	-22.5%	£10,444,000	7.8%	£9,686,000	29.9%	£7,456,000	66.7%	£4,472,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£8,092,000	-22.5%	£10,444,000	7.8%	£9,686,000	29.9%	£7,456,000	66.7%	£4,472,000
Stock	£3,336,000	-23.7%	£4,373,000	-15.8%	£5,194,000	-4.9%	£5,464,000	42.4%	£3,838,000
Trade Debtors	£2,632,000	-9.1%	£2,895,000	-7.5%	£3,131,000	0.8%	£3,105,000	11%	£2,798,000
Cash	£363,000	-84.7%	£2,375,000	-35.2%	£3,664,000	372.2%	£776,000	-92%	£9,676,000
Other Debtors	£17,258,000	144.3%	£7,063,000	414.8%	£1,372,000	-5%	£1,444,000	78.3%	£810,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£23,589,000	41.2%	£16,706,000	25%	£13,361,000	23.8%	£10,789,000	-37%	£17,122,000
Trade Creditors	£1,143,000	25.6%	£910,000	-17.6%	£1,105,000	-12.6%	£1,264,000	77%	£714,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£507,000	-89.6%	£4,877,000	7%	£4,559,000	2.8%	£4,436,000	-8.1%	£4,825,000
Miscellaneous Current Liabilities	£1,473,000	17%	£1,259,000	-12.4%	£1,437,000	14.6%	£1,254,000	-30.5%	£1,804,000
Total Current Liabilities	£3,123,000	-55.7%	£7,046,000	-0.8%	£7,101,000	2.1%	£6,954,000	-5.3%	£7,343,000
Bank Loans & Overdrafts and LTL	£446,000	4.9%	£425,000	20.4%	£353,000	37.9%	£256,000	18%	£217,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£446,000	4.9%	£425,000	20.4%	£353,000	37.9%	£256,000	18%	£217,000

Capital & Reserves

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	27/11/10
Called Up Share Capital	£2,445,000	-	£2,445,000	-	£2,445,000	-	£2,445,000	-	£2,445,000
P & L Account Reserve	£22,107,000	61.7%	£13,674,000	42.6%	£9,588,000	90.6%	£5,030,000	-37.4%	£8,029,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£3,560,000	-	£3,560,000	-	£3,560,000	-	£3,560,000	-	£3,560,000
Shareholder Funds	£28,112,000	42.9%	£19,679,000	26.2%	£15,593,000	41.3%	£11,035,000	-21.4%	£14,034,000

Other Financial Items

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	27/11/10
Net Worth	£28,112,000	42.9%	£19,679,000	26.2%	£15,593,000	41.3%	£11,035,000	-21.4%	£14,034,000
Working Capital	£20,466,000	111.9%	£9,660,000	54.3%	£6,260,000	63.2%	£3,835,000	-60.8%	£9,779,000
Total Assets	£31,681,000	16.7%	£27,150,000	17.8%	£23,047,000	26.3%	£18,245,000	-15.5%	£21,594,000
Total Liabilities	£3,569,000	-52.2%	£7,471,000	0.2%	£7,454,000	3.4%	£7,210,000	-4.6%	£7,560,000
Net Assets	£28,112,000	42.9%	£19,679,000	26.2%	£15,593,000	41.3%	£11,035,000	-21.4%	£14,034,000

Cash Flow

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	27/11/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	27/11/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£28,558,000	42.1%	£20,104,000	26.1%	£15,946,000	41.2%	£11,291,000	-20.8%	£14,251,000
Number of Employees	226	-4.2%	236	-3.3%	244	-1.6%	248	6.4%	233
Accountants
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	J P MORGAN CHASE BANK
Bank Branch Code	20-46-65

Ratios

Date Of Accounts	31/12/14	31/12/13	31/12/12	31/12/11	27/11/10
Pre-tax profit margin %	39.50	23.22	25.10	22.44	18.50
Current ratio	7.55	2.37	1.88	1.55	2.33
Sales/Net Working Capital	1.23	2.31	3.82	6.30	1.94
Gearing %	1.60	2.20	2.30	2.30	1.50
Equity in %	88.70	72.50	67.70	60.50	65
Creditor Days	16.48	14.82	16.80	20.88	13.72
Debtor Days	37.96	47.15	47.61	51.30	53.79
Liquidity/Acid Test	6.48	1.75	1.15	0.76	1.80
Return On Capital Employed %	34.90	25.81	37.67	47.98	24.57
Return On Total Assets Employed %	31.46	19.11	26.06	29.69	16.21
Current Debt Ratio	0.11	0.35	0.45	0.63	0.52
Total Debt Ratio	0.12	0.37	0.47	0.65	0.53
Stock Turnover Ratio %	13.21	19.56	21.70	22.62	20.27
Return on Net Assets Employed %	35.45	26.36	38.52	49.09	24.95

Previous Company Names

Date	Previous Name
01/01/1983	COOPER BEARINGS LIMITED

Writ Details

No writs found

Statistics

Group	7 companies
Linkages	107 companies
Countries	In 42 countries

Summary

Holding Company	KAYDON CORPORATION LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	AKTIEBOLAGET SKF

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\tminus.gif$ AKTIEBOLAGET SKF	5560073495	31.12.2014	Y	5,621,000 KSEK
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\T.gif$ SKF LUBRICATION SYSTEM...	HRB 6841	31.12.2012	N	€117,205,770
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\tminus.gif$ PURAFIL EUROPA B.V.	35028863	31.12.2013	N	€38,241,680
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\tminus.gif$ KAYDON ACQUISITION C...	02344004	31.12.2013	N	£100,000
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\tminus.gif$ KAYDON CORPORATION...	03458117	31.12.2013	N
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\L.gif$ COOPER ROLLER BEA...	01643976	31.12.2014	N	£25,236,000
$Description: \\VIVEK\Foreign Report Raw2\Folders\COOPER ROLLER BEARINGS COMPANY LIMITED_files\L.gif$ PRANCERS BOOGIE NO...	00201222	31.12.2013	N

Statistics

Group	7 companies
Linkages	107 companies
Countries	In 42 countries

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	1	£987
Company Name		Amount	Statement Date
G S F Sliding Systems Ltd		£987	05/10/2012

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
William Montgomery Deeprose	13	12
John Christian Perry	15	26
William Terence Blaney	4	10
Francis Gerald Powell	0	1
David William Lukasik	0	2
Christopher Mark Haggett	0	8
Christopher Mark Haggett	0	8
Lawrence Joseph Cawley	0	6
Robert Stuart Cardow	0	4
Stephen Anthony Gates	1	8
Andrew Marriott Taylor	3	8
Geoffrey Morrow Scott	2	5
Barry Smith	2	2
Brian Phillip Campbell	1	7
Stephen Kenneth Clough	1	5
Jonathan Leonard Dawe	0	11
Edwin Gair	1	5
John Frederick Brocci	1	17
Maurice Summerson	0	22
James O'Leary	0	4
Debra Crane	1	5
Poul Jeppesen	3	1
Average Invoice Value	Ł2171.81
Invoices available	86
Paid	81
Outstanding	5

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	54	22	3	1	1
Outstanding	1	4	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ASH

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.

Name	Number	Latest Key Financials	Turnover
SKF INDIA	01111980	31.12.2014	€365,708,508
SKF GMBH	HRB 5	31.12.2013	€1,770,441,004
SKF HOLDING FRANCE	349034611	31.12.2014
SKF INDUSTRIE S.P.A.	TO580415	31.12.2013	€988,934,973
SKF FRANCE	552048837	31.12.2014	€679,445,190
SKF (U.K) LIMITED	00107367	31.12.2013	£254,617,000
KALISTRUT AEROSPACE	538654427	30.03.2014	€36,740,836
SKF SVERIGE AKTIEBOLAG	5562408301	31.12.2013	7,263,917 KSEK
SKF HOLDING MAATSCHAPPIJ HOLLAND B.V.	30049123	31.12.2011
R K S SOC	425920147	31.12.2014	€25,775,513
SKF LUBRICATION SYSTEMS GERMANY AG	HRB 6840	31.12.2013	€89,415,510
SKF AEROSPACE FRANCE	775572878	31.12.2014	€58,206,500
TRELANOAK LIMITED	02535718	31.12.2013
SKF NORGE AS	914782929	31.12.2014	258,845 KNOK
FLY BY WIRE SYSTEMS FRANCE	538654799	31.12.2014	€28,421,833
SKF LINEARSYSTEME GMBH	HRB 1274	31.12.2009	€22,169,427
ÅTERFÖRSÄKRINGSAB SKF	5164017658	-
SKF MEKAN AKTIEBOLAG	5562100155	31.12.2013	759,070 KSEK
RFT - S.P.A.	TO486903	31.12.2013	€115,210,732
SKF SEALING SOLUTIONS GMBH	HRB 48982	31.12.2014	€50,091,390

Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	24/06/88
Date Charge Registered:	11/07/88
Date Charge Satisfied:	30/12/91
Status:	SATISFIED
Person(s) Entitled:	T.S.B. SCOTLAND PUBLIC LIMITED COMPANAY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY
Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	26/02/88
Date Charge Registered:	07/03/88
Date Charge Satisfied:	30/12/91
Status:	SATISFIED
Person(s) Entitled:	T.S.B. SCOTLAND PUBLIC LIMITED COMPANY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	(PLEASE SEE FORM 395E 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