MIRA INFORM REPORT

Report No. :	324978
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	APEX STAINLESS FASTENERS LIMITED
Registered Office :	20 Somers Road, Rugby, Warwickshire CV22 7DH
Country :	United Kingdom
Financials (as on) :	31.12.2014
Date of Incorporation :	22.07.1991
Com. Reg. No.:	02631068
Legal Form :	Private limited with Share Capital
Line of Business :	· Other Specialised Construction Activities n.e.c. · Stockholders, Distributors and Manufacturers of Fasterers.
No. of Employees :	110

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. 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 and address

Company Name: APEX STAINLESS FASTENERS LIMITED

Company No: 02631068

Company Status: Active - Accounts Filed

Registered Address: 20 SOMERS ROAD RUGBY WARWICKSHIRE CV22 7DH

Company Summary

Registered Address 20 SOMERS ROAD, RUGBY WARWICKSHIRECV22 7DH

Trading Address 20 Somers Road, Rugby Warwickshire CV22 7DH

Website Address http://www.apexstainless.com

Telephone Number 01788537979

Fax Number -

TPS No -

FPS No -

Incorporation Date 22/07/1991

Previous Name -

Type Private limited with Share Capital

FTSE Index -

Date of Change -

Filing Date of Accounts 14/05/2015

Currency GBP

Share Capital £238,500

SIC07 43999

Charity Number -

SIC07 Description OTHER SPECIALISED CONSTRUCTION ACTIVITIES N.E.C.

Principal Activity Stockholders, distributors and manufacturers of fasterers.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2014 £23,560,798 £4,171,373 £21,618,696 110

31/12/2013 £22,124,015 £3,204,205 £20,103,318 108

31/12/2012 £23,187,211 £3,593,869 £19,107,822 108

Mortgage Summary

Total Mortgage` 3

Outstanding 1

Satisfied 2

Trade Debtors/ Bad Debt Summary

Total Number of Documented Trade9

Total Value of Documented Trade£16,716

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 made late payments on a medium 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	8

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

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

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

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

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

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	£23,560,798	6.5%	£22,124,015	-4.6%	£23,187,211	-5.5%	£24,545,913	13.1%	£21,694,002
	Export	-	-	-	-	-	-	£209,769	-41.4%	£357,990
	Cost of Sales	£13,928,507	0.8%	£13,811,370	-4%	£14,389,891	-6.1%	£15,328,644	21.3%	£12,633,126
	Gross Profit	£9,632,291	15.9%	£8,312,645	-5.5%	£8,797,320	-4.6%	£9,217,269	1.7%	£9,060,876
	Wages & Salaries	£2,833,469	6.6%	£2,657,845	-4.5%	£2,781,871	0.1%	£2,780,376	2.3%	£2,717,321
	Directors Emoluments	£322,613	12%	£287,995	-34.3%	£438,178	14%	£384,463	6.7%	£360,220
	Operating Profit	£4,152,975	31.8%	£3,152,104	-12.1%	£3,584,547	-2.7%	£3,684,020	-9.8%	£4,085,612
	Depreciation	£97,399	-7.1%	£104,825	-53.2%	£224,033	-3.3%	£231,691	78.5%	£129,813
	Audit Fees	£13,500	-	£13,500	-2%	£13,775	8.9%	£12,650	5.4%	£12,000
	Interest Payments	-	-100%	£4,948	-14.7%	£5,803	-81.7%	£31,722	-50.4%	£63,919
	Pre Tax Profit	£4,171,373	30.2%	£3,204,205	-10.8%	£3,593,869	-1.7%	£3,656,636	-9.3%	£4,030,880
	Taxation	-£891,095	-22.1%	-£730,009	19.4%	-£906,098	7.1%	-£975,055	12.3%	-£1,111,822
	Profit After Tax	£3,280,278	32.6%	£2,474,196	-7.9%	£2,687,771	0.2%	£2,681,581	-8.1%	£2,919,058
	Dividends Payable	£1,764,900	19.4%	£1,478,700	-	-	-	-	-100%	£1,550,250
	Retained Profit	£1,515,378	52.2%	£995,496	-63%	£2,687,771	0.2%	£2,681,581	95.9%	£1,368,808

Balance Sheet

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Tangible Assets	£6,327,615	0%	£6,326,650	338%	£1,444,454	-9.2%	£1,591,525	13.7%	£1,399,248
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£6,327,615	0%	£6,326,650	338%	£1,444,454	-9.2%	£1,591,525	13.7%	£1,399,248
	Stock	£10,611,706	8.4%	£9,789,824	-3.7%	£10,162,361	-7.9%	£11,033,844	9.1%	£10,117,190
	Trade Debtors	£4,865,158	5.6%	£4,608,799	-7.9%	£5,006,096	-6.2%	£5,335,324	10.8%	£4,813,902
	Cash	£2,529,822	56.8%	£1,613,229	-71.1%	£5,583,975	148.8%	£2,244,668	339.7%	£510,487
	Other Debtors	£177,834	15.7%	£153,673	18.7%	£129,488	2.2%	£126,669	-21%	£160,335
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£18,184,520	12.5%	£16,165,525	-22.6%	£20,881,920	11.4%	£18,740,505	20.1%	£15,601,914
	Trade Creditors	£402,564	-2.3%	£411,959	-42.1%	£710,914	-38.2%	£1,150,617	168.7%	£428,236
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£27,297	-40.6%	£45,939	56.5%	£29,357	-72.7%	£107,430	-82.6%	£617,145
	Miscellaneous Current Liabilities	£2,463,578	27.6%	£1,930,959	-22.1%	£2,478,281	-6.6%	£2,653,932	19.7%	£2,217,311
	Total Current Liabilities	£2,893,439	21.1%	£2,388,857	-25.8%	£3,218,552	-17.7%	£3,911,979	19.9%	£3,262,692
	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	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Called Up Share Capital	£238,500	-	£238,500	-	£238,500	-	£238,500	-	£238,500
	P & L Account Reserve	£21,360,696	7.6%	£19,845,318	5.3%	£18,849,822	16.6%	£16,162,051	19.9%	£13,480,470
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£19,500	-	£19,500	-	£19,500	-	£19,500	-	£19,500
	Shareholder Funds	£21,618,696	7.5%	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470

Other Financial Items

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Net Worth	£21,618,696	7.5%	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470
	Working Capital	£15,291,081	11%	£13,776,668	-22%	£17,663,368	19.1%	£14,828,526	20.2%	£12,339,222
	Total Assets	£24,512,135	9%	£22,492,175	0.7%	£22,326,374	9.8%	£20,332,030	19.6%	£17,001,162
	Total Liabilities	£2,893,439	21.1%	£2,388,857	-25.8%	£3,218,552	-17.7%	£3,911,979	19.9%	£3,262,692
	Net Assets	£21,618,696	7.5%	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470

Cash Flow

	Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
	Net Cashflow from Operations	-	-	-	-	£4,541,181	57.2%	£2,888,638	13.2%	£2,550,699
	Net Cashflow before Financing	-	-	-	-100%	£3,339,307	92.6%	£1,734,181	199.1%	-£1,749,112
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	£3,339,307	92.6%	£1,734,181	199.1%	-£1,749,112

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	£21,618,696	7.5%	£20,103,318	5.2%	£19,107,822	16.4%	£16,420,051	19.5%	£13,738,470
	Number of Employees	110	1.9%	108	-	108	-	108	0.9%	107
	Auditors	HARRISON BEALE & OWEN LIMITED
	Auditor Comments	The audit report contains no adverse comments
	Bankers	HSBC BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/14	31/12/13	31/12/12	31/12/11	31/12/10
	Pre-tax profit margin %	17.70	14.48	15.50	14.90	18.58
	Current ratio	6.28	6.77	6.49	4.79	4.78
	Sales/Net Working Capital	1.54	1.61	1.31	1.66	1.76
	Gearing %	0	0	0	0	0
	Equity in %	88.20	89.40	85.60	80.80	80.80
	Creditor Days	6.21	6.77	11.16	17.06	7.18
	Debtor Days	75.16	75.82	78.58	79.11	80.77
	Liquidity/Acid Test	2.61	2.66	3.33	1.97	1.68
	Return On Capital Employed %	19.29	15.93	18.80	22.26	29.34
	Return On Total Assets Employed %	17.01	14.24	16.09	17.98	23.70
	Current Debt Ratio	0.13	0.11	0.16	0.23	0.23
	Total Debt Ratio	0.13	0.11	0.16	0.23	0.23
	Stock Turnover Ratio %	45.03	44.24	43.82	44.95	46.63
	Return on Net Assets Employed %	19.29	15.93	18.80	22.26	29.34

Report Notes

There are no notes to display.

Status History

No Status History found

*Event History

Date	Description
27/05/2015	New Accounts Filed
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

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	APEX STAINLESS HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	APEX STAINLESS HOLDINGS LIMITED

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
APEX STAINLESS HOLDINGS...	08403986	31.12.2014	Y	£23,560,798
APEX STAINLESS FASTENE...	02631068	31.12.2014	N	£23,560,798

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:	22/08/14
Status:	SATISFIED
Person(s) Entitled:	MIDLAND BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER ALL THEUNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

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

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
Average Invoice Value	Ł595.98
Invoices available	80
Paid	80
Outstanding	0

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	25	39	5	3	8
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.90
UK Pound	1	Rs.97.98
Euro	1	Rs.71.82

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.