Company That Improved Working Capital by fwq23989

VIEWS: 26 PAGES: 7

Company That Improved Working Capital document sample

More Info
									                                  Graydon UK
Level 3-Comprehensive Credit Rating Report: Supplied on 26 November 2004


Company Identification Details
Subject Reported on               ALTAIR FILTER TECHNOLOGY LTD
Address                           OMEGA PARK, ALTON, HAMPSHIRE, GU34 2QE.
Telephone                         01420 541188



Creditline Recommendations
Graydon Rating                    4A
                                  GBP 1m-5m financial strength rating based on net worth plus net
                                  current assets/liabilities
Monthly Credit Guide              GBP 100,000
Risk Category                     LOW RISK



Official Company Data
Legal Form                        Private Limited
Registration Number               00880172
VAT Number                        GB522481759
Date of Incorporation             26/05/1966
Registered Office                 OMEGA PARK, ALTON, HAMPSHIRE, GU34 2QE.
History                           10/10/2000 : Change of name from ALTAIR FILTERS
                                  INTERNATIONAL LIMITED.
                                  19/07/1984 : Change of name from ALTAIR VENTILATION
                                  PRODUCTS LIMITED.
Date of Last Annual
Return to Registry                29/11/2003
Accounts                          The last filed accounts at Companies House are those to
                                  31/01/2004
Accounting Reference
Date                              31/01



Summary of Mortgages, Charges and Satisfactions


Total Number of Mortgages/Charges Registered                                20
Number Outstanding                                                          2
Number Partially Satisfied                                                  0
Number Satisfied                                                            18



Date of Latest Mortgage Created                                             01/02/2003
Date of Latest Satisfaction                                                 05/02/2003


For more information on all charges click here to take a Mortgage Report


Details of most recent Mortgages, Charges and Satisfactions
Date Fully        Date             Date          Charge             Form
                                                                               Lender
Satisfied         Registered       Created       Description        Type
                  12/02/2003       01/02/2003    Guarantee          395        The South Place Gresham Partnership
                                                 Debenture                     2002 Acting As Security
                  07/02/2003       01/02/2003    Debenture          395        The Governor And Company Of The
                                                                               Bank Of Scotland
05/02/2003        02/10/1989       21/09/1989    Gurantee           N/A        Barclays Bank Plc
                                                 Debenture
05/02/2003        02/10/1989       21/09/1989    Legal Charge       N/A        Barclays Bank Plc
05/02/2003        25/09/1989       21/09/1989    Collateral         N/A        3I Plc
                                                 Debenture
20/08/1987        04/12/1986       21/11/1986    Legal Charge       N/A        Lloyds Bank Plc
20/08/1987        04/02/1986       01/02/1986    Single Debenture   N/A        Lloyds Bank Plc
                  12/07/1985       25/06/1985    Guarantee          N/A        Barclays Bank Plc
                                                 Debenture
                  24/11/1983       03/11/1983    Legal Charge       N/A        Barclays Bank Plc
                  24/11/1983       03/11/1983    Legal Charge       N/A        Barclays Bank Plc


It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at
Companies House.




Company Secretary
Secretary                          COLIN MICHAEL HEGARTY
 Address                           15 CORNFIELDS, YATELEY, HAMPSHIRE, GU46 6YT.
 Country of Origin                 UNITED KINGDOM
 Date of Birth                     14/12/1947
 Appointment Date                  29/11/1992



Directors
Director                           DAVID MAXWELL GRIFFITHS
 Address                           1 SHEPHERDS DOWN, ALRESFORD, HAMPSHIRE, SO24 9PP.
 Country of Origin                 UNITED KINGDOM
 Date of Birth                     05/10/1942
 Appointment Date                  03/03/2003

Sales Director                     PETER LEWIS
 Address                           4 POND COTTAGES, CLIDDESDEN, BASINGSTOKE,
                                   HAMPSHIRE, RG25 2JE.
  Country of Origin                UNITED KINGDOM
  Date of Birth                    03/06/1972
  Appointment Date                 01/02/2003

Accountant                         PETER JOHN ELSDON
 Address                           CHASE WARREN, TENNYSONS LANE, HASLEMERE, SURREY,
                                   GU27 3AF.
  Country of Origin                UNITED KINGDOM
  Date of Birth                    25/01/1955
  Appointment Date                 01/02/2003
  Other Directorships              ALTAIR VENTILATION PRODUCTS LIMITED,ZELLINGER &
                                   ZOLLENBERG LIMITED,MULTIPLE INDUSTRIES GROUP
                                   LIMITED,NC2 LIMITED,P.J.E. (CONSULTING) LIMITED,P.J.E.
                             (CONSULTING) LIMITED,ALTAIR FILTER TECHNOLOGY
                             GROUP LIMITED

Managing Director            ANDREW CHARLES STEEL
 Address                     9 CLUMPS ROAD, LOWER BOURNE, FARNHAM, SURREY,
                             GU10 3HF.
 Country of Origin           UNITED KINGDOM
 Date of Birth               24/12/1962
 Appointment Date            01/02/1994
 Other Directorships         ALTAIR VENTILATION PRODUCTS LIMITED,ZELLINGER &
                             ZOLLENBERG LIMITED,MULTIPLE INDUSTRIES GROUP
                             LIMITED,NC2 LIMITED,ALTAIR FILTER TECHNOLOGY GROUP
                             LIMITED

Director                     DAVID IAN SMALL HINTON
 Address                     THE OLD BREWERY, HILLTOP CHICHESTER ROAD,
                             MIDHURST, WEST SUSSEX, GU29 9PZ.
 Country of Origin           UNITED KINGDOM
 Date of Birth               08/04/1929
 Appointment Date            29/11/1992
 Other Directorships         ALTAIR VENTILATION PRODUCTS LIMITED,ZELLINGER &
                             ZOLLENBERG LIMITED,MULTIPLE INDUSTRIES GROUP
                             LIMITED,ENTONHURST LIMITED,ENTONHURST LIMITED,NC2
                             LIMITED,ALTAIR FILTER TECHNOLOGY GROUP LIMITED

Accountant                   COLIN MICHAEL HEGARTY
 Address                     15 CORNFIELDS, YATELEY, HAMPSHIRE, GU46 6YT.
 Country of Origin           UNITED KINGDOM
 Date of Birth               14/12/1947
 Appointment Date            31/01/2003
 Other Directorships         ALTAIR VENTILATION PRODUCTS LIMITED,ZELLINGER &
                             ZOLLENBERG LIMITED,MULTIPLE INDUSTRIES GROUP
                             LIMITED,NC2 LIMITED,ALTAIR FILTER TECHNOLOGY GROUP
                             LIMITED



Share Capital
Shares                       Ordinary GBP 1.00
Issued Number                1,000
Shares                       Deferred GBP 1.00
Issued Number                2,000
Principal Shareholder        2,000 NC2 Ltd
                             1,000 NC2 Ltd
The above reflects the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Holding Company               NC2 LIMITED
Ultimate Parent               ALTAIR FILTER TECHNOLOGY GROUP LIMITED



Public Record Information
Summary of CCJ's/Scottish Decrees
( No CCJs/Scottish Decrees are recorded in our file )
Payment Analysis

INVOICE EXPERIENCE
The data below represents how the subject has been trading with its suppliers, at an invoice level, over the last
12 months. Any invoice in the tables below that is currently open/outstanding will also be included in the aged
debt analysis.


Experiences Last 4 Quarters
                                                                                          Past due in days (%)
Amount                          Number          Within_Terms        <30                 <60                 <90                  >90
Over 25,000 GBP                             0                   0                   0                   0                    0          0
20,000 to 24,999 GBP                        0                   0                   0                   0                    0          0
15,000 to 19,999 GBP                        0                   0                   0                   0                    0          0
10,000 to 14,999 GBP                        0                   0                   0                   0                    0          0
5,000 to 9,999 GBP                          0                   0                   0                   0                    0          0
Less than 5,000 GBP                        21            40.734              57.845               1.421                      0          0
Payment Analysis in Percent per Quarter
                                                                                        Quarter
Payments Made                                   1/2004              2/2004                    3/2004                   4/2004
According to terms                                             5                          3                       66                   N/A
Up to 30 days late                                             94                       91                        33                   N/A
30 to 60 days late                                             0                          5                       0                    N/A
60 to 90 days late                                             0                          0                       0                    N/A
Over 90 days late                                              0                          0                       0                    N/A
Payment Scores Last 6 Months-Compared to Industry
Month                           5/2004          6/2004         7/2004              8/2004               9/2004               10/2004
Company                                   6.8            7.0                 7.6                   0                   8.0             8.0
Lower Quartile                            7.0            7.0                 7.0                  7.0                  8.0             8.0
Median                                    8.0            7.5                 7.9                  7.5                  8.0             8.0
Upper Quartile                            8.0            8.0                 8.0                  8.0                  8.0             8.0
Graydon Payment scores range between 1.0 and 8.0. An 8.0 is a perfect score achieved
through payment of all invoices according to terms. This information should be used in
conjunction with other aspects of this report. A 0 score indicates no payment experiences
recorded for that month.



Operations
In order to ensure the accuracy of this report, certain information has been verified with the
subject.
Activities                        The design and manufacture of air filtration and noise control
                                  equipment.
Nace Code                         2923 (1992)
Premises                          Owned,Offices,Factory
Staff Employed                    89
Import Countries                  GERMANY
Export Countries                  ALL OVER THE WORLD
Bankers                           BANK OF SCOTLAND
 Address                          SOUTHAMPTON 144/148 HIGH ST.
 Sort Code                        120961
Auditors                          KPMG LLP
Branches                          OMEGA PARK ALTON GU34 2QE
Associated Companies              MULTIPLE INDUSTRIES GROUP LTD (DORMANT)
Subsidiaries                      ZELLINGER & ZOLLENBERG LIMITED
Financial Data
Profit and Loss
The following figures are shown in units of 1000
Number of Weeks                      52            52            52           52
Accounts Date                        31/01/2004    31/01/2003    31/01/2002   31/01/2001
Currency                             GBP           GBP           GBP          GBP
SALES                                       16563         14454         13580         9463
UK sales                                     6135          4464          2601         2074
Export                                      10428          9990         10979         7389
Cost of goods sold                           7999          6425          5875         3495
GROSS PROFIT                                 8564          8029          7705         5968
Wages and Salaries                           2424          3114          2267         1563
Directors Emoluments                          291           746           792          644
Auditors Fees                                   20            19            8            9
Non-Audit Fees                                     37       12             7
Trading Profit                                3249        2846          2262         2013
Depreciation                                   213         219           155          200
OPERATING PROFIT                              3036        2627          2107         1813
Non Trading Income                             106          74           168          180
Interest Payable                                37          60            55           80
PRE TAX PROFIT                                3105        2641          2220         1913
Taxation                                       602         787           687          559
PROFIT AFTER TAX                              2503        1854          1533         1354
Dividends Payable                             2450        1850          1530         1142
RETAINED PROFITS                                53           4             3          212

Balance Sheet
The following figures are shown in units of 1000
Number of Weeks                       52           52           52         52
Accounts Date                         31/01/2004   31/01/2003 31/01/2002   31/01/2001
Currency                              GBP          GBP          GBP        GBP
TOTAL FIXED ASSETS                             661          752        776          450
Tangible Assets                                661          752        776          450
 Fixed Assets                                  660          751        775          449
 Intermediate assets                             1            1          1            1
TOTAL CURRENT ASSETS                          9176         4946       6504         5508
Trade debtors                                 5527         2422       2007         1650
Stocks                                         677          622        963          736
Other Current Assets                          2972         1902       3534         3122
 Misc Current Assets                           234          332        531          328
 Due From Group                               2171         1152        889         2788
 Cash                                          567          418       2114            6
TOTAL ASSETS                                  9837         5698       7280         5958
TOTAL CURRENT LIABILITIES                     7970         3870       5550         3952
Trade creditors                               2091         1066       1446          962
Short Term Loans                              4303         1634       1835         1311
 Bank Overdraft                                                                         857
 Other Finance                                   66         102           143            94
 Due To Group                                  4237        1532          1692           360
Other Liabilities                              1576        1170          2269          1679
WORKING CAPITAL                                1206        1076           954          1556
TOTAL LONG TERM LIABS                           306         320           226           505
Long Term Loans                                 133         200            37           136
 Other Finance                                  133         200            37           136
Other Liabilities                               173         120           189           369
NET ASSETS/(LIABILITIES)                       1561        1508          1504          1501
SHARE CAPITAL + RESERVES                       1561        1508          1504          1501
Share Cap + Sundry Res                            3           3             3             3
 Issued Share Capital                             3           3             3             3
Profit and Loss account                        1558        1505          1501          1498
SHAREHOLDERS FUNDS                             1561        1508          1504          1501
CAPITAL EMPLOYED                               1867        1828          1730          2006

Financial Comparison
The following figures are shown in units of 1000
Number of Weeks                      52            52            52            52
Accounts Date                        31/01/2004    31/01/2003    31/01/2002    31/01/2001
Currency                             GBP           GBP           GBP           GBP
Directors Remuneration                         291           746           792           644
Auditors Remuneration                           20            19             8             9
Liquid Assets                                 6094          2840          4121          1656
Net Working Capital                           1206          1076           954          1556
Long Term Debt(>12 Months)                     133           200            37           136
Other Deferred Liabs                           173           120           189           369
Tangible Net Worth(T.N.W)                     1561          1508          1504          1501
Equity                                        1561          1508          1504          1501
Number of Years Trading                         38            37            36            35
Number of Employees                             89            84            78            66
Profit per Employee                        34887.6       31440.5       28461.5       28984.8
Sales per Employee                       186101.1      172071.4      174102.6      143378.8

Key Credit Ratios
Accounts Date                        31/01/2004    31/01/2003    31/01/2002    31/01/2001
Current Ratio                                  1.2           1.3           1.2           1.4
Long Term Debt/T.N.W                               0.1       0.1                         0.1
Profit before Tax                              18.7         18.3         16.3          20.2
Gross Profit                                   51.7         55.5         56.7          63.1
Debtors Days (D.S.O)                            122           61           54            64
Creditors Days (D.P.O)                            46          27           39            37
Quick Ratio                                      1.1         1.1            1           1.2
W.I.P/Inventory Days                           30.9         35.3         59.8          76.9
Return on Investment                           50.9           78         63.8          60.1
Return on Assets                               31.6         46.3         30.5          32.1
T.N.W/Total Assets                             15.9            26.5           20.7            25.2
Return on Capital                             166.3           144.5          128.3            95.4
Rtn on Shareholders Funds                     198.9           175.1          147.6           127.4
Working Capital/Sales                           7.3             7.4              7            16.4
Borrowing Ratio                               284.2           121.6          124.5            96.4
Equity Gearing                                 18.9              36             26            33.7
Stock Turnover                                 24.5            23.2           14.1            12.9
Days Purchases Outstanding                     95.4            60.6           89.8           100.5



Key Industry Sector Trends
Year                                   2004            2003           2002           2001
Sample Size                            325             1997           2261           2299
Pre-Tax Profit Margin                              7            3.6            2.4             2.5
Current Ratio                                    1.5            1.5            1.5             1.4
Borrowing Ratio                                 70.3             70           62.4            66.8
Return on Capital                               42.7           19.7           16.3            16.4
Creditors Days                                    44             46             56              54
Above figures relate to companies in 1992 Standard Industry Classification (Nace) sector :
Manufacture of other general purpose machinery



Financial Summary
Auditors Qualification       The Auditors have expressed a clean opinion (i.e. unqualified with
                             no referrals) on the accounts for the period ended 31/01/2004.
Turnover                     Turnover has increased by 15 %, a growth of GBP 2,109,000 in the
                             period.
Operating Profit             Totalled GBP 3,036,000. In the year prior a Profit of GBP
                             2,627,000 was achieved.
Pre Tax                      The subject's profit increased by 17 % in the year.
Working Capital              The company's working capital has improved in the period by 12 %.
Net Worth                    Net worth has increased by 4 % and now stands at GBP
                             1,561,000.
Fixed Assets                 The subject's fixed assets reduced during the year by GBP 91,000
                             to GBP 661,000 and are now 6 % of total assets compared with 13
                             % in the previous year.
Long Term Liabilities        The company's long term liabilities reduced during the period by 4
                             % and are now 20 % of net worth compared with 21 % in the
                             previous period.
Long Term Liabilities        Long term liabilities are now 3 % of total liabilities compared with 6
                             % in the previous period.
Long Term Liabilities        Long term liabilities are 16 % of capital employed, a decrease of 2
                             % over the previous period.

               *** End of Report on ALTAIR FILTER TECHNOLOGY LTD ***

								
To top