MIRA INFORM REPORT

Report Date :

23.08.2007

IDENTIFICATION DETAILS

Name :	METALLISATION LIMITED
Registered Office :	Peartree Lane, Dudley, West Midlands, DY2 0XH
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	11/11/1932
Com. Reg. No.:	00270156
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Metal spraying equipment manufacturers    Manufacture of pumps and compressors

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	METALLISATION LIMITED
Holding Company	METALLISATION INDUSTRIES LTD
Ultimate Holding Company	METALLISATION SERVICE LTD
Trading Address	PEAR TREE LA,DUDLEY,DY2 0XH
Telephone	01384-252464

Risk Score	Low Risk - There is a high degree of confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   43,000
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   281,600
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00270156
Date of Incorporation	11/11/1932
Registered Office	Peartree Lane, Dudley, West Midlands, DY2 0XH
Date of Last Annual Return to Registry	16/05/2007
Activities	Metal spraying equipment manufacturers
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 09/05/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
16/05/2007	Annual Return
31/12/2006	Financial Statement / Set of Accounts

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

Known Directors

DIRECTOR	TERENCE PATRICK LESTER
Occupation	DIRECTOR
Address	GREENFIELD ,  HEATHTON CLAVERLEY , WOLVERHAMPTON , WV5 7EB
Country of Origin	BRITISH
Date of Birth	19/03/1955
Appointment Date	19/06/1991
Other Appointments	CHARLES CLIFFORD LIMITED, METALLISATION LIMITED, FINCH GREEN LIMITED, THE THERMAL SPRAYING AND SURFACE ENGINEERING ASSOCIATION LIMITED, METALLISATION INDUSTRIES LIMITED, METALLISATION SERVICE LIMITED
DIRECTOR	ROBERT VICTOR CROSBY HILL
Occupation
Address	CONQUERMOOR COTTAGE 74,  TIBBERTON , NEWPORT , SHROPSHIRE , TF10 8PF
Country of Origin	BRITISH
Date of Birth	17/03/1956
Appointment Date	18/02/1992
Other Appointments	CHARLES CLIFFORD LIMITED, METALLISATION LIMITED, FINCH GREEN LIMITED, METALLISATION INDUSTRIES LIMITED, METALLISATION SERVICE LIMITED
DIRECTOR	STEPHEN ALAN BARKER
Occupation	DIRECTOR
Address	1,  MEADOW CROFT PERTON , WOLVERHAMPTON , WV6 7XY
Country of Origin	BRITISH
Date of Birth	17/04/1958
Appointment Date	13/06/2000
Other Appointments	METALLISATION LIMITED, METALLISATION INDUSTRIES LIMITED, METALLISATION SERVICE LIMITED
SECRETARY	MR  ROBERT HILL
Address	CONQUERMOOR COTTAGE,  74 TIBBERTON , NEWPORT , SALOP , TF10 8PF
Country of Origin	BRITISH
Date of Birth	17/03/1956
Appointment Date	20/04/1993

Recently Resigned Directors (last 3)

DIRECTOR	KEVIN JOHN HEALEY
Occupation	SALES DIRECTOR
Address	SIDEWAYS 29 , BURMESE WAY , ROWLEY REGIS , WEST MIDLANDS , - -
Country of Origin	BRITISH
Date of Birth	04/06/1961
Resignation Date	31/12/2003
DIRECTOR	PETER CHARLES HALL
Address	90 , SHAKESPEARE DRIVE , SOLIHULL , WEST MIDLANDS , - -
Date of Birth	18/03/1948
Resignation Date	28/06/2002
DIRECTOR	CLIFORD S HEWITT
Address	19 , LASSINGTON CLOSE , REDDITCH , WORCS , - -
Date of Birth	10/01/1954
Resignation Date	22/04/1998

Share Summary

Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Charles Clifford Ltd				0.00

Mortgages and Charges

Total Registered	10
Total Outstanding	4
Total Satisfied	6
Most Recent Mortgage	26/04/2004

Date Registered	12/05/2004
Type	395
Date Created	26/04/2004
Lender	GARVIN TRUSTEES LIMITED
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHER COMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	28/03/2007
Type	403A
Date Created	26/04/2004
Lender	GARVIN TRUSTEES LIMITED
Details	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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	01/05/2004
Type	395
Date Created	26/04/2004
Lender	LLOYDS TSB BANK PLC
Secured On	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 FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	01/05/2004
Type	395
Date Created	26/04/2004
Lender	LLOYDS TSB BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHER COMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ANY SUM OR SUMS FOR THE TIME BEING STANDING TO THE CREDIT OF ANY PRESENT OR FUTURE ACCOUNT OF THE COMPANY WITH THE BANK // SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	03/10/2003
Type	395
Date Created	30/09/2003
Lender	LLOYDS TSB BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL SUCH RIGHTS TO THE REPAYMENT OF THE DEPOSIT MEANING THE DEBT(S) ON THE ACCOUNT(S) DESCRIBED IN THE SCHEDULE BEING THE ACCOUNT WITH THE BANK DENOMINATED IN STERLING DESIGNATED BUSINESS INVESTMENT ACCOUNT AND NUMBERED 07665839 AND ANY ACCOUNT(S) FOR THE TIME BEING REPLACING THE SAME AND ALL INTEREST OWING IN RESPECT THEREOF AND ALL DEPOSITS WITH THE BANKS TREASURY DIVISION ON THE NAME OF THE BANK RE THE COMPANY //
Satisfied?	No
Date Registered	04/12/1998
Type	395
Date Created	03/12/1998
Lender	LLOYDS TSB COMMERCIAL FINANCE LIMITED
Secured On	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 FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	No
Date Registered	13/05/1992
Type	395
Date Created	12/05/1992
Lender	LLOYDS DEVELOPMENT CAPITAL LIMITED
Secured On	#200,000 AND ALL OTHER MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHER COMPANIES NAMED THEREIN TO THE CHARGEE IN ACCORDANCE WITH THE DEED OF NOVATION //
Details	ALL THE ASSETS UNDER CLAUSE 3 OPF THE DEBENTURE DATED 24th DECEMBER 1991 SEE DOC REF M694C FOR FULL DETAILS //
Satisfied?	Fully
Date Registered	03/01/1992
Type	395
Date Created	24/12/1991
Lender	3i GROUP PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	SEE395 1582 C 6/1 FOR FULL DETAILS // 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
Satisfied?	Fully
Date Registered	31/12/1991
Type	395
Date Created	24/12/1991
Lender	LLOYDS BANK PLC
Secured On	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 FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	Fully
Date Registered	09/09/1991
Type	9999
Date Created	30/08/1991
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHER COMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER. //
Details	THE BALANCES AT CREDIT OF ANY ACCOUNTS HELD BY THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND IN THE NAME OF METALISATION LIMITED. //
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Metal spraying equipment manufacturers
Sic Code	Description
2912	Manufacture of pumps and compressors
Staff Employed	50
Auditors	BDO Stoy Hayward LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Lloyds TSB Bank Plc
Sort Codes	309275

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	9,012	5,782	-	-
Cost of goods sold	7,530	4,765	-	-
GROSS PROFIT	1,482	1,016	-	1,130
Other Expenses	493	495	-	494
General administration costs (-)	664	498	-	606
Wages and Salaries	1,150	1,196	-	1,229
Depreciation	41	55	-	59
Net Operating Profit(Loss)	325	24	-	30
Non Trading Income	1	0	-	0
Other financial income	53	152	-	-
Total Non Trading Income	54	152	-	0
Interest expenses & similar (-)	38	31	-	30
Other financial charges	1	36	-	-
Financial Expenses	39	67	-	30
PRE TAX PROFIT	340	108	-	0
Other Taxation	-3	3	-	-6
Taxation	89	0	-	7
PROFIT AFTER TAX	254	105	-	-1
Net Profit	254	105	-	-
Dividends Payable	0	345	-	0
RETAINED PROFITS	254	-240	-	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	122	91	142	156
Plant, machinery & equipment	122	91	-	156
TOTAL CURRENT ASSETS	2,763	1,744	1,801	1,729
Stocks	816	575	540	579
Trade Debtors	1,854	1,035	1,214	1,050
Prepaid expenses	65	73	-	44
Cash	27	36	47	18
TOTAL ASSETS	2,885	1,836	1,943	1,885
TOTAL CURRENT LIABILITIES	2,523	1,725	1,596	1,688
Trade Creditors	1,528	577	-	687
Bank Overdraft	306	519	-	584
Taxes	89	-	-	7
Due From Group	482	404	-	316
Accruals & deferred income	118	185	-	94
WORKING CAPITAL	240	20	205	41
TOTAL LONG TERM LIABS	1	3	0	0
Taxation	1	3	-	-
NET ASSETS/(LIABILITIES)	362	111	347	197
SHARE CAPITAL + RESERVES	362	108	347	197
Issued Share Capital	100	100	100	100
Profit and Loss account	262	8	247	97
SHAREHOLDERS FUNDS	362	108	347	197
CAPITAL EMPLOYED	363	111	347	197
TANGIBLE NET WORTH	362	108	347	197

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.10	1.01	1.13	1.02
Profit Before Tax	0.04	0.02	-	-
Creditors Days (D.P.O)	74.07	44.19	-	-
Quick Ratio	-	-	-	-
Return on Assets	11.79	5.89	-	0.00
T.N.W/Total Assets	0.13	0.06	0.18	0.10
Return on Capital	93.66	97.30	-	0.00
Working Capital/Sales	0.00	0.00	-	-
Equity Gearing	3.62	0.36	-	-
Stock Turnover	0.00	0.00	-	-

Financial Summary

Turnover	Turnover increased by more than 56% in the period. Turnover totaled GBP  9,012,000 for the period.
Operating Profit	Totaled GBP  325,000 In the period prior a profit of GBP   24,000 was achieved.
Pre Tax	The subject made a profit of GBP  340,000 compared with a profit of GBP  108,000 in the previous period.
Working Capital	The company's working capital improved in the period by 1100%
Tangible Net Worth	Net worth increased by 254,000 during the period and now stands at GBP  362,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  31,000 to GBP  122,000 and are now 4% of total assets compared with 5% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 37% and are now 33% of net worth compared with 174% in the previous period
Long Term Liabilities	Long term liabilities are now 4% of total assets compared with 10% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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