MIRA INFORM REPORT

Report Date :

25.12.2007

IDENTIFICATION DETAILS

Name :	EQUINOX INTERNATIONAL LIMITED
Registered Office :	The Hersham Centre Hersham, Green Hersham, Surrey, KT12 4HP
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	05/12/1990
Com. Reg. No.:	02565339
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Steel foundry

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	EQUINOX INTERNATIONAL LIMITED
Holding Company	U K Steelstock Ltd
Ultimate Holding Company	Henley Management Company
Trading Address	Unit 1, Castle Gate Bus Pk,Old Sarum,SALISBURY,SP4 6QX
Telephone	01722-424000

	Very Low Risk - There is every confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   215,600
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   1,050,000
	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	02565339
Date of Incorporation	05/12/1990
Registered Office	The Hersham Centre Hersham, Green Hersham, Surrey, KT12 4HP
Date of Last Annual Return to Registry	05/12/2007
Activities	Steel foundry
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 02/11/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
05/12/2007	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	BARRY ANDREW KING  (One or more of this director's other companies has adverse information related to it)
Occupation	ACCOUNTANT
Address	THE TEKEL 6,  PYRFORD WOODS CLOSE PYRFORD , WOKING , SURREY , GU 228
Date of Birth	07/06/1957
Appointment Date	13/03/2001
Other Appointments	AALCO METALS (DORMANT) LIMITED, AALCO METALS LIMITED, AMARI AEROSPACE LIMITED, AMARI LEASEHOLD LIMITED, AMARI METALS DC PENSION TRUSTEES LIMITED, AMARI METALS LIMITED, AMARI METALS PENSION TRUSTEES LIMITED, AMARI SHARE TRUSTEES LIMITED, BLACKBURNS METALS DC PENSION TRUSTEES LIMITED, BLACKBURNS METALS LIMITED, CASHMORES METALS LIMITED, DURBIN METAL INDUSTRIES LIMITED, EQUINOX INTERNATIONAL LIMITED, EQUINOX SPECIAL STEELS LIMITED, EUROPEAN METAL PRODUCTS LIMITED, GOULD ALLOYS LTD, JM DURBIN LIMITED, LASER PROFILES LIMITED, PERKINS HAULAGE LIMITED, PLYMOUTH METALS MELTING LIMITED
DIRECTOR	LESLIE  BENT
Occupation	REGIONAL MANAGER
Address	5,  TADORNE ROAD , TADWORTH , SURREY , KT20 5TD
Country of Origin	BRITISH
Date of Birth	10/12/1949
Appointment Date	16/01/2006
Other Appointments	EQUINOX INTERNATIONAL LIMITED, PLYMOUTH METALS MELTING LIMITED
SECRETARY	MR  COLIN FAIRMAN
Address	27 ORCHARD DRIVE,  , EDENBRIDGE , KENT , TN8 5ES
Country of Origin	BRITISH
Date of Birth	24/06/1945
Appointment Date	06/08/1999

Recently Resigned Directors (last 3)

DIRECTOR	CHRISTOPHER KENNETH FORD
Occupation	COMPANY DIRECTOR
Address	BEECHDENE ASHFORD ROAD , MAIDSTONE , KENT , - -
Country of Origin	BRITISH
Date of Birth	17/09/1943
Resignation Date	04/05/2006
DIRECTOR	WILLIAM SONES WOOF
Occupation	DIRECTOR
Address	FAIRWAYS NORTH ROAD , ALTRINCHAM , CHESHIRE , - -
Country of Origin	BRITISH
Date of Birth	09/05/1951
Resignation Date	04/10/2004
DIRECTOR	PETER  BURKE
Address	FAIRWAYS 9 , MANOR ROAD , ASHFORD , MIDDX , - -
Date of Birth	31/12/1951
Resignation Date	20/03/2004

Share Summary

Share Currency:	GBP
Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
AMARI METALS LTD		828,333	828,333.00	100.00
AMARI METALS LTD		62,500	62,500.00	100.00

Mortgages and Charges

Total Registered	6
Total Outstanding	1
Total Satisfied	5
Most Recent Mortgage	06/06/2001

Date Registered	15/06/2001
Type	395
Date Created	06/06/2001
Lender	BANK OF AMERICA (THE "SECURITY TRUSTEE")
Secured On	ALL MONIES, OBLIGATIONS AND LIABILITIES ON THE PART OF THE COMPANY (OR ANY OBLIGOR) TO ANY BENEFICIARY TO BE PAID PERFORMED OR DISCHARGED, WHETHER DIRECTLY OR INDIRECTLY, UNDER OR PURSUANT TO THE TERMS OF ANY OF THE DOCUMENTS ANDOR IN CONNECTION WITH THE CREDIT FACILITY OR OTHER FINANCIAL ACCOMODATION FROM TIME TO TIME GRANTED OR OTHERWISE MADE AVAILABLE PURSUANT THERETO, TOGETHER WITH ALL EXPENSES AND ANY INTEREST CHARGED UNDER THE TERMS OF THE DEED
Details	BY WAY OF A SPECIFIC CHARGE AND AGREED TO MORTGAGE TO THE SECURITY TRUSTEE ITS INVESTMENTS; BY WAY OF SPECIFIC CHARGE ITS INTELLECTUAL PROPERTY..SPECIFIC CHARGE ITS GOODWILL..BY WAY OF SPECIFIC CHARGE ALL ITS RIGHT TITLE AND INTEREST IN AND TO THE POLICIES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	04/02/1999
Type	395
Date Created	22/01/1999
Lender	3i PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE OR ANY OF THE INVESTORS (AS DEFINED) PURSUANT TO THE GUARANTEES OF EVEN DATE (OTHER THAN DIVIDEND ON ANY SHARES)
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	03/02/1999
Type	395
Date Created	22/01/1999
Lender	AVESTA SHEFFIELD DISTRIBUTION LIMITED
Secured On	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES (WHETHER ACTUAL OR CONTINGENT AND WHETHER OWED JOINTLY OR SEVERALLY OR IN ANY OTHER CAPACITY WHATSOEVER) OF THE COMPANY TO THE CHARGEE NOT EXCEEDING A PRINCIPAL SUM OF 1,600,000.00
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	29/08/1996
Type	395
Date Created	20/08/1996
Lender	BANK AUSTRIA AG
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL NEGOTIABLE INSTRUMENTS, BILLS OF LADING, WARRANTS, DELIVERY ORDERS, WHARFINGERS OR OTHER WAREHOUSE KEEPERS CERTIFICATES OR RECEIPTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	29/08/1996
Type	395
Date Created	20/08/1996
Lender	BANK AUSTRIA AG
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL OF THE BORROWER'S RIGHT, TITLE AND INTEREST IN AND THE FULL BENEFIT OF ALL RELEVANT RECEIVABLES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	22/04/1992
Type	395
Date Created	13/04/1992
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
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

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Steel foundry
Sic Code	Description
2735	Other first processing of iron and steel not elsewhere classified; production of non-ECSC ferro-allo
Staff Employed	28
Auditors	Grant Thornton UK LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Bank of Scotland
Sort Codes	121103

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	27,090	18,779	21,360	15,587
Export Sales	21,728	13,028	14,175	10,200
Change in stocks of finished goods & in work in progress	-329	3,960	-3,505	-28
Raw materials, consumables	22,644	13,156	20,744	13,129
Cost of Goods Sold	22,315	17,115	17,239	13,101
GROSS PROFIT	4,775	1,664	4,121	2,486
Selling and Administration Expenses	221	214	214	215
Wages and Salaries	875	621	795	646
Depreciation	94	95	97	126
Other operating charges	1,625	1,096	1,652	1,383
Net Operating Profit(Loss)	1,960	-362	1,363	116
Non Trading Income	12	36	16	19
Total Non Trading Income	12	36	16	19
Interest expenses & similar (-)	11	45	32	15
Financial Expenses	11	45	32	15
PRE TAX PROFIT	1,961	-371	1,347	120
Other Taxation	37	-30	0	-6
Taxation	412	0	2	5
PROFIT AFTER TAX	1,512	-341	1,345	121
Net Profit	1,512	-	1,345	121
Dividends Payable	0	0	0	0
RETAINED PROFITS	1,512	-	1,345	121

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	496	586	502	546
Land & buildings	277	295	313	332
Plant, machinery & equipment	185	257	143	168
Intermediate Assets	34	34	46	46
TOTAL CURRENT ASSETS	14,626	8,113	16,179	9,082
Stocks	2,836	2,506	6,466	2,960
Trade Debtors	5,893	3,334	4,010	3,751
Other Receivables	303	105	431	215
Prepaid expenses	129	102	84	77
Group Loans	1,116	856	1,209	696
Cash	4,329	1,152	3,951	1,354
Tax Recoverable	21	57	28	28
TOTAL ASSETS	15,122	8,699	16,681	9,627
TOTAL CURRENT LIABILITIES	14,176	9,266	16,907	11,199
Trade Creditors	11,825	3,511	6,657	5,322
Taxes	412	-	5	5
Due From Group	1,576	5,708	9,897	5,789
Accruals & deferred income	363	48	277	50
WORKING CAPITAL	450	-1,153	-728	-2,117
TOTAL LONG TERM LIABS	0	0	0	0
NET ASSETS/(LIABILITIES)	945	-567	-226	-1,571
SHARE CAPITAL + RESERVES	945	-567	-226	-1,571
Issued Share Capital	891	891	891	891
Share Premium Accounts	506	506	506	506
Reserves	215	215	215	215
Profit and Loss account	-667	-2,179	-1,838	-3,183
SHAREHOLDERS FUNDS	945	-567	-226	-1,571
CAPITAL EMPLOYED	945	-567	-226	-1,571
TANGIBLE NET WORTH	945	-567	-226	-1,571

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.03	0.88	0.96	0.81
Profit Before Tax	0.07	-0.02	0.06	0.01
Creditors Days (D.P.O)	193.42	74.88	140.95	148.27
Quick Ratio	0.83	0.61	0.57	0.55
Return on Assets	13.00	-4.28	8.10	1.25
T.N.W/Total Assets	0.06	-0.07	-0.01	-0.16
Return on Capital	207.51	65.43	-596.02	-7.64
Working Capital/Sales	0.00	0.00	0.00	0.00
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	1500.11	-1634.22	-7480.97	-712.86

Financial Summary

Turnover	Turnover increased by more than 44% in the period. Turnover totaled GBP  27,090,000 for the period.
Operating Profit	Totaled GBP  1,960,000 In the period prior a loss of GBP   362,000 was achieved.
Pre Tax	The subject made a profit of GBP  1,961,000 compared with a loss of GBP  371,000 in the previous period.
Working Capital	The company's working capital improved in the period by -139%
Tangible Net Worth	Net worth increased by 1,512,000 during the period and now stands at GBP  945,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  90,000 to GBP  462,000 and are now 3% of total assets compared with 6% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 656% and are now 38% of net worth compared with -8% in the previous period
Long Term Liabilities	Long term liabilities are now 2% of total assets compared with 1% 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