MIRA INFORM REPORT

Report Date :

01.12.2008

IDENTIFICATION DETAILS

Name :	BUHLER SORTEX LIMITED

Formerly Known as :	SORTEX LIMITED

Registered Office :	20 Atlantis Avenue, London, E16 2BF

Country :	United Kingdom

Financials (as on) :	31.12.2007

Date of Incorporation :	01.05.1947

Legal Form :	Private Limited With Share Capital

Line of Business :	Manufacture and Distribution of Electronic Colour Sorters and Vision Systems, and Manufacture and Installation of Cleaning and Sorting Machinery, mainly for the Food and Agriculture Industries.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	[£] 750,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Name of the company

BUHLER SORTEX LIMITED

Number 00434274

company summary

Phone	02070556650	Type	Private limited with Share Capital
Address	20 ATLANTIS AVENUE, LONDON, E16 2BF	Company Status	Active - Accounts Filed
Postcode	E16 2BF	Incorporated Date	01/05/1947

Todays Limit [£] 750,000

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

	Current Directors	10
	Total Directorships	25

Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	£36,615,228	£35,166,424	£30,621,000
Shareholder Funds	£14,908,073	£14,046,300	£12,315,000
Employees	171	166	179

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Previous Names Details

Previous Name(s)
Changed :	09/07/2007	Sortex Limited
Changed :	31/10/1985	Gunson's Sortex Limited

Secondary Industry Code Details

	SIC Code	Description
	2956	Manufacture Of Other Special Purpose Machinery

Mortgage Details

Mortgage Type:	legal charge
Date Charge Created:	27/01/1999	Date Charge Registered:	28/01/1999
Date Charge Satisfied:	22/12/2004	Status:	Satisfied
Person(s) Entitled:	GENERALE BANK NV - GENERALE DE BANQUE SA
Amount Secured:	all monies due or to become due from the company to the chargee on any account whatsoever.
Details:	property k/a pudding mill lane t/no: egl 164713 and all buildings and fixtures (i ncluding trade fixtures) from time to ti me thereon together with all plant machi nery fittings computers and office and o ther equipment from time t otime on the property

Shareholders Details

	Name	Shares
	Buhler Uk Holdings Ltd	1,250,000 Ordinary Gbp 1.00

	Address	Telephone Number	TCPS
	20 Atlantis Avenue E16 2BF

accounts

PROFIT & LOSS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	36,615,228	4.1 %	35,166,424	14.8 %	30,621,000
Export	35,975,442	3.7 %	34,700,083	17.3 %	29,579,000
Cost of Sales	26,926,748	6.1 %	25,373,050	9.2 %	23,243,000
Gross Profit	9,688,480	-1.1 %	9,793,374	32.7 %	7,378,000
Wages & Salaries	6,458,621	10.9 %	5,822,129	-0.5 %	5,852,000
Directors Emoluments	922,239	24.8 %	739,240	7.1 %	690,000
Operating Profits	4,924,877	-6.9 %	5,292,161	40.2 %	3,776,000
Depreciation	377,985	-24.5 %	500,605	0.1 %	500,000
Audit Fees	35,000	55.6 %	22,500	-10.0 %	25,000
Interest Payments	122,425	999.9%	3,154	-60.6 %	8,000
Pre Tax Profit	4,835,047	-12.3 %	5,515,104	-30.3 %	7,915,000
Taxation	-1,151,074	27.6 %	-1,589,190	-33.5 %	-1,190,000
Profit After Tax	3,683,973	-6.2 %	3,925,914	-41.6 %	6,725,000
Dividends Payable	3,000,000	50.0 %	2,000,000	33.3 %	1,500,000
Retained Profits	683,973	-64.5 %	1,925,914	-63.1 %	5,225,000

BALANCE SHEET

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Tangible Assets	8,040,970	-29.2 %	11,351,716	80.3 %	6,297,000
Intangible Assets	-	-	-	-	-
Total Fixed Assets	8,040,970	-29.2 %	11,351,716	80.3 %	6,297,000
Total Current Assets	17,635,954	3.0 %	17,118,538	-9.3 %	18,869,000
Trade Debtors	4,096,873	43.8 %	2,849,639	48.3 %	1,922,000
Stocks & WIP	4,803,290	-12.6 %	5,492,999	12.6 %	4,879,000
Cash	1,798,450	11.7 %	1,609,897	125.2 %	715,000
Other Debtors	6,937,341	-3.2 %	7,166,003	-36.9 %	11,352,000
Increase In Cash	188,553	-78.9 %	894,897	29.5 %	691,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	25,676,924	-9.8 %	28,470,254	13.1 %	25,166,000
Total Current Liabilities	10,208,151	22.4 %	8,337,154	24.8 %	6,678,000
Trade Creditors	1,948,699	-43.1 %	3,424,047	127.8 %	1,503,000
Bank Loans & Overdrafts	-	-	-	-	-
Other Short Term Fin	2,788,085	999.9%	241,214	-77.2 %	1,056,000
Miscellaneous Current Liabilities	5,471,367	17.1 %	4,671,893	13.4 %	4,119,000
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	560,700	-90.8 %	6,086,800	-1.4 %	6,173,000
Bank Loans & Overdrafts & LTL	560,700	-90.8 %	6,086,800	-1.4 %	6,173,000
Total Liabilities	10,768,851	-25.3 %	14,423,954	12.2 %	12,851,000
Net Assets	14,908,073	6.1 %	14,046,300	14.1 %	12,315,000
Working Capital	7,427,803	-15.4 %	8,781,384	-28.0 %	12,191,000

CAPITALS & RESERVES

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Called up Share Capital	1,250,000	-	1,250,000	-	1,250,000
P&L Account Reserve	13,658,073	6.7 %	12,796,300	15.6 %	11,065,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	14,908,073	6.1 %	14,046,300	14.1 %	12,315,000
Net Worth	14,908,073	6.1 %	14,046,300	14.1 %	12,315,000

MISCELLANEOUS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	YES	-	YES	-	YES
Capital Employed	15,468,773	-23.2 %	20,133,100	8.9 %	18,488,000
No of Employees	171	3.0 %	166	-7.3 %	179

	Auditors	BOURNER BULLOCK
	AuditQualification	No Adverse Comments
	Bankers
	BankBranchCode

RATIOS

Annual Accounts	01/07-12/07	01/06-12/06	01/05-12/05
Pre-tax profit margin %	13.2 %	15.7 %	25.8 %
Current ratio	1.73	2.05	2.83
Sales/Net Working Capital	4.93	4.00	2.51
Gearing %	3.8 %	43.3 %	50.1 %
Equity in %	58.1 %	49.3 %	48.9 %
Creditor Days	19.37	35.44	17.92
Debtor Days	40.73	29.50	22.91
Liquidity/Acid Test	1.26	1.39	2.09
Return On Capital Employed %	31.3 %	27.4 %	42.8 %
Return On Total Assets Employed %	18.8 %	19.4 %	31.5 %
Current Debt Ratio %	0.7 %	0.6 %	0.5 %
Total Debt Ratio %	0.7 %	1.0 %	1.0 %
Stock Turnover Ratio %	13.1 %	15.6 %	15.9 %
Return on Net Assets Employed %	32.4 %	39.3 %	64.3 %

group structure

	Ultimate Parent Company	BUHLER HOLDING AG
	Companies in Group	7

Company Name	Registered Number	Latest Annual Accounts
BUHLER HOLDING AG	SWITZERLAND	N/A
BUHLER UK HOLDINGS LIMITED	00683185	31/12/2007
SORTEX LIMITED	06251424	31/12/2007
BUHLER (RL) LIMITED	03106880	31/12/2007
BUHLER LIMITED	02925744	31/12/2007
BUHLER SORTEX LIMITED<<<	00434274	31/12/2007
CONTROL DESIGN AND DEVELOPMENT LIMITED	01579088	31/12/2007

Status History

Date	Description
No Status History

Event History

Date	Description
22/07/2008	New Accounts Filed
08/05/2008	Annual Returns
10/01/2008	Mr A. Thomas Has Resigned As Company Secretary
10/01/2008	Mr A. Thomas Has Left The Board
17/09/2007	New Accounts Filed
02/08/2007	Change In Reg.office
02/08/2007	Change Of Company Postcode
11/07/2007	Change Of Name
27/09/2006	New Accounts Filed
09/12/2005	New Accounts Filed
16/11/2005	New Accounts Filed
14/09/2005	Mark Jasonhoneywood Has Left The Board
18/08/2005	New Board Member (nicholas Johnwilkins) Appointed
30/06/2004	Annual Returns
25/06/2004	New Accounts Filed

directors

Name	Craig Edward Briggs
Address	5 Wealden House
	Talwin Street Bow
	London
	E3 3NG
Officers Title	Mr	Date Of Birth	26/10/1972
Honours		Present Appointments	2
Appointment Date	07/02/2007	Function	Director

Name	Nicholas John Wilkins
Address	The Old Rectory
	Church Road
	Ardley
	Oxfordshire
	OX27 7NP
Officers Title	Mr	Date Of Birth	15/09/1958
Honours		Present Appointments	2
Appointment Date	01/08/2005	Function	Director

Name	Bruno Mendler
Address	Bachtelstrasse 11
	Schaffhausen
	8200
	Switzerland
Officers Title	Mr	Date Of Birth	20/11/1954
Honours	DIPL ING MASCH HTL EXECUTIVE MBA HSG	Present Appointments	3
Appointment Date	01/01/2004	Function	Director

Name	Hamid Reza Kefayati
Address	4 Parkfields
	Welwyn Garden City
	Hertfordshire
	AL8 6ED
Officers Title	Mr	Date Of Birth	06/10/1956
Honours	MSC	Present Appointments	1
Appointment Date	18/07/2003	Function	Director

Name	Charith Abeysinghe Gunawardena
Address	5 Blagdens Close
	London
	N14 6DE
Officers Title		Date Of Birth	05/12/1961
Honours		Present Appointments	1
Appointment Date	25/09/2000	Function	Director

Name	Colin David Chaffers
Address	3 Oaklands
	South Wonston
	Winchester
	Hampshire
	SO21 3HZ
Officers Title	Mr	Date Of Birth	04/10/1955
Honours		Present Appointments	1
Appointment Date	16/06/1998	Function	Director

Name	Nigel Howard Wilson
Address	6 Oldfield Mews
	London
	N6 5XA
Officers Title	Mr	Date Of Birth	20/01/1961
Honours		Present Appointments	5
Appointment Date	31/03/1998	Function	Company Secretary

Name	Nigel Howard Wilson
Address	6 Oldfield Mews
	London
	N6 5XA
Officers Title	Mr	Date Of Birth	20/01/1961
Honours		Present Appointments	5
Appointment Date	06/11/1998	Function	Director

Name	Bruno Giacomo Mario Kilshaw
Address	38 The Broadway
	Amersham
	Buckinghamshire
	HP7 0HJ
Officers Title	Mr	Date Of Birth	21/11/1947
Honours		Present Appointments	2
Appointment Date	01/02/1993	Function	Director

Name	Alan Hillary
Address	1 Cameron Close
	Cranleigh
	Surrey
	GU6 8EB
Officers Title	Mr	Date Of Birth	23/11/1953
Honours		Present Appointments	8
Appointment Date	23/06/1998	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.09
UK Pound	1	Rs.76.68
Euro	1	Rs.63.48

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

Web Address	buhlergroup.com	Incorporation Date	01/05/1947
Type of Accounts	Full Accounts	Filing Date of Accounts	15/07/2008
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	01/05/2008

Registered Address		Trading Address
Telephone Number	02070556650	Telephone Number
TPS	N	TPS
Address		Address
20 ATLANTIS AVENUE LONDON E16 2BF		20 Atlantis Avenue E16 2BF

	Industry:
	The manufacture and distribution of electronic colour sorters and vision systems, and manufacture and installation of cleaning and sorting machinery, mainly for the food and agriculture industries.

	Mortgage Charges
	Outstanding	0	Satisfied	1