MIRA INFORM REPORT

Report Date :

06.12.2008

IDENTIFICATION DETAILS

Name :	INCHCAPE SHIPPING SERVICES (UK) LTD

Formerly Known as :	MOGUL"STEAMSHIP COMPANY,LIMITED(THE)

Registered Office :	Unit 6/7, Lakeside Business Village, Fleming Road Chafford Hundred, Essex RM16 6YA

Country :	United Kingdom

Financials (as on) :	31.12.2007

Date of Incorporation :	24.03.1924

Legal Form :	Private Limited with Share Capital

Line of Business :	Ships Agency.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	[£] 125,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Name of the company

INCHCAPE SHIPPING SERVICES (UK) LTD

Number 00196654

company summary

Phone	01375484900	Type	Private limited with Share Capital
Address	UNIT 6/7, LAKESIDE BUSINESS VILLAGE, FLEMING ROAD CHAFFORD HUNDRED, ESSEX RM16 6YA	Company Status	Active - Accounts Filed
Postcode	RM16 6YA	Incorporated Date	24/03/1924

Todays Limit [£] 125,000

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

	Current Directors	4
	Total Directorships	59

Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	£6,942,000	£8,375,000	£6,450,000
Shareholder Funds	£4,914,000	£2,635,000	£-8,466,000
Employees	140	129	132

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Previous Names Details

	Previous Name(s)
	Changed :	03/07/1992	"mogul"steamship Company,limited(the)

Secondary Industry Code Details

	SIC Code	Description
	6340	Activities Of Other Transport Agencies

Mortgage Details

Mortgage Type:	rent deposit deed
Date Charge Created:	23/10/2006	Date Charge Registered:	27/10/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE MAYOR AND COMMONALTY AND CITIZENS OF THE CITY OF LONDON
Amount Secured:	all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge
Details:	£3,730 or such other sum as held pursuan t to the rent deposit deed

Mortgage Type:	debenture
Date Charge Created:	30/03/2006	Date Charge Registered:	11/04/2006
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC (THE SECURITY AGENT)
Amount Secured:	all monies due or to become due from any debtor to any senior creditor and mezza nine creditor on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Mortgage Type:	deed of rent deposit
Date Charge Created:	23/12/2002	Date Charge Registered:	31/12/2002
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	CHELSEA HARBOUR LIMITED
Amount Secured:	all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge
Details:	the sum od £31,184.50

Mortgage Type:	guarantee and debenture
Date Charge Created:	25/04/2000	Date Charge Registered:	08/05/2000
Date Charge Satisfied:	23/08/2006	Status:	Satisfied
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	all monies due or to become due from the company to the chargee on any account whatsoever.
Details:	01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

Shareholders Details

	Name	Shares
	Iss Group Holdings Ltd	29,325,000 Ordinary Gbp 1.00

Address	Telephone Number	TCPS
5-7 FLEMING RD CHAFFORD HUNDRED GRAYS ESSEX RM16 6YA	01375484900	N
5-7 FLEMING RD CHAFFORD HUNDRED GRAYS ESSEX RM16 6YA	01375484900	N
Unit 6/7 Lakeside Business Village Fleming Road Chafford Hundred Grays RM16 6YA
GREENOCK OCEAN TERMINAL PATRICK ST GREENOCK RENFREWSHIRE PA16 8UU	01475721600	N
HYTHE SOUTHAMPTON HAMPSHIRE SO45 1ZG	02380896838	N
HYTHE SOUTHAMPTON HAMPSHIRE SO45 1ZG	02380897569	N
FAWLEY REFINERY FAWLEY SOUTHAMPTON HAMPSHIRE SO45 1TX	02380898281	N
FAWLEY REFINERY FAWLEY SOUTHAMPTON HAMPSHIRE SO45 1TX	02380897569	N
DINSDALE HOUSE RIVERSIDE PK RD MIDDLESBROUGH CLEVELAND TS2 1UT	01642882266	N
WATERSTON IND EST MAIN RD WATERSTON MILFORD HAVEN DYFED SA73 1DP	01646690557	N
5-7 FLEMING RD CHAFFORD HUNDRED GRAYS ESSEX RM16 6YA	01375484900	N
GRANGEMOUTH FK3 8XE	01324492777	N
104 SHEERNESS DOCKS SHEERNESS KENT ME12 1RT	01795660556	N
BRISTOL BS20 9QX	01275375868	N
LOCK HEAD KINGS DOCK SWANSEA WEST GLAMORGAN SA1 8RU	01792642971	N

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	6,942,000	-17.1 %	8,375,000	29.8 %	6,450,000
Export	947,000	-33.3 %	1,419,000	-	-
Cost of Sales	1,808,000	-33.7 %	2,727,000	-	-
Gross Profit	5,134,000	-9.1 %	5,648,000	-	-
Wages & Salaries	4,748,000	-6.5 %	5,076,000	-14.7 %	5,954,000
Directors Emoluments	84,887,000	-0.1 %	84,935,000	999.9%	309,000
Operating Profits	2,298,000	32.1 %	1,740,000	166.6 %	-2,614,000
Depreciation	466,000	1.5 %	459,000	14.8 %	400,000
Audit Fees	81,000	17.4 %	69,000	187.5 %	24,000
Interest Payments	3,000	-99.3 %	400,000	654.7 %	53,000
Pre Tax Profit	2,408,000	20.3 %	2,001,000	658.0 %	264,000
Taxation	-69,000	31.0 %	-100,000	32.9 %	-149,000
Profit After Tax	2,339,000	23.0 %	1,901,000	999.9%	115,000
Dividends Payable	-	-	-	-	-
Retained Profits	2,339,000	23.0 %	1,901,000	999.9%	115,000

BALANCE SHEET

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Tangible Assets	1,399,000	-3.3 %	1,447,000	-16.5 %	1,732,000
Intangible Assets	-	-	-	-	-
Total Fixed Assets	1,399,000	-3.3 %	1,447,000	-16.5 %	1,732,000
Total Current Assets	82,784,000	26.8 %	65,273,000	-24.8 %	86,772,000
Trade Debtors	59,793,000	46.8 %	40,738,000	-40.9 %	68,981,000
Stocks & WIP	-	-	-	-	-
Cash	16,026,000	-15.8 %	19,038,000	22.9 %	15,496,000
Other Debtors	6,965,000	26.7 %	5,497,000	139.5 %	2,295,000
Increase In Cash	-3,012,000	-185.0 %	3,542,000	266.4 %	-2,128,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	84,183,000	26.2 %	66,720,000	-24.6 %	88,504,000
Total Current Liabilities	79,239,000	23.6 %	64,085,000	-33.1 %	95,863,000
Trade Creditors	66,194,000	30.9 %	50,569,000	-37.9 %	81,410,000
Bank Loans & Overdrafts	1,820,000	-66.4 %	5,414,000	-35.0 %	8,325,000
Other Short Term Fin	8,463,000	58.3 %	5,347,000	163.5 %	2,029,000
Miscellaneous Current Liabilities	2,762,000	0.3 %	2,755,000	-32.8 %	4,099,000
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	30,000	-	-	-100.0 %	1,107,000
Bank Loans & Overdrafts & LTL	1,850,000	-65.8 %	5,414,000	-42.6 %	9,432,000
Total Liabilities	79,269,000	23.7 %	64,085,000	-33.9 %	96,970,000
Net Assets	4,914,000	86.5 %	2,635,000	131.1 %	-8,466,000
Working Capital	3,545,000	198.4 %	1,188,000	113.1 %	-9,091,000

CAPITALS & RESERVES

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Called up Share Capital	29,325,000	-	29,325,000	46.4 %	20,025,000
P&L Account Reserve	-24,411,000	8.5 %	-26,690,000	6.3 %	-28,491,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	4,914,000	86.5 %	2,635,000	131.1 %	-8,466,000
Net Worth	4,914,000	86.5 %	2,635,000	131.1 %	-8,466,000

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	4,944,000	87.6 %	2,635,000	-64.2 %	7,359,000
No of Employees	140	8.5 %	129	-2.3 %	132

	Auditors	ERNST & YOUNG LLP
	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 %	34.7 %	23.9 %	4.1 %
Current ratio	1.04	1.02	0.91
Sales/Net Working Capital	1.96	7.05	-0.71
Gearing %	37.6 %	205.5 %	-111.4 %
Equity in %	5.8 %	3.9 %	-9.6 %
Creditor Days	3,470.85	2,197.86	4,606.92
Debtor Days	3,135.21	1,770.58	3,903.58
Liquidity/Acid Test	1.04	1.02	0.91
Return On Capital Employed %	48.7 %	75.9 %	3.6 %
Return On Total Assets Employed %	2.9 %	3.0 %	0.3 %
Current Debt Ratio %	16.1 %	24.3 %	-11.3 %
Total Debt Ratio %	16.1 %	24.3 %	-11.5 %
Stock Turnover Ratio %	-	-	0.0 %
Return on Net Assets Employed %	49.0 %	75.9 %	-3.1 %

group structure

	Ultimate Parent Company	ISTITHMAR PJSC
	Companies in Group	17

Company Name	Registered Number	Latest Annual Accounts
ISTITHMAR PJSC	UNT.ARAB EM.	N/A
INCHCAPE SHIPPING SERVICES WORLD LTD	CAYMAN ISL.	N/A
INCHCAPE SHIPPING SERVICES HOLDINGS LIMITED	04980958	31/12/2007
ISS GROUP HOLDINGS LIMITED	03650395	31/12/2007
INCHCAPE SHIPPING SERVICES PENSION TRUSTEES LIMITED	03831517	31/12/2007
ISS TRUSTEES LTD	03850407	31/12/2007
BETHELL,GWYN & CO.LIMITED	00525814	31/12/2007
JOHN COOK (AGENCIES) LIMITED	01459692	31/12/2007
EXNOR CRAGGS LIMITED	01376193	31/12/2007
GELLATLY SHIPPING (U.K.) LIMITED	01147588	31/12/2007
INCHCAPE SHIPPING SERVICES (IRAQ) LIMITED	00308836	31/12/2007
INCHCAPE SHIPPING SERVICES (EUROPE) LTD	00226938	31/12/2007
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED	00185767	31/12/2007
INCHCAPE SHIPPING SERVICES LTD.	01465019	31/12/2007
INCHCAPE SHIPPING SERVICES (UK) LTD<<<	00196654	31/12/2007
F M S (CHARTERING) LIMITED	02990162	31/12/2007
ISS (GLOBAL SERVICES) LIMITED	01389399	31/12/2007

Status History

Date	Description
No Status History

Event History

Date	Description
29/08/2008	New Accounts Filed
29/08/2008	New Accounts Filed
19/06/2008	Annual Returns
13/08/2007	New Accounts Filed
06/07/2007	New Accounts Filed
13/10/2006	Gary Boydcarpenter Has Left The Board
28/09/2006	New Board Member (john Horrocks) Appointed
15/05/2006	New Accounts Filed
28/06/2005	New Accounts Filed
01/11/2004	New Accounts Filed
13/09/2004	New Accounts Filed
18/06/2004	Annual Returns

directors

Name	John Horrocks
Address	21 Dunedin Drive
	Caterham
	Surrey
	CR3 6BA
Officers Title	Mr	Date Of Birth	15/09/1956
Honours		Present Appointments	14
Appointment Date	07/09/2006	Function	Director

Name	Simon Edward John Tory
Address	148 Kristiansand Way
	Letchworth
	Hertfordshire
	SG6 1TY
Officers Title	Mr	Date Of Birth	04/09/1958
Honours		Present Appointments	24
Appointment Date	05/11/2002	Function	Company Secretary

Name	Claus Hyldager
Address	42
	Wylke Lane
	Tollesbury
	Essex
	CM9 8ST
Officers Title	Mr	Date Of Birth	14/08/1958
Honours		Present Appointments	7
Appointment Date	10/04/2002	Function	Director

Name	Bernard Clinton Todd
Address	3 Forest Approach
	Woodford Green
	Essex
	IG8 9BW
Officers Title	Mr	Date Of Birth	24/03/1953
Honours		Present Appointments	14
Appointment Date	01/12/1996	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.22
UK Pound	1	Rs.73.03
Euro	1	Rs.63.14

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	iss-shipping.com	Incorporation Date	24/03/1924
Type of Accounts	Full Accounts	Filing Date of Accounts	21/08/2008
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	31/05/2008

Registered Address		Trading Address
Telephone Number	01375484900	Telephone Number	01375 484900
TPS	N	TPS
Address		Address
UNIT 6/7 LAKESIDE BUSINESS VILLAGE FLEMING ROAD CHAFFORD HUNDRED ESSEX RM16 6YA		Unit 6/7 Lakeside Business Village Fleming Road Chafford Hundred Grays RM16 6YA

	Previous Name(s)
	Changed:	03/07/1992	"mogul"steamship Company,limited(the)

	Industry:
	Ships agency.

	Mortgage Charges
	Outstanding	3	Satisfied	1