MIRA INFORM REPORT

Report Date :

20.12.2008

IDENTIFICATION DETAILS

Name :	LONDON METALS & COMMODITIES LIMITED

Registered Office :	Suite 164, 8 Shepherd Market, Mayfair, London W1J 7JY

Country :	United Kingdom

Financials (as on) :	31.10.2007

Date of Incorporation :	04.05.1988

Legal Form :	Private Limited with Share Capital

Line of Business :	Trading in Physical Metal for Export and Acting as Agents for Manufacturers of Metals and Textiles

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Name of the company

LONDON METALS & COMMODITIES LIMITED

Number 02250875

company summary

Phone		Type	Private limited with Share Capital
Address	SUITE 164, 8 SHEPHERD MARKET, MAYFAIR, LONDON W1J 7JY	Company Status	Active - Accounts Filed
Postcode	W1J 7JY	Incorporated Date	04/05/1988

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

	Current Directors	3
	Total Directorships	9

Trading to Date	31/10/07	31/10/06	31/10/05
Turnover	£29,372,546	£26,423,003	£37,121,000
Shareholder Funds	£-579,647	£-785,502	£2,313,000
Employees	2	3	3

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Secondary Industry Code Details

	SIC Code	Description
	5190	Other Wholesale

Mortgage Details

Mortgage Type:	debenture
Date Charge Created:	31/07/2000	Date Charge Registered:	08/08/2000
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	HSBC BANK 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.

Mortgage Type:	cash deposit security terms.
Date Charge Created:	22/02/1989	Date Charge Registered:	09/03/1989
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	BANK OF CREDIT AND COMMERCE INTERNATIONAL SOCIETE ANONYME.
Amount Secured:	all monies due or to become due from the company to the chargee on any account whatsoever.
Details:	all monies standing to the credit of any deposit account in the companys name

Mortgage Type:	conditions for multi account clients.
Date Charge Created:	07/09/1988	Date Charge Registered:	13/09/1988
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	AMERICAN EXPRESS BANK LTD.
Amount Secured:	all monies due or to become due from the company to the chargee on any account whatsoever.
Details:	all moneys held on account of the compan y by the bank, all stocks, shares, secur ities, bullion, gold & silver, dividends , bonuses & interest.

Shareholders Details

	Name	Shares
	South East Asian Export Services Inc	5,559,600 Ordinary Gbp 1.00

Address	Telephone Number	TCPS
Suite 164 8 Shepherd Market Mayfair W1J 7JY
PARK TOWERS 2 BRICK ST LONDON W1J 7DD	02074912511	N

accounts

PROFIT & LOSS

Annual Accounts	11/06-10/07	Change (%)	11/05-10/06	Change (%)	11/04-10/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	29,372,546	11.2 %	26,423,003	-28.8 %	37,121,000
Export	-	-	-	-	-
Cost of Sales	28,950,684	-12.1 %	32,928,226	-10.6 %	36,814,000
Gross Profit	421,862	106.5 %	-6,505,223	-2,219.0 %	307,000
Wages & Salaries	33,360	-53.6 %	71,837	-13.4 %	83,000
Directors Emoluments	-	-	-	-	-
Operating Profits	205,469	103.0 %	-6,783,831	-24,328.0 %	28,000
Depreciation	1,696	-	1,696	-	-
Audit Fees	1,500	-31.8 %	2,200	10.0 %	2,000
Interest Payments	-	-	-	-	-
Pre Tax Profit	205,855	103.0 %	-6,783,066	-23,489.9 %	29,000
Taxation	-	-	-	100.0 %	-9,000
Profit After Tax	205,855	103.0 %	-6,783,066	-34,015.3 %	20,000
Dividends Payable	-	-	-	-	-
Retained Profits	205,855	103.0 %	-6,783,066	-34,015.3 %	20,000

BALANCE SHEET

Annual Accounts	11/06-10/07	Change (%)	11/05-10/06	Change (%)	11/04-10/05
Tangible Assets	7,665	-18.1 %	9,361	4.0 %	9,000
Intangible Assets	-	-	-	-	-
Total Fixed Assets	7,665	-18.1 %	9,361	4.0 %	9,000
Total Current Assets	3,257,817	137.3 %	1,372,735	-75.8 %	5,676,000
Trade Debtors	2,679,012	999.9%	116,102	-96.2 %	3,083,000
Stocks & WIP	268,657	-62.5 %	715,990	-46.2 %	1,331,000
Cash	6,111	-34.3 %	9,301	-55.7 %	21,000
Other Debtors	304,037	-42.8 %	531,342	-57.1 %	1,240,000
Increase In Cash	-3,190	72.7 %	-11,699	-295.0 %	6,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	3,265,482	136.3 %	1,382,096	-75.7 %	5,685,000
Total Current Liabilities	3,845,129	77.4 %	2,167,598	-35.7 %	3,372,000
Trade Creditors	-	-	-	-	-
Bank Loans & Overdrafts	2,170,087	16.3 %	1,865,402	-44.2 %	3,346,000
Other Short Term Fin	1,579,120	-	-	-	-
Miscellaneous Current Liabilities	95,922	-68.3 %	302,196	999.9%	27,000
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	-	-	-	-	-
Bank Loans & Overdrafts & LTL	2,170,087	16.3 %	1,865,402	-44.2 %	3,346,000
Total Liabilities	3,845,129	77.4 %	2,167,598	-35.7 %	3,372,000
Net Assets	-579,647	26.2 %	-785,502	-134.0 %	2,313,000
Working Capital	-587,312	26.1 %	-794,863	-134.5 %	2,304,000

CAPITALS & RESERVES

Annual Accounts	11/06-10/07	Change (%)	11/05-10/06	Change (%)	11/04-10/05
Called up Share Capital	5,559,600	-	5,559,600	196.5 %	1,875,000
P&L Account Reserve	-6,139,247	3.2 %	-6,345,102	-1,548.7 %	438,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	-579,647	26.2 %	-785,502	-134.0 %	2,313,000
Net Worth	-579,647	26.2 %	-785,502	-134.0 %	2,313,000

MISCELLANEOUS

Annual Accounts	11/06-10/07	Change (%)	11/05-10/06	Change (%)	11/04-10/05
Net Cashflow from Operations	-308,261	86.1 %	-2,214,527	-296.1 %	1,129,000
Net Cashflow before Financing	-307,875	86.1 %	-2,216,112	-298.0 %	1,119,000
Net Cashflow from Financing	-	-100.0 %	3,684,600	-	-
Contingent Liability	NO	-	NO	-	NO
Capital Employed	-579,647	26.2 %	-785,502	-134.0 %	2,313,000
No of Employees	2	-33.3 %	3	-	3

	Auditors	ODOOM & CO
	AuditQualification	No Adverse Comments
	Bankers	HSBC BANK PLC
	BankBranchCode

RATIOS

Annual Accounts	11/06-10/07	11/05-10/06	11/04-10/05
Pre-tax profit margin %	0.7 %	-25.7 %	0.1 %
Current ratio	0.85	0.63	1.68
Sales/Net Working Capital	-50.01	-33.24	16.11
Gearing %	-374.4 %	-237.5 %	144.7 %
Equity in %	-17.8 %	-56.8 %	40.7 %
Creditor Days	-	-	0.00
Debtor Days	33.20	1.60	30.31
Liquidity/Acid Test	0.78	0.30	1.29
Return On Capital Employed %	-35.5 %	863.5 %	1.3 %
Return On Total Assets Employed %	6.3 %	-490.8 %	0.5 %
Current Debt Ratio %	-6.6 %	-2.8 %	1.5 %
Total Debt Ratio %	-6.6 %	-2.8 %	1.5 %
Stock Turnover Ratio %	0.9 %	2.7 %	3.6 %
Return on Net Assets Employed %	-35.5 %	863.5 %	1.3 %

group structure

	Ultimate Parent Company	SOUTH EAST ASIAN EXPORT SERVICES INC
	Companies in Group	2

Company Name	Registered Number	Latest Annual Accounts
SOUTH EAST ASIAN EXPORT SERVICES INC	LIBERIA	N/A
LONDON METALS & COMMODITIES LIMITED<<<	02250875	31/10/2007

Status History

Date	Description
No Status History

Event History

Date	Description
03/12/2008	Annual Returns
07/12/2007	New Accounts Filed
17/09/2007	New Accounts Filed
22/01/2007	Change In Reg.office
22/01/2007	Change Of Company Postcode
09/03/2006	New Accounts Filed
16/09/2005	New Accounts Filed
26/11/2004	Annual Returns
12/06/2004	Data Refresh
27/01/2004	Parent Company And Ultimate Parent
27/01/2004	Company Principal Activities
27/01/2004	New Account

directors

Name	Rama Kant Rathi
Address	Hanibuhl 19
	6301 Zug
	Switzerland
Officers Title		Date Of Birth	11/01/1941
Honours		Present Appointments	3
Appointment Date	14/11/1991	Function	Director

Name	Balwant Singh Maru
Address	211 The Quadrangle Tower Cambridge Square
	London
	W2 2PJ
Officers Title	Mr	Date Of Birth	08/07/1941
Honours		Present Appointments	6
Appointment Date	14/11/1991	Function	Company Secretary

Name	Balwant Singh Maru
Address	211 The Quadrangle Tower Cambridge Square
	London
	W2 2PJ
Officers Title	Mr	Date Of Birth	08/07/1941
Honours		Present Appointments	6
Appointment Date	14/11/1991	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.08
UK Pound	1	Rs.71.17
Euro	1	Rs.66.98

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		Incorporation Date	04/05/1988
Type of Accounts	Full Accounts	Filing Date of Accounts	30/11/2007
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/10/2007
Annual Return	02/11/2008

	Registered Address		Trading Address
	Telephone Number		Telephone Number
	TPS		TPS
	Address		Address
	SUITE 164 8 SHEPHERD MARKET MAYFAIR LONDON W1J 7JY		Suite 164 8 Shepherd Market Mayfair W1J 7JY

	Industry:
	Trading in physical metal for export and acting as agents for manufacturers of metals and textiles.

	Mortgage Charges
	Outstanding	3	Satisfied	0