MIRA INFORM REPORT

Report Date :

20.03.2008

IDENTIFICATION DETAILS

Name :	INEOS CHLOR LIMITED
Registered Office :	P O Box 14, The Heath, Runcorn Cheshire WA7 4QG
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	11.09.2000
Com. Reg. No.:	04068812
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Chlor Based Chemical Manufacturers.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	GBP   431,200
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Company Identification Details

Subject Reported on	INEOS CHLOR LIMITED
Holding Company	INEOS CHLOR NEWCO 2 LTD
Ultimate Holding Company	INEOS GROUP LTD
Trading Address	P O BOX 9,RUNCORN SITE HQ, SOUTH PDE, ROOM 206,RUNCORN,WA7 4JE
Telephone	01928-561111

	Assurances in the form of guarantees may be necessary especially if the Credit Limit assigned is required to be exceeded
Credit Limit	GBP   431,200
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   431,200
	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	04068812
Date of Incorporation	11/09/2000
Registered Office	P O Box 14, The Heath, Runcorn Cheshire WA7 4QG
Date of Last Annual Return to Registry	28/02/2008
Activities	Chlor based chemical manufacturers.
Accounts	The last filed accounts cover the period to 31/12/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
28/02/2008	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	CHRISTOPHER EDWARD TANE
Occupation	DIRECTOR
Address	10,  CINDER CLOSE GUILDEN SUTTON , CHESTER , CH3 7EP
Country of Origin	BRITISH
Date of Birth	02/08/1956
Appointment Date	23/07/2001
Other Appointments	HAWKSLEASE FINANCE COMPANY LIMITED, INEOS CHLOR ENERGY LIMITED, INEOS CHLOR LIMITED, INEOS CHLOR NEWCO 2 LIMITED, INEOS CHLOR NEWCO 3 LIMITED, INEOS CHLOR SALES INTERNATIONAL LIMITED, INEOS INDUSTRIAL INVESTMENTS LIMITED, INEOS PROCUREMENT LIMITED, INEOS VINYLS (II) LIMITED, INEOS VINYLS FINANCE PLC , INEOS VINYLS HOLDINGS LIMITED, INEOS VINYLS INVESTMENTS LIMITED, INEOS VINYLS LIMITED, INEOS VINYLS UK LTD, VINYLS ITALIA 2 LIMITED, VINYLS ITALIA LIMITED
DIRECTOR	THOMAS PATRICK CROTTY
Occupation	DIRECTOR
Address	SUNNYBANK COTTAGE ,  SCHOOL LANE BUNBURY , TARPORLEY , CHESHIRE , CW6 9NR
Date of Birth	22/04/1956
Appointment Date	24/09/2003
Other Appointments	ELCOMBS (LYNDHURST) LIMITED, INEOS CHLOR LIMITED, INEOS FLUOR HOLDINGS LIMITED, INEOS FLUOR LIMITED, INEOS GROUP HOLDINGS PLC , INEOS GROUP LIMITED, INEOS MANUFACTURING SCOTLAND LIMITED, INEOS MARKETING SUPPORT LIMITED, INEOS VINYLS LIMITED
DIRECTOR	JAMES ARTHUR RATCLIFFE
Occupation	COMPANY DIRECTOR
Address	GREATFIELD ,  BUCKLERS HARD BEAULIEU , BROCKENHURST , HANTS , SO42 7XE
Date of Birth	18/10/1952
Appointment Date	31/12/2003
Other Appointments	INEOS CAPITAL LIMITED, INEOS CHLOR LIMITED, INEOS ENTERPRISES LIMITED, INEOS GROUP HOLDINGS PLC , INEOS GROUP LIMITED, INEOS NORWAY SPV LIMITED, INEOS PHENOL MANUFACTURING (UK) LIMITED, JAR SERVICES LIMITED, LE POUSSIN LIMITED, SCREENCONDOR II LIMITED, SCREENCONDOR LIMITED, TOPOTELS LIMITED
DIRECTOR	ASHLEY JULIAN REED
Occupation	DIRECTOR
Address	152,  BURDON LANE , SUTTON , SURREY , SM2 7DQ
Country of Origin	BRITISH
Date of Birth	20/10/1956
Appointment Date	03/02/2006
Other Appointments	HAWKSLEASE FINANCE COMPANY LIMITED, INEOS CHLOR ENERGY LIMITED, INEOS CHLOR LIMITED, INEOS CHLOR NEWCO 2 LIMITED, INEOS CHLOR NEWCO 3 LIMITED, INEOS CHLOR SALES INTERNATIONAL LIMITED, INEOS INDUSTRIAL INVESTMENTS LIMITED, INEOS VINYLS (II) LIMITED, INEOS VINYLS HOLDINGS LIMITED, INEOS VINYLS INVESTMENTS LIMITED, INEOS VINYLS LIMITED, INEOS VINYLS UK LTD, INNOVENE TRUSTEE LIMITED, VINYLS ITALIA 2 LIMITED, VINYLS ITALIA LIMITED
DIRECTOR	MICHAEL JOHN MAHER
Occupation	DIRECTOR
Address	CAE MYNYDD ,  PENTRE MINERA , WREXHAM , CLWYD , LL11 3DP
Country of Origin	BRITISH
Date of Birth	26/02/1968
Appointment Date	03/02/2006
Other Appointments	HAWKSLEASE FINANCE COMPANY LIMITED, INEOS CHLOR ENERGY LIMITED, INEOS CHLOR LIMITED, INEOS CHLOR NEWCO 2 LIMITED, INEOS CHLOR NEWCO 3 LIMITED, INEOS CHLOR SALES INTERNATIONAL LIMITED, INEOS COMPOUNDS UK LTD, INEOS INDUSTRIAL INVESTMENTS LIMITED, INEOS PROCUREMENT LIMITED, INEOS VINYLS (II) LIMITED, INEOS VINYLS FINANCE PLC , INEOS VINYLS HOLDINGS LIMITED, INEOS VINYLS INVESTMENTS LIMITED, INEOS VINYLS LIMITED, INEOS VINYLS UK LTD, REGAIN LTD., VINYLS ITALIA 2 LIMITED, VINYLS ITALIA LIMITED
DIRECTOR	OTTO  SCHNURR
Occupation	DIRECTOR
Address	5,  ASHLEY MILL LANE NORTH HALE , ALTRINCHAM , CHESHIRE , WA14 3NQ
Country of Origin	GERMAN
Date of Birth	25/11/1947
Appointment Date	28/02/2007
Other Appointments	INEOS CHLOR ENERGY LIMITED, INEOS CHLOR LIMITED, INEOS CHLOR SALES INTERNATIONAL LIMITED, INEOS PROCUREMENT LIMITED, INEOS VINYLS LIMITED, INEOS VINYLS UK LTD
SECRETARY	MR  PAUL NICHOLS
Address	8 MANLEY ROAD,  , FRODSHAM , WA6 6EP
Country of Origin	BRITISH
Date of Birth	25/06/1958
Appointment Date	10/10/2005

Recently Resigned Directors (last 3)

DIRECTOR	ANTHONY  TRAYNOR
Occupation	DIRECTOR
Address	14 , LYME GROVE , ALTRINCHAM , CHESHIRE , - -
Country of Origin	BRITISH
Date of Birth	06/05/1953
Resignation Date	28/02/2007
DIRECTOR	ANTOINE  VERRIJCKT
Occupation	DIRECTOR
Address	SEB NACHTEGAELSTRAAT 913 , B41 , BELGIUM , - -
Country of Origin	BELGIAN
Date of Birth	04/05/1947
Resignation Date	03/02/2006
DIRECTOR	LEONARDUS HENDRIK HEEMSKERK
Occupation	DIRECTOR
Address	15 , CUMBERS DRIVE , NESTON , MERSEYSIDE , - -
Country of Origin	BRITISH
Date of Birth	20/06/1963
Resignation Date	03/02/2006

Share Summary

Share Currency:	GBP
Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
INEOS CHLOR NEWCO 2 LTD	ORD	15	15.00	100.00

Mortgages and Charges

Total Registered	10
Total Outstanding	1
Total Satisfied	9
Most Recent Mortgage	14/10/2005

Date Registered	28/10/2005
Type	395
Date Created	14/10/2005
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND ACTING AS SECURITY TRUSTEE FOR ITSELF AND EACH
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM EACH CHARGOR TO THE CHARGEE AND THE FINANCE PARTIES 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	04/11/2004
Type	395
Date Created	25/10/2004
Lender	INEOS CAPITAL LIMITED
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE BORROWER AND EACH OTHER MEMBER OF THE BORROWER GROUP TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	BY WAY OF A FIRST MORTGAGE ALL ESTATES OR INTERESTS IN ANY FREEHOLD OR LEASEHOLD PROPERTY NOW OWNED BY IT AND BY WAY OF FIRST FIXED CHARGE ALL ESTATES OR INTERESTS IN ANY FREEHOLD OR LEASEHOLD PROPERTY NOW SUBSEQUENTLY OWNED BY IT INCLUDING ALL BUILDINGS FIXTURES FITTINGS THE BENEFIT OF ANY COVENANTS BY WAY OF A FIRST LEGAL MORTGAGE ALL SHARES BY WAY OF A FIRST FIXED CHARGE ITS INTEREST IN ALL SHARES STOCKS DEBENTURES INCLUDING ANY DIVIDEND OR INTEREST PAID; SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	20/01/2004
Type	395
Date Created	31/12/2003
Lender	IMPERIAL CHEMICAL INDUSTRIES PLC AND ICI INDUSTRIAL INVESTMENTS LIMITED
Secured On	ALL OF THE OBLIGATIONS OF ANY BORROWER AND EACH OTHER MEMBER OF THE BORROWER GROUP AND OF CHLOR 1 AND EACH MEMBER OF THE BORROWER GROUP OR THE CHLOR 2 GROUP 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	14/01/2004
Type	395
Date Created	31/12/2003
Lender	INEOS CAPITAL LIMITED
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE BORROWER & EACH OTHER MEMBER OF THE BORROWER GROUP UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	BY WAY OF FIRST LEGAL MORTGAGE ALL ESTATES OR INTERESTS IN ANY FREEHOLD OR LEASEHOLD PROPERTY NOW OWNED BY IT AND BY WAY OF FIRST FIXED CHARGE ALL ESTATES OR INTERESTS IN ANY FREEHOLD OR LEASEHOLD PROPERTY NOW OR SUBSEQUENTLY OWNED BY IT INCLUDING ALL BUILDINGS FIXTURES FITTINGS AND FIXED PLANT & MACHINERY BY WAY OF A FIRST MORTGAGE ALL SHARES BY WAY OF A FIRST FIXED CHARGE ITS INTEREST IN ALL SHARES STOCKS DEBENTURES ANY DIVIDEND OR INTEREST PAID OR PAYABLE IN RELATION TO IT AND ANY RIGHT MONEY OR PROPERTY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	18/06/2002
Type	395
Date Created	07/06/2002
Lender	SOVEREIGN FINANCE Plc and OTHERS (AS DEFINED)
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	THE CASH DEPOSIT ACCOUNT BEING ACCOUNT NUMBER 30779334 IN THE NAME OF THE COMPANY AT BARCLAYS BANK PLC AND ALL MONIES STANDING TO THE CREDIT OF THE ACCOUNT
Satisfied?	Fully
Date Registered	30/04/2001
Type	395
Date Created	19/04/2001
Lender	BARCLAYS BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	BARCLAYS BANK PLC RE INEOS CHLOR LIMITED BUSINESS PREMIUM ACCOUNT NUMBER 50041599 THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL OR ANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) AND THE DEBTS REPRESENTED THEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO TIME ACCRUING THEREON IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR FOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON
Satisfied?	Fully
Date Registered	18/04/2001
Type	395
Date Created	04/04/2001
Lender	BARCLAYS BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	BARCLAYS BANK PLC RE INEOS CHLOR LIMITED BUSINESS PREMIUM ACCOUNT, ACCOUNT NUMBER 50041599 THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL OR ANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) AND THE DEBTS REPRESENTED THEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO TIME ACCRUING THEREON IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR FOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON
Satisfied?	Fully
Date Registered	01/03/2001
Type	9999
Date Created	20/02/2001
Lender	IMPERIAL CHEMICAL INDUSTRIES PLC
Secured On	ALL OBLIGATIONS (WHETHER PRESENT FUTURE ACTUAL OR CONTINGENT) OF THE BORROWER AND EACH OTHER MEMBER OF THE BORROWING GROUP UNDER INSOFAR AS THE LENDER IS FROM TIME TO TIME ICI OR A MEMBER OF ITS GROUP THE ICI FACILITY AGREEMENT AND THE OTHER FINANCE DOCUMENTS (ALL AS DEFINED) AND INSOFAR AS THE LENDER IS FOR TIME TO TIME NOT ICI OR A MEMBER OF ITS GROUP ANY COUNTER-INDEMNITY AND THE SECURITY DOCUMENTS (ALL AS DEFINED) AND ALL OF THE OBLIGATIONS WHETHER PRESENT FUTURE ACTUAL OR CONTINGENT OF THE BORROWER AND EACH OTHER MEMBER OF THE BORROWER GROUP UNDER THE SALE AND PURCHASE AGREEMENT (AND ANY DOCUMENT ENTERED INTO PURSUANT TO OR IN CONNECTION WITH IT) INSOFAR AS IT RELATES TO THE CORMORANT BUSINESS (AS DEFINED)
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	26/02/2001
Type	9999
Date Created	19/02/2001
Lender	BARCLAYS BANK PLC (THE "ORIGINAL CREDITOR")
Secured On	ALL THE MONIES WHICH NOW OR AT ANY TIME IN FUTURE MAY BE OWING DUE ANDOR PAYABLE (BUT REMAINING UNPAID) BY ANY CHARGOR TO THE ORIGINAL CREDITOR UNDER THE FACILITY AGREEMENT OR ANY OTHER FINANCE DOCUMENT
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	29/01/2001
Type	395
Date Created	09/01/2001
Lender	IMPERIAL CHEMICAL INDUSTRIES PLC
Secured On	ALL OBLIGATIONS (WHETHER PRESENT FUTURE ACTUAL OR CONTINGENT) OF THE BORROWER AND EACH OTHER MEMBER OF THE BORROWING GROUP UNDER INSOFAR AS THE LENDER IS FROM TIME TO TIME ICI OR A MEMBER OF ITS GROUP THE ICI FACILITY AGREEMENT AND THE OTHER FINANCE DOCUMENTS (ALL AS DEFINED) AND INSOFAR AS THE LENDER IS FOR TIME TO TIME NOT ICI OR A MEMBER OF ITS GROUP ANY COUNTER-INDEMNITY AND THE SECURITY DOCUMENTS (ALL AS DEFINED) AND ALL OF THE OBLIGATIONS WHETHER PRESENT FUTURE ACTUAL OR CONTINGENT OF THE BORROWER AND EACH OTHER MEMBER OF THE BORROWER GROUP UNDER THE SALE AND PURCHASE AGREEMENT (AND ANY DOCUMENT ENTERED INTO PURSUANT TO OR IN CONNECTION WITH IT) INSOFAR AS IT RELATES TO THE CORMORANT BUSINESS (AS DEFINED)
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

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Chlor based chemical manufacturers.
Sic Code	Description
2451	Manufacture of soap and detergents, cleaning and polishing preparations
2414	Manufacture of other organic basic chemicals
Staff Employed	2132
Auditors	PricewaterhouseCoopers LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Barclays Bank PLC
Sort Codes	205478

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	Yes	Yes	Yes
SALES	370,000	356,700	301,700	372,600
Export Sales	183,700	205,400	13,800	-
Other operating income	3,300	-	800	2,900
Cost of goods sold	298,700	333,200	287,900	324,300
GROSS PROFIT	71,300	23,500	13,800	48,300
Other Expenses	70,900	9,100	8,300	19,200
General administration costs (-)	17,000	9,600	16,600	21,600
Wages and Salaries	54,100	50,300	47,300	66,400
Depreciation	19,600	15,200	12,200	-
Other operating charges	800	-	-	-
Net Operating Profit(Loss)	-14,100	4,800	-10,300	10,400
Non Trading Income	400	400	300	200
Other financial income	11,100	-	-	34,300
Total Non Trading Income	11,500	400	300	34,500
Interest expenses & similar (-)	27,100	7,900	3,000	10,400
Other financial charges	700	-	-	-
Financial Expenses	27,800	7,900	3,000	10,400
PRE TAX PROFIT	-30,400	-2,700	-13,000	34,500
Other Taxation	0	100	100	200
Taxation	-2,200	0	0	0
PROFIT AFTER TAX	-28,200	-2,800	-13,100	34,300
Net Loss	28,200	2,800	13,100	-
Dividends Payable	0	0	0	0
RETAINED PROFITS	-	-	-	34,200

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	Yes	Yes	Yes
TOTAL FIXED ASSETS	361,800	334,800	168,500	76,700
Land & buildings	65,300	254,000	99,600	13,300
Plant, machinery & equipment	295,300	79,100	68,700	63,000
Intangible Assets	1,200	1,700	200	400
TOTAL CURRENT ASSETS	97,100	109,500	98,900	110,100
Stocks	19,800	25,800	19,200	17,900
Trade Debtors	7,000	62,700	60,700	57,000
Other Receivables	3,800	6,600	4,700	1,700
Prepaid expenses	2,800	5,900	6,100	6,900
Group Loans	60,000	6,200	5,000	25,000
Cash	3,600	2,300	3,200	1,600
Tax Recoverable	100	-	-	-
TOTAL ASSETS	458,900	444,300	267,400	186,800
TOTAL CURRENT LIABILITIES	93,700	177,900	129,600	84,100
Trade Creditors	46,700	56,800	47,200	37,100
Bills of exchange payable (short term)	2,900	-	-	-
Taxes	1,900	1,700	2,200	2,000
Other Current Liabilities	12,900	85,300	21,800	2,900
Due From Group	5,800	13,300	16,700	-
Accruals & deferred income	23,500	20,800	21,100	15,500
WORKING CAPITAL	3,400	-68,400	-30,700	26,000
TOTAL LONG TERM LIABS	417,300	206,900	78,100	116,500
Other Long Term Liabilities	417,300	206,900	2,700	3,000
NET ASSETS/(LIABILITIES)	365,200	266,400	137,800	102,700
SHARE CAPITAL + RESERVES	-52,100	59,500	59,700	-13,800
Share Premium Accounts	87,700	87,700	87,700	1,100
Profit and Loss account	-139,800	-30,500	-28,000	-14,900
SHAREHOLDERS FUNDS	-52,100	59,500	59,700	-13,800
CAPITAL EMPLOYED	365,200	266,400	137,800	102,700
TANGIBLE NET WORTH	-53,300	57,800	59,500	-14,200

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.04	0.62	0.76	1.31
Profit Before Tax	-0.08	-0.01	-0.04	0.09
Creditors Days (D.P.O)	57.07	62.22	59.84	41.76
Quick Ratio	0.82	0.47	0.61	1.10
Return on Assets	-6.64	-0.61	-4.87	18.51
T.N.W/Total Assets	-0.12	0.13	0.22	-0.08
Return on Capital	-8.32	-1.01	-9.43	33.59
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.00	0.00	0.22	-0.04
Solvency (%)	-958.72	665.74	349.08	-1412.68

Financial Summary

Turnover	Turnover increased by more than 4% in the period. Turnover totalled GBP  370,000,000 for the period.
Operating Loss	Totalled GBP  -14,100,000 In the period prior a profit of GBP   4,800,000 was achieved.
Pre Tax	The subject made a loss of GBP  30,400,000 compared with a loss of GBP  2,700,000 in the previous period.
Working Capital	The company's working capital improved in the period by -105%
Tangible Net Worth	Net worth reduced by 111,100,000 during the period and now stands at GBP  -53,300,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  27,500,000 to GBP  360,600,000 and are now 79% of total assets compared with 75% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 102% and are now -783% of net worth compared with 358% in the previous period
Long Term Liabilities	Long term liabilities are now 91% of total assets compared with 47% 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