MIRA INFORM REPORT

Report Date :

29.09.2008

IDENTIFICATION DETAILS

Name :	S. NORTON & CO LIMITED
Registered Office :	Bankfield House, Bankfield Mill Regent Road, Liverpool, L20 8RQ
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	29.10.1984
Legal Form :	Private limited with Share Capital
Line of Business :	Recycling of Metal Waste and Scrap

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

Maximum Credit Limit :	[£] 4,500,000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear

Name of the company

S. NORTON & CO LIMITED

Number 01859428

company summary

Address BANKFIELD HOUSE,
BANKFIELD MILL REGENT ROAD,
LIVERPOOL,
L20 8RQ

Postcode L20 8RQ

Phone 01519553300

Type Private limited with Share Capital

Company Status Active - Accounts Filed

Incorporated Date 29/10/1984

Todays Limit [£] 4,500,000

Active CCJ's 0

Value of CCJ's [£] £0

Number Of Writs 0

Current Directors 4

Total Directorships 23

Trading to Date 31/12/06 31/12/05 31/12/04

Turnover £147,138,000 £133,933,000 £147,465,000

Shareholder Funds £41,157,000 £34,533,000 £26,792,000

Employees 108 99 97

Trends

Profitability

Liquidity

Shareholders Funds

company information

Registered Address

Telephone Number 01519553300

TPS N

Address  BANKFIELD HOUSE
BANKFIELD MILL REGENT ROAD
LIVERPOOL
L20 8RQ

Trading Address

Telephone Number 0151 9336955

TPS

Address Bankfield House
Bankfield Mill Regent Road
Liverpool
L20 8RQ

Web Address s-norton.com Incorporation Date 29/10/1984

Type of Accounts Group Filing Date of Accounts 27/09/2007

Company Type Private Limited With Share Capital Date of Latest Accounts 31/12/2006

Annual Return 14/08/2008

Industry:

A Group Is Engage In Processing Of Scrap Metal From Its Premises In Liverpool And Manchester.

SIC Code Description

3710 Recycling Of Metal Waste & Scrap

Mortgage Charges

Outstanding 8 Satisfied 0

Shareholders

Share Capital 100000 Currency Gbp

Secondary Industry Code Details

SIC Code Description

3710 Recycling Of Metal Waste & Scrap

5157 Wholesale Of Waste & Scrap

Mortgage Details

Mortgage Type: mortgage

Date Charge Created: 26/11/2002 Date Charge Registered: 29/11/2002

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: £3,000,000 and all other sums due or to become due from the company to the charg ee on any account whatsoever

Details: one r57054m zz 250x260 - 5000 hp scrap p rocess plant with top grid cover as supp lied to the borrower by metso minerals ( uk) ltd/scedala ltd under order no. 1345 68 together with all component parts acc essories improvements and renewals and a ll books manuals handbooks technical dat a drawings schedules and other documenta tion (or any amendments to them) belongi ng to the above items.

Mortgage Type: legal charge

Date Charge Created: 20/02/2000 Date Charge Registered: 28/02/2000

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: all monies due or to become due from the company to the chargee on any account whatsoever.

Details: land adjoining tenax road trafford park greater manchester t/n gm780102

Mortgage Type: legal charge

Date Charge Created: 14/02/1992 Date Charge Registered: 21/02/1992

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: all monies due or to become due from the company to the chargee on any account whatsoever.

Details: land and buildings on west side derby ro ad,liverpool merseyside title nos.ms3116 90 and ms311611

Mortgage Type: legal charge

Date Charge Created: 28/02/1989 Date Charge Registered: 14/03/1989

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: all monies due or to become due from the company to the chargee on any account whatsoever.

Details: land & buildings on south side of jordan street and west side of flint street li verpool merseyside t/n ms 128387

Mortgage Type: legal charge

Date Charge Created: 03/01/1986 Date Charge Registered: 06/01/1986

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: all monies due or to become due from the company to the chargee on any account whatsoever.

Details: 81/87 (odd numbers) grafton street, live rpool

Mortgage Type: debenture

Date Charge Created: 03/01/1986 Date Charge Registered: 06/01/1986

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS 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: debenture

Date Charge Created: 03/01/1986 Date Charge Registered: 06/01/1986

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: all monies due or to become due from the company to the chargee on any account whatsoever.

Details: land & buildings on the south side of jo rdan street and west side of flint stree t liverpool.

Mortgage Type: debenture

Date Charge Created: 03/01/1986 Date Charge Registered: 06/01/1986

Date Charge Satisfied: Status: Outstanding

Person(s) Entitled: BARCLAYS BANK PLC

Amount Secured: all monies due or to become due from the company to the chargee on any account whatsoever.

Details: anaconda works, trafford park, mancheste r.

Shareholders Details

Name Shares

J A Harry 33,334 Ordinary Gbp 1.00

M P Harry 33,333 Ordinary Gbp 1.00

C T Harry 33,333 Ordinary Gbp 1.00

Trading Address Details

Address Telephone Number TCPS

S NORTON & CO LTD REGENT RD BOOTLE MERSEYSIDE L20 8RQ 01519553300 N

S NORTON & CO LTD REGENT RD BOOTLE MERSEYSIDE L20 8RQ 01519336955 N

Bankfield House Bankfield Mill Regent Road Liverpool L20 8RQ

S NORTON & CO LTD REGENT RD BOOTLE MERSEYSIDE L20 8RQ 01519336955 N

S NORTON & CO LTD REGENT RD BOOTLE MERSEYSIDE L20 8RQ 01519553300 N

LIVERPOOL L20 1DQ 01519224647 N

accounts

PROFIT & LOSS

Annual Accounts	01/06-12/06	Change (%)	01/05-12/05	Change (%)	01/04-12/04
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	Y	-	Y	-	Y
Turnover	147,138,000	9.9 %	133,933,000	-9.2 %	147,465,000
Export	-	-	-	-	-
Cost of Sales	126,351,000	2.1 %	123,759,000	-6.2 %	132,001,000
Gross Profit	20,787,000	104.3 %	10,174,000	-34.2 %	15,464,000
Wages & Salaries	3,816,000	7.8 %	3,540,000	13.4 %	3,123,000
Directors Emoluments	546,000	-14.0 %	635,000	24.3 %	511,000
Operating Profits	18,446,000	140.7 %	7,663,000	-41.9 %	13,183,000
Depreciation	2,065,000	0.8 %	2,048,000	2.8 %	1,992,000
Audit Fees	16,000	-5.9 %	17,000	13.3 %	15,000
Interest Payments	928,000	-11.0 %	1,043,000	-81.3 %	5,589,000
Pre Tax Profit	9,976,000	-9.6 %	11,040,000	42.2 %	7,764,000
Taxation	-3,052,000	7.5 %	-3,299,000	-46.2 %	-2,257,000
Profit After Tax	6,924,000	-10.6 %	7,741,000	40.6 %	5,507,000
Dividends Payable	-	-	-	-	-
Retained Profits	6,924,000	-10.6 %	7,741,000	40.6 %	5,507,000

BALANCE SHEET

Annual Accounts	01/06-12/06	Change (%)	01/05-12/05	Change (%)	01/04-12/04
Tangible Assets	14,061,000	3.6 %	13,570,000	-7.2 %	14,620,000
Intangible Assets	-	-	-	-	-
Total Fix Assets	14,061,000	3.6 %	13,570,000	-7.2 %	14,620,000
Total Current Assets	45,061,000	7.5 %	41,922,000	-7.8 %	45,471,000
Trade Debtors	1,474,000	-73.6 %	5,583,000	373.9 %	1,178,000
Stock	41,600,000	20.6 %	34,500,000	-19.0 %	42,600,000
Cash	38,000	52.0 %	25,000	31.6 %	19,000
Other Current Assets	1,949,000	7.4 %	1,814,000	8.4 %	1,674,000
Increase In Cash	13,000	116.7 %	6,000	-45.5 %	11,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	59,122,000	6.5 %	55,492,000	-7.7 %	60,091,000
Total Current Liabilities	15,117,000	-12.2 %	17,215,000	-41.6 %	29,460,000
Trade Creditors	10,282,000	66.7 %	6,167,000	-43.9 %	11,002,000
Bank Overdraft	1,196,000	-53.2 %	2,554,000	-83.9 %	15,892,000
Other Short Term Fin	-	-100.0 %	114,000	-	-
Miscellaneous Current Liabilities	3,639,000	-56.6 %	8,380,000	226.6 %	2,566,000
Other Long Term Fin	1,733,000	-33.1 %	2,592,000	-2.4 %	2,657,000
Total Long Term Liabilities	2,848,000	-23.9 %	3,744,000	-2.5 %	3,839,000
Bank Overdraft & LTL	4,044,000	-35.8 %	6,298,000	-68.1 %	19,731,000
Total Liabilities	17,965,000	-14.3 %	20,959,000	-37.1 %	33,299,000
Net Assets	41,157,000	19.2 %	34,533,000	28.9 %	26,792,000
Working Capital	29,944,000	21.2 %	24,707,000	54.3 %	16,011,000

CAPITALS & RESERVES

Annual Accounts	01/06-12/06	Change (%)	01/05-12/05	Change (%)	01/04-12/04
Paid up equity	100,000	-	100,000	-	100,000
P&L Account Reserve	41,057,000	19.2 %	34,433,000	29.0 %	26,692,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	41,157,000	19.2 %	34,533,000	28.9 %	26,792,000
Net Worth	41,157,000	19.2 %	34,533,000	28.9 %	26,792,000

MISCELLANEOUS

Annual Accounts	01/06-12/06	Change (%)	01/05-12/05	Change (%)	01/04-12/04
Net Cashflow from Operations	16,104,000	13.0 %	14,255,000	999.9%	217,000
Net Cashflow before Financing	2,344,000	-79.4 %	11,365,000	43.2 %	7,939,000
Net Cashflow from Financing	-973,000	8.4 %	-1,062,000	-43.9 %	-738,000
Contingent Liability	YES	-	YES	-	YES
Capital Employed	44,005,000	15.0 %	38,277,000	25.0 %	30,631,000
No of Employees	108	9.1 %	99	2.1 %	97

Auditors	PRICEWATERHOUSECOOPERS LLP
AuditQualification	No Adverse Comments
Bankers	BARCLAYS BANK PLC
BankBranchCode	20-10-84

RATIOS

Annual Accounts	01/06-12/06	01/05-12/05	01/04-12/04
Pre-tax profit margin %	6.8 %	8.2 %	5.3 %
Current ratio	2.98	2.44	1.54
Sales/Net Working Capital	4.91	5.42	9.21
Gearing %	9.8 %	18.2 %	73.6 %
Equity in %	69.6 %	62.2 %	44.6 %
Creditor Days	25.44	16.81	27.23
Debtor Days	3.65	15.22	2.92
Liquidity/Acid Test	0.23	0.43	0.10
Return On Capital Employed %	22.7 %	28.8 %	25.4 %
Return On Total Assets Employed %	16.9 %	19.9 %	12.9 %
Current Debt Ratio %	0.4 %	0.5 %	1.1 %
Total Debt Ratio %	0.4 %	0.6 %	1.2 %
Stock Turnover Ratio %	28.3 %	25.8 %	28.9 %
Return on Net Assets Employed %	24.2 %	32.0 %	29.0 %

Credit Limit Explanation

The Recommended Credit Limit is calculated using a formula that analyses information from a company's financial accounts and payment record.
The advised amount can be defined as the maximum amount that could be advanced in any one calendar month, assuming standard payment terms of 30 days beyond the month of invoice. Therefore the same maximum amount could be advanced in the next calendar month.

Date Description

23/01/2004 Very Good Credit Worthiness

04/06/2003 Very Good Credit Worthiness

30/01/2002 Very Good Credit Worthiness

08/12/2001 Very Good Credit Worthiness

24/10/2001 Very Good Credit Worthiness

group structure

Ultimate Parent Company S. NORTON & CO LIMITED

Companies in Group 3

Company Name Registered Number Latest Annual Accounts

S. NORTON & CO LIMITED<<< 01859428 31/12/2006

UK SHREDDERS LIMITED 04333154 31/12/2006

 S. NORTON & CO (EXPORTS) LIMITED 01995616 31/12/2006

Status History

Date Description

No Status History

Event History

Date Description

16/09/2008 Annual Returns

08/10/2007 New Accounts Filed

23/08/2007 Annual Returns

13/10/2006 New Accounts Filed

16/11/2005 New Accounts Filed

09/11/2004 New Accounts Filed

19/09/2004 Directors Data Refresh

27/08/2004 Annual Returns

04/02/2004 Company Principal Activities

04/02/2004 New Account

23/01/2004 Contact Tlf,fax

directors

Name Matthew Paul Harry

Address Bankfield Mill Regent Road

Liverpool

Merseyside

L20 8RQ

Officers Title Mr Date Of Birth 06/05/1950

Honours Present Appointments 6

Appointment Date 31/08/1991 Function Director

Name John Anthony Harry

Address Bankfield House Regent Road

Liverpool

Merseyside

L20 8RQ

Officers Title Mr Date Of Birth 08/09/1946

Honours Present Appointments 8

Appointment Date 31/08/1991 Function Director

Name Charles Thomas Harry

Address Bankfield Mill Regent Road

Liverpool

Merseyside

L20 8RQ

Officers Title Mr Date Of Birth 13/01/1949

Honours Present Appointments 9

Appointment Date 31/08/1991 Function Company Secretary

Name Charles Thomas Harry

Address Bankfield Mill Regent Road

Liverpool

Merseyside

L20 8RQ

Officers Title Mr Date Of Birth 13/01/1949

Honours Present Appointments 9

Appointment Date 31/08/1992 Function Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.94
UK Pound	1	Rs.85.57
Euro	1	Rs.67.79

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