MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	STANHOPE-SETA LTD.

Registered Office :	London Street Chertsey, KT16 8AP

Country :	United Kingdom

Financials (as on) :	31.07.2010

Date of Incorporation :	07.06.1940

Com. Reg. No.:	00361699

Legal Form :	Private Independent

Line of Business :	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

No. of Employees :	68

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

company name and address

Stanhope-Seta Ltd.

London Street


Chertsey, KT16 8AP
United Kingdom
Map

Tel:	01932564391
Fax:	01932568363

www.stanhope-seta.co.uk

Employees:	68
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	07-Jun-1940
Auditor:	Shipleys LLP

Financials in:	USD (mil)

Fiscal Year End:	31-Jul-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	15.9 ¹
Net Income:	0.8
Total Assets:	10.6

Business Description

Manufacture of testing equipment for the hydrocarbon industries.

Industry

Industry	Scientific and Technical Instruments
ANZSIC 2006:	2419 - Other Professional and Scientific Equipment Manufacturing
NACE 2002:	3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
NAICS 2002:	334513 - Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable
UK SIC 2003:	3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
US SIC 1987:	3823 - Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

Key Executives

Name	Title
Stephen Zeal	Marketing Director
Ian Denby	Accounts Manager
Maureen Richardson	Secretary
Gordon Daly	IT Manager
Giles Verity	Director

Financial Summary

FYE: 31-Jul-2010

USD (mil)

Key Figures
Current Assets	8.99
Fixed Assets	1.63
Total Liabilities	3.49
Net Worth	7.10

Key Ratios
Current Ratio	2.58
Acid Test	1.51

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6371955
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6385288

Corporate Overview

Location
London Street
Chertsey, KT16 8AP
Surrey County
United Kingdom

Tel:	01932564391
Fax:	01932568363

www.stanhope-seta.co.uk

Sales GBP(mil):	10.1
Assets GBP(mil):	6.8
Employees:	68
Fiscal Year End:	31-Jul-2010


Industry:	Scientific and Technical Instruments

Registered Address:
10 Orange Street
London, WC2H 7DQ
United Kingdom

Incorporation Date:	07-Jun-1940
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	00361699


Director:	Martin Verity

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2419	-	Other Professional and Scientific Equipment Manufacturing

NACE 2002 Codes:
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002 Codes:
334513	-	Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable

US SIC 1987:
3823	-	Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

UK SIC 2003:
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

Business Description

Manufacture of testing equipment for the hydrocarbon industries.

More Business Descriptions

Quality Award Consultants and Procedure Assessors

Financial Data

Financials in:	GBP(mil)

Revenue:	10.1
Net Income:	0.5
Assets:	6.8
Current Assets:	5.7
Fixed Assets:	1.0
Long Term Debt:	0.0
Total Liabilities:	2.2
Issued Capital:	1.0
Working Capital:	3.5
Net Worth:	4.5

Date of Financial Data:	31-Jul-2010

1 Year Growth

7.7%

Key Corporate Relationships

Auditor:	Shipleys LLP
Bank:	Barclays Bank PLC

Auditor:	Shipleys LLP

Auditor History
Shipleys LLP	31-Jul-2010
Shipleys LLP	31-Jul-2009
Shipleys LLP	31-Jul-2008
Shipleys LLP	31-Jul-2007
Shipleys LLP	31-Jul-2006

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	07-31-2010

Executives Report

Board of Directors

Name

Title

Function

Giles Verity

Director

Director/Board Member

Martin Verity

Director

Director/Board Member

Executives

Name

Title

Function

Maureen Richardson

Secretary

Company Secretary

Ian Denby

Accounts Manager

Accounting Executive

Stephen Zeal

Marketing Director

Marketing Executive

Gordon Daly

IT Manager

Information Executive

Directors and Shareholders Report

Annual Return Date: 25 May 2011
Total Issued Capital (GBP 000): 1,000

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Maureen Richardson	Current	31 Aug 1942	Shelleys, Wick Lane Englefield Green, Egham, Surrey TW20 0XE	25 May 1992	NA	Current:2 Previous:0 Disqualifications:0
Martin Verity	Current	20 Jun 1968	Tealby, Heath Rise, Virginia Water, Surrey GU25 4AX	01 Oct 1998	NA	Current:1 Previous:0 Disqualifications:0
Giles Verity	Current	19 Jul 1965	Garden Court, Ottershaw Park Ottershaw, Chertsey, Surrey KT16 0QG	01 Nov 2000	NA	Current:2 Previous:0 Disqualifications:0
Claude Alan Richardson	Previous	04 Mar 1910	Park Close, Englefield Green, Egham, Surrey TW20 0XD	25 May 1992	30 Sep 1998	Current:0 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Maureen Richardson	Current	31 Aug 1942	Shelleys, Wick Lane Englefield Green, Egham, Surrey TW20 0XE	25 May 1992	NA	Current:2 Previous:0 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Maureen Richardson	1000000 B Ordinary GBP 1.00	B Ordinary	1,000,000	1.00	1,000,000.00	99.99
Maureen Richardson	100 A Ordinary GBP 1.00	A Ordinary	100	1.00	100.00	<0.01

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Jul-2010	31-Jul-2009	31-Jul-2008	31-Jul-2007	31-Jul-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.637195	0.636663	0.500129	0.513635	0.560247
Consolidated	No	No	No	No	No

Total Turnover	15.9	-	-	-	-
Cost of Sales	9.4	-	-	-	-
Gross Profit	6.5	6.1	7.3	4.8	4.2
Depreciation	0.1	0.1	0.2	0.2	0.2
Other Expenses	5.7	5.5	6.6	3.9	3.9
Operating Profit	0.8	-	-	-	-
Other Income	0.0	0.1	0.2	0.1	0.1
Interest Paid	0.0	0.0	0.0	0.0	0.0
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	-	0.0	-
Profit Before Taxes	0.8	0.6	1.0	1.0	0.3
Tax Payable / Credit	0.0	-0.2	0.1	0.2	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.7	0.3	0.7	0.0
Profit After Taxes	0.8	0.1	0.6	0.2	0.3
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	68	65	62	58	56
Wages	4.7	4.6	5.6	3.2	3.3
Social Security Costs	0.5	0.5	0.6	0.3	0.4
Pensions	-	0.0	0.0	0.0	0.0
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	5.2	5.2	6.3	3.6	3.7
Directors Emoluments	-	1.8	2.3	0.3	0.9
Other Costs	-	0.0	0.0	0.0	0.0
Directors Remuneration	1.8	1.8	2.3	0.3	0.9
Highest Paid Director	0.9	0.9	1.1	0.1	0.4

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Jul-2010	31-Jul-2009	31-Jul-2008	31-Jul-2007	31-Jul-2006
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.638529	0.603191	0.504821	0.492114	0.535604
Consolidated	No	No	No	No	No

Land & Buildings	-	1.3	1.6	1.7	1.5
Fixtures & Fittings	-	0.2	0.3	0.4	0.3
Plant & Vehicles	-	0.2	0.2	0.3	0.3
Total Tangible Fixed Assets	1.6	1.8	2.2	2.3	2.1
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	1.6	1.8	2.2	2.3	2.1
Stocks	-	3.7	4.3	3.9	3.1
Work in Progress	-	0.2	0.2	0.3	0.3
Total Stocks Work In Progress	3.7	3.9	4.5	4.2	3.4
Trade Debtors	-	3.0	3.2	3.2	1.7
Other Debtors	-	0.2	0.3	0.4	0.2
Total Debtors	3.3	3.2	3.5	3.6	1.9
Cash and Equivalents	1.9	3.3	4.1	2.2	2.7
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	9.0	10.4	12.1	10.0	8.0
Total Assets	10.6	12.2	14.3	12.3	10.1
Trade Creditors	-	1.4	1.6	1.9	0.9
Bank Overdraft	-	0.0	-	-	-
Inter-Company Creditors	-	0.0	-	-	-
Director Loans (Current Liability)	-	1.1	0.7	1.2	0.4
Hire Purchase (Current Liability)	-	0.0	-	-	-
Finance Lease (Current Liability)	-	0.0	-	-	-
Total Finance Lease/Hire Purchase (Current Liability)	-	0.0	-	-	-
Total Short Term Loans	-	0.0	-	-	-
Accruals/Deferred Income (Current Liability)	-	2.1	2.5	0.1	0.8
Social Security/VAT	-	0.1	0.1	0.1	0.1
Corporation Tax	-	0.0	0.1	0.0	0.0
Dividends (Current Liability)	-	0.0	-	-	-
Other Current Liabilities	3.5	0.0	0.2	0.1	0.1
Total Current Liabilities	3.5	4.7	5.2	3.6	2.4
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.3	0.3	0.1
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.3	0.3	0.1
Issued Capital	1.6	1.7	2.0	2.0	1.9
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	5.5	5.8	6.8	6.4	5.7
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	7.1	7.5	8.8	8.4	7.6
Net Worth	7.1	7.5	8.8	8.4	7.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Jul-2010	31-Jul-2009	31-Jul-2008	31-Jul-2007	31-Jul-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.637195	0.636663	0.500129	0.513635	0.560247
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	-0.4	0.8	2.2	0.2	0.8
Net Cash Flow from ROI and Servicing of Finance	0.0	0.0	0.2	0.1	0.0
Taxation	0.0	-0.1	0.0	0.0	0.0
Capital Expenditures	-0.1	-0.1	-0.1	-0.2	-0.1
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	-0.7	-0.7	-0.3	-0.7	0.0
Management of Liquid Resources	0.0	2.7	-1.9	-0.3	-0.2
Net Cash Flow From Financing	0.0	0.0	0.0	0.0	0.0
Increase in Cash	-1.2	2.6	0.1	-1.0	0.6

Annual Ratios

Financials in: USD (mil)

	31-Jul-2010	31-Jul-2009	31-Jul-2008	31-Jul-2007	31-Jul-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.638529	0.603191	0.504821	0.492114	0.535604
Consolidated	No	No	No	No	No

Current Ratio	2.58	2.23	2.35	2.79	3.38
Liquidity Ratio	1.51	1.39	1.47	1.62	1.94
Stock Turnover	4.25	-	-	-	-
Working Capital by Sales	34.67%	-	-	-	-
Trade Credit by Debtors	-	0.49	0.51	0.61	0.54
Return on Capital	11.68%	8.89%	10.49%	12.24%	3.77%
Return on Assets	7.84%	5.48%	6.69%	8.68%	2.89%
Profit Margin	5.25%	-	-	-	-
Return on Shareholders Funds	11.73%	8.95%	10.82%	12.68%	3.83%
Borrowing Ratio	-	14.24%	7.63%	14.79%	4.90%
Equity Gearing	66.84%	61.17%	61.87%	68.45%	75.34%
Sales by Tangible Assets	9.72	-	-	-	-
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.2	-	-	-	-
Capital Employed per Employee	0.1	0.1	0.1	0.2	0.1
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.2	0.2	0.2	0.2	0.2
Employee Remuneration by Sales	32.89%	-	-	-	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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	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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.