MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Name :	JAYLEW (ENGINEERING) LIMITED

Registered Office :	Unit 12a Autumn Park, Dysart Road, Grantham, Lincolnshire, Ng31 7dd.

Country :	United Kingdom

Financials (as on) :	28.02.2010

Date of Incorporation :	29.05.1970

Com. Reg. No.:	00980728

Legal Form :	Private Limited Company

Line of Business :	Sub Contract Engineering

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	GBP 32,000
Status :	Moderate
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United Kingdom

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

Company Identification Details

Subject Reported on	JAYLEW (ENGINEERING) LIMITED
Registration Number	00980728
Address	UNIT 12A, AUTUMN PARK INDUSTRIAL ESTATE, GRANTHAM, LINCS, NG31 7DD.

Creditline Recommendations

Monthly Credit Guide

GBP 32,000

Official Company Data

Legal Form	Private Limited
Registration Number	00980728
Subject Status	Trading
Date of Incorporation	29/05/1970
Registered Office	UNIT 12A AUTUMN PARK, DYSART ROAD, GRANTHAM, LINCOLNSHIRE, NG31 7DD.
History	24/09/1999 : The Registered Office address changed from 63 FOSSE WAY, SYSTON, LEICESTER, LE7 1NF.
	12/11/1998 : The Registered Office address changed from THE CORPORATION FACTORIES, BELTON LANE, GRANT.
	3/08/1991 : The Registered Office address changed from THE CORPORATION FACTORIES, BELTON LANE, GRANT.
Date of Last Annual Return to Registry	19/01/2010
Accounts	The last filed accounts at Companies House are those to 28/02/2010
Accounting Reference Date	28/02

Operations

Activities	Sub contract engineering.
Nace Code	2875
Premises	WORKSHOP
Staff Employed	34
Bankers	LLOYDS BANK
Address	1 ST PETERS HILL, GRANTHAM, LINCOLNSHIRE, NG31 6QE.
Sort Code	309358
Auditors	RSM Tenon Audit Ltd
Branches	UNIT 12A AUTUMN PARK, DYSART RD, GRANTHAM, LINCOLNSHIRE, NG31 7DD.

Historical Rating

Date	Monthly Credit Guide
12/02/2011	32,000
12/11/2010	54,000
12/08/2010	113,000
12/05/2010	113,000
12/02/2010	78,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	2
Number Outstanding	2
Number Partially Satisfied	0
Number Satisfied	0

Date of Latest Mortgage Created	29/02/2008

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	18/03/2008	29/02/2008	Debenture	395	Pa Trust Limited As Trustee Of The Jaylaw (Engineering) Limi
	22/09/1987	09/09/1987	Single Debenture	N/A	Lloyds Bank Plc

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

11/05/2004	Companies House Gazette	Change among directors of a company
06/04/2004	Companies House Gazette	Alteration in memorandum or articles of association
12/09/1996	Companies House Gazette	Change among directors of a company
15/09/1993	Companies House Gazette	Change among directors of a company
22/03/1989	Companies House Gazette	Change among directors of a company
21/07/1988	Companies House Gazette	Change among directors of a company
02/03/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)

Company Secretary

Secretary	DAVID BELL
Service Address	31 EASTGATE, HALLATON, MARKET HARBOROUGH, LEICS, LE16 8UB.
Country of Origin	UNITED KINGDOM
Date of Birth	05/03/1966
Appointment Date	30/04/2004
Other Directorships	SOUTHFIELDS LEISURE LIMITED

Directors

Managing Director	MR STEPHEN CHRISTOPHER LEWIN
Service Address	63A CHURCH STREET, LONG BENNINGTON, NEWARK, NOTTINGHAMSHIRE, NG23 5ES.
Country of Origin	UNITED KINGDOM
Date of Birth	16/12/1968
Appointment Date	01/09/1996

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	100 Stephen Christopher Lewin

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	78	52
Accounts Date	28/02/2010	28/02/2009	29/02/2008	31/08/2006
Currency	GBP	GBP	GBP	GBP
SALES	5057
Cost of goods sold	3809
GROSS PROFIT	1248	2181	2441
Wages and Salaries	601	1185	1525
Directors Emoluments	46	29	16
Auditors Fees	9	10	8
Trading Profit	254	293	786
Depreciation	215	193	271
OPERATING PROFIT	39	100	515
Non Trading Income	1	15	42
Interest Payable	94	72	39
PRE TAX PROFIT	(54)	43	518
Taxation	(4)	(23)	124
PROFIT AFTER TAX	(50)	66	394
Dividends Payable	100
RETAINED PROFITS	(150)	66	394

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	78	52
Accounts Date	28/02/2010	28/02/2009	29/02/2008	31/08/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	955	1077	951	869
Tangible Assets	955	1077	951	869
Fixed Assets	955	1077	951
TOTAL CURRENT ASSETS	1704	2536	2595	1627
Trade debtors	581	1012	1058	748
Stocks	558	709	744	340
Other Current Assets	565	815	793	539
Misc Current Assets	41	35	15
Cash	524	780	778	539
TOTAL ASSETS	2659	3613	3546	2496
TOTAL CURRENT LIABILITIES	1454	2205	2633	1575
Trade creditors	485	1063	1359	1575
Short Term Loans	219	337	493
Other Finance	50	144	295
Due To Directors	169	193	198
Other Liabilities	750	805	781
WORKING CAPITAL	250	331	(38)	52
TOTAL LONG TERM LIABS	598	651	222	424
Long Term Loans	516	566	111
Other Finance	516	566	111
Other Liabilities	82	85	111
NET ASSETS/(LIABILITIES)	607	757	691	497
SHARE CAPITAL + RESERVES	607	757	691	497
Share Cap + Sundry Res	3	3	3	3
Sundry Reserves	3	3	3
Profit and Loss account	604	754	688	494
SHAREHOLDERS FUNDS	607	757	691	497
CAPITAL EMPLOYED	1205	1408	913	921

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	78	52
Accounts Date	28/02/2010	28/02/2009	29/02/2008	31/08/2006
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	184	125	612
Increase in Cash	(256)	1	252
Directors Remuneration	46	29	16
Auditors Remuneration	9	10	8
Liquid Assets	1105	1792	1836	1287
Net Working Capital	250	331	(38)	52
Long Term Debt(>12 Months)	516	566	111
Other Deferred Liabs	82	85	111	424
Tangible Net Worth(T.N.W)	607	757	691	497
Equity	607	757	691	497
Number of Years Trading	40	39	38	36
Number of Employees	34	47	44
Profit per Employee	(1588.2)	914.9	11772.7
Sales per Employee	148735.3

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	28/02/2010	28/02/2009	29/02/2008	31/08/2006
Current Ratio	1.2	1.2	1	1
Long Term Debt/T.N.W	0.9	0.7	0.2
Pre Tax Profit Margin%	(1.1)
Gross Profit%	24.7
Debtors Days (D.S.O)	42
Creditors Days (D.P.O)	35
Quick Ratio	0.8	0.8	0.7	0.8
W.I.P/Inventory Days	53.5
Return on Investment%	2.8	6.6	39.6
Return on Assets%	(2)	1.2	14.6
T.N.W/Total Assets%	22.8	21	19.5	19.9
Return on Capital%	(4.5)	3.1	56.7
Rtn on Shareholders Funds%	(8.9)	5.7	75
Working Capital/Sales%	4.9
Borrowing Ratio%	121.1	119.3	87.4
Equity Gearing%	29.6	26.5	24.2	24.9
Stock Turnover	9.1
Days Purchases Outstanding	46.5
Sales/Fixed Assets	5.3
Debt Gearing	85	74.8	16.1

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	2145	4942	5129	5190
Pre-Tax Profit Margin	5.5	5.5	8.3	10
Current Ratio	1.6	1.7	1.6	1.6
Borrowing Ratio	26.1	24.5	42.5	48.2
Return on Capital	29.1	23.7	34.9	41.7
Creditors Days	43	41	48	46

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of other fabricated metal products

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 28/02/2010.

Only Turnover

Turnover for the year was 5,057,000.

Operating Profit

Totalled GBP 39,000. In the year prior a Profit of GBP 100,000 was achieved.

Pre Tax Profit

The subject made a loss of GBP 54,000 in the period compared with a profit of GBP 43,000 in the previous period.

Working Capital

The company's working capital, while remaining positive, decreased by 24 % in the period.

Net Worth

Net worth reduced by GBP 150,000 during the period and now stands at GBP 607,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 122,000 to GBP 955,000 and are now 35 % of total assets compared with 29 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 8 % and are now 99 % of net worth compared with 86 % in the previous period.

Long Term Liabilities

Long term liabilities are now 22 % of total liabilities compared with 18 % in the previous period.

Long Term Liabilities

Long term liabilities are 50 % of capital employed, an increase of 4 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.50
UK Pound	1	Rs.73.07
Euro	1	Rs.61.63

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

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%)

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