MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Name :	METAL INOX LIMITED

Registered Office :	10-12 Barnes High Street, Barnes, Sw13 9lw

Country :	United Kingdom

Financials (as on) :	31.03.2010

Date of Incorporation :	06.11.2003

Com. Reg. No.:	04956082

Legal Form :	Private Limited Company

Line of Business :	Commodity trading

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	GBP 77,000
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 – 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	METAL INOX LIMITED
Registration Number	04956082

Creditline Recommendations

Monthly Credit Guide

GBP 77,000

Official Company Data

Legal Form	Private Limited
Registration Number	04956082
Subject Status	Trading
Date of Incorporation	06/11/2003
Registered Office	10-12 BARNES HIGH STREET, BARNES, SW13 9LW.
History	14/04/2005 : The Registered Office address changed from 68 MADRID ROAD, BARNES, LONDON, SW13 9PG.
	13/12/2003 : The Registered Office address changed from 42-46 HIGH STREET, ESHER, SURREY, KT10 9QY.
Date of Last Annual Return to Registry	06/11/2010
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	Commodity trading. Commenced trading 1.1.04.
Nace Code	5152
Auditors	Wilkins Southworth

Historical Rating

Date	Monthly Credit Guide
12/02/2011	77,000
12/11/2010	78,000
12/08/2010	80,000
12/05/2010	115,000
12/02/2010	115,000

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	1
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	0

Date of Latest Mortgage Created	14/01/2011

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	19/01/2011	14/01/2011	Deed Of Charge Over Credit Balances	MG01	Barclays 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

13/12/2003

Companies House Gazette

Change among directors of a company

Company Secretary

Secretary	REBECCA ELISABETH SYKES-THOMPSON
Service Address	32A ST ANNS ROAD, BARNES, LONDON, SW13 9LJ.
Country of Origin	UNITED KINGDOM
Date of Birth	03/08/1959
Appointment Date	06/11/2003
Other Directorships	VIRAJ EUROPE LIMITED

Directors

Director	NIGEL SEAN SYKES-THOMPSON
Service Address	32A ST ANNS ROAD, BARNES, LONDON, SW13 9LJ.
Country of Origin	UNITED KINGDOM
Date of Birth	20/12/1951
Appointment Date	06/11/2003
Director	REBECCA ELISABETH SYKES-THOMPSON
Service Address	32A ST ANNS ROAD, BARNES, LONDON, SW13 9LJ.
Country of Origin	UNITED KINGDOM
Date of Birth	03/08/1959
Appointment Date	06/11/2003
Other Directorships	VIRAJ EUROPE LIMITED

Share Capital

Shares	Ordinary A GBP 1.00
Issued Number	2
Shares	Ordinary B GBP 1.00
Issued Number	2
Principal Shareholder	1 Nigel Sean Sykes-Thompson
	1 Benjamin Edward Sykes-Thompson
	1 Rebecca Elisabeth Sykes-Thompson
	1 Victoria Jane Sykes-Thompson

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	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
SALES				2812
Cost of goods sold				2134
GROSS PROFIT				678
Trading Profit				404
Depreciation				1
OPERATING PROFIT				403
Non Trading Income				7
PRE TAX PROFIT				410
Taxation				101
PROFIT AFTER TAX				309
Dividends Payable				140
RETAINED PROFITS				169

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	42	64	88	113
Tangible Assets	5	3	3	4
Fixed Assets				4
Intangible Assets	37	61	85	109
TOTAL CURRENT ASSETS	1376	1207	1502	1853
Trade debtors	1054	619	941	954
Stocks				88
Other Current Assets	322	588	561	811
Misc Current Assets				16
Cash	322	588	561	795
TOTAL ASSETS	1418	1271	1590	1966
TOTAL CURRENT LIABILITIES	883	634	1033	1497
Trade creditors	883	634	1033	1205
Other Liabilities				292
WORKING CAPITAL	493	573	469	356
NET ASSETS/(LIABILITIES)	535	637	557	469
SHARE CAPITAL + RESERVES	535	637	557	469
Profit and Loss account	535	637	557	469
SHAREHOLDERS FUNDS	535	637	557	469
CAPITAL EMPLOYED	535	637	557	469

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
Liquid Assets	1376	1207	1502	1749
Net Working Capital	493	573	469	356
Tangible Net Worth(T.N.W)	498	576	472	360
Equity	535	637	557	469
Number of Years Trading	7	6	5	4

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Current Ratio	1.6	1.9	1.5	1.2
Pre Tax Profit Margin%				14.6
Gross Profit%				24.1
Debtors Days (D.S.O)				124
Creditors Days (D.P.O)				156
Quick Ratio	1.6	1.9	1.5	1.2
W.I.P/Inventory Days				15.1
Return on Investment%				87.4
Return on Assets%				20.9
T.N.W/Total Assets%	35.1	45.3	29.7	18.3
Return on Capital%				87.4
Rtn on Shareholders Funds%				87.4
Working Capital/Sales%				12.7
Equity Gearing%	60.6	100.5	53.9	31.3
Stock Turnover				32
Days Purchases Outstanding				206.1
Sales/Fixed Assets				703

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	2320	6407	6571	6662
Pre-Tax Profit Margin	3.6	2.6	3.7	4.5
Current Ratio	1.6	1.7	1.5	1.5
Borrowing Ratio	81.3	92.3	103.5	108
Return on Capital	21.3	20.4	25.6	30.6
Creditors Days	49	51	54	75

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of non-agricultural intermediate products, waste and scrap

Financial Summary

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover

The company's balance sheet total is less than GBP 5,600,000 and is a medium sized company as defined by the Companies Act. It is not required to disclose turnover but it is likely to be in the range of GBP 2,800,000 - GBP 11,200,000.

No Pre-Tax Profit

The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Profit and Loss Account shownon the Balance Sheet is GBP 102,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 102,000.

Working Capital

The subject's working capital decreased by 14 % in the period but remains positive.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 22,000 to GBP 42,000 and are now 2 % of total assets compared with 5 % in the previous year.

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%)

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.