MIRA INFORM REPORT

Report Date :

18.01.2011

IDENTIFICATION DETAILS

Name :	ELLIOTT TURBOMACHINERY LIMITED
Formerly Known As :	OLTONBRAY LIMITED
Registered Office :	Unit 120, Thornycroft Industrial Estate Worting Road RG21 8BJ
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	18.05.1987
Com. Reg. No.:	02132335
Legal Form :	Private Limited With Share Capital
Line of Business :	Other Construction Work Involving Special Trades

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 :	£ 220,000
Status :	Good
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	A1	A1

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

Summary

Top of Form

Company Name	ELLIOTT TURBOMACHINERY LIMITED	Company Number	02132335
Registered Address	UNIT 120,	Trading Address	Unit 120, Thornycroft Industrial Estate Worting Road Basingstoke, RG21 8BJ
	THORNYCROFT INDUSTRIAL ESTATE
	WORTING ROAD
	RG21 8BJ
Website Address	http://www.elliott-turbo.co.uk
Telephone Number	01256354334	Fax Number
TPS	No	FPS	No
Incorporation Date	18/05/1987	Company Status	Active - Accounts Filed
Previous Name	OLTONBRAY LIMITED	Type	Private limited with Share Capital
		Filing Date of Accounts	29/09/2010
Date of Change	04/12/1987	Share Capital	£100
Sic Code	4525	Currency	GBP
Sic Description	OTHER CONSTRUCTION WORK INVOLVING SPECIAL TRADES
Principal Activity	The supply of turbomachinery spares and the provision of repair and maintenance for turbomachinery.

Accounts Due Date 30/09/2011

Credit Rating & Limit

Limit	£220,000
Contract Limit	£7,250,000

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has risen 2.3% in comparison to the previously suggested credit limit.
The previous 12 month trading period saw a rise in Sales of 23.2%.
In the previous 12 month trading period Net Worth increased by 10.3%.
A 26.4% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits decreased by 63.7% in the previous 12 month trading period.
The company saw an decrease in their Cash Balance of 29.9% in the previous 12 month trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 23 years ago.

Last 3 Years Credit Rating/Limit

Date	Rating	Limit
31/12/2010	88	£215,000
31/12/2009	88	£215,000
31/12/2008	100	£250,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2009	£29,053,000	£1,337,000	£7,496,000	96
31/12/2008	£23,580,000	£3,686,000	£6,796,000	95
31/12/2007	£23,736,000	£3,500,000	£5,909,000	85

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	9

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	10

Current Directors

Name	Adam Vetere	Date of Birth	08/12/1969
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/12/2001
Address	Old Camps,  Newbury Road, Headley,  Thatcham,  RG19 8LG
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Alan Richard Gilvear	Date of Birth	29/01/1948
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/02/2009
Address	12a Whitehead Close,  Lychpit,  Basingstoke,  RG24 8SG
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Adam Vetere	Date of Birth	08/12/1969
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	01/12/2001
Address	Old Camps,  Newbury Road, Headley,  Thatcham,  RG19 8LG
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
ELLIOTT TURBO MACHINERY CO. INC.	100 ORDINARY GBP 1.00

Profit & Loss

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£29,053,000	23.2%	£23,580,000	-0.7%	£23,736,000	4.4%	£22,731,000	20.2%	£18,908,000
Export	£1,371,000	-93%	£19,566,000	-2.4%	£20,051,000	10.3%	£18,185,000	10.7%	£16,425,000
Cost of Sales	£19,152,000	33.8%	£14,310,000	1.7%	£14,077,000	4.7%	£13,443,000	18.8%	£11,314,000
Gross Profit	£9,901,000	6.8%	£9,270,000	-4%	£9,659,000	4%	£9,288,000	22.3%	£7,594,000
Wages & Salaries	£4,111,000	-17.4%	£4,978,000	17.8%	£4,226,000	19.1%	£3,548,000	29.3%	£2,744,000
Directors Emoluments	£310,000	162.7%	£118,000	11.3%	£106,000	-5.4%	£112,000	-53.1%	£239,000
Operating Profit	£726,000	-79.6%	£3,556,000	7.2%	£3,318,000	12.6%	£2,948,000	33.4%	£2,210,000
Depreciation	£261,000	19.7%	£218,000	-4.8%	£229,000	22.5%	£187,000	-4.6%	£196,000
Audit Fees	£36,000	38.5%	£26,000	4%	£25,000	25%	£20,000	-33.3%	£30,000
Interest Payments	-	-	-	-100%	£1,000	-97.4%	£38,000	-75.2%	£153,000
Pre Tax Profit	£1,337,000	-63.7%	£3,686,000	5.3%	£3,500,000	17%	£2,991,000	37.1%	£2,182,000
Taxation	-£170,000	83.5%	-£1,031,000	-11.1%	-£928,000	12%	-£1,054,000	-27.9%	-£824,000
Profit After Tax	£1,167,000	-56%	£2,655,000	3.2%	£2,572,000	32.8%	£1,937,000	42.6%	£1,358,000
Dividends Payable	-	-100%	£1,328,000	-	-	-	-	-	-
Retained Profit	£1,167,000	-12.1%	£1,327,000	-48.4%	£2,572,000	32.8%	£1,937,000	42.6%	£1,358,000

Balance Sheet

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Tangible Assets	£1,615,000	34.4%	£1,202,000	28.3%	£937,000	12.5%	£833,000	55.7%	£535,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£1,615,000	34.4%	£1,202,000	28.3%	£937,000	12.5%	£833,000	55.7%	£535,000
Stock	£2,668,000	13.4%	£2,353,000	-5.5%	£2,489,000	-13.1%	£2,865,000	32.5%	£2,163,000
Trade Debtors	£9,379,000	39.2%	£6,738,000	35.8%	£4,960,000	-28.7%	£6,961,000	5.5%	£6,600,000
Cash	£2,017,000	-29.9%	£2,878,000	23%	£2,339,000	-12.8%	£2,683,000	-28.2%	£3,737,000
Other Debtors	£3,646,000	72.3%	£2,116,000	-32.7%	£3,143,000	239.4%	£926,000	-30.8%	£1,338,000
Miscellaneous Current Assets	0	-	0	-100%	£6,000	-	0	-100%	£450,000
Total Current Assets	£17,710,000	25.7%	£14,085,000	8.9%	£12,937,000	-3.7%	£13,435,000	-6%	£14,288,000
Trade Creditors	£3,170,000	33.5%	£2,374,000	-30.2%	£3,402,000	6.4%	£3,198,000	26.1%	£2,536,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£6,578,000	43.6%	£4,580,000	38.4%	£3,310,000	61.6%	£2,048,000	-58.3%	£4,909,000
Miscellaneous Current Liabilities	£1,522,000	5.2%	£1,447,000	128.6%	£633,000	-58.3%	£1,517,000	30.6%	£1,162,000
Total Current Liabilities	£11,270,000	34.2%	£8,401,000	14.4%	£7,345,000	8.6%	£6,763,000	-21.4%	£8,607,000
Bank Loans & Overdrafts and LTL	£559,000	521.1%	£90,000	-85.5%	£620,000	-37.9%	£999,000	-36.1%	£1,564,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£559,000	521.1%	£90,000	-85.5%	£620,000	-37.9%	£999,000	-36.1%	£1,564,000

Capital & Reserves

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	£5,638,000	14.2%	£4,938,000	-15.7%	£5,861,000	-9.2%	£6,458,000	40.3%	£4,604,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£1,858,000	-	£1,858,000	999.9%	£48,000	-	£48,000	-	£48,000
Shareholder Funds	£7,496,000	10.3%	£6,796,000	15%	£5,909,000	-9.2%	£6,506,000	39.9%	£4,652,000

Other Financial Items

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Worth	£7,496,000	10.3%	£6,796,000	15%	£5,909,000	-9.2%	£6,506,000	39.9%	£4,652,000
Working Capital	£6,440,000	13.3%	£5,684,000	1.6%	£5,592,000	-16.2%	£6,672,000	17.4%	£5,681,000
Total Assets	£19,325,000	26.4%	£15,287,000	10.2%	£13,874,000	-2.8%	£14,268,000	-3.7%	£14,823,000
Total Liabilities	£11,829,000	39.3%	£8,491,000	6.6%	£7,965,000	2.6%	£7,762,000	-23.7%	£10,171,000
Net Assets	£7,496,000	10.3%	£6,796,000	15%	£5,909,000	-9.2%	£6,506,000	39.9%	£4,652,000

Cash Flow

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Cashflow from Operations	-	-	-	-	-	-	-	-	£1,604,000
Net Cashflow before Financing	-	-	-	-	-	-	-	-100%	£687,000
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-£141,000
Increase in Cash	-	-	-	-	-	-	-	-	£828,000

Miscellaneous

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Contingent Liability	YES	-	YES	-	NO	-	YES	-	YES
Capital Employed	£8,055,000	17%	£6,886,000	5.5%	£6,529,000	-13%	£7,505,000	20.7%	£6,216,000
Number of Employees	96	1.1%	95	11.8%	85	18.1%	72	5.9%	68
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/09	31/12/08	31/12/07	31/12/06	31/12/05
Pre-tax profit margin %	4.60	15.63	14.75	13.16	11.54
Current ratio	1.57	1.68	1.76	1.99	1.66
Sales/Net Working Capital	4.51	4.15	4.24	3.41	-
Gearing %	7.50	1.30	10.50	15.40	33.60
Equity in %	38.80	44.50	42.60	45.60	31.40
Creditor Days	39.71	36.64	52.17	51.21	48.95
Debtor Days	117.50	104.01	76.06	111.47	127.41
Liquidity/Acid Test	1.33	1.39	1.42	1.56	1.41
Return On Capital Employed %	16.59	53.52	53.61	39.85	35.10
Return On Total Assets Employed %	6.91	24.11	25.22	20.96	14.72
Current Debt Ratio	1.50	1.23	1.24	1.03	1.85
Total Debt Ratio	1.57	1.24	1.34	1.19	2.19
Stock Turnover Ratio %	9.18	9.97	10.49	12.60	11.44
Return on Net Assets Employed %	17.83	54.23	59.23	45.97	46.90

Status History

No Status History found

*Event History

Date	Description
13/01/2011	Annual Returns
11/01/2011	Mr K. Barnett has left the board
07/10/2010	New Accounts Filed
07/10/2010	New Accounts Filed
23/04/2010	Mr G. Vesti has left the board
11/01/2010	Annual Returns
19/04/2009	New Accounts Filed
09/02/2009	New Board Member Mr K. Barnett appointed
06/02/2009	New Board Member Mr A.R. Gilvear appointed
11/01/2009	Annual Returns
02/04/2008	New Accounts Filed
05/02/2008	Adam Vetere Details have changed
05/02/2008	Adam Vetere Details have changed
09/01/2008	Annual Returns
01/08/2007	New Accounts Filed

Limit History

Date	Limit
11/01/2011	£220,000
07/10/2010	£215,000
02/10/2010	-
02/09/2010	£215,000
06/08/2010	£195,000
20/02/2009	£215,000
08/01/2009	£250,000
07/01/2008	£250,000
01/08/2007	£250,000
03/11/2006	£125,000

Previous Company Names

Date	Previous Name	Companies House Documents
04/12/1987	OLTONBRAY LIMITED

Company Name	ELLIOTT TURBOMACHINERY LIMITED	Company Number	02132335
Holding Company		Ownership Status	Wholly Owned
Ultimate Holding Company	EBARA CORP	Companies in Group	3

Ultimate Parent Company	EBARA CORP
Companies in Group	3
Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Limit	Turnover
EBARA CORP	Foreign (JAPAN)			-	-
-  ELLIOTT TURBOMACHINERY CO INC	Foreign (U.S.A.)			-	-
ELLIOTT TURBOMACHINERY LIMITED	02132335	31-12-2009	N	£220,000	£29,053,000

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.59
UK Pound	1	Rs.72.31
Euro	1	Rs.60.73

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%)

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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.