MIRA INFORM REPORT

Report Date :

27.01.2011

IDENTIFICATION DETAILS

Correct Name :	J.C.B.EARTHMOVERS LIMITED

Registered Office :	Lakeside Works Rocester, Uttoxeter, Staffordshire, St14 5jp

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	26.06.1968

Com. Reg. No.:	00934508

Legal Form :	Private Limited Company

Line of Business :	Design, Manufacture and Marketing of front-end loading shovels and parts and dump trucks

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP 475,000
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

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	J.C.B.EARTHMOVERS LIMITED
Registration Number	00934508
Address	HAREWOOD ESTATE, LEEK ROAD, STOKE-ON-TRENT, STAFFORDSHIRE, ST10 2JX.
Telephone	01889 590 312
Facsimile	01889 590 312
Email	sales@jcb.com
Web Address	www.jcb.com

Creditline Recommendations

Monthly Credit Guide

GBP 475,000

Official Company Data

Legal Form	Private Limited
Registration Number	00934508
Subject Status	Trading
Date of Incorporation	26/06/1968
Registered Office	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Date of Last Annual Return to Registry	01/11/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	The design, manufacture and marketing of front-end loading shovels and parts and dump trucks.
Nace Code	2952
Premises	Leased,Offices,Warehouse,Factory
Staff Employed	304
Import Countries	No Import Activity
Export Countries	No Export Activity
Bankers	BARCLAYS BANK PLC
Address	STAFFORD.
Sort Code	208100
Auditors	PricewaterhouseCoopers LLP
Subsidiaries	J.C.B. EQUIPMENT LIMITED

Historical Rating

Date	Monthly Credit Guide
25/01/2011	475,000
25/10/2010	475,000
25/07/2010	475,000
25/04/2010	475,000
25/01/2010	475,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Other Filings and Notices

Date

Source

Description

04/01/2011	Companies House Gazette	Notification of any change among the company's directors
16/03/2010	Companies House Gazette	Notification of any change among the company's directors
29/01/2010	Companies House Gazette	Notification of any change among the company's directors
15/01/2010	Companies House Gazette	Notification of any change among the company's directors
06/03/2009	Companies House Gazette	Change among directors of a company
09/01/2007	Companies House Gazette	Change among directors of a company
06/06/2006	Companies House Gazette	Change among directors of a company
25/05/2006	Companies House Gazette	Change among directors of a company
18/05/2006	Companies House Gazette	Change among directors of a company
12/09/2002	Companies House Gazette	Change among directors of a company
24/08/2002	Companies House Gazette	Change among directors of a company
11/01/2000	Companies House Gazette	Change among directors of a company
08/05/1998	Companies House Gazette	Change among directors of a company
16/02/1998	Companies House Gazette	Change among directors of a company
08/03/1994	Companies House Gazette	Change among directors of a company
29/11/1993	Companies House Gazette	Change among directors of a company
29/04/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)

Company Secretary

Secretary	MR STEVEN ERNEST ROBERT OVENS
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	20/02/1952
Appointment Date	01/11/1991
Other Directorships	ECON TAYLOR FOSSE LIMITED, JCB FARMS LIMITED, TAMAHINE INVESTMENTS LIMITED, JCB SOUTH WEST LIMITED, MASTZONE LIMITED, JCB OFFICE SERVICES LIMITED, JCB TRYFIRM LIMITED, FOMBARD LIMITED, JCB MANAGEMENT SERVICES, JCB MINI EXCAVATORS LIMITED, JCB FINANCE INTERNATIONAL LIMITED, TAMAHINE AIRLINES LIMITED, J.C. BAMFORD EXCAVATORS LEASING LIMITED, JCB SERVICE LEASING LIMITED, JCB INSURANCE SERVICES LIMITED, JCB (SHELFCO. NO.2) LIMITED, JCB FASTRAC LIMITED, JCB DUMP TRUCKS LTD., A BAMFORD TRADING COMPANY LTD., UNION-CASTLE STEAMSHIP COMPANY LIMITED, RAYNER (HEMEL HEMPSTEAD) LIMITED, JCB ACCOUNTING AND SYSTEMS LTD, ORGANIC WORKS LIMITED, JCB SPECIAL PRODUCTS LTD., DOXFORD ENGINES LIMITED, JCB NORTH AMERICA LIMITED

Directors

Director	SIR ANTHONY PAUL BAMFORD
Service Address	DAYLESFORD HOUSE, MORETON IN MARSH, GLOUCESTERSHIRE, GL56 0YH.
Country of Origin	UNITED KINGDOM
Date of Birth	23/10/1945
Appointment Date	01/11/1991
Other Directorships	J.C. BAMFORD EXCAVATORS LIMITED, J.C.B. SERVICE, J.C.B.RESEARCH, J.C.B.SALES LIMITED, JCB FARMS LIMITED, J.C.B.INTERNATIONAL LIMITED, J.C.B. EQUIPMENT LIMITED, JCB SITEWEAR LIMITED, JCB SOUTH WEST LIMITED, JCB CAB SYSTEMS LIMITED, JCB MATERIALS HANDLING LIMITED, JCB LIMITED, JCB MINI EXCAVATORS LIMITED, J.C. BAMFORD EXCAVATORS LEASING LIMITED, JCB SERVICE LEASING LIMITED, JCB TRANSMISSIONS, J. C. BAMFORD INVESTMENTS, INTERNATIONAL TRANSMISSIONS LIMITED, JCB COMPACT PRODUCTS LIMITED, JCB DUMP TRUCKS LTD., JCB LANDPOWER LTD., JCB HEAVY PRODUCTS LTD, A BAMFORD TRADING COMPANY LTD., EDITALLIED LIMITED, JCB BENELUX LTD, WOOTTON ORGANIC WHOLESALE LTD., JCB BACKHOE LOADERS LTD, JCB PARTS LTD, JCB POWER SYSTEMS LIMITED, JCB POWER LIMITED, plus others.
Director	MR MARK JOSEPH CYRIL BAMFORD
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	14/06/1951
Appointment Date	01/11/1991
Other Directorships	J.C. BAMFORD EXCAVATORS LIMITED, J.C.B. SERVICE, J.C.B.RESEARCH, JCB FARMS LIMITED, J.C.B. EQUIPMENT LIMITED, TAMAHINE INVESTMENTS LIMITED, JCB SITEWEAR LIMITED, JCB LIMITED, TAMAHINE AIRLINES LIMITED, UNION-CASTLE STEAMSHIP COMPANY LIMITED, THE CONSERVATIVE PARTY FOUNDATION LIMITED
Director	LADY CAROLE GRAY BAMFORD
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	29/04/1946
Appointment Date	01/11/1991
Other Directorships	DAYLESFORD ORGANIC FARMS LTD., J.C. BAMFORD EXCAVATORS LIMITED, J.C.B. SERVICE, J.C.B.RESEARCH, J.C.B.INTERNATIONAL LIMITED, J.C.B. EQUIPMENT LIMITED, JCB LIMITED, JCB TRANSMISSIONS, J. C. BAMFORD INVESTMENTS, GAINTAME LIMITED, WHITT INVESTMENTS LIMITED, BHOLDINGS LIMITED, EDITALLIED LIMITED, WOOTTON ORGANIC WHOLESALE LTD., DAYLESFORD ORGANIC LIMITED, JCB GROUNDCARE LIMITED, BAMFORDS LIMITED, JCB POWER PRODUCTS LIMITED, BAMFORD HOME LIMITED, BAMFORD ARCHITECTURE LIMITED, JCB CONSUMER PRODUCTS LIMITED, THE DAYLESFORD FOUNDATION
Director	MR JOSEPH CYRIL EDWARD BAMFORD
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	21/12/1977
Appointment Date	15/05/2006
Other Directorships	J.C. BAMFORD EXCAVATORS LIMITED, J.C.B. SERVICE, J.C.B.SALES LIMITED, JCB CAB SYSTEMS LIMITED, JCB MATERIALS HANDLING LIMITED, JCB LIMITED, JCB TRANSMISSIONS, JCB COMPACT PRODUCTS LIMITED, JCB LANDPOWER LTD., JCB HEAVY PRODUCTS LTD, JCB POWER SYSTEMS LIMITED, JCB POWER PRODUCTS LIMITED, BAMELECTRICS LIMITED, NELELECTRICS LIMITED, JCB CONSUMER PRODUCTS LIMITED
Director	MR ALAN RUSSELL BLAKE
Service Address	DOVEDALE HOUSE COLWICH, ASHBOURNE, DERBYSHIRE, DE6 2HE.
Country of Origin	UNITED KINGDOM
Date of Birth	07/08/1949
Appointment Date	02/02/2009
Director	MR ALAN RUSSELL BLAKE
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	07/08/1949
Appointment Date	02/02/2009
Other Directorships	J.C. BAMFORD EXCAVATORS LIMITED, J.C.B. SERVICE, J.C.B.SALES LIMITED, JCB CAB SYSTEMS LIMITED, JCB MATERIALS HANDLING LIMITED, JCB TRANSMISSIONS, JCB COMPACT PRODUCTS LIMITED, JCB LANDPOWER LTD., JCB HEAVY PRODUCTS LTD, JCB BENELUX LTD, JCB POWER SYSTEMS LIMITED
Director	MR GRAEME ANGUS MACDONALD
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	16/11/1967
Appointment Date	02/01/2010
Other Directorships	J.C. BAMFORD EXCAVATORS LIMITED, JCB MATERIALS HANDLING LIMITED, JCB COMPACT PRODUCTS LIMITED, JCB LANDPOWER LTD., JCB HEAVY PRODUCTS LTD
Director	SIR ANTHONY PAUL BAMFORD
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	23/10/1945
Appointment Date	01/11/1991
Other Directorships	DAYLESFORD ORGANIC FARMS LTD., J.C. BAMFORD EXCAVATORS LIMITED, J.C.B. SERVICE, J.C.B.RESEARCH, J.C.B.SALES LIMITED, JCB FARMS LIMITED, J.C.B.INTERNATIONAL LIMITED, JCB FINANCE LTD, J.C.B. EQUIPMENT LIMITED, JCB SITEWEAR LIMITED, JCB SOUTH WEST LIMITED, JCB CAB SYSTEMS LIMITED, JCB MATERIALS HANDLING LIMITED, JCB LIMITED, JCB MINI EXCAVATORS LIMITED, J.C. BAMFORD EXCAVATORS LEASING LIMITED, JCB SERVICE LEASING LIMITED, JCB TRANSMISSIONS, J. C. BAMFORD INVESTMENTS, INTERNATIONAL TRANSMISSIONS LIMITED, JCB COMPACT PRODUCTS LIMITED, JCB FINANCE (LEASING) LTD, JCB DUMP TRUCKS LTD., JCB LANDPOWER LTD., JCB HEAVY PRODUCTS LTD, A BAMFORD TRADING COMPANY LTD., LANDPOWER LEASING LIMITED, BHOLDINGS LIMITED, EDITALLIED LIMITED, JCB BENELUX LTD, plus others.
Director	MR PAUL GRYS
Service Address	LAKESIDE WORKS ROCESTER, UTTOXETER, STAFFORDSHIRE, ST14 5JP.
Country of Origin	UNITED KINGDOM
Date of Birth	11/11/1963
Appointment Date	01/01/2011
Other Directorships	JCB HEAVY PRODUCTS LTD

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	86 J.C.B. Research
	14 J.C.B. Service

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

Holding Company	J.C.B.RESEARCH
Ultimate Parent	TRANSMISSIONS & ENGINEERING SERVICES NETHERLANDS BV, a company incorporated in NETHERLANDS

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	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES	90329	144068	137474	112336
UK sales	25366	35540	30069	24770
Export	64963	108528	107405	87566
Cost of goods sold	75600	126034	123948	101373
GROSS PROFIT	14729	18034	13526	10963
Wages and Salaries	7422	10731	11391	9779
Directors Emoluments	270	241	30	237
Auditors Fees	13	13	13	12
Non-Audit Fees	1			2
Trading Profit	7363	11397	6784	2926
Depreciation	689	768	736	714
OPERATING PROFIT	6674	10629	6048	2212
Non Trading Income	192	362	306	316
Interest Payable	244	712	793	501
PRE TAX PROFIT	6622	10279	5561	2027
Taxation	1535	2727	646	691
PROFIT AFTER TAX	5087	7552	4915	1336
Dividends Payable	5000
RETAINED PROFITS	87	7552	4915	1336

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	9729	10375	10730	11274
Tangible Assets	9729	10375	10730	11274
Fixed Assets	8712	9358	9713	10257
Intermediate assets	1017	1017	1017	1017
TOTAL CURRENT ASSETS	39031	38464	35124	25266
Trade debtors	24	72	77	113
Stocks	1607	2293	2925	3496
Other Current Assets	37400	36099	32122	21657
Misc Current Assets	2277	2718	3197	2783
Due From Group	19908	27283	24906	17637
Cash	15215	6098	4019	1237
TOTAL ASSETS	48760	48839	45854	36540
TOTAL CURRENT LIABILITIES	22784	21641	26706	21934
Trade creditors	14994	14717	18829	15099
Short Term Loans	5584	4110	6179	6052
Due To Group	5584	4110	6179	6052
Other Liabilities	2206	2814	1698	783
WORKING CAPITAL	16247	16823	8418	3332
TOTAL LONG TERM LIABS	2101	3410	2912	3285
Other Liabilities	2101	3410	2912	3285
NET ASSETS/(LIABILITIES)	23875	23788	16236	11321
SHARE CAPITAL + RESERVES	23875	23788	16236	11321
Profit and Loss account	23875	23788	16236	11321
SHAREHOLDERS FUNDS	23875	23788	16236	11321
CAPITAL EMPLOYED	25976	27198	19148	14606

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
Directors Remuneration	270	241	30	237
Auditors Remuneration	13	13	13	12
Liquid Assets	15239	6170	4096	1350
Net Working Capital	16247	16823	8418	3332
Other Deferred Liabs	2101	3410	2912	3285
Tangible Net Worth(T.N.W)	23875	23788	16236	11321
Equity	23875	23788	16236	11321
Number of Years Trading	41	40	39	38
Number of Employees	304	346	335	310
Profit per Employee	21782.9	29708.1	16600	6538.7
Sales per Employee	297134.9	416381.5	410370.1	362374.2

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	1.7	1.8	1.3	1.2
Pre Tax Profit Margin%	7.3	7.1	4	1.8
Gross Profit%	16.3	12.5	9.8	9.8
Debtors Days (D.S.O)
Creditors Days (D.P.O)	61	37	50	49
Quick Ratio	1.6	1.7	1.2	1
W.I.P/Inventory Days	7.8	6.6	8.6	12.6
Return on Investment%	21.8	35.1	25.1	12.2
Return on Assets%	13.6	21	12.1	5.5
T.N.W/Total Assets%	49	48.7	35.4	31
Return on Capital%	25.5	37.8	29	13.9
Rtn on Shareholders Funds%	27.7	43.2	34.3	17.9
Working Capital/Sales%	18	11.7	6.1	3
Borrowing Ratio%	23.4	17.3	38.1	53.5
Equity Gearing%	95.9	95	54.8	44.9
Stock Turnover	56.2	62.8	47	32.1
Days Purchases Outstanding	72.4	42.6	55.4	54.4
Sales/Fixed Assets	10.4	15.4	14.2	11

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	714	1826	1875	1807
Pre-Tax Profit Margin	4.7	2.9	4	2.5
Current Ratio	1.7	1.6	1.5	1.5
Borrowing Ratio	19.6	25.3	17.9	17.4
Return on Capital	32.2	25.5	33.2	30.9
Creditors Days	42	50	69	76

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of other special purpose machinery

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover decreased by 37 % and reduced by 53,739,000 to GBP 90,329,000.

Operating Profit

Totalled GBP 6,674,000. In the year prior a Profit of GBP 10,629,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 35 % over the previous year.

Working Capital

The company's working capital remains positive but reduced by 3 % in the period.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 646,000 to GBP 9,729,000 and are now 19 % of total assets compared with 21 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 38 % and are now 9 % of net worth compared with 14 % in the previous period.

Long Term Liabilities

Long term liabilities are now 4 % of total liabilities compared with 7 % in the previous period.

Long Term Liabilities

Long term liabilities are 8 % of capital employed, a decrease of 5 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.53
UK Pound	1	Rs.72.78
Euro	1	Rs.62.14

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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