MIRA INFORM REPORT

Report Date :

22.07.2011

IDENTIFICATION DETAILS

Name :	MILLMAN LIMITED

Registered Office :	14 St. Johns Road, Woking, Surrey, Gu21 7se.

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	10.05.1991

Com. Reg. No.:	02609249

Legal Form :	Private Limited Company

Line of Business :	Chemicals 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 115,000
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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	MILLMAN LIMITED
Registration Number	02609249
VAT Number	GB572810441
Address	DUKE HOUSE, DUKE STREET, WOKING, SURREY, GU21 5BA.
Telephone	01483776187
Facsimile	01483747796

Creditline Recommendations

Monthly Credit Guide

GBP 115,000

Payment Behaviour

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	Private Limited
Registration Number	02609249
VAT Number	GB572810441
Subject Status	Trading
Date of Incorporation	10/05/1991
Registered Office	14 ST. JOHNS ROAD, WOKING, SURREY, GU21 7SE.
History	15/07/2010 : The Registered Office address changed from DUKE HOUSE, DUKE STREET, WOKING, SURREY, GU21.
	9/06/2000 : The Registered Office address changed from WHITEWATER HOUSE, HEATHSIDE CRESCENT, WOKING,.
Date of Last Annual Return to Registry	26/03/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2010
Accounting Reference Date	31/12

Operations

Activities	Chemicals trading.
Nace Code	5155
Premises	Rented,Offices
Staff Employed	4
Import Countries	SOVIET UNION
Export Countries	EUROPE, FAR EAST
Bankers	HSBC BANK PLC
Address	WOKING COMMERCIAL ROAD.
Sort Code	404708
Auditors	Wise & co

Historical Rating

Date	Monthly Credit Guide
31/03/2011	115,000
31/12/2010	126,000
30/09/2010	129,000
30/06/2010	129,000
30/03/2010	38,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	1

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
27/09/2010	Miscellaneous
21/08/2007	Miscellaneous

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	1
Number Partially Satisfied	0
Number Satisfied	1

Date of Latest Mortgage Created	09/09/2009
Date of Latest Satisfaction	13/01/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	15/09/2009	09/09/2009	Debenture	395	Hsbc Bank Plc
13/01/2010	19/10/2005	12/10/2005	Debenture	395	Fortis Bank Sa-Nv Uk Branch

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

24/04/2008	Companies House Gazette	Change among directors of a company
02/10/1995	Companies House Gazette	Change among directors of a company
22/04/1995	Companies House Gazette	Change among directors of a company
01/06/1994	Companies House Gazette	Change among directors of a company
28/09/1992	Companies House Gazette	Change among directors of a company
27/06/1991	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	RICHARD MEW
Service Address	17 CONISTON CLOSE, CAMBERLEY, SURREY, GU15 1BE.
Country of Origin	UNITED KINGDOM
Date of Birth	04/03/1964
Appointment Date	21/04/2008

Directors

Accountant	MR SUSHOVAN GHOSH
Service Address	ACRE HOLT GOLF CLUB ROAD, HOOK HEATH, WOKING, SURREY, GU22 0LS.
Country of Origin	UNITED KINGDOM
Date of Birth	12/07/1957
Appointment Date	28/02/1994
Other Directorships	ALMAN LIMITED, UMS PROPERTY LIMITED, ZENITH COLOURS & CHEMICALS LIMITED, SAGGI (UK) LIMITED, WENCIA LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	100 SGI Group Ltd

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

Holding Company	SGI GROUP LIMITED
Ultimate Parent	AP (HOLDINGS) LTD, a company incorporated in GUERNSEY

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	52096	39343	39579	25668
Export		39343	39579	25668
Cost of goods sold	50432	38414	38640	24672
GROSS PROFIT	1664	929	939	996
Wages and Salaries		210	444	315
Auditors Fees	2	5	5	5
Trading Profit	68	93	56	61
Depreciation			1	1
OPERATING PROFIT	68	93	55	60
Non Trading Income	8	41	36	12
Interest Payable	67	112	103
PRE TAX PROFIT	9	22	(12)	72
Taxation	4	5	(3)	26
PROFIT AFTER TAX	5	17	(9)	46
RETAINED PROFITS	5	17	(9)	46

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		1	2506	1278
Tangible Assets		1	2506	1278
Fixed Assets		1	1	1
Due From Group			2505	1277
TOTAL CURRENT ASSETS	21203	11545	9672	6605
Trade debtors	6851	3557	3669	1723
Stocks	9300	2026	5089	3825
Other Current Assets	5052	5962	914	1057
Misc Current Assets	164	3870	47	83
Due From Group	3189
Cash	1699	2092	867	974
TOTAL ASSETS	21203	11546	12178	7883
TOTAL CURRENT LIABILITIES	11093	5905	5686	1200
Trade creditors	666	412	1616	317
Short Term Loans	5961	375	3343
Bank Overdraft	5961
Bank Loans		375	3343
Other Liabilities	4466	5118	727	883
WORKING CAPITAL	10110	5640	3986	5405
TOTAL LONG TERM LIABS	10040	5570	6452	6634
Long Term Loans	10040	5570	6452	6634
Due To Group	10040	5570	6452	6634
NET ASSETS/(LIABILITIES)	70	71	40	49
SHARE CAPITAL + RESERVES	70	71	40	49
Profit and Loss account	70	71	40	49
SHAREHOLDERS FUNDS	70	71	40	49
CAPITAL EMPLOYED	10110	5641	6492	6683

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
Auditors Remuneration	2	5	5	5
Liquid Assets	8550	5649	4536	2697
Net Working Capital	10110	5640	3986	5405
Long Term Debt(>12 Months)	10040	5570	6452	6634
Tangible Net Worth(T.N.W)	70	71	40	49
Equity	70	71	40	49
Number of Years Trading	18	17	16	15
Number of Employees		4	4	4
Profit per Employee		5500	(3000)	18000
Sales per Employee		9835750	9894750	6417000

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	1.9	2	1.7	5.5
Long Term Debt/T.N.W	143.4	78.5	161.3	135.4
Pre Tax Profit Margin%		0.1		0.3
Gross Profit%	3.2	2.4	2.4	3.9
Debtors Days (D.S.O)	48	33	34	25
Creditors Days (D.P.O)	5	4	15	5
Quick Ratio	1.1	1.6	0.8	2.3
W.I.P/Inventory Days	67.3	19.3	48.1	56.6
Return on Investment%	0.5	2.2	0.9	1.1
Return on Assets%		0.2	(0.1)	0.9
T.N.W/Total Assets%	0.3	0.6	0.3	0.6
Return on Capital%	0.1	0.4	(0.2)	1.1
Rtn on Shareholders Funds%	12.9	31	(30)	146.9
Working Capital/Sales%	19.4	14.3	10.1	21.1
Borrowing Ratio%	22858.6	8373.2	24487.5	13538.8
Equity Gearing%	0.3	0.6	0.3	0.6
Stock Turnover	5.6	19.4	7.8	6.7
Days Purchases Outstanding	4.8	3.9	15.3	4.7
Sales/Fixed Assets		39343	39579	25668
Debt Gearing	14342.9	7845.1	16130	13538.8

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	3133	6410	6546	6639
Pre-Tax Profit Margin	3.7	2.6	3.6	4.6
Current Ratio	1.6	1.7	1.5	1.5
Borrowing Ratio	77.4	94.3	104.2	108.6
Return on Capital	21.9	20.2	25.6	30.6
Creditors Days	52	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 Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover increased by 32 % in the period and now totals GBP 52,096,000.

Operating Profit

Totalled GBP 68,000. In the year prior a Profit of GBP 93,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 59 % over the previous year.

Working Capital

The company's working capital has increased by 79 % in the period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.43
UK Pound	1	Rs.71.90
Euro	1	Rs.63.41

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.