MIRA INFORM REPORT

Report Date :

03.06.2011

IDENTIFICATION DETAILS

Name :	RECYCLING UK LIMITED

Formerly Known As :	SPEED 7109 LIMITED.

Registered Office :	11 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF.

Country :	United Kingdom

Financials (as on) :	30.06.2010

Date of Incorporation :	13.05.1998

Com. Reg. No.:	03562710

Legal Form :	Private Limited Company

Line of Business :	The wholesale of waste and scrap paper

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

Bottom of Form

Company Identification Details

Subject Reported on	RECYCLING UK LIMITED
Registration Number	03562710
Address	EATON ROAD, TARPORLEY, CHESHIRE, CW6 0BJ.
Telephone	01829 733177

Creditline Recommendations

Monthly Credit Guide

GBP 115,000

Official Company Data

Legal Form	Private Limited
Registration Number	03562710
Subject Status	Trading
Date of Incorporation	13/05/1998
Registered Office	11 ALVASTON BUSINESS PARK, MIDDLEWICH ROAD, NANTWICH, CHESHIRE, CW5 6PF.
History	3/04/2008 : The Registered Office address changed from 8 GEORGE HOUSE, PRINCES COURT BEAM HEATH WAY,.
	30/11/2004 : Change of name from FIBRE RECYCLING UK LIMITED.
	13/09/2004 : The Registered Office address changed from BAKER TILLY STEAM MILL, STEAM MILL STREET CH.
	8/05/2003 : The Registered Office address changed from CONWAYS 16 WHITE FRIARS, CHESTER, CH1 1NZ.
	29/05/2002 : The Registered Office address changed from 16 WHITE FRIARS, CHESTER, CH1 1NZ.
	30/04/2002 : The Registered Office address changed from HLB KIDSONS, THE STEAM MILL, CHESTER, CH3 5A.
	5/07/2001 : The Registered Office address changed from C/O KIDSONS IMPEY, THE STEAM MILL, CHESTER, C.
	22/06/1998 : Change of name from SPEED 7109 LIMITED.
	15/06/1998 : The Registered Office address changed from 6-8 UNDERWOOD STREET, LONDON, N1 7JQ, N1 7JQ.
Date of Last Annual Return to Registry	24/04/2011
Accounts	The last filed accounts at Companies House are those to 30/06/2010
Accounting Reference Date	30/06

Operations

Activities	The wholesale of waste and scrap paper.
Nace Code	5157
Staff Employed	3
Bankers	MIDLAND BANK PLC.
Address	TARPORLEY.
Sort Code	404403
Auditors	Baker Tilly UK Audit LLP

Historical Rating

Date	Monthly Credit Guide
01/06/2011	115,000
01/03/2011	81,500
01/12/2010	78,500
01/09/2010	81,000
01/06/2010	113,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
8	10	12

Search History Details

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

Date	Description
17/05/2011	Miscellaneous
05/05/2011	Other credit granting
25/04/2011	Other credit granting
25/04/2011	Other credit granting
18/04/2011	Other credit granting
23/03/2011	Other credit granting
11/03/2011	Other credit granting
11/03/2011	Other credit granting
15/02/2011	Miscellaneous
15/12/2010	Miscellaneous
21/10/2010	Other credit granting
20/07/2010	Miscellaneous
10/05/2010	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	2
Number Partially Satisfied	0
Number Satisfied	0

Date of Latest Mortgage Created	29/05/2002

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	01/06/2002	28/05/2002	Debenture	395	Hsbc Bank Plc
	31/05/2002	29/05/2002	Legal Mortgage	395	Hsbc 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

16/08/2005	Companies House Gazette	Change among directors of a company
22/09/1998	Companies House Gazette	Change among directors of a company
15/07/1998	Companies House Gazette	Change among directors of a company
24/06/1998	Companies House Gazette	Alteration in memorandum or articles of association
24/06/1998	Companies House Gazette	"Resolutions which give vary
24/06/1998	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	ANTHONY SIMON MARSDEN
Service Address	37 DOWNHAM CHASE, TIMPERLEY, ALTRINCHAM, CHESHIRE, WA15 7TJ.
Country of Origin	UNITED KINGDOM
Date of Birth	23/07/1962
Appointment Date	01/06/1999
Other Directorships	UK RECYCLE LIMITED, FIBRE RECYCLING UK LIMITED, RECYCLING LIMITED, SHREDDING UK LIMITED, RECYCLE UK TRADING LIMITED, THE RECYCLING ASSOCIATION LIMITED

Directors

Director	MR NEIL RUSSELL CLARKE
Service Address	22 HEATHERWAYS, TARPORLEY, CHESHIRE, CW6 0HP.
Country of Origin	UNITED KINGDOM
Date of Birth	31/08/1955
Appointment Date	09/06/1998
Other Directorships	HOLLY COURT MANAGEMENT COMPANY (TARPORLEY) LIMITED, UK RECYCLE LIMITED, FIBRE RECYCLING UK LIMITED, RECYCLING LIMITED, SHREDDING UK LIMITED, RECYCLE UK TRADING LIMITED
Commercial Director	ANTHONY SIMON MARSDEN
Service Address	37 DOWNHAM CHASE, TIMPERLEY, ALTRINCHAM, CHESHIRE, WA15 7TJ.
Country of Origin	UNITED KINGDOM
Date of Birth	23/07/1962
Appointment Date	17/09/1998
Other Directorships	UK RECYCLE LIMITED, FIBRE RECYCLING UK LIMITED, RECYCLING LIMITED, SHREDDING UK LIMITED, RECYCLE UK TRADING LIMITED, THE RECYCLING ASSOCIATION LIMITED
Director	MR STEPHEN FRANK BELL
Service Address	8 DARKIE MEADOW, BUNBURY, TARPORLEY, CHESHIRE, CW6 9RB.
Country of Origin	UNITED KINGDOM
Date of Birth	06/08/1957
Appointment Date	25/07/2005
Other Directorships	RECYCLING LIMITED, SHREDDING UK LIMITED, RECYCLE UK TRADING LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	40 Neil Russell Clarke
	40 Anthony Simon Marsden
	10 Stephen Frank Bell
	10 De Gans-State BV

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	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
SALES	18065	15292	14365	7591
UK sales	13537	11547	7326	4175
Export	4528	3745	7039	3416
Cost of goods sold	16874	14045	13320	6717
GROSS PROFIT	1191	1247	1045	874
Directors Emoluments	333	410	421	281
Auditors Fees	6	6	6	4
Trading Profit	276	399	283	191
Depreciation	40	44	36	36
OPERATING PROFIT	236	355	247	155
Non Trading Income		17	19	10
Interest Payable	5	7	13	10
PRE TAX PROFIT	231	365	253	155
Taxation	51	87	74	34
PROFIT AFTER TAX	180	278	179	121
Dividends Payable	211	15	40	92
RETAINED PROFITS	(31)	263	139	29

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	135	178	184	400
Tangible Assets	135	178	184	400
Fixed Assets	135	178	184	400
TOTAL CURRENT ASSETS	3498	2441	3703	2158
Trade debtors	2762	2118	2395	1608
Other Current Assets	736	323	1308	550
Misc Current Assets	175	185	153	97
Cash	561	138	1155	453
TOTAL ASSETS	3633	2619	3887	2558
TOTAL CURRENT LIABILITIES	2802	1718	3218	1998
Trade creditors	2235	1160	2727	941
Short Term Loans	164	39	39	742
Bank Overdraft				697
Bank Loans				13
Other Finance	33	39	39	32
Due To Directors	131
Other Liabilities	403	519	452	315
WORKING CAPITAL	696	723	485	160
TOTAL LONG TERM LIABS	15	55	86	116
Long Term Loans	14	49	81	116
Bank Loans				61
Other Finance	14	49	81	55
Other Liabilities	1	6	5
NET ASSETS/(LIABILITIES)	816	846	583	444
SHARE CAPITAL + RESERVES	816	846	583	444
Revaluation Reserves				112
Profit and Loss account	816	846	583	332
SHAREHOLDERS FUNDS	816	846	583	444
CAPITAL EMPLOYED	831	901	669	560

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
Directors Remuneration	333	410	421	281
Auditors Remuneration	6	6	6	4
Liquid Assets	3323	2256	3550	2061
Net Working Capital	696	723	485	160
Long Term Debt(>12 Months)	14	49	81	116
Other Deferred Liabs	1	6	5
Tangible Net Worth(T.N.W)	816	846	583	444
Equity	816	846	583	444
Number of Years Trading	12	11	10	9

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Current Ratio	1.2	1.4	1.2	1.1
Long Term Debt/T.N.W		0.1	0.1	0.3
Pre Tax Profit Margin%	1.3	2.4	1.8	2
Gross Profit%	6.6	8.2	7.3	11.5
Debtors Days (D.S.O)	56	51	61	77
Creditors Days (D.P.O)	45	28	69	45
Quick Ratio	1.2	1.4	1.2	1.1
Return on Investment%	23.7	39.6	37.6	12.7
Return on Assets%	6.4	13.9	6.5	6.1
T.N.W/Total Assets%	22.5	32.3	15	17.4
Return on Capital%	27.8	40.5	37.8	27.7
Rtn on Shareholders Funds%	28.3	43.1	43.4	34.9
Working Capital/Sales%	3.9	4.7	3.4	2.1
Borrowing Ratio%	21.8	10.4	20.6	193.2
Equity Gearing%	29	47.7	17.6	21
Days Purchases Outstanding	48.3	30.1	74.7	51.1
Sales/Fixed Assets	133.8	85.9	78.1	19
Debt Gearing	1.7	5.8	13.9	26.1

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	62	4116	6392	6513
Pre-Tax Profit Margin	8.7	3.7	2.5	3.6
Current Ratio	1.6	1.6	1.7	1.5
Borrowing Ratio	59.8	92	94.6	104.4
Return on Capital	32.9	21.9	19.9	25.7
Creditors Days	27	54	51	54

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 30/06/2010.

Turnover

Turnover has increased by 18 %, a growth of GBP 2,773,000 in the period.

Operating Profit

Totalled GBP 236,000. In the year prior a Profit of GBP 355,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 36 % over the previous year.

Working Capital

The company's working capital remains positive but reduced by 4 % in the period.

Net Worth

Net worth reduced by GBP 30,000 during the period and now stands at GBP 816,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 43,000 to GBP 135,000 and are now 3 % of total assets compared with 6 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 72 % and are now 2 % of net worth compared with 7 % in the previous period.

Long Term Liabilities

Long term liabilities are 2 % of capital employed, a decrease of 4 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.73.46
Euro	1	Rs.64.58

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.