MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	HOWDEN UK LIMITED

Registered Office :	New Sirocco Works, Channel Commercial Park, Queens Road, Belfast, BT3 9DT.

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	20.04.1898

Com. Reg. No.:	R0000173

Legal Form :	Private Limited Company

Line of Business :	Design, Manufacture, Supply and Servicing of fans, regenerative air heaters and associated equipment and the design and supply of specialist blowers

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 1,125,000

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 – 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	HOWDEN UK LIMITED
Registration Number	R0000173

Creditline Recommendations

Monthly Credit Guide

GBP 1,125,000

Official Company Data

Legal Form	Private Limited
Registration Number	R0000173
Subject Status	Trading
Date of Incorporation	20/04/1898
Registered Office	NEW SIROCCO WORKS, CHANNEL COMMERCIAL PARK, QUEENS ROAD, BELFAST, BT3 9DT.
History	10/03/2006 : Change of name from HOWDEN POWER LIMITED.
Date of Last Annual Return to Registry	31/10/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	The design, manufacture, supply and servicing of fans, regenerative air heaters and associated equipment and the design and supply of specialist blowers.
Nace Code	2923
Staff Employed	336
Bankers	HSBC BANK PLC
Address	HEAD OFFICE EC2.
Sort Code	400000
Auditors	PricewaterhouseCoopers LLP

Historical Rating

Date	Monthly Credit Guide
23/05/2011	1,125,000
23/02/2011	1,125,000
23/11/2010	1,125,000
23/08/2010	1,125,000
23/05/2010	1,125,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
3	6	7

Search History Details

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

Date	Description
17/05/2011	Manufacture of other fabricated metal products not elsewhere classified
31/03/2011	Other credit granting
25/03/2011	Miscellaneous
27/01/2011	Other financial intermediation not elsewhere classified
19/01/2011	Manufacture of electric motors, generators and transformers
04/12/2010	Other credit granting
07/10/2010	Miscellaneous
11/05/2010	Manufacture of electric motors, generators and transformers

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

15/04/2011	Companies House Gazette	Notification of any change among the company's directors
01/04/2011	Companies House Gazette	Notification of any change among the company's directors
22/03/2011	Companies House Gazette	Notification of any change among the company's directors
17/05/2010	Companies House Gazette	Notification of any change among the company's directors
05/03/2001	Northern Ireland CRO	Current

Company Secretary

Secretary	NUALA MARIA MCDONALD
Service Address	NEW SIROCCO WORKS CHANNEL COMMERCIA, QUEENS ROAD, BELFAST, COUNTY ANTRIM, BT3 9DT.
Country of Origin	UNITED KINGDOM
Appointment Date	01/11/2008

Directors

Director	IAN HALLIDAY BRANDER
Service Address	MAYBANK JEFFREYSTOCK FARM, LOCHWINNOCH, RENFREWSHIRE, SCOTLAND, PA12 4DP.
Country of Origin	UNITED KINGDOM
Date of Birth	01/12/1961
Appointment Date	01/11/2008
Other Directorships	JAMES HOWDEN & COMPANY LIMITED, JAMES HOWDEN & GODFREY OVERSEAS LIMITED, HOWDEN COMPRESSORS LIMITED, HOWDEN ENGINEERING LIMITED, HOWDEN GROUP LIMITED, HOWDEN HOLDINGS LIMITED
Director	DAVID MCMINN
Service Address	34 BELFAST ROAD, SAINTFIELD, BELFAST, CO DOWN, BT24 7EP.
Country of Origin	UNITED KINGDOM
Date of Birth	12/07/1951
Appointment Date	20/04/1898
Director	RONALD GEORGE MULHOLLAND
Service Address	1 LARCH GROVE, MILTON OF CAMPSIE, GLASGOW, G65 8HG.
Country of Origin	UNITED KINGDOM
Date of Birth	09/03/1949
Appointment Date	20/04/1898
Director	WILLIAM THOMSON
Service Address	6 NEWLANDCRAIGS DRIVE, JOHNSTONE, RENFREWSHIRE, PA5 9BL.
Country of Origin	UNITED KINGDOM
Date of Birth	01/10/1961
Appointment Date	01/11/2008
Director	ROBERT ALEXANDER BRENNAN
Service Address	22 MOYNE ROAD, CONLIG, BELFAST.
Country of Origin	UNITED KINGDOM
Date of Birth	06/01/1956
Appointment Date	21/03/2011

Share Capital

Shares	Ordinary GBP 0.50
Issued Number	1,903,447
Principal Shareholder	1,903,447 Howden Sirocco Group Ltd

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

Holding Company	HOWDEN SIROCCO GROUP LIMITED
Ultimate Parent	CHARTER INTERNATIONAL PUBLIC LIMITED COMPANY, a company incorporated in JERSEY

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	73547	110314	93102	81544
UK sales	22363	27469	25457	15623
Export	51184	82845	67645	65921
Wages and Salaries	12784	13770	14599	11715
Directors Emoluments	232	383	338	330
Auditors Fees	41	47	37	34
Non-Audit Fees	2	1	2	1
Trading Profit	6342	10551	12088	13320
Depreciation	433	403	473	429
OPERATING PROFIT	5909	10148	11615	12891
Non Trading Income	465	2887	3206	2207
Interest Payable		1041
PRE TAX PROFIT	6374	11994	14821	15098
Taxation	791	2638	2671	4550
PROFIT AFTER TAX	5583	9356	12150	10548
RETAINED PROFITS	5583	9356	12150	10548

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	4919	4966	5233	5123
Tangible Assets	4185	4110	4255	4023
Fixed Assets	4185	3993	3832	3557
Intermediate assets		117	423	466
Intangible Assets	734	856	978	1100
TOTAL CURRENT ASSETS	90405	98990	84553	67718
Trade debtors	13004	14778	12985	10224
Stocks	5029	7671	9608	6525
Other Current Assets	72372	76541	61960	50969
Misc Current Assets	1034	3212	1707	1040
Due From Group	70806	70209	56551	47913
Cash	532	3120	3702	2016
TOTAL ASSETS	95324	103956	89786	72841
TOTAL CURRENT LIABILITIES	25846	40052	34014	29134
Trade creditors	10770	16665	13014	11145
Short Term Loans	1490	6163	2771	3587
Bank Overdraft				149
Due To Group	1490	6163	2771	3438
Other Liabilities	13586	17224	18229	14402
WORKING CAPITAL	64559	58938	50539	38584
TOTAL LONG TERM LIABS	553	613	671	737
Other Liabilities	553	613	671	737
NET ASSETS/(LIABILITIES)	68925	63291	55101	42970
SHARE CAPITAL + RESERVES	68925	63291	55101	42970
Share Cap + Sundry Res	1368	1372	1376	1395
Issued Share Capital	952	952	952	952
Sundry Reserves	416	420	424	443
Profit and Loss account	67557	61919	53725	41575
SHAREHOLDERS FUNDS	68925	63291	55101	42970
CAPITAL EMPLOYED	69478	63904	55772	43707

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	232	383	338	330
Auditors Remuneration	41	47	37	34
Liquid Assets	13536	17898	16687	12240
Net Working Capital	64559	58938	50539	38584
Other Deferred Liabs	553	613	671	737
Tangible Net Worth(T.N.W)	68191	62435	54123	41870
Equity	68925	63291	55101	42970
Number of Years Trading	111	110	109	108
Number of Employees	336	379	378	319
Profit per Employee	18970.2	31646.4	39209	47329.2
Sales per Employee	218889.9	291066	246301.6	255623.8

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	3.5	2.5	2.5	2.3
Pre Tax Profit Margin%	8.7	10.9	15.9	18.5
Debtors Days (D.S.O)	65	49	51	46
Creditors Days (D.P.O)	53	55	51	50
Quick Ratio	3.3	2.3	2.2	2.1
Return on Investment%	9	18.6	25.3	31.9
Return on Assets%	6.7	11.5	16.5	20.7
T.N.W/Total Assets%	71.5	60.1	60.3	57.5
Return on Capital%	9.2	18.8	26.6	34.5
Rtn on Shareholders Funds%	9.2	19	26.9	35.1
Working Capital/Sales%	87.8	53.4	54.3	47.3
Borrowing Ratio%	2.2	9.9	5.1	8.6
Equity Gearing%	261.1	155.6	158.9	143.9
Stock Turnover	14.6	14.4	9.7	12.5
Sales/Fixed Assets	17.6	27.6	24.3	22.9

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	1494	2268	2305	2331
Pre-Tax Profit Margin	4.6	3.6	5.5	5.4
Current Ratio	1.7	1.7	1.6	1.5
Borrowing Ratio	59.5	52.9	61.5	56.9
Return on Capital	18	17.9	22.9	28.3
Creditors Days	106	40	44	49

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of other general 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 33 % and reduced by 36,767,000 to GBP 73,547,000.

Operating Profit

Totalled GBP 5,909,000. In the year prior a Profit of GBP 10,148,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 46 % over the previous year.

Working Capital

The subject's working capital has improved by 5,621,000 in the period.

Net Worth

Net worth has increased by 9 % and now stands at GBP 68,925,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 47,000 to GBP 4,919,000 and are now 5 % of total assets compared with 4 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 9 % and are now 1 % of net worth compared with 1 % in the previous period.

Long Term Liabilities

Long term liabilities are now 1 % of total liabilities compared with 1 % in the previous period.

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

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.