MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	ROLLS-ROYCE MOTOR CARS LIMITED

Formerly Known As :	HIREUS LIMITED.

Registered Office :	Ellesfield Avenue, Bracknell, Berkshire, RG12 8TA.

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	05.03.1998

Com. Reg. No.:	03522604

Legal Form :	Private Limited Company

Line of Business :	The Assembly of Rolls-Royce Motor Vehicles

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 875,000
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

Bottom of Form

Company Identification Details

Subject Reported on	ROLLS-ROYCE MOTOR CARS LIMITED
Registration Number	03522604
VAT Number	GB239354938
Address	STANE STREET, WESTHAMPNETT, CHICHESTER, SUSSEX, PO18 0SH.
Telephone	01243 384000
Email	enquiries@rolls-roycemotorcars.com
Web Address	www.rollsroycemotorcars.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 875,000

Official Company Data

Legal Form	Private Limited
Registration Number	03522604
VAT Number	GB239354938
Subject Status	Trading
Date of Incorporation	05/03/1998
Registered Office	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
History	6/12/2002 : Change of name from HIREUS LIMITED.
	4/01/2001 : The Registered Office address changed from INTERNATIONAL HEADQUARTERS, WARWICK TECHNOLOG.
	17/08/1999 : The Registered Office address changed from KEMPSON HOUSE, 35-37 CAMOMILE STREET, LONDON,.
	29/05/1998 : The Registered Office address changed from 83 LEONARD STREET, LONDON, EC2A 4OS.
Date of Last Annual Return to Registry	05/03/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2010
Accounting Reference Date	31/12

Operations

Activities	The Assembly of Rolls-Royce Motor Vehicles
Nace Code	3410
Premises	Rented,Offices,Warehouse,Factory
Staff Employed	743
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	ULSTER BANK LIMITED
Address	CHICHESTER.
Sort Code	980441
Auditors	KPMG LLP

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
2	8	14

Search History Details

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

Date	Description
10/05/2011	Other credit granting
10/05/2011	Other credit granting
09/02/2011	Other credit granting
09/02/2011	Other credit granting
03/02/2011	Other credit granting
03/02/2011	Other credit granting
21/01/2011	Other credit granting
21/01/2011	Other credit granting
17/09/2010	Manufacture of rubber tyres and tubes
06/08/2010	Other credit granting
06/08/2010	Other credit granting
26/07/2010	Miscellaneous
28/06/2010	Sale of motor vehicle parts and accessories
16/06/2010	Miscellaneous
30/03/2010	Other credit granting

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

01/09/2010	Companies House Gazette	Notification of any change among the company's directors
02/07/2010	Companies House Gazette	Notification of any change among the company's directors
01/04/2010	Companies House Gazette	Notification of any change among the company's directors
25/02/2010	Companies House Gazette	Notice delivered under section 636 (notice of new name of class of shares) or 637 (notice of variation of rights attached to shares)
23/07/2008	Companies House Gazette	Change among directors of a company
21/10/2005	Companies House Gazette	Change among directors of a company
02/03/2005	Companies House Gazette	Change among directors of a company
24/11/2004	Companies House Gazette	Change among directors of a company
05/06/2004	Companies House Gazette	Change among directors of a company
29/04/2003	Companies House Gazette	Change among directors of a company
25/04/2003	Companies House Gazette	Change among directors of a company
16/04/2003	Companies House Gazette	Change among directors of a company
12/03/2002	Companies House Gazette	Change among directors of a company
18/05/2000	Companies House Gazette	Change among directors of a company
17/08/1999	Companies House Gazette	Alteration in memorandum or articles of association
17/08/1999	Companies House Gazette	"Resolutions which give vary
05/08/1998	Companies House Gazette	Change among directors of a company
03/08/1998	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MS GILLIAN MARY WOOLLEY
Service Address	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
Country of Origin	UNITED KINGDOM
Date of Birth	10/04/1961
Appointment Date	24/09/2002
Other Directorships	BRITISH MOTOR HOLDINGS LIMITED, THE BRITISH MOTOR CORPORATION LIMITED, TRIUMPH MOTOR COMPANY LIMITED, BLMC LIMITED, BMW CAR CLUB LIMITED, BMW DRIVERS CLUB LIMITED, RILEY MOTORS LIMITED, BMW (UK) INVESTMENTS LIMITED, THE BMW GROUP BENEFIT TRUST LIMITED, BMW (GB) LIMITED

Directors

Director	SIR RALPH ROBINS
Service Address	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
Country of Origin	UNITED KINGDOM
Date of Birth	16/06/1932
Appointment Date	08/04/2003
Other Directorships	MARSHALL OF CAMBRIDGE (HOLDINGS) LIMITED, THE HAKLUYT INTERNATIONAL ADVISORY BOARD
Director	IAN STUART ROBERTSON
Service Address	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
Country of Origin	UNITED KINGDOM
Date of Birth	05/06/1958
Appointment Date	04/02/2005
Director	EARL OF CHARLES HENRY MARCH
Service Address	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
Country of Origin	UNITED KINGDOM
Date of Birth	08/01/1955
Appointment Date	01/10/2005
Director	MR TORSTEN GERD MUELLER-OETVOES
Service Address	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
Country of Origin	GERMANY
Date of Birth	19/11/1960
Appointment Date	01/04/2010
Director	MR NIKLAS WAGNER
Service Address	ELLESFIELD AVENUE, BRACKNELL, BERKSHIRE, RG12 8TA.
Country of Origin	GERMANY
Date of Birth	15/12/1969
Appointment Date	01/09/2010

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	41,500,003
Principal Shareholder	41,500,003 APD Industries PLC

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

Holding Company	APD INDUSTRIES PLC
Ultimate Parent	BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT, a company incorporated in GERMANY

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	158754	213663	145989	118807
Cost of goods sold	116380	181810	118249	95177
GROSS PROFIT	42374	31853	27740	23630
Wages and Salaries	27854	26794	22081	19202
Directors Emoluments	795	490	564	592
Auditors Fees	71	70	76	76
Non-Audit Fees	4		63	7
Trading Profit	18517	19857	16520	15098
Depreciation	9762	8562	8565	8521
OPERATING PROFIT	8755	11295	7955	6577
Non Trading Income	57	995	1284	925
Interest Payable	1509	3663	3085	2455
PRE TAX PROFIT	7303	8627	6154	5047
Taxation	3006	3515	2446	1761
PROFIT AFTER TAX	4297	5112	3708	3286
RETAINED PROFITS	4297	5112	3708	3286

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	114603	112263	102084	106381
Tangible Assets	78996	76650	66472	70736
Fixed Assets	78996	76650	66238	70736
Intermediate assets			234
Intangible Assets	35607	35613	35612	35645
TOTAL CURRENT ASSETS	119570	84856	76608	66383
Trade debtors	54330	8543	6190	17411
Stocks	25141	21157	13335	12391
Other Current Assets	40099	55156	57083	36581
Misc Current Assets	11472	10573	11502	11862
Due From Group	28457	44533	42655	22630
Cash	170	50	2926	2089
TOTAL ASSETS	234173	197119	178692	172764
TOTAL CURRENT LIABILITIES	125885	47693	35083	32909
Trade creditors	69714	15540	13010	25627
Short Term Loans	45800	25439	16535	319
Bank Overdraft		124	13	319
Other Finance	45800
Due To Group		25315	16522
Other Liabilities	10371	6714	5538	6963
WORKING CAPITAL	(6315)	37163	41525	33474
TOTAL LONG TERM LIABS	1792	47227	46522	46476
Long Term Loans		45800	45800	45800
Other Finance		45800	45800	45800
Other Liabilities	1792	1427	722	676
NET ASSETS/(LIABILITIES)	106496	102199	97087	93379
SHARE CAPITAL + RESERVES	106496	102199	97087	93379
Share Cap + Sundry Res	81500	81500	81500	81500
Issued Share Capital	41500	41500	41500	41500
Sundry Reserves	40000	40000	40000	40000
Profit and Loss account	24996	20699	15587	11879
SHAREHOLDERS FUNDS	106496	102199	97087	93379
CAPITAL EMPLOYED	108288	149426	143609	139855

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
Net Cashflow from Oper.	22999	10639	15250	18517
Increase in Cash	244	(2987)	1143	(4119)
Directors Remuneration	795	490	564	592
Auditors Remuneration	71	70	76	76
Liquid Assets	54500	8593	9116	19500
Net Working Capital	(6315)	37163	41525	33474
Long Term Debt(>12 Months)		45800	45800	45800
Other Deferred Liabs	1792	1427	722	676
Tangible Net Worth(T.N.W)	70889	66586	61475	57734
Equity	106496	102199	97087	93379
Number of Years Trading	11	10	9	8
Number of Employees	743	669	582	454
Profit per Employee	9829.1	12895.4	10573.9	11116.7
Sales per Employee	213666.2	319376.7	250840.2	261689.4

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	0.9	1.8	2.2	2
Long Term Debt/T.N.W		0.7	0.7	0.8
Pre Tax Profit Margin%	4.6	4	4.2	4.2
Gross Profit%	26.7	14.9	19	19.9
Debtors Days (D.S.O)	125	15	15	53
Creditors Days (D.P.O)	160	27	33	79
Quick Ratio	0.8	1.3	1.8	1.6
W.I.P/Inventory Days	78.8	42.5	41.2	47.5
Return on Investment%	5.7	7	5.8	5.4
Return on Assets%	3.1	4.4	3.4	2.9
T.N.W/Total Assets%	30.3	33.8	34.4	33.4
Return on Capital%	6.7	5.8	4.3	3.6
Rtn on Shareholders Funds%	6.9	8.4	6.3	5.4
Working Capital/Sales%	(4)	17.4	28.4	28.2
Borrowing Ratio%	64.6	107	101.4	79.9
Equity Gearing%	83.4	107.7	119	117.6
Stock Turnover	6.3	10.1	10.9	9.6
Days Purchases Outstanding	218.6	31.2	40.2	98.3
Sales/Fixed Assets	2	2.8	2.2	1.7
Debt Gearing		68.8	74.5	79.3

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	129	228	246	250
Pre-Tax Profit Margin	4.2	0.5	(10)	(5.6)
Current Ratio	1.4	1.4	1.3	1.3
Borrowing Ratio	43.5	(22.1)	17.4	84.2
Return on Capital	25.3	18	20.5	19.9
Creditors Days	45	45	53	143

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of motor vehicles

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 26 % and reduced by 54,909,000 to GBP 158,754,000.

Operating Profit

Totalled GBP 8,755,000. In the year prior a Profit of GBP 11,295,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 15 % over the previous year.

Working Capital

The company's working capital position has reduced from a surplus and is now a deficiency of GBP 6,315,000.

Net Worth

Net worth has increased by 4 % and now stands at GBP 106,496,000.

Fixed Assets

The subject's fixed assets increased during the year by GBP 2,340,000 to GBP 114,603,000 and are now 48 % of total assets compared with 56 % in the previous year.

Long Term Liabilities

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%)

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.