MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	SMITHS METAL CENTRES LIMITED
Formerly Known As :	DRAFTDIGS LIMITED
Registered Office :	Stratton Business Park, London Road, Biggleswade, Sg18 8qb
Country :	United Kingdom
Financials (as on) :	31.05.2010
Date of Incorporation :	24.12.1997
Com. Reg. No.:	03485838
Legal Form :	Private limited with Share Capital
Line of Business :	A group engaged in metal stockholding and supply

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	£355,000
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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company summary

Bottom of Form

Top of Form

Company Name	SMITHS METAL CENTRES LIMITED	Company Number	03485838
Registered Address	STRATTON BUSINESS PARK	Trading Address	42-56 Tottenham Road London N1 4BZ
	LONDON ROAD
	BIGGLESWADE
	SG18 8QB
Website Address	http://www.smithmetal.com
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	24/12/1997	Company Status	Active - Accounts Filed
Previous Name	DRAFTDIGS LIMITED	Type	Private limited with Share Capital
		Filing Date of Accounts	23/09/2010
Date of Change	22/04/1998	Share Capital	£2,500
Sic Code	5190	Currency	GBP
Sic Description	OTHER WHOLESALE
Principal Activity	A group engaged in metal stockholding and supply.

Accounts Due Date 29/02/2012

Credit Limit

Limit	£355,000	Previous Limit	£345,000
Contract Limit	£11,500,000

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit limit.
The previous 12 month trading period saw a drop in Sales of 5.4%.
In the previous 12 month trading period Net Worth increased by 15.8%.
A 5.1% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits increased by 32% in the previous 12 month trading period.
The company saw an increase in their Cash Balance of 88.9% in the previous 12 month trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company has changed its registered address recently.
The company was established over 13 years ago.

Last 3 Years Credit Limit

Date	Limit
31/12/2010	£355,000
31/12/2009	£345,000
31/12/2008	£350,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/05/2010	£46,061,000	£830,000	£3,784,000	252
31/05/2009	£48,699,000	£629,000	£3,262,000	269
31/05/2008	£52,519,000	£1,344,000	£2,932,000	256

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	35
Total Value of Documented Trade Debtors / Bad Debt -	£77,882

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	1
Satisfied	5

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6

Current Directors

Name	Raymond Dudley Kennedy	Date of Birth	05/02/1948
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	16/08/2004
Address	York Cottage Pinner Hill,  ,  Pinner,  HA5 3XX
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Hugh Alfred Dye	Date of Birth	30/01/1945
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	12/01/1998
Address	Branscombe Cottage 3 Foxenfields,  Abbots Ripton,  Huntingdon,  PE28 2PW
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Douglas Albert Adams	Date of Birth	22/04/1948
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	12/01/1998
Address	41 Parkway,  Hinchingbrooke Park,  Huntingdon,  PE29 6JA
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michael Oliver McKenna	Date of Birth	07/07/1958
Officers Title	Mr	Nationality	Irish
Present Appointments	10	Function	Director
Appointment Date	12/01/1998
Address	13 Miller Court,  Miller Road,  Bedford,  MK42 9PB
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Paul William Hawkins	Date of Birth	18/05/1959
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	01/04/1999
Address	Watts Folly,  Arkesden,  Saffron Walden,  CB11 4HB
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	James Michael Booth	Date of Birth	12/06/1975
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/06/2007
Address	Stratton Business Park London Road,  ,  Biggleswade,  SG18 8QB
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Morag Thorpe	Date of Birth	-
Officers Title	Ms	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	07/04/2011
Address	Stratton Business Park London Road,  ,  Biggleswade,  SG18 8QB
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
HUGH DYE	57,648 ORDINARY GBP 0.01
DOUGLAS ADAMS	41,176 ORDINARY GBP 0.01
MICHAEL MCKENNA	41,176 ORDINARY GBP 0.01
TRUSTEES OF SENORA PALOP CHILDRENS SETTLEMENT	37,000 ORDINARY GBP 0.01
SMITHS METAL CENTRES TRUSTEES LTD	35,294 ORDINARY GBP 0.01
PAUL HAWKINS	24,706 ORDINARY GBP 0.01
RAYMOND KENNEDY	13,000 ORDINARY GBP 0.01

Profit & Loss

Date Of Accounts	31/05/10	(%)	31/05/09	(%)	31/05/08	(%)	31/05/07	(%)	31/05/06
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£46,061,000	-5.4%	£48,699,000	-7.3%	£52,519,000	0.2%	£52,410,000	16%	£45,181,000
Export	£2,306,000	-2.2%	£2,357,000	18.4%	£1,990,000	-31%	£2,883,000	-	-
Cost of Sales	£34,166,000	-8.2%	£37,199,000	-6.1%	£39,636,000	-0.9%	£39,979,000	15.6%	£34,593,000
Gross Profit	£11,895,000	3.4%	£11,500,000	-10.7%	£12,883,000	3.6%	£12,431,000	17.4%	£10,588,000
Wages & Salaries	£7,633,000	1.7%	£7,505,000	-7.2%	£8,087,000	5.2%	£7,689,000	32.6%	£5,798,000
Directors Emoluments	£1,004,000	14.9%	£874,000	-51.2%	£1,790,000	29.1%	£1,386,000	111%	£657,000
Operating Profit	£1,117,000	-3.4%	£1,156,000	-47.2%	£2,191,000	9.6%	£2,000,000	12.8%	£1,773,000
Depreciation	£349,000	15.2%	£303,000	17.9%	£257,000	10.3%	£233,000	-4.9%	£245,000
Audit Fees	£27,000	-	£27,000	12.5%	£24,000	4.3%	£23,000	4.5%	£22,000
Interest Payments	£287,000	-46.4%	£535,000	-36.8%	£847,000	8.9%	£778,000	1%	£770,000
Pre Tax Profit	£830,000	32%	£629,000	-53.2%	£1,344,000	10%	£1,222,000	37.8%	£887,000
Taxation	-£61,000	79.6%	-£299,000	44.7%	-£541,000	-27.6%	-£424,000	-473%	-£74,000
Profit After Tax	£769,000	133%	£330,000	-58.9%	£803,000	0.6%	£798,000	-1.8%	£813,000
Dividends Payable	-	-	-	-	-	-100%	£100,000	-	-
Retained Profit	£769,000	133%	£330,000	-58.9%	£803,000	15%	£698,000	-14.1%	£813,000

Balance Sheet

Date Of Accounts	31/05/10	(%)	31/05/09	(%)	31/05/08	(%)	31/05/07	(%)	31/05/06
Tangible Assets	£1,364,000	-14.5%	£1,595,000	12.3%	£1,420,000	25.4%	£1,132,000	1.5%	£1,115,000
Intangible Assets	£13,000	116.7%	£6,000	-79.3%	£29,000	-47.3%	£55,000	-32.9%	£82,000
Total Fixed Assets	£1,377,000	-14%	£1,601,000	10.5%	£1,449,000	22.1%	£1,187,000	-0.8%	£1,197,000
Stock	£10,773,000	-6.6%	£11,534,000	-10.1%	£12,830,000	2.9%	£12,465,000	21.9%	£10,226,000
Trade Debtors	£10,841,000	21%	£8,963,000	-23.9%	£11,784,000	4.6%	£11,262,000	-0.3%	£11,293,000
Cash	£68,000	88.9%	£36,000	-18.2%	£44,000	266.7%	£12,000	140%	£5,000
Other Debtors	£944,000	34.9%	£700,000	-14.7%	£821,000	-0.2%	£823,000	-13%	£946,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£22,626,000	6.6%	£21,233,000	-16.7%	£25,479,000	3.7%	£24,562,000	9.3%	£22,470,000
Trade Creditors	£8,919,000	44.6%	£6,168,000	-32%	£9,067,000	9.8%	£8,254,000	-10.8%	£9,257,000
Bank Loans & Overdrafts	£31,000	-	0	-	0	-	0	-100%	£243,000
Other Short Term Finance	£165,000	-18.7%	£203,000	16%	£175,000	88.2%	£93,000	-64.4%	£261,000
Miscellaneous Current Liabilities	£1,939,000	20%	£1,616,000	-62.9%	£4,350,000	19.1%	£3,651,000	58.5%	£2,304,000
Total Current Liabilities	£11,054,000	38.4%	£7,987,000	-41.2%	£13,592,000	13.3%	£11,998,000	-0.6%	£12,065,000
Bank Loans & Overdrafts and LTL	£9,196,000	-20.6%	£11,585,000	11.4%	£10,404,000	-10.5%	£11,622,000	11.6%	£10,414,000
Other Long Term Finance	£280,000	-39%	£459,000	-1.3%	£465,000	86%	£250,000	-97.5%	£10,171,000
Total Long Term Liabilities	£9,165,000	-20.9%	£11,585,000	11.4%	£10,404,000	-10.5%	£11,622,000	14.3%	£10,171,000

Capital & Reserves

Date Of Accounts	31/05/10	(%)	31/05/09	(%)	31/05/08	(%)	31/05/07	(%)	31/05/06
Called Up Share Capital	£3,000	-98.8%	£250,000	-	£250,000	-	£250,000	-	£250,000
P & L Account Reserve	£3,781,000	25.5%	£3,012,000	12.3%	£2,682,000	42.7%	£1,879,000	67%	£1,125,000
Revaluation Reserve	-	-	-	-	-	-	-	-100%	£56,000
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£3,784,000	16%	£3,262,000	11.3%	£2,932,000	37.7%	£2,129,000	48.8%	£1,431,000

Other Financial Items

Date Of Accounts	31/05/10	(%)	31/05/09	(%)	31/05/08	(%)	31/05/07	(%)	31/05/06
Net Worth	£3,771,000	15.8%	£3,256,000	12.2%	£2,903,000	40%	£2,074,000	53.7%	£1,349,000
Working Capital	£11,572,000	-12.6%	£13,246,000	11.4%	£11,887,000	-5.4%	£12,564,000	20.7%	£10,405,000
Total Assets	£24,003,000	5.1%	£22,834,000	-15.2%	£26,928,000	4.6%	£25,749,000	8.8%	£23,667,000
Total Liabilities	£20,219,000	3.3%	£19,572,000	-18.4%	£23,996,000	1.6%	£23,620,000	6.2%	£22,236,000
Net Assets	£3,784,000	16%	£3,262,000	11.3%	£2,932,000	37.7%	£2,129,000	48.8%	£1,431,000

Cash Flow

Date Of Accounts	31/05/10	(%)	31/05/09	(%)	31/05/08	(%)	31/05/07	(%)	31/05/06
Net Cashflow from Operations	£3,164,000	876.5%	£324,000	-89.5%	£3,088,000	883.4%	£314,000	414.8%	£61,000
Net Cashflow before Financing	£2,747,000	323%	-£1,232,000	-173.5%	£1,677,000	338.9%	-£702,000	-725.9%	-£85,000
Net Cashflow from Financing	-£2,746,000	-324.3%	£1,224,000	174.4%	-£1,645,000	-272.8%	£952,000	378.4%	-£342,000
Increase in Cash	£1,000	112.5%	-£8,000	-125%	£32,000	-87.2%	£250,000	-2.7%	£257,000

Miscellaneous

Date Of Accounts	31/05/10	(%)	31/05/09	(%)	31/05/08	(%)	31/05/07	(%)	31/05/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£12,949,000	-12.8%	£14,847,000	11.3%	£13,336,000	-3%	£13,751,000	18.5%	£11,602,000
Number of Employees	252	-6.3%	269	5.1%	256	1.2%	253	1.6%	249
Auditors	THE LEAMAN PARTNERSHIP LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/05/10	31/05/09	31/05/08	31/05/07	31/05/06
Pre-tax profit margin %	1.80	1.29	2.56	2.33	1.96
Current ratio	2.05	2.66	1.87	2.05	1.86
Sales/Net Working Capital	3.98	3.68	4.42	4.17	-
Gearing %	243	355.20	354.80	545.90	727.70
Equity in %	15.80	14.30	10.90	8.30	6.10
Creditor Days	70.48	46.10	62.84	57.33	74.78
Debtor Days	85.67	66.99	81.67	78.22	91.23
Liquidity/Acid Test	1.07	1.21	0.93	1.01	1.01
Return On Capital Employed %	6.40	4.23	10.07	8.89	7.65
Return On Total Assets Employed %	3.45	2.75	4.99	4.74	3.75
Current Debt Ratio	2.92	2.44	4.63	5.63	8.43
Total Debt Ratio	5.34	6	8.18	11.09	15.54
Stock Turnover Ratio %	23.38	23.68	24.42	23.78	22.63
Return on Net Assets Employed %	21.93	19.28	45.83	57.40	61.98

Status History

No Status History found

Event History

Date	Description
12/05/2011	SNR DENTON SECRETARIES LIMITED has resigned as company secretary
12/05/2011	Mr M.O. McKenna has resigned as company secretary
12/05/2011	New Company Secretary Ms M. Thorpe appointed
14/01/2011	Annual Returns
01/10/2010	New Accounts Filed
26/01/2010	Annual Returns
26/01/2010	Annual Returns
11/01/2010	Change in Reg.Office
11/01/2010	Change of Company Postcode
22/12/2009	New Accounts Filed
22/12/2009	New Accounts Filed
11/12/2009	Change in Reg.Office
11/12/2009	Change of Company Postcode
14/01/2009	Annual Returns
04/12/2008	HP SECRETARIAL SERVICES LIMITED has resigned as company secretary

Limit History

Date	Limit
01/10/2010	£355,000
09/04/2010	£345,000
26/01/2010	£265,000
22/12/2009	£345,000
02/12/2009	£405,000
26/11/2009	£410,000
20/02/2009	£700,000
13/01/2009	£350,000
25/11/2008	£350,000
12/11/2007	£150,000

Previous Company Names

Date	Previous Name	Companies House Documents
22/04/1998	DRAFTDIGS LIMITED

Group Structure Summary

Company Name	SMITHS METAL CENTRES LIMITED	Company Number	03485838
Holding Company	SMITHS METAL CENTRES LIMITED	Ownership Status	Ultimately Owned
Ultimate Holding Company	SMITHS METAL CENTRES LIMITED	Companies in group	5

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
SMITHS METAL CENTRES LIMITED	UK03143012	03485838	31.05.2010	Y	92	£355,000	£46,061,000
SMITHS METAL CENTRES TRUSTEE...	UK03188977	03532105	31.05.2010	N	91	£1,000
ADVANCED METALS INTERNATIONA...	UK02097242	02435071	31.05.2010	N	N/R	-
J. SMITH & SONS (CLERKENWELL...	UK00057633	00278521	31.05.2010	N	N/R	-
THAMES STOCKHOLDERS LIMITED	UK01395912	01728813	31.05.2010	N	N/R	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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.