MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	JOHNSON MATTHEY PRECIOUS METALS LIMITED

Formerly Known As :	JOHNSON MATTHEY DORMANT1 LTD

Registered Office :	5th Floor 25 Farringdon Street, London

Country :	United Kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	28.10.1998

Legal Form :	Private limited with Share Capital

Line of Business :	Supply of precious metals to the South African car industry

No. of Employees :	Not Available

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 :	£2,650,000
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 – September 30, 2011

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom

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

REGISTERED NAME & COMPANY SUMMARY

JOHNSON MATTHEY PRECIOUS METALS LIMITED

03657767

Company Name	JOHNSON MATTHEY PRECIOUS METALS LIMITED	Company Number	03657767
		Safe Number	UK03313778
Registered Address	5TH FLOOR 25 FARRINGDON STREET	Trading Address	63-66 Hatton Garden London EC1N 8LE
	LONDON

	EC4A 4AB

Website Address	http://www.matthey.com
Telephone Number	02072698000	Fax Number
TPS	No	FPS	No
Incorporation Date	28/10/1998	Company Status	Active - Accounts Filed
Previous Name	JOHNSON MATTHEY DORMANT1 LTD	Type	Private limited with Share Capital
Date of Change	11/05/2001	Filing Date of Accounts	29/06/2011
		Share Capital	£92,576,979
SIC03	2741	Currency	GBP
SIC03 Description	PRECIOUS METALS PRODUCTION
SIC07	24410
SIC07 Description	PRECIOUS METALS PRODUCTION
Principal Activity	The supply of precious metals to the South African car industry. Accounts data converted from US Dollars.

CREDIT RECOMMENDATION

Current Credit Limit: £2,650,000

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	12

Current Directors

Name	William Frederick Sandford	Date of Birth	16/06/1953
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	20/07/2001
Address	5th Floor 25 Farringdon Street, , London, EC4A 4AB
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Robert James MacLeod	Date of Birth	20/05/1964
Officers Title	Mr	Nationality	British
Present Appointments	53	Function	Director
Appointment Date	07/09/2009
Address	5th Floor 25 Farringdon Street, , London, EC4A 4AB
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark Bedford	Date of Birth	05/08/1961
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	11/06/2007
Address	5th Floor 25 Farringdon Street, , London, EC4A 4AB
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Steven Paul Robinson	Date of Birth	31/03/1963
Officers Title	Mr	Nationality	British
Present Appointments	21	Function	Director
Appointment Date	01/07/2009
Address	5th Floor 25 Farringdon Street, , London, EC4A 4AB

NEGATIVE INFORMATION

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 -	-

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
JOHNSON MATTHEY PLC	92,576,979 ORDINARY GBP 1.00

PAYMENT INFORMATION

Mortgage Summary

Outstanding	0
Satisfied	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Group	30 companies
Linkages	4 companies
Countries	In 4 countries

Summary

Holding Company	JOHNSON MATTHEY PLC
Ownership Status	Wholly Owned
Ultimate Holding

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
JOHNSON MATTHEY PLC	UK00002399	00033774	31.03.2011	Y	91	£15,000,000	£9,984,800,000
ACMA LIMITED	UK00214587	00531753	31.03.2011	N	N/R	-
DAVY PROCESS TECHNOLOGY LIMITED	UK00311565	00635311	31.03.2011	N	94	£525,000	£66,342,000
DAVY PROCESS TECHNOLOGY IN...	UK00046496	00247298	31.03.2011	N	93	£130,000	£632,000
CASCADE BIOCHEM LIMITED	UK01990556	02327661	31.03.2011	N	N/R	-
HYDROGEN ENGINEERING APPLICA...	UK02002805	02340001	31.03.2011	N	N/R	-
AVOCADO RESEARCH CHEMICALS L...	UK02343182	02682211	31.03.2011	N	98	£350,000	£20,493,000
VSF RESIN & VARNISH LIMITED	UK03247352	03590818	31.03.2011	N	N/R	-
JOHNSON MATTHEY PRECIOUS MET...	UK03313778	03657767	31.03.2011	N	91	£2,650,000	£348,115,951
FUEL CELL TODAY LIMITED	UK03891623	04241894	31.03.2011	N	N/R	-
PANELFORTH LIMITED	UK04001353	04352557	31.03.2011	N	N/R	-
KATALCO LIMITED	UK04144434	04496563	31.03.2011	N	N/R	-
TRACERCO LIMITED	UK04144437	04496566	31.03.2011	N	96	£60,000	£24,796,000
SYNETIX LIMITED	UK04144443	04496572	31.03.2011	N	N/R	-
JOHNSON MATTHEY PHARMACEUTIC...	N/A	N/A	-	-	-	-
JOHNSON MATTHEY PHARMACEUT...	IE00247535	IE253403	31.03.2009	N	N/R	-
JOHNSON MATTHEY (CM) LIMITED	UK02545875	02885614	31.03.2011	N	69	£13,400,000
JOHNSON MATTHEY FUEL CELLS L...	UK04041696	04393161	31.03.2011	Y	97	£6,000	£17,919,000
JOHNSON MATTHEY (NOMINEES) L...	UK00271642	00594236	31.03.2011	N	63	£500
MATTHEY HOLDINGS LIMITED	UK02789326	03130188	31.03.2011	N	78	£1,000,000
JOHNSON MATTHEY INVESTMENT...	UK00676833	01004368	31.03.2011	N	78	£15,000,000
JOHNSON MATTHEY SOUTH AF...	UK07612207	07419436	31.03.2011	N	54	£460,000
ALFA AESAR CHINA LIMITED	UK05035859	05391061	31.03.2011	N	84	£100,000
JOHNSON MATTHEY LIMITED	IE00205890	IE211758	31.03.2011	N	92	€100,000	€9,993,000
MATTHEY FINANCE LIMITED	UK00066560	00301279	31.03.2011	N	69	£7,350,000
JOHNSON MATTHEY AMERICA...	UK03298726	03642634	31.03.2010	N	N/R	-
MECONIC LIMITED	UK07228712	SC121849	31.03.2011	N	N/R	-
MACFARLAN SMITH LIMITED	UK07143570	SC035640	31.03.2011	N	98	£1,150,000	£95,693,000
BITREX LIMITED	UK07244218	SC137373	31.03.2011	N	N/R	-
ANIPEL LIMITED	UK07244219	SC137374	31.03.2011	N	N/R	-

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2011	£348,115,951	£16,263,105	£223,184,598	-
31/03/2010	£255,669,621	£13,978,407	£226,082,751	-
31/03/2009	£350,033,201	-£39,454,183	£3,839,973	-

Profit & Loss

Date Of Accounts	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08	(%)	31/03/07
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£348,115,951	36.2%	£255,669,621	-27%	£350,033,201	-46.9%	£659,457,316	47.6%	£446,722,161
Export	£348,115,951	-	-	-	-	-	-	-	-
Cost of Sales	£339,804,044	-	£241,857,838	-	£386,481,408	-	£633,043,029	-	£434,721,859
Gross Profit	£8,311,907	-39.8%	£13,811,782	137.9%	-£36,448,207	-238%	£26,414,288	120.1%	£12,000,302
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	£8,263,854	-38.8%	£13,496,630	137%	-£36,498,008	-238.4%	£26,372,914	120.2%	£11,977,668
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	£3,120	25%	£2,496	-6%	£2,656	28.4%	£2,069	37.1%	£1,509
Interest Payments	£1,933,350	-21.1%	£2,450,699	-18.1%	£2,992,696	133.5%	£1,281,892	488.6%	£217,785
Pre Tax Profit	£16,263,105	16.3%	£13,978,407	135.4%	-£39,454,183	-256.9%	£25,147,566	113.1%	£11,798,109
Taxation	-£4,754,119	-49.5%	-£3,180,230	-160.9%	£5,218,459	168.6%	-£7,603,089	-107.4%	-£3,666,633
Profit After Tax	£11,508,987	6.6%	£10,798,178	131.5%	-£34,235,724	-295.1%	£17,544,477	115.8%	£8,131,476
Dividends Payable	£14,407,139	-	-	-	-	-	-	-	-
Retained Profit	-£2,898,153	-126.8%	£10,798,178	131.5%	-£34,235,724	-295.1%	£17,544,477	115.8%	£8,131,476

Balance Sheet

Date Of Accounts	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08	(%)	31/03/07
Tangible Assets	£124,812,781	-	£124,812,781	-	0	-	0	-	0
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£124,812,781	-	£124,812,781	-	0	-	0	-	0
Stock	£40,374,438	81%	£22,305,916	17.5%	£18,984,064	-69%	£61,267,411	164.6%	£23,158,133
Trade Debtors	0	-100%	£706,440	999.9%	£28,552	-99.5%	£5,892,291	205.6%	£1,927,874
Cash	£1,338,617	999.9%	£89,241	-56.8%	£206,507	731.9%	£24,824	-53.4%	£53,315
Other Debtors	£78,107,214	-15.2%	£92,158,013	473.1%	£16,079,681	-45.9%	£29,742,794	33.5%	£22,281,461
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£119,820,270	4%	£115,259,611	226.5%	£35,298,805	-63.6%	£96,927,320	104.4%	£47,420,783
Trade Creditors	£14,729,780	62%	£9,091,363	-	0	-100%	£49,905,530	99.8%	£24,982,396
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£2,029,456	999.9%	£100,474	-99.7%	£31,449,535	-	0	-	0
Miscellaneous Current Liabilities	£4,689,216	-2.3%	£4,797,803	999.9%	£9,296	-99.9%	£7,481,037	17%	£6,394,226
Total Current Liabilities	£21,448,452	53.3%	£13,989,641	-55.5%	£31,458,831	-45.2%	£57,386,567	82.9%	£31,376,622
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08	(%)	31/03/07
Called Up Share Capital	£86,862,831	-	£86,862,831	-	-	-	-	-	-
P & L Account Reserve	£11,508,987	-20.1%	£14,407,139	275.2%	£3,839,973	-90.3%	£39,540,753	146.4%	£16,044,161
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£124,812,781	-	£124,812,781	-	-	-	-	-	-
Shareholder Funds	£223,184,598	-1.3%	£226,082,751	999.9%	£3,839,973	-90.3%	£39,540,753	146.4%	£16,044,161

Other Financial Items

Date Of Accounts	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08	(%)	31/03/07
Net Worth	£223,184,598	-1.3%	£226,082,751	999.9%	£3,839,973	-90.3%	£39,540,753	146.4%	£16,044,161
Working Capital	£98,371,817	-2.9%	£101,269,970	999.9%	£3,839,973	-90.3%	£39,540,753	146.4%	£16,044,161
Total Assets	£244,633,050	1.9%	£240,072,391	580.1%	£35,298,805	-63.6%	£96,927,320	104.4%	£47,420,783
Total Liabilities	£21,448,452	53.3%	£13,989,641	-55.5%	£31,458,831	-45.2%	£57,386,567	82.9%	£31,376,622
Net Assets	£223,184,598	-1.3%	£226,082,751	999.9%	£3,839,973	-90.3%	£39,540,753	146.4%	£16,044,161

Cash Flow

Date Of Accounts	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08	(%)	31/03/07
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08	(%)	31/03/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£223,184,598	-1.3%	£226,082,751	999.9%	£3,839,973	-90.3%	£39,540,753	146.4%	£16,044,161
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/03/11	31/03/10	31/03/09	31/03/08	31/03/07
Pre-tax profit margin %	4.67	5.47	-11.27	3.81	2.64
Current ratio	5.59	8.24	1.12	1.69	1.51
Sales/Net Working Capital	3.54	2.52	91.16	16.68	27.84
Gearing %	0	0	0	0	0
Equity in %	91.20	94.20	10.90	40.80	33.80
Creditor Days	15.40	12.94	-	27.54	20.36
Debtor Days	-	1	0.02	3.25	1.57
Liquidity/Acid Test	3.70	6.64	0.51	0.62	0.77
Return On Capital Employed %	7.28	6.18	-1027.45	63.59	73.54
Return On Total Assets Employed %	6.64	5.82	-111.77	25.94	24.87
Current Debt Ratio	0.09	0.06	8.19	1.45	1.95
Total Debt Ratio	0.09	0.06	8.19	1.45	1.95
Stock Turnover Ratio %	11.59	8.72	5.42	9.29	5.18
Return on Net Assets Employed %	7.28	6.18	-1027.45	63.59	73.54

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
The company's credit rating has dropped from 96 to 91 but the company still indicates very good creditworthiness.
The credit limit on this company has fallen 5.4% in comparison to the previously suggested credit limit.
Sales in the latest trading period increased 36.2% on the previous trading period.
Net Worth decreased by 1.3% during the latest trading period.
A 1.9% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 16.3% compared to the previous trading period.
The company saw an increase in their Cash Balance of 999.9% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company has changed its registered address recently.
The company was established over 13 years ago.

Current Company Secretary

Name	Simon Farrant	Date of Birth	12/06/1961
Officers Title	Mr	Nationality	British
Present Appointments	54	Function	Company Secretary
Appointment Date	07/04/1999
Address	5th Floor 25 Farringdon Street, , London, EC4A 4AB

Status History

No Status History found

Previous Company Names

Date	Previous Name	Companies House Documents
11/05/2001	JOHNSON MATTHEY DORMANT1 LTD	View Document
27/10/1999	JM ELECTRONICS EUROPE LIMITED	View Document
07/04/1999	PRECIS (1691) LIMITED	View Document

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

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.

Name	Safe Number	Number	Latest Key Financials	Rating	Limit	Turnover
MATTHEY FINANCE B.V.	NL00732623	14622951	31.03.2009	N/R	-
JOHNSON MATTHEY AKTIEBOLAG	SE00693642	5562660463	31.03.2011	99	4,000 KSEK	81,272 KSEK
OY JOHNSON MATTHEY AB	FI00780972	06142405	31.03.2011	72	€7,000	€113,000
TRACERCO EUROPE BVBA	BE00166366	429996347	31.03.2011	86	€155,000	€1,099,793

Name	Current Directorships	Previous Directorships
OFFICE ORGANIZATION & SERVICES LIMITED	163	1272
Ian Gordon Thorburn	3	28
Ian Gordon Thorburn	3	28
John Nicholas Sheldrick	5	19
Martin John Lawrence Henkel	3	13
Clare Alice Wilson	56	283
David William Morgan	10	27
Diane June Penfold	5	409
David William Arthur Murphy	0	1
David Whittle	0	1
Ian Bruce Charles Huddart	2	16
SWIFT INCORPORATIONS LIMITED	2584	263481