MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	R.H.CLAYDON LTD.

Registered Office :	Saxham Industrial Estate, Saxham, Bury St Edmunds, IP28 6RZ

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	13.12.1968

Com. Reg. No.:	00944192

Legal Form :	Private Parent Company

Line of Business :	wholesaler of tyres for the agricultural and automotive industries

No. of Employees :	53

RATING & COMMENTS

MIRA’s Rating :

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

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, 2012

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

Company name & address

R.H.Claydon Ltd.

Saxham Business Park

Little Saxham

Bury St Edmunds, IP28 6RZ

United Kingdom

Tel: 01284778509

Fax: 01284754833

Web: www.rhc.co.uk

synthesis

Employees: 53

Company Type: Private Parent

Corporate Family: 3 Companies

Quoted Status: Non-quoted Company

Incorporation Date: 13-Dec-1968

Auditor: Grant Thornton UK LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: British Pound Sterling

Annual Sales: 21.5 1

Net Income: 0.1

Total Assets: 14.9

Business Description

Founded in 1953, R.H.Claydon Ltd. is a wholesaler of tyres for the agricultural and automotive industries. The company offers a range of radial and crossply drive tyres for tractors and high-speed trailers. Its products are used in vans, passenger cars, and light- and heavy-duty trucks. The company also provides tyres for all-terrain vehicles. It sells products of the Continental, Dunlop, Goodyear and Titan brands. The company offers metal and rubber valves and tyres for fork-lifts and material handling equipment. In addition, it operates and maintains a warehouse for product storage and delivery purposes. The companyâ€™s website provides information related to new products.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002: 5190 - Other wholesale

NAICS 2002: 423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

UK SIC 2003: 5190 - Other wholesale

US SIC 1987: 5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Michael Claydon	Managing Director
Terry Bates	Financial Controller
Adrian Durrant	Administration Manager
Royston Hugh Claydon	Chairman
Doreen Alice Claydon	Director

Financial Summary

FYE: 31-Dec-2010 USD (mil)

Key Figures

Current Assets 9.40

Fixed Assets 5.53

Total Liabilities 3.70

Net Worth 6.92

Key Ratios

Current Ratio 2.54

Acid Test 1.27

Debt Gearing 47.68

Registered No.(UK): 00944192

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6475734

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6387123

Corporate Overview

Location

Saxham Business Park

Little Saxham

Bury St Edmunds, IP28 6RZ

Suffolk County

United Kingdom

Tel: 01284778509

Fax: 01284754833

Web: www.rhc.co.uk

Sales GBP(mil): 13.9

Assets GBP(mil): 9.5

Employees: 53

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Capital Goods

Registered Address:

Saxham Industrial Estate

Saxham

Bury St Edmunds, IP28 6RZ

United Kingdom

Incorporation Date: 13-Dec-1968

Company Type: Private Parent

Quoted Status: Not Quoted

Registered No.(UK): 00944192

Director: Elizabeth Ina Beck

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

5190 - Other wholesale

NAICS 2002 Codes:

423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:

5099 - Durable Goods, Not Elsewhere Classified

UK SIC 2003:

5190 - Other wholesale

Business Description

More Business Descriptions

R.H.Claydon Ltd. is a specialist wholesaler serving the tyre industry in the United Kingdom. The company offers a wide variety of tyres to the retail and service sectors of the industry. It offers tyres for agriculture and construction equipment, such as fork lift, high-speed trailers, all-terrain vehicles, light and heavy trucks and passenger vans utilised in material handling and turf maintenance. It also provides an extensive range of inner tubes. R.H.Claydon Ltd. maintains an extensive stock of tyres from some of the leading brands. (Updated by OneSource Information Services)

Financial Data

Financials in:	GBP(mil)

Revenue:	13.9
Net Income:	0.1
Assets:	9.5
Current Assets:	6.0
Fixed Assets:	3.5
Long Term Debt:	2.7
Total Liabilities:	5.1
Issued Capital:	0.7
Working Capital:	3.6
Net Worth:	4.4

Date of Financial Data:	31-Dec-2010

1 Year Growth

0.5%

Key Corporate Relationships

Auditor:	Grant Thornton UK LLP
Bank:	Lloyds Tsb Bank PLC

Auditor:	Grant Thornton UK LLP

Auditor History
Grant Thornton UK LLP	31-Dec-2010
Grant Thornton UK LLP	31-Dec-2009
Grant Thornton UK LLP	31-Dec-2008
Grant Thornton UK LLP	31-Dec-2007
Grant Thornton UK LLP	31-Dec-2006

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	12-31-2010

Corporate Family	Corporate Structure News:
	R.H.Claydon Ltd.
R.H.Claydon Ltd. Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
R.H.Claydon Ltd.	Parent	Bury St Edmunds	United Kingdom	Miscellaneous Capital Goods	21.5	53
R H Claydon Ltd.	UK Branch/Trading address	Stockport	United Kingdom	Retail (Specialty)	21.5	10
R H Claydon Ltd.	UK Branch/Trading address	Falkirk	United Kingdom	Retail (Specialty)	21.5	10

Executive report

Board of Directors

Name

Title

Function

Royston Hugh Claydon

Chairman

Elizabeth Ina Beck

Director

Director/Board Member

Doreen Alice Claydon

Director

Director/Board Member

Colin Reginald Clements

Director

Director/Board Member

John Rolland Parker

Director

Director/Board Member

Executives

Name

Title

Function

Royston Hugh Claydon

Chairman

President

Michael Claydon

Managing Director

Doreen Alice Claydon

Director

Managing Director

Adrian Durrant

Administration Manager

Administration Executive

Terry Bates

Financial Controller

Finance Executive

Directors and Shareholders Report

Main Office Address:
Saxham Business Park
Bury St Edmunds
United Kingdom IP28 6RZ

Tel: 01284778509
Fax: 01284754833
URL: http://www.rhc.co.uk

Annual Return Date: 12 Aug 2011
Total Issued Capital (GBP 000): 958

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Elizabeth Ina Beck	Current	12 Oct 1953	Windy Ridge, Ousden, Newmarket, Suffolk CB8 8TR	01 Aug 2011	NA	Current:1 Previous:1 Disqualifications:0
John Rolland Parker	Current	13 Oct 1954	Saxham Industrial Estate, Saxham, Bury St. Edmunds, Suffolk IP28 6RZ	01 Oct 2011	NA	Current:1 Previous:0 Disqualifications:0
Colin Reginald Clements	Current	15 Aug 1954	Saxham Industrial Estate, Saxham, Bury St. Edmunds, Suffolk IP28 6RZ	01 Oct 2011	NA	Current:1 Previous:0 Disqualifications:0
Doreen Alice Claydon	Current	04 Aug 1929	Longmeadow, Ousden, Newmarket, Suffolk CB8 8TW	12 Aug 1991	NA	Current:2 Previous:0 Disqualifications:0
Royston Hugh Claydon	Current	21 Sep 1926	Longmeadow, Ousden, Newmarket, Suffolk CB8 8TW	12 Aug 1991	NA	Current:1 Previous:0 Disqualifications:0
Michael Hugh Claydon	Current	06 Jun 1957	Chedburgh Hall Bury Road, Chedburgh, Bury St. Edmunds, Suffolk IP29 4UQ	01 May 2002	NA	Current:2 Previous:2 Disqualifications:0
Elizabeth Ina Beck	Previous	12 Oct 1953	Windy Ridge, Ousden, Newmarket, Suffolk CB8 8TR	12 Aug 1991	12 Oct 2003	Current:1 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Doreen Alice Claydon	Current	04 Aug 1929	Longmeadow, Ousden, Newmarket, Suffolk CB8 8TW	12 Aug 1991	NA	Current:2 Previous:0 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
D A Claydon	300000 Preference GBP 1.00	Preference	300,000	1.00	300,000.00	31.33
D A Claydon	10412 Ordinary GBP 1.00	Ordinary	10,412	1.00	10,412.00	1.09
E I Beck	14513 Ordinary GBP 1.00	Ordinary	14,513	1.00	14,513.00	1.52
Elizabeth Ina Beck	300000 Preference GBP 1.00	Preference	300,000	1.00	300,000.00	31.33
Keith Beck	300000 Preference GBP 1.00	Preference	300,000	1.00	300,000.00	31.33
M H Claydon	20132 Ordinary GBP 1.00	Ordinary	20,132	1.00	20,132.00	2.10
R H Claydon	12465 Ordinary GBP 1.00	Ordinary	12,465	1.00	12,465.00	1.30

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647573	0.641508	0.545576	0.499878	0.543438
Consolidated	No	No	No	No	No

Turnover (UK)	21.4	21.4	29.7	30.8	24.4
Turnover (Exports)	0.2	0.3	0.1	0.1	0.1
Total Turnover	21.5	21.6	29.9	30.9	24.4
Cost of Sales	16.6	16.5	22.7	22.9	18.1
Gross Profit	4.9	5.1	7.2	8.0	6.4
Depreciation	0.4	0.4	0.5	0.6	0.6
Other Expenses	4.3	4.8	6.0	6.2	5.6
Operating Profit	-	-	-	1.7	-
Other Income	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.2	0.2	0.5	0.5	0.3
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	-
Profit Before Taxes	0.4	0.1	0.7	1.3	0.4
Tax Payable / Credit	0.1	0.0	0.2	0.4	0.1
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.2	0.2	0.2	0.4	0.2
Profit After Taxes	0.1	-0.1	0.3	0.4	0.1
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Non Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	53	57	62	64	73
Wages	2.0	2.3	3.0	3.2	2.9
Social Security Costs	0.2	0.2	0.3	0.3	0.3
Pensions	-	-	-	0.0	0.0
Other Pension Costs	0.1	0.1	0.1	0.1	0.1
Employees Remuneration	2.3	2.6	3.4	3.6	3.3
Directors Emoluments	-	-	-	0.3	0.3
Other Costs	-	-	-	0.0	0.0
Directors Remuneration	0.2	0.2	0.3	0.3	0.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.638712	0.619253	0.695531	0.502361	0.510947
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	5.5	5.9	5.7	6.1	6.1
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	5.5	5.9	5.7	6.1	6.1
Stocks	4.7	5.0	4.1	6.5	4.3
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	4.7	5.0	4.1	6.5	4.3
Trade Debtors	4.0	4.1	3.9	6.8	6.3
Inter-Company Debtors	0.0	0.0	0.0	-	0.0
Director Loans	0.0	0.0	0.0	-	0.0
Other Debtors	0.2	0.3	0.3	0.6	0.5
Total Debtors	4.2	4.4	4.1	7.5	6.8
Cash and Equivalents	0.4	0.0	0.0	0.0	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	9.4	9.5	8.2	14.0	11.1
Total Assets	14.9	15.4	13.9	20.1	17.3
Trade Creditors	1.2	1.2	0.6	1.9	1.5
Bank Overdraft	0.7	1.2	0.5	1.4	0.1
Inter-Company Creditors	0.0	0.0	0.0	0.0	-
Director Loans (Current Liability)	1.3	0.5	0.4	1.1	0.9
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	-
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0	-
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	-
Total Short Term Loans	0.0	0.0	0.0	0.0	-
Accruals/Deferred Income (Current Liability)	0.3	0.3	0.4	0.7	0.4
Social Security/VAT	0.1	0.1	0.5	0.1	0.3
Corporation Tax	0.1	0.1	0.2	0.4	0.1
Dividends (Current Liability)	0.0	0.0	0.0	0.0	-
Other Current Liabilities	0.0	1.0	0.0	1.2	1.2
Total Current Liabilities	3.7	4.3	2.5	6.8	4.4
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	3.3	4.0	4.1	4.7	4.9
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.9	0.0	0.9	0.0	0.0
Total Long Term Liabilities	4.2	4.0	5.0	4.7	4.9
Deferred Taxation	0.1	0.1	0.1	0.2	0.1
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.1	0.1	0.1	0.2	0.1
Issued Capital	0.1	0.1	0.1	0.1	0.1
Share Premium Accounts	0.1	0.1	0.1	0.1	0.1
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	6.7	6.8	6.1	8.2	7.6
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	6.9	7.0	6.3	8.4	7.9
Net Worth	6.9	7.0	6.3	8.4	7.9

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647573	0.641508	0.545576	0.499878	0.543438
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	1.3	0.6	3.5	0.1	-2.2
Net Cash Flow from ROI and Servicing of Finance	-0.2	-0.2	-0.5	-0.5	-0.4
Taxation	-0.1	-0.2	-0.4	-0.1	-0.1
Capital Expenditures	-0.2	0.0	-2.1	-0.5	-0.3
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	-0.2	-0.2	-0.2	-0.4	-0.2
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	0.2	-0.5	0.7	0.2	4.5
Increase in Cash	0.9	-0.5	1.0	-1.1	1.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.638712	0.619253	0.695531	0.502361	0.510947
Consolidated	No	No	No	No	No

Current Ratio	2.54	2.20	3.32	2.05	2.52
Liquidity Ratio	1.27	1.03	1.67	1.09	1.55
Stock Turnover	4.63	4.44	5.75	4.72	6.04
Credit Period (Days)	67.61	66.37	59.98	81.20	87.76
Working Capital by Sales	26.15%	23.04%	24.53%	23.23%	25.79%
Trade Credit by Debtors	0.29	0.28	0.16	0.28	0.23
Return on Capital	3.68%	1.22%	4.64%	9.41%	3.31%
Return on Assets	2.77%	0.88%	3.81%	6.21%	2.46%
Profit Margin	1.90%	0.61%	2.26%	4.06%	1.64%
Return on Shareholders Funds	5.98%	1.93%	8.40%	14.88%	5.41%
Borrowing Ratio	75.23%	80.91%	79.14%	86.25%	74.02%
Equity Gearing	46.38%	45.58%	45.41%	41.77%	45.58%
Debt Gearing	47.68%	56.94%	65.65%	56.16%	62.21%
Interest Coverage	2.36	0.58	1.28	2.56	1.16
Sales by Tangible Assets	3.95	3.79	4.15	5.01	4.23
Average Remuneration per Employee	0.0	0.0	0.0	0.1	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.4	0.4	0.4	0.5	0.4
Capital Employed per Employee	0.2	0.2	0.2	0.2	0.2
Tangible Assets per Employee	0.1	0.1	0.1	0.1	0.1
Total Assets per Employee	0.3	0.3	0.2	0.3	0.2
Employee Remuneration by Sales	10.53%	11.87%	11.23%	11.70%	13.46%
Creditor Days (Cost of Sales Based)	25.41	24.76	12.90	30.70	27.71
Creditor Days (Sales Based)	19.63	18.87	9.80	22.78	20.51

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.23

INFORMATION DETAILS

Report Prepared by :

MNL

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.