MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	SPECIALISED BELTING SUPPLIES LTD.

Registered Office :	26-32 Brunel Way, Thetford, IP24 1HP, Norfolk County

Country :	United Kingdom

Financials (as on) :	31.12.2011

Date of Incorporation :	07.06.1989

Com. Reg. No.:	02393041

Legal Form :	Private Parent

Line of Business :	Management services to its subsidiaries

No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU)

Source : CIA

Company name and address

Specialised Belting Supplies Ltd.

26-32 Brunel Way


Thetford, IP24 1HP
United Kingdom
(Trading Address) Registered Address
Map

Tel:	01842 754392

www.sbsbelting.com

Employees:	50
Company Type:	Private Parent
Corporate Family:	2 Companies

Quoted Status:	Non-quoted Company
Incorporation Date:	07-Jun-1989
Auditor:	Rsm Tenon Audit Ltd.
Fiscal Year End:	31-Dec-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	NA
Total Assets:	9.2

Business Description

Management services to its subsidiaries.

Industry

Industry	Construction and Agriculture Machinery
ANZSIC 2006:	2462 - Mining and Construction Machinery Manufacturing
NACE 2002:	2922 - Manufacture of lifting and handling equipment
NAICS 2002:	33392 - Material Handling Equipment Manufacturing
UK SIC 2003:	2922 - Manufacture of lifting and handling equipment
UK SIC 2007:	2822 - Manufacture of lifting and handling equipment
US SIC 1987:	353 - Construction, Mining, and Materials Handling

Key Executives

Name	Title
Peter John Lord	Secretary
Steven George Farmer	Director
Glenda Ann Lord	Director
Carol Patricia Toft	Director
Geoff Toft	Director

Financial Summary

FYE: 31-Dec-2011

USD (mil)

Key Figures
Current Assets	5.55
Fixed Assets	3.63
Total Liabilities	3.43
Net Worth	3.58

Key Ratios
Current Ratio	1.62
Acid Test	0.98
Debt Gearing	56.10

Registered No.(UK)

02393041

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.623776
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6434593

Corporate Overview

Location
26-32 Brunel Way
Thetford, IP24 1HP
Norfolk County
United Kingdom

Tel:	01842 754392

www.sbsbelting.com

Sales GBP(mil):	NA
Assets GBP(mil):	5.9
Employees:	50
Fiscal Year End:	31-Dec-2011



Industry:	Construction and Agriculture Machinery

Registered Address:
26-32 Brunel Way
Thetford, IP24 1HP
United Kingdom

Incorporation Date:	07-Jun-1989
Company Type:	Private Parent
Quoted Status:	Not Quoted
Registered No.(UK):	02393041

Industry Codes

ANZSIC 2006 Codes:
2462	-	Mining and Construction Machinery Manufacturing

NACE 2002 Codes:
2922	-	Manufacture of lifting and handling equipment

NAICS 2002 Codes:
33392	-	Material Handling Equipment Manufacturing

US SIC 1987:
353	-	Construction, Mining, and Materials Handling

UK SIC 2003:
2922	-	Manufacture of lifting and handling equipment

UK SIC 2007:
2822	-	Manufacture of lifting and handling equipment

Business Description

Management services to its subsidiaries.

More Business Descriptions

Conveyor Belts and Systems

Financial Data

Financials in:	GBP(mil)

Assets:	5.9
Current Assets:	3.6
Fixed Assets:	2.3
Long Term Debt:	1.3
Total Liabilities:	3.5
Issued Capital:	0.0
Working Capital:	1.4
Net Worth:	2.3

Date of Financial Data:	31-Dec-2011

1 Year Growth

Top

Key Corporate Relationships

Auditor:	Rsm Tenon Audit Ltd.
Bank:	Lloyds Tsb Bank PLC

Auditor:	Rsm Tenon Audit Ltd.

Corporate Structure News:
	Specialised Belting Supplies Ltd.
Specialised Belting Supplies Ltd. Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Specialised Belting Supplies Ltd.	Parent	Thetford	United Kingdom	Construction and Agriculture Machinery		50
Specialised Belting Supplies 2007 Ltd.	Subsidiary	Doncaster	United Kingdom	Nonclassifiable Industries		4

Executives Report

Board of Directors

Name

Title

Function

Steven George Farmer

Director

Director/Board Member

Age: 52

Glenda Ann Lord

Director

Director/Board Member

Age: 53

Carol Patricia Toft

Director

Director/Board Member

Age: 56

Geoff Toft

Director

Director/Board Member

Age: 64

Executives

Name

Title

Function

Peter John Lord

Secretary

Company Secretary

Age: 62

Directors and Shareholders Report

Main Office Address:
26-32 Brunel Way
Thetford
United Kingdom IP24 1HP

Tel: 01842 754392
URL: http://www.sbsbelting.com

Annual Return Date: 30 May 2012

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Carol Patricia Toft	Current	01 Oct 1956	Camforth Hall Barn, Camforth Hall Lane Goosnargh, Preston, Lancashire PR3 2EH	24 Oct 2009	NA	Current:3 Previous:2 Disqualifications:0
Steven George Farmer	Current	20 Oct 1960	Wheatcroft Farm, Hayfields Lane Finningley, Doncaster, South Yorkshire DN9 3NP	01 Jul 2007	NA	Current:2 Previous:0 Disqualifications:0
Geoff Toft	Current	10 Jul 1948	Camforth Hall Barn Camforth Hall Lane, Goosnargh, Preston, Lancashire PR3 2EH	20 Oct 2006	NA	Current:3 Previous:3 Disqualifications:0
Peter John Lord	Current	14 Apr 1950	15 Thistledown Drive, Ixworth, Bury St. Edmunds, Suffolk IP31 2NH	07 Jun 1992	NA	Current:4 Previous:0 Disqualifications:0
Glenda Ann Lord	Current	15 Jul 1959	15 Thistledown Drive, Ixworth, Bury St. Edmunds, Suffolk IP31 2NH	24 Oct 2009	NA	Current:2 Previous:3 Disqualifications:0
Peter Howard Webster	Previous	05 Jan 1954	2B Hills Lane, Ely, Cambridgeshire CB6 1AY	07 Jun 1992	20 Oct 2006	Current:2 Previous:2 Disqualifications:0
Glenda Ann Lord	Previous	15 Jul 1959	15 Thistledown Drive, Ixworth, Bury St. Edmunds, Suffolk IP31 2NH	07 Jun 1992	24 Feb 2009	Current:2 Previous:3 Disqualifications:0
Jane Webster	Previous	17 Oct 1953	2B Hills Lane, Ely, Cambridgeshire CB6 1AY	07 Jun 1992	20 Oct 2006	Current:1 Previous:2 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
Peter John Lord	Current	14 Apr 1950	15 Thistledown Drive, Ixworth, Bury St. Edmunds, Suffolk IP31 2NH	07 Jun 1992	NA	Current:4 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
Peter John Lord	245 Ordinary GBP 1.00	Ordinary	245	1.00	245.00	50.00

Corporate Shareholders

Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Brec Limited	01228634	245 Ordinary GBP 1.00	Ordinary	245	1.00	245.00	50.00

Specialised Belting Supplies Ltd.

Thetford, United Kingdom, Tel: 01842 754392, URL: http://www.sbsbelting.com

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.623776	0.647573	0.641508	0.545576	0.499878
Consolidated	No	No	No	No	No

Depreciation	0.3	0.2	0.2	0.3	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.643459	0.638712	0.619253	0.695531	0.502361
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	3.6	3.5	3.0	2.8	3.5
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.5	0.5	0.7
Total Fixed Assets	3.6	3.5	3.6	3.3	4.2
Total Stocks Work In Progress	2.2	1.5	1.1	1.0	1.5
Total Debtors	2.6	2.4	1.8	2.4	2.7
Cash and Equivalents	0.8	0.2	0.6	0.2	0.8
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	5.5	4.0	3.5	3.6	5.0
Total Assets	9.2	7.5	7.0	6.9	9.2
Bank Overdraft	0.3	0.2	0.1	-	-
Hire Purchase (Current Liability)	0.0	0.0	0.0	-	-
Finance Lease (Current Liability)	0.0	0.0	0.0	-	-
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	-	-
Other Current Liabilities	3.1	2.2	1.9	2.3	3.1
Total Current Liabilities	3.4	2.4	2.0	2.3	3.1
Group Loans (Long Term Liability)	0.0	0.0	0.0	-	-
Director Loans (Long Term Liability)	0.0	0.0	0.0	-	-
Hire Purchase (Long Term Liability)	0.1	0.0	0.0	-	-
Leasing (Long Term Liability)	0.0	0.0	0.0	-	-
Total Hire Purchase Loans (Long Term Liability)	0.1	0.0	0.0	-	-
Other Long Term Loans	2.0	1.9	2.2	-	-
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	-	-
Other Long Term Liabilities	0.0	0.0	0.0	2.2	2.4
Total Long Term Liabilities	2.0	1.9	2.2	2.2	2.4
Deferred Taxation	-	-	-	0.0	0.0
Other Provisions	0.2	0.1	0.0	0.0	0.0
Total Provisions	0.2	0.1	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	3.6	3.1	2.9	2.4	3.7
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	3.6	3.1	2.9	2.4	3.7
Net Worth	3.6	3.1	2.9	2.4	3.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.623776	0.647573	0.641508	0.545576	0.499878
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.643459	0.638712	0.619253	0.695531	0.502361
Consolidated	No	No	No	No	No

Current Ratio	1.62	1.65	1.72	1.60	1.63
Liquidity Ratio	0.98	1.03	1.16	1.15	1.14
Borrowing Ratio	64.23%	70.76%	80.39%	-	-
Equity Gearing	38.99%	40.75%	40.51%	35.44%	39.88%
Debt Gearing	56.10%	62.58%	75.51%	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.96
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

PDT

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.