MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	BUHLER SORTEX LTD.
Registered Office :	Sortex Ltd 20 Atlantis Avenue London, E16 2BF
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	01.05.1947
Com. Reg. No.:	00434274
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of other special purpose machinery not elsewhere classified
No. of Employees :	221

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 (31.03.2011)	Current Rating (30.06.2012)
United Kingdom	A1	A1

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

Top of Form

Bottom of Form

Buhler Sortex Ltd.

Sortex Ltd
20 Atlantis Avenue
London, E16 2BF
United Kingdom
Tel:	020 7055 7777
Fax:	020 7055 6651
www.sortex.com

Employees:	221
Company Type:	Private Subsidiary
Corporate Family:	29 Companies
Ultimate Parent:	Bühler AG
Quoted Status:	Non-quoted Company
Incorporation Date:	01-May-1947
Auditor:	Bourner Bullock

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	119.2 ^1
Net Income:	(2.1)
Total Assets:	69.2

Business Description

Sortex Ltd. offers sorting solutions to the global food and non-food processing industries. The company offers sorting solutions for rice, coffee, peanuts, tree-nuts, beans, pulses, seeds, grains, snack foods, confectionery, cereals and plastics. It specialises in developing, manufacturing and distributing optical sorters. The company offers services, such as after sales, product support, and control and management solutions to its customers. It offers machines, such as Sortex Z+ and Sortex K to sort fresh and frozen food products by colour, shape and size. It has machines to sort dry food commodities and non-food products, such as plastics.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2956 - Manufacture of other special purpose machinery not elsewhere classified
NAICS 2002:	333298 - All Other Industrial Machinery Manufacturing
UK SIC 2003:	2956 - Manufacture of other special purpose machinery not elsewhere classified
UK SIC 2007:	2899 - Manufacture of other special-purpose machinery n.e.c.
US SIC 1987:	3569 - General Industrial Machinery and Equipment, Not Elsewhere Classified

Key Executives   (Emails Available)

Name	Title
Nigel Howard Wilson	Secretary
Campbell Dixon	Manufacturing Engineering Manager
Gary Hubbard	Hardware Development Manager
Colin David Chaffers	Director
Charith Abeysinghe Gunawardena	Director

Financial Summary

FYE: 31-Dec-2011

USD (mil)

Key Figures
Current Assets	68.04
Fixed Assets	1.13
Total Liabilities	21.69
Net Worth	42.98

Key Ratios
Current Ratio	3.14
Acid Test	2.71

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
Sortex Ltd
20 Atlantis Avenue
London, E16 2BF
London County
United Kingdom

Tel:	020 7055 7777
Fax:	020 7055 6651

www.sortex.com

Sales GBP(mil):	74.3
Assets GBP(mil):	44.5
Employees:	221
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Registered Address:
20 Atlantis Avenue
London, E16 2BF
United Kingdom

Incorporation Date:	01-May-1947
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Sortex Ltd
Registered No.(UK):	00434274

Director:	Charith Abeysinghe Gunawardena

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2956	-	Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:
333298	-	All Other Industrial Machinery Manufacturing

US SIC 1987:
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified

UK SIC 2003:
2956	-	Manufacture of other special purpose machinery not elsewhere classified

UK SIC 2007:
2899	-	Manufacture of other special-purpose machinery n.e.c.

Business Description

Sortex Ltd. offers sorting solutions to the global food and non-food processing industries. The company offers sorting solutions for rice, coffee, peanuts, tree-nuts, beans, pulses, seeds, grains, snack foods, confectionery, cereals and plastics. It specialises in developing, manufacturing and distributing optical sorters. The company offers services, such as after sales, product support, and control and management solutions to its customers. It offers machines, such as Sortex Z+ and Sortex K to sort fresh and frozen food products by colour, shape and size. It has machines to sort dry food commodities and non-food products, such as plastics.

.

More Business Descriptions

The development and delivery of mechanical sorting solutions to the global food and non-food processing industries.

Food Processing Equipment and Supplies

Financial Data

Financials in:	GBP(mil)
Revenue:	74.3
Net Income:	-1.3
Assets:	44.5
Current Assets:	43.8
Fixed Assets:	0.7
Long Term Debt:	0.0
Total Liabilities:	14.0
Issued Capital:	1.3
Working Capital:	29.8
Net Worth:	27.7
Date of Financial Data:	31-Dec-2011

1 Year Growth

-12.2%

NA

7.6%

Key Corporate Relationships

Auditor:	Bourner Bullock
Auditor:	Bourner Bullock

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	12-31-2011

Corporate Structure News

Buhler Sortex Ltd.
Total Corporate Family Members: 29

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Bühler AG	Parent	Uzwil	Switzerland	Miscellaneous Capital Goods	2,479.2	7,500
Bühler GmbH	Subsidiary	Braunschweig	Germany	Food Processing	273.5	732
Bühler GmbH	Subsidiary	Braunschweig, Niedersachsen	Germany	Miscellaneous Capital Goods	279.8	650
Buhler UK Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services	154.5	309
Control Design And Development Ltd.	Subsidiary	Peterborough	United Kingdom	Computer Services	10.9	58
Sortex Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.3
Buhler (Pty) Ltd	Subsidiary	Honeydew	South Africa	Food Processing		250
IdraPrince, Inc.	Subsidiary	Holland, MI	United States	Miscellaneous Capital Goods		230
Quality Process Control Systems	Subsidiary	Holland, MI	United States	Scientific and Technical Instruments		3
Buhler Sortex Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods	119.2	221
Buhler Aeroglide	Subsidiary	Cary, NC	United States	Miscellaneous Capital Goods	40.0	220
Aeroglide Corporation	Subsidiary	Stamford	United Kingdom	Miscellaneous Capital Goods		10
Buhler Aeroglide Corp	Branch	Philadelphia, PA	United States	Miscellaneous Capital Goods	3.3	6
Buhler Aeroglide Technology Center	Branch	Raleigh, NC	United States	Miscellaneous Capital Goods	3.3	6
Buhler Inc.	Subsidiary	Plymouth, MN	United States	Miscellaneous Capital Goods	49.5	170
Buhler Iroda Képviselet	Subsidiary	Budapest	Hungary	Miscellaneous Capital Goods	20.0	100
Buhler Caracas Suministros SA	Subsidiary	Urbanización Las Mercedes, Caracas	Venezuela	Construction Services	20.0	100
Buhler SA	Subsidiary	Bogota, Cundinamarca	Colombia	Crops	19.0	100
Buehler AG	Subsidiary	Moscow	Russian Federation	Crops	19.0	100
Buhler Sarl	Subsidiary	Villepinte	France	Miscellaneous Capital Goods	69.8	91
Buhler S.A.	Subsidiary	Joinville, Santa Catarina	Brazil	Miscellaneous Capital Goods	14.3	83
Buhler, S.A. De C.V.	Subsidiary	Toluca, Estado De Mexico	Mexico	Miscellaneous Capital Goods	7.5	75
Buhler K.K.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Capital Goods	67.4	66
Buhler SA de CV	Subsidiary	Metepec, Federal District	Mexico	Miscellaneous Capital Goods	12.0	50
Bühler SpA	Subsidiary	Segrate, MI	Italy	Miscellaneous Capital Goods	38.2	48
Buhler S.A.	Subsidiary	Acassuso, Buenos Aires	Argentina	Miscellaneous Capital Goods	17.2	28
Buhler Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods	15.5	28
Buhler AG	Subsidiary	Singapore	Singapore	Construction Services	24.0	15
Buhler	Subsidiary	Vermont, VIC	Australia	Construction Services	12.6	8

Executives Report

Board of Directors

Name	Title	Function
Colin David Chaffers	Director	Director/Board Member
Age: 57
Charith Abeysinghe Gunawardena	Director	Director/Board Member
Age: 50
Hamid Reza Kefayati	Director	Director/Board Member
Age: 56
Matthew Ian Kelly	Director	Director/Board Member
Age: 37
Bruno Mendler	Director	Director/Board Member
Age: 57
Nicholas John Wilkins	Director	Director/Board Member
Age: 54
Gary Yates	Director	Director/Board Member
Age: 50

Executives

Name	Title	Function
Nigel Howard Wilson	Secretary	Company Secretary
Age: 51
Campbell Dixon View Email	Manufacturing Engineering Manager	Engineering/Technical Executive
Gary Hubbard View Email	Hardware Development Manager	Other

Directors and Shareholders Report

Annual Return Date: 01 May 2012
Total Issued Capital (GBP 000): 1,250

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Colin David Chaffers	Current	04 Oct 1955	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	16 Jun 1998	NA	Current:1 Previous:0 Disqualifications:0
Nigel Howard Wilson	Current	20 Jan 1961	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	06 Nov 1998	NA	Current:4 Previous:4 Disqualifications:0
Charith Abeysinghe Gunawardena	Current	05 Dec 1961	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	25 Sep 2000	NA	Current:1 Previous:0 Disqualifications:0
Hamid Reza Kefayati	Current	06 Oct 1956	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	18 Jul 2003	NA	Current:1 Previous:0 Disqualifications:0
Bruno Mendler	Current	20 Nov 1954	Bachtelstrasse 11, Schaffhausen	01 Jan 2004	NA	Current:3 Previous:0 Disqualifications:0
Matthew Ian Kelly	Current	13 May 1975	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	18 Apr 2011	NA	Current:2 Previous:0 Disqualifications:0
Gary Yates	Current	21 Sep 1962	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	07 Nov 2011	NA	Current:2 Previous:0 Disqualifications:0
Nicholas John Wilkins	Current	15 Sep 1958	The Old Rectory, Church Road, Bicester, Oxfordshire OX27 7NP	01 Aug 2005	NA	Current:2 Previous:0 Disqualifications:0
Hans-Jakob Schoch	Previous	17 Oct 1947	Hoehenweg 27, Herisau, Canton Of Appenzell 9100, Switzerland	05 Mar 1998	31 Dec 2003	Current:0 Previous:1 Disqualifications:0
Arthur Wettstein	Previous	20 Sep 1949	Im Weingarten, Oberuzwil 9242, Switzerland	30 Mar 1994	06 Nov 1998	Current:0 Previous:3 Disqualifications:0
Philipp Adrian Muller	Previous	19 Aug 1937	Beulstrasse 1, 9244 Niederuzwil, Switzerland	NA	07 Nov 1997	Current:0 Previous:2 Disqualifications:0
Mark Jason Honeywood	Previous	01 Jun 1959	1 Monro House, Fitzjohns Avenue, London , London NW3 6NU	25 Jun 1999	30 Jun 2005	Current:0 Previous:1 Disqualifications:0
Colin Leonard Lee	Previous	13 May 1932	107 Queens Road, Hertford, Hertfordshire SG13 8BJ	23 May 1991	31 Mar 1997	Current:0 Previous:2 Disqualifications:0
Alan Hillary	Previous	23 Nov 1953	1 Cameron Close, Cranleigh, Surrey GU6 8EB	23 Jun 1998	21 Oct 2011	Current:0 Previous:5 Disqualifications:0
Craig Edward Briggs	Previous	26 Oct 1972	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	07 Feb 2007	31 Dec 2010	Current:0 Previous:2 Disqualifications:0
Brian John Booth	Previous	09 Jun 1937	Springbok Sandy Lane, Addington, West Malling, Kent ME19 5BX	23 May 1991	31 Mar 1998	Current:0 Previous:2 Disqualifications:0
Martin Connolly Kelly	Previous	23 Aug 1945	15 Pennington Road, Southborough, Tunbridge Wells, Kent TN4 0SR	23 May 1991	29 Apr 1997	Current:0 Previous:1 Disqualifications:0
John Menzies Low	Previous	01 Jul 1953	25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA	23 May 1991	31 May 1999	Current:13 Previous:5 Disqualifications:0
Beat Haeni	Previous	09 Jun 1943	Alpsteinstrasse 16, Uzwil	30 Mar 1994	05 Mar 1998	Current:0 Previous:1 Disqualifications:0
Bruno Giacomo Mario Kilshaw	Previous	21 Nov 1947	38 The Broadway, Amersham, Buckinghamshire HP7 0HJ	01 Feb 1993	31 Mar 2011	Current:0 Previous:2 Disqualifications:0
Brian Graham Cox	Previous	25 Feb 1943	43 Badcock Road, Haslingfield, Cambridge, Cambridgeshire CB3 7LF	14 Feb 1997	31 Dec 1997	Current:0 Previous:2 Disqualifications:0
David John Turner	Previous	NA	134 Hampton Road, Twickenham, Middlesex TW2 5QR	NA	30 Sep 1993	Current:1 Previous:28 Disqualifications:0
Ronen Day	Previous	14 May 1956	The Oak House 46A Barn Hill, Wembley Park, Wembley, Middlesex HA9 9LQ	15 Jul 1997	18 Jul 2003	Current:0 Previous:1 Disqualifications:0
Steven Simon Henning	Previous	28 Feb 1963	7A Almeida Street, London , London N1 1TA	24 Feb 1995	31 May 1998	Current:0 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
Nigel Howard Wilson	Current	20 Jan 1961	20 Atlantis Avenue, London, Victoria Dock, London E16 2BF	31 Mar 1998	NA	Current:4 Previous:4 Disqualifications:0
Brian John Booth	Previous	09 Jun 1937	Springbok Sandy Lane, Addington, West Malling, Kent ME19 5BX	23 May 1991	31 Mar 1998	Current:0 Previous:2 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Buhler UK Holdings Ltd	00683185	1250000 Ordinary GBP 1.00	Ordinary	1,250,000	1.00	1,250,000.00	100.00

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
Turnover (UK)	2.1	1.1	1.1	1.4	1.3
Turnover (Exports)	117.1	129.6	97.7	83.1	72.0
Total Turnover	119.2	130.7	98.8	84.4	73.2
Cost of Sales	75.5	80.2	63.8	60.2	53.9
Gross Profit	43.6	50.4	35.1	24.2	19.4
Depreciation	1.2	1.1	1.0	1.3	0.8
Other Expenses	12.0	11.4	10.4	10.5	10.0
Operating Profit	31.7	-	24.7	-	-
Other Income	0.1	0.1	0.2	2.7	0.5
Interest Paid	0.1	0.0	0.2	1.0	0.2
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	31.6	39.1	24.6	15.4	9.7
Tax Payable / Credit	8.1	11.0	7.1	4.7	2.3
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	25.7	17.0	10.9	4.6	6.0
Profit After Taxes	-2.1	11.1	6.6	6.2	1.4
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.1	0.1	0.1	0.1	0.1
Non Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	221	223	193	174	171
Wages	12.3	11.5	10.2	11.1	11.0
Social Security Costs	1.3	1.2	1.1	1.1	1.1
Pensions	0.1	0.1	0.1	0.1	0.1
Other Pension Costs	0.3	0.3	0.4	0.7	0.8
Employees Remuneration	13.9	12.9	11.7	13.0	12.9
Directors Emoluments	1.7	1.8	1.5	1.8	1.7
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	1.8	1.9	1.7	1.9	1.8
Highest Paid Director	0.3	0.4	0.3	0.4	0.4

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
Land & Buildings	-	18.3	19.3	-	-
Fixtures & Fittings	-	1.2	1.4	-	-
Plant & Vehicles	-	0.3	0.3	-	-
Total Tangible Fixed Assets	1.1	19.9	21.0	19.0	16.0
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	1.1	19.9	21.0	19.0	16.0
Stocks	7.5	7.8	6.7	5.7	7.8
Work in Progress	1.6	2.8	2.2	1.8	1.8
Total Stocks Work In Progress	9.2	10.5	8.9	7.5	9.6
Trade Debtors	28.9	25.7	22.3	3.5	8.2
Inter-Company Debtors	17.9	6.3	8.2	6.7	12.1
Other Debtors	1.3	2.7	2.3	1.3	1.7
Total Debtors	48.0	34.7	32.8	11.5	22.0
Cash and Equivalents	10.8	23.1	16.1	14.5	3.6
Other Current Assets	0.0	0.0	0.0	0.0	0.1
Total Current Assets	68.0	68.4	57.8	33.5	35.2
Total Assets	69.2	88.2	78.9	52.4	51.1
Trade Creditors	1.9	5.7	5.0	3.5	3.9
Bank Overdraft	-	-	-	-	0.0
Inter-Company Creditors	1.2	0.8	1.7	1.2	1.6
Total Short Term Loans	-	-	-	-	4.0
Accruals/Deferred Income (Current Liability)	6.6	6.9	5.9	6.6	4.2
Social Security/VAT	0.4	0.4	0.4	0.4	0.5
Corporation Tax	4.3	7.6	5.1	2.5	2.0
Other Current Liabilities	7.3	7.8	10.5	3.8	4.1
Total Current Liabilities	21.7	29.2	28.6	17.9	20.3
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	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	8.1	8.4	7.6	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	8.1	8.4	7.6	0.0
Deferred Taxation	0.2	-	-	0.0	0.0
Other Provisions	4.3	5.0	6.3	0.5	1.1
Total Provisions	4.5	5.0	6.3	0.5	1.1
Issued Capital	1.9	2.0	2.0	1.8	2.5
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	41.0	43.9	33.5	24.7	27.2
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	43.0	45.9	35.5	26.5	29.7
Net Worth	43.0	45.9	35.5	26.5	29.7

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	3.14	2.34	2.02	1.87	1.73
Liquidity Ratio	2.71	1.98	1.71	1.45	1.26
Stock Turnover	12.60	12.57	11.51	8.87	7.62
Credit Period (Days)	91.36	70.94	79.65	19.32	40.84
Working Capital by Sales	40.12%	29.56%	28.54%	23.49%	20.36%
Trade Credit by Debtors	0.06	0.22	0.22	0.99	0.48
Return on Capital	64.60%	67.16%	50.74%	35.07%	31.26%
Return on Assets	44.34%	44.94%	32.33%	23.08%	18.83%
Profit Margin	26.55%	29.92%	24.90%	18.28%	13.21%
Return on Shareholders Funds	71.36%	86.37%	71.84%	45.70%	32.43%
Borrowing Ratio	2.88%	1.81%	4.88%	4.46%	18.70%
Equity Gearing	62.14%	52.03%	45.00%	50.51%	58.06%
Interest Coverage	307.58	1,067.73	98.75	15.51	39.49
Sales by Tangible Assets	101.93	6.67	4.87	3.49	4.57
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.1	0.2	0.1	0.1	0.1
Sales per Employee	0.5	0.6	0.5	0.4	0.4
Capital Employed per Employee	0.2	0.3	0.3	0.2	0.2
Tangible Assets per Employee	0.0	0.1	0.1	0.1	0.1
Total Assets per Employee	0.3	0.4	0.4	0.3	0.3
Employee Remuneration by Sales	11.68%	9.91%	11.81%	15.38%	17.64%
Creditor Days (Cost of Sales Based)	9.25	25.68	27.43	26.84	26.42
Creditor Days (Sales Based)	5.86	15.77	17.70	19.15	19.43

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

INFORMATION DETAILS

Report Prepared by :

PRL

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.