MIRA INFORM REPORT

Report Date :

13.09.2012

IDENTIFICATION DETAILS

Name :	TRICON ENERGY UK LTD.

Registered Office :	3rd Floor 167 Fleet Street London, EC4A 2EA

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	18.09.2006

Com. Reg. No.:	05938997

Legal Form :	Private Subsidiary

Line of Business :	Distribution of industrial chemicals and petrochemicals

No. of Employees :	Not Available

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 :	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 – 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

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

Tricon Energy UK Ltd.

3rd Floor

167 Fleet Street

London, EC4A 2EA

United Kingdom

Employees:	NA
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Tricon International Ltd

Quoted Status:	Non-quoted Company
Incorporation Date:	18-Sep-2006
Auditor:	Beechams LLP

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	US Dollar
Annual Sales:	125.4 ¹
Net Income:	0.5
Total Assets:	44.9

Business Description

Distribution of industrial chemicals and petrochemicals.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	3323 - Industrial and Agricultural Chemical Product Wholesaling
NACE 2002:	5155 - Wholesale of chemical products
NAICS 2002:	4246 - Chemical and Allied Products Merchant Wholesalers
UK SIC 2003:	5155 - Wholesale of chemical products
UK SIC 2007:	4675 - Wholesale of chemical products
US SIC 1987:	516 - Chemicals and Allied Products

Key Executives

Name	Title
William Andrew Fry	Secretary
Jeffrey Howard Mcnear	Secretary
Ignacio Torras	Director

Financial Summary

FYE: 31-Dec-2010

USD (mil)

Key Figures
Current Assets	44.93
Fixed Assets	0.0000
Total Liabilities	41.58
Net Worth	3.36

Key Ratios
Current Ratio	1.08
Acid Test	1.08

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

Corporate Overview

Location
3rd Floor
167 Fleet Street
London, EC4A 2EA
London County
United Kingdom

Suggest Company URL

Sales USD(mil):	125.4
Assets USD(mil):	44.9
Employees:	NA
Fiscal Year End:	31-Dec-2010


Industry:	Chemical Manufacturing

Registered Address:
3Rd Floor
167 Fleet Street
London, EC4A 2EA
United Kingdom

Incorporation Date:	18-Sep-2006
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	05938997


Director:	Ignacio Torras

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3323	-	Industrial and Agricultural Chemical Product Wholesaling

NACE 2002 Codes:
5155	-	Wholesale of chemical products

NAICS 2002 Codes:
4246	-	Chemical and Allied Products Merchant Wholesalers

US SIC 1987:
516	-	Chemicals and Allied Products

UK SIC 2003:
5155	-	Wholesale of chemical products

UK SIC 2007:
4675	-	Wholesale of chemical products

Business Description

Distribution of industrial chemicals and petrochemicals.

Financial Data

Financials in:	USD(mil)

Revenue:	125.4
Net Income:	0.5
Assets:	44.9
Current Assets:	44.9
Fixed Assets:	0.0
Long Term Debt:	0.0
Total Liabilities:	41.6
Issued Capital:	NaN
Working Capital:	3.4
Net Worth:	3.4

Date of Financial Data:	31-Dec-2010

1 Year Growth

227.2%

Key Corporate Relationships

Auditor:	Beechams LLP
Bank:	Bnp Paribas (Suisse) Sa

Auditor:	Beechams LLP

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

Corporate Structure News

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tricon International Ltd	Parent
Tricon Energy UK Ltd.	Subsidiary	London	United Kingdom	Chemical Manufacturing	125.4

Executives Report

Board of Directors

Name

Title

Function

Ignacio Torras

Director

Director/Board Member

Age: 48

Executives

Name

Title

Function

William Andrew Fry

Secretary

Company Secretary

Age: 63

Jeffrey Howard Mcnear

Secretary

Company Secretary

Age: 66

Directors and Shareholders Report

Annual Return Date: 18 Sep 2011

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Ignacio Torras	Current	13 Mar 1964	11606 Copperas Cove, Houston, Texas 77077	18 Sep 2006	NA	Current:2 Previous:0 Disqualifications:0
William Andrew Fry	Current	06 Jun 1949	3726 Ella Lee, Houston, Texas 77027	01 Jul 2008	NA	Current:2 Previous:0 Disqualifications:0
Jeffrey Howard Mcnear	Previous	10 Jun 1964	3646 Maroneal Street, Houston, Texas 77025	18 Sep 2006	01 Jul 2008	Current:0 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
William Andrew Fry	Current	06 Jun 1949	3726 Ella Lee, Houston, Texas 77027	01 Jul 2008	NA	Current:2 Previous:0 Disqualifications:0
Jeffrey Howard Mcnear	Previous	10 Jun 1964	3646 Maroneal Street, Houston, Texas 77025	18 Sep 2006	01 Jul 2008	Current:0 Previous:2 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
Tricon International Ltd	100 Ordinary GBP 1.00	Ordinary	100	1.00	100.00	100.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

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

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	67 Weeks
Filed Currency	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1
Consolidated	No	No	No	No

Total Turnover	125.4	38.3	47.3	28.7
Cost of Sales	121.4	37.1	45.1	27.3
Gross Profit	4.0	1.2	2.2	1.5
Other Expenses	3.2	0.0	0.2	0.0
Operating Profit	0.8	-	2.0	1.4
Other Income	0.0	0.1	0.0	0.0
Interest Paid	0.1	0.2	0.5	0.2
Exceptional Income	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0
Profit Before Taxes	0.7	1.2	1.6	1.3
Tax Payable / Credit	0.2	0.3	0.5	0.4
Extraordinary Items/Debits	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0
Profit After Taxes	0.5	0.9	1.1	0.9
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0
Non Audit Fees	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	USD	USD	USD	USD
Exchange Rate	1	1	1	1
Consolidated	No	No	No	No

Land & Buildings	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.0	0.0	0.0	0.0
Plant & Vehicles	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	0.0	0.0	0.0	0.0
Intangible Assets	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0
Total Fixed Assets	0.0	0.0	0.0	0.0
Stocks	0.1	0.3	0.0	0.0
Work in Progress	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	0.1	0.3	0.0	0.0
Trade Debtors	42.8	9.3	12.9	12.8
Inter-Company Debtors	-	0.0	2.8	0.0
Director Loans	-	-	0.0	0.0
Other Debtors	0.9	0.3	0.0	0.0
Total Debtors	43.7	9.6	15.7	12.8
Cash and Equivalents	1.1	2.9	0.2	0.0
Other Current Assets	0.0	0.0	0.0	0.0
Total Current Assets	44.9	12.8	15.8	12.8
Total Assets	44.9	12.8	15.8	12.8
Trade Creditors	11.0	7.4	4.4	3.3
Bank Overdraft	-	0.0	0.0	0.0
Inter-Company Creditors	27.1	1.6	0.2	2.4
Director Loans (Current Liability)	-	0.0	0.0	0.0
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
Total Short Term Loans	-	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	3.5	0.5	0.1	0.2
Social Security/VAT	0.0	0.0	0.0	0.0
Corporation Tax	0.0	0.1	0.9	0.4
Dividends (Current Liability)	0.0	0.0	0.0	0.0
Other Current Liabilities	0.0	0.3	8.3	5.5
Total Current Liabilities	41.6	9.9	13.9	11.9
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0
Retained Earnings	3.4	2.9	2.0	0.9
Other Reserves	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0
Total Shareholders Funds	3.4	2.9	2.0	0.9
Net Worth	3.4	2.9	2.0	0.9

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	67 Weeks
Filed Currency	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1
Consolidated	No	No	No	No

Net Cash Flow From Operating Activities	-1.4	3.9	0.6	0.2
Net Cash Flow from ROI and Servicing of Finance	-0.1	-0.1	-0.4	-0.2
Taxation	-0.3	-1.1	0.0	0.0
Capital Expenditures	0.0	0.0	0.0	0.0
Acquisitions and Disposals	0.0	0.0	0.0	0.0
Paid Up Equity	0.0	0.0	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	0.0	0.0	0.0	0.0
Increase in Cash	-1.8	2.7	0.2	0.0

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	67 Weeks
Filed Currency	USD	USD	USD	USD
Exchange Rate	1	1	1	1
Consolidated	No	No	No	No

Current Ratio	1.08	1.29	1.14	1.08
Liquidity Ratio	1.08	1.26	1.14	1.08
Stock Turnover	1,178.25	129.95	-	-
Credit Period (Days)	124.56	88.17	99.44	208.94
Working Capital by Sales	2.68%	7.53%	4.19%	4.01%
Trade Credit by Debtors	0.26	0.80	0.34	0.26
Return on Capital	19.49%	41.71%	80.93%	110.89%
Return on Assets	1.46%	9.42%	10.14%	7.78%
Profit Margin	0.52%	3.14%	3.39%	4.45%
Return on Shareholders Funds	19.49%	41.71%	80.93%	110.89%
Borrowing Ratio	808.01%	55.14%	8.87%	273.75%
Equity Gearing	7.47%	22.58%	12.52%	7.01%
Interest Coverage	5.61	6.98	3.55	7.55
Creditor Days (Cost of Sales Based)	32.96	72.72	35.59	57.10
Creditor Days (Sales Based)	31.91	70.35	33.94	54.21

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.26
UK Pound	1	Rs.88.85
Euro	1	Rs.71.13

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%)

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