MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	CLARKE ENERGY LTD.
Registered Office :	Unit C Senator Point South Boundary Road Knowsley Ind Park Liverpool, L33 7RR
Country :	United Kingdom
Financials (as on) :	31.10.2011
Date of Incorporation :	30.11.1977
Com. Reg. No.:	01341453
Legal Form :	Private Subsidiary
Line of Business :	Production and distribution of electricity
No. of Employees :	607

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 :	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	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

Clarke Energy Ltd.

Unit C
Senator Point
South Boundary Road Knowsley Ind Park
Liverpool, L33 7RR
United Kingdom
Tel:	01515464446
Fax:	01515464447
www.clarke-energy.com

Employees:	607
Company Type:	Private Subsidiary
Corporate Family:	6 Companies
Ultimate Parent:	Msbco (2) Ltd.
Quoted Status:	Non-quoted Company
Incorporation Date:	30-Nov-1977
Auditor:	KPMG LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Oct-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	322.9 ^1
Net Income:	3.0
Total Assets:	120.5

Business Description

Clarke Energy (Clarke) is engaged in power generation. The company’s power generation projects are in all sorts of applications like natural gas, landfill gas, biogas from sewage works, waste methane from working mines, coal seam methane extracted from unmined virgin coal and so called syngas produced by the gasification of biomass and waste. Clarke also acts as a service provider and provides designing and building complete plant installations, undertaking civil, mechanical and electrical site work, project management and commissioning services. The company offers installation services from 330 kilo Watts to 33 mega Watts. The company has its presence across the UK, Ireland, France, China, New Zealand, Tusnisia, Nigeria, India, and Australia. The company is headquartered in Liverpool, the UK.

Industry

Industry	Electric Utilities
ANZSIC 2006:	26 - Electricity Supply
NACE 2002:	401 - Production and distribution of electricity
NAICS 2002:	2211 - Electric Power Generation
UK SIC 2003:	401 - Production and distribution of electricity
UK SIC 2007:	351 - Electric power generation, transmission and distribution
US SIC 1987:	4911 - Electric Services

Key Executives

Name	Title
Philippe Gensollen	Director Finance
Robin Chadwick	After Sales Director
Peter Holliday	Secretary
Anthony Hayes	IT Manager
Steve Eilbeck	Facilities Manager

News

Title	Date
ECI Partners invests in Clarke Energy's global growth plans Engineer, The (UK) (16 Words)	29-Aug-2012
Diageo selects Clarke Energy to install GE's Jenbacher gas engines in Nigeria Datamonitor Energy/UtilitiesWire (332 Words)	25-Aug-2012
Diageo Again Taps GE's Gas Engines CHP Systems for Reliable On-Site Power and Heat at Guinness Breweries in Nigeria Business Wire (1408 Words)	26-Jun-2012
Mossley Hill are on the up Liverpool Echo (UK) (120 Words)	21-Jan-2012
Firm fires up for oil and gas Daily Post (Liverpool, UK) (27 Words)	5-Jan-2012

Financial Summary

FYE: 31-Oct-2011

USD (mil)

Key Figures
Current Assets	111.13
Fixed Assets	9.32
Total Liabilities	87.79
Net Worth	30.58

Key Ratios
Current Ratio	1.27
Acid Test	1.02
Debt Gearing	5.57

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6232605
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6195403

Corporate Overview

Location
Unit C
Senator Point
South Boundary Road Knowsley Ind Park
Liverpool, L33 7RR
Merseyside County
United Kingdom

Tel:	01515464446
Fax:	01515464447

www.clarke-energy.com

Sales GBP(mil):	201.2
Assets GBP(mil):	74.6
Employees:	607
Fiscal Year End:	31-Oct-2011

Industry:	Electric Utilities

Registered Address:
Power House, Senator Point
South Boundary Road Knowsley
Indust Liverpool
Liverpool, L33 7RR
United Kingdom

Incorporation Date:	30-Nov-1977
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	01341453

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
26	-	Electricity Supply

NACE 2002 Codes:
401	-	Production and distribution of electricity

NAICS 2002 Codes:
2211	-	Electric Power Generation

US SIC 1987:
4911	-	Electric Services

UK SIC 2003:
401	-	Production and distribution of electricity

UK SIC 2007:
351	-	Electric power generation, transmission and distribution

Business Description

Clarke Energy Ltd. is one of the leading energy systems companies throughout the world that offers a range of green power generation solutions. The company is a total-solution provider of gas engine generation and gas management. Clarke Energy was formed in 1977 to provide the servicing, repair and supply of parts for heavy diesel, dual fuel engines and marine industry requirements. The company has international operations in Australia, France, India, New Zealand and Nigeria. In 1995, Clarke Energy became one of the United Kingdom distributors for GE Jenbacher, one of the leading manufacturers of gas engines and co-generation units. Clarke Energy Ltd. maintains its head offices in Liverpool, Merseyside.

More Business Descriptions

Distribution and installation of gas power generators, gas flares and boosters and waste management services including anaerobic digestion, reverse osmosis and mechanical biological treatment plants

Generators Sales and Service

Clarke Energy (Clarke) is engaged in power generation. The company’s power generation projects are in all sorts of applications like natural gas, landfill gas, biogas from sewage works, waste methane from working mines, coal seam methane extracted from unmined virgin coal and so called syngas produced by the gasification of biomass and waste. Clarke also acts as a service provider and provides designing and building complete plant installations, undertaking civil, mechanical and electrical site work, project management and commissioning services. The company offers installation services from 330 kilo Watts to 33 mega Watts. The company has its presence across the UK, Ireland, France, China, New Zealand, Tusnisia, Nigeria, India, and Australia. The company is headquartered in Liverpool, the UK.

Financial Data

Financials in:	GBP(mil)
Revenue:	201.2
Net Income:	1.9
Assets:	74.6
Current Assets:	68.9
Fixed Assets:	5.8
Long Term Debt:	1.1
Total Liabilities:	55.4
Issued Capital:	0.0
Working Capital:	14.5
Net Worth:	18.9
Date of Financial Data:	31-Oct-2011

1 Year Growth

36.4%

NA

NA

Key Corporate Relationships

Auditor:	KPMG LLP
Bank:	Bank of Scotland
Auditor:	KPMG LLP, KPMG LLP

	GBP(mil)
Audit Fees:	0.1
Non Audit Fees:	0.1
Audit Fiscal Year:	10-31-2011

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Partnerships

More breweries are choosing to install gas engines in their facilities as a result of their increased reliability, efficiency and overall return on their investments, not to mention the positive environmental impact of cleaner emissions and reduced CO2 footprint.� Alex Marshall, group marketing manager for the UK and Clarke Energy, said, “With the upcoming installation of the latest Jenbacher system in Ogba and Benin City, we are pleased to be able to support the long-term growth of Diageo’s iconic brands.�26/03/2012GE’s Jenbacher Cogeneration Technology Set To Power Urban District Energy Project In Melbourne, AustraliaGeneral Electric Company’s (GE’s) natural gas-fired Jenbacher gas engines will be powering a cogeneration plant that will provide electricity and thermal energy for an urban revitalization initiative in Dandenong, Victoria. Built by Cogent Energy, Inc., the plant will play a pivotal role in the VicUrban-lead Revitalising Central Dandenong (RCD) initiative that is rejuvenating the south-east region of Melbourne, Australia.The collaboration marks GE’s first urban district energy project in Australia. Clarke Energy Australia, GE’s authorized distributor for Jenbacher gas engines in Australia, will supply project owner Cogent Energy with a 2 MW, J612 Jenbacher cogeneration unit for Phase 1 of the new power facility, which could be expanded to 6 MW. GE’s ecomagination-qualified Jenbacher system was shipped to the Dandenong site in January 2012, with commercial operation set to begin in 2012.
Source: GlobalData, August 8, 2012

Corporate Structure News

Clarke Energy Ltd.
Total Corporate Family Members: 6

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Msbco (2) Ltd.	Parent	Liverpool	United Kingdom	Electric Utilities	348.1	769
Clarke Energy Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Electric Utilities	0.0
Clarke Energy Ltd.	Subsidiary	Liverpool	United Kingdom	Electric Utilities	322.9	607
Clarke Energy (Scotland) Ltd.	Subsidiary	Glasgow	United Kingdom	Electric Utilities
Clarke Energy Solutions Ltd.	Subsidiary	Liverpool	United Kingdom	Construction Services
Clarke Wind Energy Ltd.	Subsidiary	Liverpool	United Kingdom	Electric Utilities

Competitors Report

CompanyName	Location	Employees	Ownership
Tersus Energy Ltd.	London, United Kingdom	8	Private

Executives Report

Board of Directors

Name	Title	Function
James Stuart Clarke	Director	Director/Board Member
Age: 32
Alan Fletcher	Director	Director/Board Member
Age: 53

Executives

Name	Title	Function
Punit Garg	General Manager Sales & Marketing	Division Head Executive
Vivek Kulkarni	General Manager Project	Division Head Executive
Patrick Nzekwe	General Manager Brazil	Division Head Executive
Ian Wang	General Manager	Division Head Executive
D C Bhishikar	Managing Director India	Managing Director
Greg Columbus	Managing Director	Managing Director
Ian Davis	Managing Director	Managing Director
Didier Lartigue	Managing Director	Managing Director
Haydn Rees	Managing Director	Managing Director
Jill Graham	Parts Manager	Administration Executive
Allen Ramsey	Service Manager	Administration Executive
Peter Holliday	Secretary	Company Secretary
Age: 39
Philippe Gensollen	Director Finance	Finance Executive
Margaret Hope	Personnel Manager	Human Resources Executive
Robin Chadwick	After Sales Director	Sales Executive
Alex Marshall	Marketing Manager	Marketing Executive
Anthony Hayes	IT Manager	Information Executive
Kong Leong	Director Engineering	Engineering/Technical Executive
Steve Eilbeck	Facilities Manager	Facilities Executive
Robin Evans	Director Construction	Other

Directors and Shareholders Report

Annual Return Date: 12 May 2012
Total Issued Capital (GBP 000): 15

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
James Clarke	Current	07 Mar 1951	Silvertrees 98 Victoria Road, Formby, Liverpool, Merseyside L37 1LP	20 May 1991	NA	Current:8 Previous:2 Disqualifications:0
Alan Fletcher	Current	02 Dec 1958	41 Dobbs Drive, Formby, Liverpool, Merseyside L37 3PJ	01 Dec 1999	NA	Current:1 Previous:2 Disqualifications:0
Peter John Holliday	Current	29 Jan 1973	Woodlands, 86 Hollin Lane Styal, Wilmslow, Cheshire SK9 4JJ	31 Oct 2001	NA	Current:16 Previous:4 Disqualifications:0
James Stuart Clarke	Current	09 Dec 1979	28 Old Town Lane, Formby, Liverpool, Merseyside L37 3HP	16 Jun 2004	NA	Current:3 Previous:2 Disqualifications:0
John Charles Munnery	Previous	NA	Mill House, Arley, Northwich, Cheshire CW9 6LZ	01 Dec 1999	31 Dec 2004	Current:2 Previous:7 Disqualifications:0
Ian Buchanan Davis	Previous	23 Mar 1948	27 Elsworth Close, Liverpool, Merseyside L37 2YS	01 Dec 1999	30 Mar 2012	Current:0 Previous:3 Disqualifications:0
Robert Coulter Chadwick	Previous	18 Nov 1952	27 Ashbrook Avenue, Runcorn, Cheshire WA7 3HD	31 Oct 2002	01 Dec 2007	Current:1 Previous:3 Disqualifications:0
Stephen Robert Bonney	Previous	NA	183 South Road, Bretherton, Leyland, Lancashire PR26 9AJ	07 Apr 1997	31 Oct 2001	Current:0 Previous:14 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 Holliday	Current	29 Jan 1973	Woodlands, 86 Hollin Lane Styal, Wilmslow, Cheshire SK9 4JJ	31 Oct 2001	NA	Current:16 Previous:4 Disqualifications:0
Alan Christopher Thompson	Previous	09 Mar 1949	21A Spath Road, Didsbury, Manchester, Greater Manchester M20 2QT	20 May 1991	20 Mar 1996	Current:1 Previous:161 Disqualifications:0
Alan Cassells Fletcher	Previous	NA	75 Seres Road, Clarkston, Glasgow, East Renfrewshire G76 7PG	20 Mar 1996	07 Apr 1997	Current:0 Previous:1 Disqualifications:0
Stephen Robert Bonney	Previous	NA	183 South Road, Bretherton, Leyland, Lancashire PR26 9AJ	07 Apr 1997	31 Oct 2001	Current:0 Previous:14 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
Clarke Energy Holdings Limited	03773142	142755 Ordinary GBP 0.10	Ordinary	142,755	0.10	14,275.50	58.81
Clarke Energy Holdings Limited	03773142	100000 A Ordinary GBP 0.01	A Ordinary	100,000	0.01	1,000.00	41.19

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.62326	0.643546	0.650218	0.516581	0.504347
Consolidated	Yes	Yes	Yes	Yes	Yes
Total Turnover	322.9	229.3	209.1	247.6	209.9
Cost of Sales	248.6	170.6	157.6	190.9	162.4
Gross Profit	74.3	58.7	51.5	56.6	47.5
Depreciation	3.5	2.8	3.4	3.4	2.2
Other Expenses	55.9	45.7	40.5	46.3	36.3
Operating Profit	-	-	-	10.4	11.2
Other Income	0.4	0.5	0.7	1.0	0.9
Interest Paid	0.6	0.4	0.8	1.2	0.7
Exceptional Income	0.0	-0.3	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	18.2	12.7	10.9	10.2	11.4
Tax Payable / Credit	7.0	4.6	3.9	4.7	3.5
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	8.2	0.0	1.2	5.7	2.7
Profit After Taxes	3.0	8.1	5.7	-0.3	5.1
Minority Interests (Profit & Loss)	0.0	0.0	-0.1	-0.1	0.0
Audit Fees	0.2	0.1	0.1	0.4	0.2
Non Audit Fees	0.2	0.3	0.4	0.2	0.1
Number of Employees	607	499	434	397	353
Wages	29.1	25.3	19.5	25.1	21.2
Social Security Costs	4.4	3.6	3.3	3.7	2.9
Pensions	0.0	0.0	0.0	0.0	0.0
Other Pension Costs	0.7	0.5	0.4	0.4	0.4
Employees Remuneration	34.2	29.5	23.1	29.1	24.5
Directors Emoluments	5.3	4.2	3.4	8.2	4.4
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	5.3	4.2	3.4	8.2	4.4
Highest Paid Director	1.3	2.8	1.0	3.0	1.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.61954	0.625469	0.606667	0.618908	0.481383
Consolidated	Yes	Yes	Yes	Yes	Yes
Land & Buildings	0.3	0.0	0.0	0.0	0.0
Fixtures & Fittings	5.9	4.8	4.7	6.1	7.6
Plant & Vehicles	3.1	3.5	3.4	4.2	4.1
Total Tangible Fixed Assets	9.3	8.4	8.1	10.3	11.8
Intangible Assets	0.1	0.1	0.1	0.1	0.1
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	9.3	8.5	8.2	10.4	11.9
Stocks	21.7	14.8	12.6	12.1	14.0
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	21.7	14.8	12.6	12.1	14.0
Trade Debtors	43.3	47.1	37.6	28.1	25.5
Inter-Company Debtors	0.0	0.0	0.0	0.4	0.5
Other Debtors	8.0	7.2	5.8	3.3	2.0
Total Debtors	51.4	54.3	43.3	31.7	28.0
Cash and Equivalents	38.1	33.6	18.3	20.8	22.3
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	111.1	102.7	74.2	64.6	64.3
Total Assets	120.5	111.1	82.4	75.0	76.2
Trade Creditors	28.8	30.1	15.7	13.7	17.2
Bank Overdraft	3.8	2.8	0.0	0.5	0.3
Inter-Company Creditors	4.9	2.9	4.7	5.6	2.4
Director Loans (Current Liability)	-	-	-	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	1.8	1.4	2.3	2.7	3.5
Total Short Term Loans	-	-	-	0.0	0.0
Accruals/Deferred Income (Current Liability)	15.4	17.4	10.3	6.0	6.6
Social Security/VAT	7.5	6.7	4.5	4.5	3.2
Corporation Tax	0.9	0.1	1.0	2.3	1.9
Dividends (Current Liability)	-	-	-	0.0	0.0
Other Current Liabilities	24.7	19.1	21.6	23.0	19.0
Total Current Liabilities	87.8	80.6	60.2	58.3	54.0
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
Total Hire Purchase Loans (Long Term Liability)	1.7	1.9	1.3	2.8	3.2
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	1.7	1.9	1.3	2.8	3.2
Deferred Taxation	0.0	0.0	0.0	0.0	0.4
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.4
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.2	0.2	0.2	0.2	0.2
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	30.4	28.1	20.5	13.6	18.1
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	-0.3	-0.3	-0.3	-0.2	-0.1
Total Shareholders Funds	30.6	28.3	20.7	13.8	18.4
Net Worth	30.6	28.2	20.6	13.7	18.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.62326	0.643546	0.650218	0.516581	0.504347
Consolidated	Yes	Yes	Yes	Yes	Yes
Net Cash Flow From Operating Activities	20.7	22.1	10.8	13.1	8.5
Net Cash Flow from ROI and Servicing of Finance	-5.5	-0.2	-0.3	-0.4	0.0
Taxation	-8.0	-5.4	-5.5	-4.4	-2.3
Capital Expenditures	-2.4	0.1	0.3	-0.1	-0.4
Acquisitions and Disposals	0.0	0.0	0.0	0.0	-0.1
Paid Up Equity	0.0	0.0	-4.5	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-1.6	-3.9	-3.1	-4.5	-4.9
Increase in Cash	3.2	12.7	-2.2	3.8	0.8

Annual Ratios

Financials in: USD (mil)

	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008	31-Oct-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.61954	0.625469	0.606667	0.618908	0.481383
Consolidated	Yes	Yes	Yes	Yes	Yes
Current Ratio	1.27	1.27	1.23	1.11	1.19
Liquidity Ratio	1.02	1.09	1.02	0.90	0.93
Stock Turnover	14.97	15.98	17.81	17.11	15.73
Credit Period (Days)	48.68	72.83	61.18	49.57	42.34
Working Capital by Sales	7.19%	9.33%	6.27%	3.07%	4.67%
Trade Credit by Debtors	0.66	0.64	0.42	0.49	0.68
Return on Capital	56.03%	42.92%	52.58%	50.67%	53.76%
Return on Assets	15.20%	11.77%	14.20%	11.31%	15.61%
Profit Margin	5.63%	5.54%	5.22%	4.11%	5.41%
Return on Shareholders Funds	59.73%	46.19%	56.61%	61.59%	64.65%
Borrowing Ratio	39.72%	31.61%	40.51%	84.74%	50.85%
Equity Gearing	25.44%	25.48%	25.08%	18.37%	24.15%
Debt Gearing	5.57%	6.65%	6.31%	20.32%	17.28%
Interest Coverage	29.45	29.85	13.05	8.47	15.90
Sales by Tangible Assets	35.08	28.13	27.54	19.98	18.67
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.5	0.5	0.5	0.5	0.6
Capital Employed per Employee	0.1	0.1	0.1	0.0	0.1
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.2	0.2	0.2	0.2	0.2
Employee Remuneration by Sales	10.59%	12.84%	11.06%	11.76%	11.66%
Creditor Days (Cost of Sales Based)	42.02	62.66	34.03	31.47	36.96
Creditor Days (Sales Based)	32.35	46.63	25.64	24.27	28.59

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

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.