MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	AGGREGATE INDUSTRIES UK LIMITED
Formerly Known As :	BARDON (ENGLAND) LIMITED
Registered Office :	Bardon Hall Copt Oak Road Markfield Leicestershire LE67 9PJ
Country :	United Kingdom
Financials (as on) :	31.12.2010
Date of Incorporation :	12.02.1930
Com. Reg. No.:	00245717
Legal Form :	Private limited with Share Capital
Line of Business :	Quarrying of Ornamental and Building Stone, Limestone, Gypsum, Chalk and Slate
No. of Employees :	4549

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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 – 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

REGISTERED NAME & COMPANY SUMMARY

Company Name	AGGREGATE INDUSTRIES UK LIMITED	Company Number	00245717
Registered Address	BARDON HALL COPT OAK ROAD	Trading Address	Bardon Hill Coalville Leicestershire LE67 1TL
	MARKFIELD
	LEICESTERSHIRE
	LE67 9PJ
Website Address	http://www.aggregate.com	Handling and Storage	Hnlland Ward Ashbourm Derby Derbyeliru DE6 3ET
Telephone Number	01530816600	Fax Number
TPS	No	FPS	No
Incorporation Date	12/02/1930	Company Status	Active - Accounts Filed
Previous Name	BARDON (ENGLAND) LIMITED	Type	Private limited with Share Capital
Date of Change	01/07/1997	Filing Date of Accounts	14/12/2011
		Share Capital	£100,300
SIC03	1411 View More	Currency	GBP
SIC03 Description	QUARRYING OF STONE FOR CONSTRUCTION
SIC07	08110
SIC07 Description	QUARRYING OF ORNAMENTAL AND BUILDING STONE, LIMESTONE, GYPSUM, CHALK AND SLATE
Principal Activity	The provision of the exploitation of land and mineral reserves principally for the supply of heavy building materials for construction activities.

DIRECTORS/MANAGEMENT

Total Current Directors	5
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	32

Current Directors

Name	Michael Anthony Eberlin	Date of Birth	27/12/1962
Officers Title	Mr	Nationality	British
Present Appointments	23	Function	Director
Appointment Date	01/10/2011
Address	Bardon Hill,  ,  Coalville,  LE67 1TL
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John Ferguson Bowater	Date of Birth	10/09/1949
Officers Title	Mr	Nationality	British
Present Appointments	181	Function	Director
Appointment Date	29/06/2006
Address	Bardon Hall Copt Oak Road,  ,  Markfield,  LE67 9PJ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Philippe Frenay	Date of Birth	26/08/1967
Officers Title	Mr	Nationality	Belgian
Present Appointments	17	Function	Director
Appointment Date	01/10/2011
Address	Bardon Hill,  ,  Coalville,  LE67 1TL
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	James Atherton-Ham	Date of Birth	06/11/1970
Officers Title	Mr	Nationality	British
Present Appointments	113	Function	Director
Appointment Date	01/07/2011
Address	Bardon Hall Copt Oak Road,  ,  Markfield,  LE67 9PJ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Alain Gerard Edmond Bourguignon	Date of Birth	22/07/1959
Officers Title	Mr	Nationality	French
Present Appointments	23	Function	Director
Appointment Date	01/04/2010
Address	Bardon Hall Bardon Hall,  Copt Oak Road,  Markfield,  LE67 9PJ

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	1	Total Value of Exact CCJs -	£2,140
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	2	Total Value of Satisfied CCJs -	£13,135
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
03/03/2010	NORTHAMPTON CCBC	£12,665	Satisfied	9XT01812	07/04/2010
02/11/2007	NORTHAMPTON CCBC	£470	Satisfied	7XC05170	20/06/2008
14/06/2007	WALSALL	£2,140	Judgement	7WJ81671	-

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	2
Satisfied	7

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
AGGREGATE INDUSTRIES LTD	100,300 ORDINARY GBP 1.00

Share Capital	£100,300
Currency	GBP

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

8	10
Company DBT	UK Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	168 companies
Linkages	28 companies
Countries	In 17 countries

Summary

Holding Company	AGGREGATE INDUSTRIES HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	HOLCIM LTD

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2010	£1,075,819,000	£20,483,000	£273,818,000	4549
31/12/2009	£1,054,996,000	-£7,021,000	£257,169,000	4877
31/12/2008	£1,048,170,000	£976,000	£413,819,000	4856

Profit & Loss

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£1,075,819,000	2%	£1,054,996,000	0.7%	£1,048,170,000	1.1%	£1,036,893,000	12.5%	£921,613,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£706,463,000	2.3%	£690,593,000	-5%	£726,689,000	6.8%	£680,340,000	12.6%	£604,407,000
Gross Profit	£369,356,000	1.4%	£364,403,000	13.4%	£321,481,000	-9.8%	£356,553,000	12.4%	£317,206,000
Wages & Salaries	£173,761,000	-3.9%	£180,815,000	-9%	£198,649,000	-1.3%	£201,242,000	13.9%	£176,724,000
Directors Emoluments	£4,024,000	-5.9%	£4,276,000	652.8%	£568,000	-21.1%	£720,000	-37.1%	£1,144,000
Operating Profit	£20,854,000	999.9%	-£2,120,000	-999.9%	£232,000	-99.5%	£49,643,000	-17.2%	£59,980,000
Depreciation	£68,721,000	-49.1%	£135,132,000	95%	£69,292,000	14%	£60,801,000	14.7%	£52,988,000
Audit Fees	£447,000	27.7%	£350,000	-42.3%	£607,000	10.8%	£548,000	69.7%	£323,000
Interest Payments	£12,537,000	-41.9%	£21,587,000	-38.5%	£35,099,000	6.2%	£33,051,000	66.9%	£19,797,000
Pre Tax Profit	£20,483,000	391.7%	-£7,021,000	-819.4%	£976,000	-94.8%	£18,704,000	-56.6%	£43,068,000
Taxation	£26,936,000	-2.6%	£27,652,000	999.9%	£177,000	104.8%	-£3,652,000	80.3%	-£18,557,000
Profit After Tax	£47,419,000	129.8%	£20,631,000	999.9%	£1,153,000	-92.3%	£15,052,000	-38.6%	£24,511,000
Dividends Payable	-	-	-	-100%	£21,000,000	-55.7%	£47,390,000	-38.9%	£77,534,000
Retained Profit	£47,419,000	129.8%	£20,631,000	204%	-£19,847,000	38.6%	-£32,338,000	39%	-£53,023,000

Balance Sheet

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Tangible Assets	£1,426,545,000	-8.5%	£1,559,646,000	13.8%	£1,370,913,000	-2.2%	£1,402,110,000	3.1%	£1,360,428,000
Intangible Assets	£40,930,000	-1.1%	£41,390,000	-0.3%	£41,530,000	-4.6%	£43,546,000	-5.4%	£46,045,000
Total Fixed Assets	£1,467,475,000	-8.3%	£1,601,036,000	13.4%	£1,412,443,000	-2.3%	£1,445,656,000	2.8%	£1,406,473,000
Stock	£82,549,000	3.2%	£79,953,000	0.5%	£79,543,000	-7.7%	£86,179,000	4.7%	£82,302,000
Trade Debtors	£121,503,000	-5.9%	£129,134,000	-8%	£140,404,000	-12.7%	£160,916,000	31.8%	£122,056,000
Cash	£32,715,000	155.8%	£12,787,000	-	0	-100%	£2,458,000	-96%	£61,317,000
Other Debtors	£31,725,000	90.1%	£16,689,000	-86.6%	£124,308,000	61.2%	£77,122,000	84.3%	£41,844,000
Miscellaneous Current Assets	£10,346,000	-19.3%	£12,815,000	-	0	-	0	-	0
Total Current Assets	£278,838,000	10.9%	£251,378,000	-27%	£344,255,000	5.4%	£326,675,000	6.2%	£307,519,000
Trade Creditors	£144,902,000	6.6%	£135,970,000	-10.1%	£151,298,000	-2.5%	£155,221,000	28.6%	£120,720,000
Bank Loans & Overdrafts	£11,411,000	-64.8%	£32,415,000	-4.2%	£33,851,000	999.9%	£38,000	-99.9%	£37,699,000
Other Short Term Finance	£31,470,000	-78.4%	£145,917,000	364%	£31,447,000	30.3%	£24,138,000	450.7%	£4,383,000
Miscellaneous Current Liabilities	£102,272,000	17.6%	£86,953,000	6.9%	£81,336,000	-17.3%	£98,357,000	17.2%	£83,946,000
Total Current Liabilities	£290,055,000	-27.7%	£401,255,000	34.7%	£297,932,000	7.3%	£277,754,000	12.6%	£246,748,000
Bank Loans & Overdrafts and LTL	£1,193,851,000	-2.7%	£1,226,405,000	13.7%	£1,078,798,000	3.1%	£1,046,763,000	1%	£1,036,124,000
Other Long Term Finance	£549,845,000	9.6%	£501,541,000	-48.5%	£974,027,000	-0.3%	£977,050,000	3.2%	£946,889,000
Total Long Term Liabilities	£1,182,440,000	-1%	£1,193,990,000	14.3%	£1,044,947,000	-0.2%	£1,046,725,000	4.8%	£998,425,000

Capital & Reserves

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Called Up Share Capital	£100,000	-	£100,000	-	£100,000	-	£100,000	-	£100,000
P & L Account Reserve	£239,991,000	7%	£224,278,000	999.9%	£6,620,000	-40.5%	£11,123,000	-74.4%	£43,402,000
Revaluation Reserve	-	-	-	-100%	£374,308,000	-7.3%	£403,838,000	2.9%	£392,526,000
Sundry Reserves	£33,727,000	2.9%	£32,791,000	-	£32,791,000	-	£32,791,000	-	£32,791,000
Shareholder Funds	£273,818,000	6.5%	£257,169,000	-37.9%	£413,819,000	-7.6%	£447,852,000	-4.5%	£468,819,000

Other Financial Items

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Net Worth	£232,888,000	7.9%	£215,779,000	-42%	£372,289,000	-7.9%	£404,306,000	-4.4%	£422,774,000
Working Capital	-£11,217,000	92.5%	-£149,877,000	-423.5%	£46,323,000	-5.3%	£48,921,000	-19.5%	£60,771,000
Total Assets	£1,746,313,000	-5.7%	£1,852,414,000	5.4%	£1,756,698,000	-0.9%	£1,772,331,000	3.4%	£1,713,992,000
Total Liabilities	£1,472,495,000	-7.7%	£1,595,245,000	18.8%	£1,342,879,000	1.4%	£1,324,479,000	6.4%	£1,245,173,000
Net Assets	£273,818,000	6.5%	£257,169,000	-37.9%	£413,819,000	-7.6%	£447,852,000	-4.5%	£468,819,000

Cash Flow

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Net Cashflow from Operations	£86,288,000	-26.7%	£117,672,000	-	-	-	-	-	-
Net Cashflow before Financing	£154,593,000	441.2%	-£45,305,000	-	-	-	-	-	-
Net Cashflow from Financing	-£113,661,000	-290.9%	£59,528,000	-	-	-	-	-	-
Increase in Cash	£40,932,000	187.8%	£14,223,000	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Contingent Liability	YES	-	YES	-	YES	-	YES	-	NO
Capital Employed	£1,456,258,000	0.4%	£1,451,159,000	-0.5%	£1,458,766,000	-2.4%	£1,494,577,000	1.9%	£1,467,244,000
Number of Employees	4549	-6.7%	4877	0.4%	4856	-3.6%	5037	4.9%	4800

Ratios

Date Of Accounts	31/12/10	31/12/09	31/12/08	31/12/07	31/12/06
Pre-tax profit margin %	1.90	-0.67	0.09	1.80	4.67
Current ratio	0.96	0.63	1.16	1.18	1.25
Sales/Net Working Capital	-95.91	-7.04	22.63	21.20	15.17
Gearing %	436	476.90	260.70	233.70	221
Equity in %	16.10	14.20	24.10	25.90	28.10
Creditor Days	49.02	46.91	52.54	54.49	47.68
Debtor Days	41.11	44.55	48.75	56.48	48.21
Liquidity/Acid Test	0.67	0.42	0.88	0.86	0.91
Return On Capital Employed %	1.40	-0.48	0.06	1.25	2.94
Return On Total Assets Employed %	1.17	-0.37	0.05	1.05	2.51
Current Debt Ratio	1.05	1.56	0.71	0.62	0.52
Total Debt Ratio	5.37	6.20	3.24	2.95	2.65
Stock Turnover Ratio %	7.67	7.57	7.58	8.31	8.93
Return on Net Assets Employed %	7.48	-2.73	0.23	4.17	9.19

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

SIC03	1411 View More
SIC03 Description	QUARRYING OF STONE FOR CONSTRUCTION
SIC07	08110
SIC07 Description	QUARRYING OF ORNAMENTAL AND BUILDING STONE, LIMESTONE, GYPSUM, CHALK AND SLATE
Principal Activity	The provision of the exploitation of land and mineral reserves principally for the supply of heavy building materials for construction activities.

Status History

No Status History found

Event History

Date	Description
08/05/2012	Annual Returns
18/04/2012	Mrs M. Ford has resigned as company secretary
24/12/2011	New Accounts Filed
24/12/2011	New Accounts Filed
24/10/2011	New Board Member Mr P. Frenay appointed
21/10/2011	New Board Member Mr M.A. Eberlin appointed
07/10/2011	Mr C.R. Jenkins has left the board
06/07/2011	Mr J.K. Retallack has left the board
06/07/2011	New Board Member Mr J. Atherton-Ham appointed
14/05/2011	Annual Returns
15/03/2011	New Board Member Mr J.F. Bowater appointed
07/10/2010	New Accounts Filed
07/10/2010	New Accounts Filed
06/08/2010	New Board Member Mr A.G. Bourguignon appointed
12/05/2010	Annual Returns

Previous Company Names

Date	Previous Name
01/07/1997	BARDON (ENGLAND) LIMITED
01/05/1996	BARDON ROADSTONE LIMITED
24/06/1991	BARDON QUARRIES LIMITED
05/10/1987	BARDON HILL QUARRIES LIMITED

Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.86.43
Euro	1	Rs.68.95

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.