MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Correct Name :	SMITH BATESON HOLDINGS LIMITED
Registered Office :	Stronghold House Kitling Road , Knowsley Business Park, Prescot, L34 9hq
Country :	United Kingdom
Financials (as on) :	31.03.2012
Date of Incorporation :	30.07.2008
Com. Reg. No.:	06659907
Legal Form :	Private limited with Share Capital
Line of Business :	Wholesaler of other intermediate products
No. of Employees :	51

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 :	Regular
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	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	SMITH BATESON HOLDINGS LIMITED	Company Number	06659907
Registered Address	STRONGHOLD HOUSE KITLING ROAD	Trading Address	Stronghold House Kitling Road Knowsley Business Park Prescot, Merseyside L34 9HQ
	KNOWSLEY BUSINESS PARK
	PRESCOT
	L34 9HQ
Website Address	http://www.smithbateson.co.uk
Telephone Number	01515471801	Fax Number
TPS	Yes	FPS	No
Incorporation Date	30/07/2008	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	03/08/2012
		Share Capital	£20,000
SIC03	5156	Currency	GBP
SIC03 Description	WHOLESALE OF OTHER INTERMEDIATE PRODUCTS
SIC07	46760
SIC07 Description	WHOLESALE OF OTHER INTERMEDIATE PRODUCTS
Principal Activity	A group engaged as a holding company and its subsidiary is the merchanting of paper and polythene.

DIRECTORS/MANAGEMENT

Total Current Directors	1
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	0

Current Directors

Name	Stephen Vincent McKuhen	Date of Birth	15/04/1961
Officers Title	Mr	Nationality
Present Appointments	4	Function	Director
Appointment Date	30/07/2008
Address	Charnwood 17 Swanpool Lane, Aughton, Ormskirk, Lancashire, L39 5AX

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	1
Satisfied	0

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	16/12/08
Date Charge Registered:	18/12/08
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	LAND ON THE SOUTH SIDE OF KITLING ROAD KNOWSLEY INDUSTRIAL PARK KNOWSLEY T/N MS434041 BY WAY OF FIXED CHARGE, THE BENEFIT OF ALL COVENANTS & RIGHTS CONCERNING THE PROPERTY & ALL PLANT MACHINERY, FIXTURES, FITTINGS, FURNITURE, EQUIPMENT, IMPLEMENTS & UTENSILS. THE GOODWILL OF ANYBUSINESS CARRIED ON AT THE PROPERTY & THE PROCEEDS OF ANY INSURANCE AFFECTING THE PROPERTY OR ASSETS

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type		Nominal Value	% of Total Share Count
STEPHEN MCKUHEN	GBP	20,000	ORDINARY		1	100
Share Capital				£20,000

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

N/A	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company

Within Terms 91+ Days

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	SMITH BATESON HOLDINGS LIMITED
Ownership Status	Ultimately Owned
Ultimate Holding Company	SMITH BATESON HOLDINGS LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
SMITH BATESON HOLDINGS LIMITED	06659907	31.03.2012	Y	£28,093,929
SMITH & BATESON LIMITED,	00523345	31.03.2012	N	£28,093,929

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2012	£28,093,929	£1,087,934	£3,684,756	51
31/03/2011	£26,851,390	£1,192,944	£2,879,526	50
31/03/2010	£25,493,347	£1,113,919	£3,026,819	49

Profit & Loss

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
	Turnover	£28,093,929	4.6%	£26,851,390	5.3%	£25,493,347	5.4%	£24,181,325	3.9%	£23,277,806
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	£23,059,695	3.9%	£22,187,001	7.2%	£20,688,957	4.3%	£19,837,503	3.6%	£19,147,634
	Gross Profit	£5,034,234	7.9%	£4,664,389	-2.9%	£4,804,390	10.6%	£4,343,822	5.2%	£4,130,172
	Wages & Salaries	£2,351,894	19.1%	£1,975,397	-12.6%	£2,259,041	17.3%	£1,925,907	-17.3%	£2,328,792
	Directors Emoluments	£249,365	19.2%	£209,253	-38%	£337,558	-65.5%	£979,067	16.8%	£838,439
	Operating Profit	£1,184,834	-8%	£1,287,777	10.5%	£1,165,670	9.4%	£1,065,289	151%	£424,441
	Depreciation	£176,268	3%	£171,121	15.8%	£147,808	-9%	£162,403	1.9%	£159,449
	Audit Fees	£4,850	7.8%	£4,500	-	£4,500	-10%	£5,000	-	-
	Interest Payments	£97,043	2.3%	£94,844	83.1%	£51,798	-69.9%	£172,080	-16.9%	£207,027
	Pre Tax Profit	£1,087,934	-8.8%	£1,192,944	7.1%	£1,113,919	24.6%	£894,034	311.2%	£217,414
	Taxation	-£282,704	16.9%	-£340,237	-5.4%	-£322,861	-3.6%	-£311,601	-394.7%	-£62,983
	Profit After Tax	£805,230	-5.6%	£852,707	7.8%	£791,058	35.8%	£582,433	277.1%	£154,431
	Dividends Payable	-	-100%	£1,000,000	257.1%	£280,000	-	-	-	-
	Retained Profit	£805,230	646.7%	-£147,293	-128.8%	£511,058	-12.3%	£582,433	277.1%	£154,431

Balance Sheet

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Tangible Assets	£2,530,149	0.7%	£2,512,330	-1.8%	£2,558,146	1.2%	£2,526,839	-4%	£2,632,062
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£2,530,149	0.7%	£2,512,330	-1.8%	£2,558,146	1.2%	£2,526,839	-4%	£2,632,062
	Stock	£3,065,091	-11.9%	£3,480,878	39.6%	£2,494,189	26.4%	£1,973,880	-30.7%	£2,849,969
	Trade Debtors	£3,952,173	5.9%	£3,733,023	-12.9%	£4,288,075	41.1%	£3,038,550	-22.6%	£3,925,490
	Cash	£93,939	-66.6%	£281,366	-42.4%	£488,839	-19.8%	£609,536	999.9%	£3,915
	Other Debtors	£24,197	341.9%	£5,476	84.9%	£2,961	-	£2,961	-	£2,961
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£7,135,400	-4.9%	£7,500,743	3.1%	£7,274,064	29.3%	£5,624,927	-17.1%	£6,782,335
	Trade Creditors	£2,320,051	-1.5%	£2,356,361	0.7%	£2,340,657	28.6%	£1,819,445	-17.9%	£2,215,774
	Bank Loans & Overdrafts	£878,119	-47.8%	£1,680,989	106.8%	£812,739	7.3%	£757,280	-53.2%	£1,617,659
	Other Short Term Finance	£423,344	-19.7%	£527,342	285.4%	£136,819	145.1%	£55,830	-44.6%	£100,865
	Miscellaneous Current Liabilities	£997,711	5.6%	£944,837	-42.3%	£1,637,553	121.3%	£739,826	-23.5%	£966,715
	Total Current Liabilities	£4,619,225	-16.2%	£5,509,529	11.8%	£4,927,768	46.1%	£3,372,381	-31.2%	£4,901,013
	Bank Loans & Overdrafts and LTL	£2,239,687	-32.2%	£3,305,007	22.8%	£2,690,362	-10.9%	£3,020,904	-28%	£4,197,715
	Other Long Term Finance	£95,270	49%	£63,926	-82.5%	£364,656	-14.4%	£425,972	-8.5%	£465,649
	Total Long Term Liabilities	£1,361,568	-16.2%	£1,624,018	-13.5%	£1,877,623	-17.1%	£2,263,624	-12.3%	£2,580,056

Capital & Reserves

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Called Up Share Capital	£20,000	-	£20,000	-	£20,000	-	£20,000	-	£20,000
	P & L Account Reserve	£3,634,756	28.5%	£2,829,526	-4.9%	£2,976,819	20.7%	£2,465,761	30.9%	£1,883,328
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£30,000	-	£30,000	-	£30,000	-	£30,000	-	£30,000
	Shareholder Funds	£3,684,756	28%	£2,879,526	-4.9%	£3,026,819	20.3%	£2,515,761	30.1%	£1,933,328

Other Financial Items

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Worth	£3,684,756	28%	£2,879,526	-4.9%	£3,026,819	20.3%	£2,515,761	30.1%	£1,933,328
	Working Capital	£2,516,175	26.4%	£1,991,214	-15.1%	£2,346,296	4.2%	£2,252,546	19.7%	£1,881,322
	Total Assets	£9,665,549	-3.5%	£10,013,073	1.8%	£9,832,210	20.6%	£8,151,766	-13.4%	£9,414,397
	Total Liabilities	£5,980,793	-16.2%	£7,133,547	4.8%	£6,805,391	20.7%	£5,636,005	-24.7%	£7,481,069
	Net Assets	£3,684,756	28%	£2,879,526	-4.9%	£3,026,819	20.3%	£2,515,761	30.1%	£1,933,328

Cash Flow

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Cashflow from Operations	£1,483,921	122%	£668,332	-34.9%	£1,026,421	-52.4%	£2,154,157	351.9%	-£855,293
	Net Cashflow before Financing	£1,046,152	242.6%	-£733,440	-542.2%	£165,872	-91%	£1,848,452	262.6%	-£1,136,824
	Net Cashflow from Financing	-£425,372	-25.9%	-£337,902	-25.1%	-£270,213	19.4%	-£335,340	-11.2%	-£301,548
	Increase in Cash	£620,780	157.9%	-£1,071,342	-926.8%	-£104,341	-106.9%	£1,513,112	205.2%	-£1,438,372

Miscellaneous

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Contingent Liability	YES	-	YES	-	NO	-	NO	-	NO
	Capital Employed	£5,046,324	12.1%	£4,503,544	-8.2%	£4,904,442	2.6%	£4,779,385	5.9%	£4,513,384
	Number of Employees	51	2%	50	2%	49	-2%	50	-	50

Ratios

	Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
	Pre-tax profit margin %	3.87	4.44	4.37	3.70	0.93
	Current ratio	1.54	1.36	1.48	1.67	1.38
	Sales/Net Working Capital	11.17	13.48	10.87	10.74	12.37
	Gearing %	60.80	114.80	88.90	120.10	217.10
	Equity in %	38.10	28.80	30.80	30.90	20.50
	Creditor Days	30.05	31.94	33.42	27.38	34.64
	Debtor Days	51.20	50.60	61.22	45.73	61.38
	Liquidity/Acid Test	0.88	0.72	0.96	1.08	0.80
	Return On Capital Employed %	21.55	26.48	22.71	18.70	4.81
	Return On Total Assets Employed %	11.25	11.91	11.32	10.96	2.30
	Current Debt Ratio	1.25	1.91	1.62	1.34	2.53
	Total Debt Ratio	1.62	2.47	2.24	2.24	3.86
	Stock Turnover Ratio %	10.91	12.96	9.78	8.16	12.24
	Return on Net Assets Employed %	29.52	41.42	36.80	35.53	11.24

ADDITIONAL INFORMATION

SIC03		5156
SIC03 Description		WHOLESALE OF OTHER INTERMEDIATE PRODUCTS
SIC07		46760
SIC07 Description		WHOLESALE OF OTHER INTERMEDIATE PRODUCTS
Principal Activity		A group engaged as a holding company and its subsidiary is the merchanting of paper and polythene.
	Auditors		BAKER TILLY UK AUDIT LLP
	Auditor Comments		The audit report contains no adverse comments
	Bankers		NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code		60-13-19

Status History

No Status History found

Event History

Date	Description
11/08/2012	New Accounts Filed
11/08/2012	New Accounts Filed
06/08/2012	Annual Returns
05/08/2011	Annual Returns
13/06/2011	New Accounts Filed
13/06/2011	New Accounts Filed
30/08/2010	Annual Returns
09/08/2010	New Accounts Filed
09/08/2010	New Accounts Filed
22/09/2009	Annual Returns
12/08/2009	New Accounts Filed
12/08/2009	New Accounts Filed
17/09/2008	New Board Member Mr S.V. McKuhen appointed
02/08/2008	Change of Name
02/08/2008	Change in Reg.Office

Previous Company Names

No Previous Names found

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.65
UK Pound	1	Rs.82.41
Euro	1	Rs.70.08

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.