MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	GRAFTON PULP AND PAPER LTD.
Registered Office :	5th Floor 86 Jermyn Street, London, Sw1y 6aw
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	19.05.2000
Com. Reg. No.:	03997826
Legal Form :	Private Limited Company
Line of Business :	Not available
No. of Employees :	Not available

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 – 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

Company Identification Details

Subject Reported on	GRAFTON PULP AND PAPER LIMITED
Registration Number	03997826
Address	5TH FLOOR 86 JERMYN STREET, LONDON, SW1Y 6AW.

Official Company Data

Legal Form	Private Limited
Registration Number	03997826
Subject Status	Trading
Date of Incorporation	19/05/2000
Registered Office	5TH FLOOR 86 JERMYN STREET, LONDON, SW1Y 6AW.
History	12/09/2003 : The Registered Office address changed from 2 BABMAES STREET, LONDON, SW1Y 6NT.
	27/09/2001 : The Registered Office address changed from 6 BABMAES STREET, LONDON, SW1Y 6NT.
Date of Last Annual Return to Registry	19/05/2012
Accounts	The last filed accounts at Companies House are those to 31/12/2011
Accounting Reference Date	31/12

Operations

Activities
Nace Code	7487

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	1	1

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
06/02/2013	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	8
Number Outstanding	8
Number Partially Satisfied	0
Number Satisfied	0
Date of Latest Mortgage Created	29/07/2006

For more information on all charges, take a Mortgage Report

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	05/08/2006	29/07/2006	Trade Finance Security Agreement	395	Bnp Paribas (Suisse) Sa
	28/04/2005	19/04/2005	General Letter Of Pledge	395	Fortis Bank Sa-Nv
	28/04/2005	19/04/2005	General Assignment Of Receivables	395	Fortis Bank Sa-Nv
	02/10/2000	14/09/2000	An Assignment Of Claims (Receivables)	395	Banque Cantonale De Geneve
	20/07/2000	07/07/2000	An Assignment Of Receivables Dated 7 July 2000	395	Banque Cantonale De Geneve
	20/07/2000	07/07/2000	A Pledge Of Goods Dated 7 July 2000	395	Banque Cantonale De Geneve
	20/07/2000	07/07/2000	An Assignment Of Claims (Receivables)	395	Banque Cantonale De Geneve
	20/07/2000	07/07/2000	A General Pledge Agreement Dated 7 July 2000	395	Banque Cantonale De Geneve

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

12/06/2012	Companies House Gazette	All documents required to be delivered to the registrar under section 441 (annual accounts and reports)
07/06/2000	Companies House Gazette	Change among directors of a company
22/05/2000	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	PREMIUM SECRETARIES LIMITED
Service Address	5TH FLOOR, 86 JERMYN STREET, LONDON, SW1Y 6AW.
Country of Origin	UNITED KINGDOM
Appointment Date	19/05/2000

Directors

Director	AYTAC ERKAYA
Service Address	ARNATVUTKOY YOLO, UBA SITESI B 2 BLOK D2, ETILER-ISTANBUL 80630.
Country of Origin	TURKEY
Date of Birth	17/12/1947
Appointment Date	19/05/2000
Other Directorships	SHELTON FORESTRY PRODUCTS LIMITED, NEWVISION IMPORT/EXPORT LIMITED
Director	MEHMET ZEKI UCDOGAN
Service Address	VANIKOY EVLERI B 25, VANIKOY, ISTANBUL.
Country of Origin	TURKEY
Date of Birth	18/11/1954
Appointment Date	19/05/2000
Other Directorships	SHELTON FORESTRY PRODUCTS LIMITED, NEWVISION IMPORT/EXPORT LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	50,000
Principal Shareholder	25,000 Rakestone Ltd
	25,000 Reenstone Ltd

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Currency	USD	USD	USD	USD
TOTAL CURRENT ASSETS	462	408	372	395
Trade debtors	339		266
Other Current Assets	123	408	106	395
Cash	123	408	106	395
TOTAL ASSETS	462	408	372	395
TOTAL CURRENT LIABILITIES	24	18	8	20
Trade creditors	24	18	8	20
WORKING CAPITAL	438	390	364	375
NET ASSETS/(LIABILITIES)	438	390	364	375
SHARE CAPITAL + RESERVES	438	390	364	375
Share Cap + Sundry Res	74	74	74	74
Profit and Loss account	364	316	290	301
SHAREHOLDERS FUNDS	438	390	364	375
CAPITAL EMPLOYED	438	390	364	375

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Currency	USD	USD	USD	USD
Liquid Assets	462	408	372	395
Net Working Capital	438	390	364	375
Tangible Net Worth(T.N.W)	438	390	364	375
Equity	438	390	364	375
Number of Years Trading	11	10	9	8

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Current Ratio	19.3	22.7	46.5	19.8
Quick Ratio	19.3	22.7	46.5	19.8
T.N.W/Total Assets%	94.8	95.6	97.8	94.9
Equity Gearing%	1825	2166.7	4550	1875

Key Industry Sector Trends

Year	2013	2012	2011	2010
Sample Size	214	88691	99999	99999
Pre-Tax Profit Margin	44.5	18.7	12.4	12.6
Current Ratio	1.8	1.6	1.8	1.7
Borrowing Ratio	111.3	87.9	100.7	85.6
Return on Capital	570.9	83.3	36.3	43.2
Creditors Days	124	425	489	528

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Miscellaneous business activities not elsewhere classified

Financial Summary

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover

The company's balance sheet total is less than GBP 3,260,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 6,500,000.

No Pre-Tax Profit

The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Profit and Loss Account shown on the Balance Sheet is USD 48,000 increase. This suggests that the Company may have made a post-tax profit of USD 48,000.

Working Capital

The company's working capital has improved in the period by 12 %.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.53
UK Pound	1	Rs.83.59
Euro	1	Rs.71.33

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%)

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.