MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	ALBION AUTOMOTIVE LIMITED
Registered Office :	Albion Plant, South Street Scotstown, Glasgow, G14 0dt.
Country :	United kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	16.06.1993
Com. Reg. No.:	SC144986
Legal Form :	Private Limited
Line of Business :	The manufacture and assembly of truck axles, crankshafts and components, van axles and components.
No. of Employees :	161

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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	ALBION AUTOMOTIVE LIMITED
Registration Number	SC144986
VAT Number	GB659158595
Address	1187 SOUTH STREET, GLASGOW, LANARKSHIRE, G14 0DT.
Telephone	01414 342400
Facsimile	01419-596362
Web Address	www.albion-auto.co.uk

Official Company Data

Legal Form	Private Limited
Registration Number	SC144986
VAT Number	GB659158595
Subject Status	Trading
Date of Incorporation	16/06/1993
Registered Office	ALBION PLANT, SOUTH STREET SCOTSTOWN, GLASGOW, G14 0DT.
History	13/07/1993 : Change of name from COMLAW NO. 331 LIMITED.
Date of Last Annual Return to Registry	08/06/2012
Accounts	The last filed accounts at Companies House are those to 31/12/2011
Accounting Reference Date	31/12

Operations

Activities	The manufacture and assembly of truck axles, crankshafts and components, van axles and components.
Nace Code	3550
Premises	Owned, Offices, Factory
Staff Employed	161
Import Countries	GERMANY, NETHERLANDS, FRANCE
Export Countries	NETHERLANDS, EEC, SPAIN, USA
Bankers	ABN AMRO BANK GIBRAL
Address	GLASGOW.
Sort Code	230306
Auditors	Deloitte LLP

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	5	13

Search History Details

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

Date	Description
25/10/2012	Miscellaneous
11/10/2012	Miscellaneous
20/08/2012	Miscellaneous
27/07/2012	Miscellaneous
19/07/2012	Miscellaneous
18/06/2012	Miscellaneous
15/05/2012	Miscellaneous
10/05/2012	Miscellaneous
10/05/2012	Miscellaneous
24/04/2012	Miscellaneous
11/04/2012	Miscellaneous
10/02/2012	Miscellaneous
17/01/2012	Miscellaneous
07/12/2011	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	4
Number Outstanding	0
Number Partially Satisfied	0
Number Satisfied	4
Date of Latest Mortgage Created	28/09/1995
Date of Latest Satisfaction	11/11/2008

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
11/11/2008	03/10/1995	28/09/1995	Bond Floating Charge	410	Nws Bank Plc
11/11/2008	13/07/1995	07/07/1995	Bond Floating Charge	410	The Governor And Company Of The Bank Of Scotland
24/12/1996	21/12/1993	13/12/1993	Standard Security	410	The Governor And Company Of The Bank Of Scotland
13/07/1995	01/12/1993	26/11/1993	Bond And Floating Charge	N/A	Bank Of Scotland

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
29/08/2012	Companies House Gazette	All documents required to be delivered to the registrar under section 441 (annual accounts and reports)
28/05/2012	Companies House Gazette	Notification of any change among the company's directors
26/10/2011	Companies House Gazette	Notification of any change among the company's directors
12/01/2010	Companies House Gazette	Notification of any change among the company's directors
07/11/2008	Companies House Gazette	Change among directors of a company
04/01/2008	Companies House Gazette	Change among directors of a company
02/05/2007	Companies House Gazette	Change among directors of a company
15/12/2006	Companies House Gazette	Change among directors of a company
09/11/2005	Companies House Gazette	Change among directors of a company
14/09/2004	Companies House Gazette	Change among directors of a company
08/09/2004	Companies House Gazette	Change among directors of a company
21/02/2001	Companies House Gazette	Change among directors of a company
21/02/2000	Companies House Gazette	Change among directors of a company
19/11/1999	Companies House Gazette	Change among directors of a company
31/12/1998	Companies House Gazette	Alteration in memorandum or articles of association
31/12/1998	Companies House Gazette	Resolutions or agreements to which section 380 applies (relating to shares rights or names)
29/10/1998	Companies House Gazette	Change among directors of a company
23/03/1998	Companies House Gazette	Change among directors of a company
29/04/1997	Companies House Gazette	Change among directors of a company
13/07/1995	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR STEVEN RICHARD KEYES
Service Address	ALBION PLANT, SOUTH STREET, SCOTSTOUN, GLASGOW, G14 0DT.
Country of Origin	UNITED KINGDOM
Appointment Date	23/09/2010

Directors

Director	MICHAEL KEITH SIMONTE
Service Address	22526 AUTUMN PARK BOULEVARD, NOVI, OAKLAND/MICHIGAN 48374.
Country of Origin	USA
Date of Birth	20/01/1960
Appointment Date	18/10/2007
Other Directorships	ALBION AUTOMOTIVE (HOLDINGS) LIMITED
Accountant	GARRY JAMES MCFARLANE
Service Address	FLAT 2 161 HAMILTON ROAD, GLASGOW, STRATHCLYDE, G32 9QT.
Country of Origin	UNITED KINGDOM
Date of Birth	12/02/1962
Appointment Date	22/10/2008
Other Directorships	ALBION AUTOMOTIVE (HOLDINGS) LIMITED
Director	JOHN JOSEPH BELLANTI
Service Address	ONE, DAUCH DRIVE, DETROIT.
Country of Origin	UNITED KINGDOM
Date of Birth	01/03/1954
Appointment Date	23/09/2009
Director	DAVID ARTHUR CULTON
Service Address	ONE DAUCH DRIVE, DETROIT, WAYNE COUNTY MICHIGAN, 48 211.
Country of Origin	USA
Date of Birth	16/09/1965
Appointment Date	15/07/2011
Other Directorships	ALBION AUTOMOTIVE (HOLDINGS) LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	4,096,000
Principal Shareholder	4,096,000 Albion Automotive (Holdings) Ltd

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

Holding Company	ALBION AUTOMOTIVE (HOLDINGS) LIMITED
Ultimate Parent	AMERICAN AXLE & MANUFACTURING HOLDINGS INC., a company incorporated in USA

Financial Data– Statutory Accounts

Profit and Loss

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	GBP	GBP	GBP	GBP
SALES	29684	28758	22835	46747
UK sales	22553	15688	12909	27461
Export	7131	13070	9926	19286
Cost of goods sold	29946	27882	26011	45276
GROSS PROFIT	(262)	876	(3176)	1471
Wages and Salaries	4576	6075	5866	9619
Directors Emoluments	136	93	86	176
Auditors Fees	40	54	56	57
Non-Audit Fees	9	8	8	7
Trading Profit	(209)	(696)	(8576)	593
Depreciation	964	631	1914	2749
OPERATING PROFIT	(1173)	(1327)	(10490)	(2156)
Non Trading Income	4295	4152	5	(535)
Interest Payable	2885	5098	2171	919
PRE TAX PROFIT	237	(2273)	(12656)	(3610)
PROFIT AFTER TAX	237	(2273)	(12656)	(3610)
RETAINED PROFITS	237	(2273)	(12656)	(3610)

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	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	2073	2872	3811	9272
Tangible Assets	2073	2872	3811	9272
Fixed Assets	2073	2722	3511	9272
Intermediate assets		150	300
TOTAL CURRENT ASSETS	13880	12312	6186	10608
Trade debtors	3779	3325	2471	3525
Stocks	4129	3915	2403	4538
Other Current Assets	5972	5072	1312	2545
Misc Current Assets	1034	762	766	1707
Due From Group	548	1722	123	39
Cash	4390	2588	423	799
TOTAL ASSETS	15953	15184	9997	19880
TOTAL CURRENT LIABILITIES	51630	46271	34338	30091
Trade creditors	2733	3467	1980	3777
Short Term Loans	47543	40958	31051	24396
Bank Overdraft			1208	3729
Other Finance	173	288	259	227
Due To Group	47370	40670	29584	20440
Other Liabilities	1354	1846	1307	1918
WORKING CAPITAL	(37750)	(33959)	(28152)	(19483)
TOTAL LONG TERM LIABS	7115	10341	17098	9735
Long Term Loans		173	442	701
Other Finance		173	442	701
Other Liabilities	7115	10168	16656	9034
NET ASSETS/(LIABILITIES)	(42792)	(41428)	(41439)	(19946)
SHARE CAPITAL + RESERVES	(42792)	(41428)	(41439)	(19946)
Share Cap + Sundry Res	4096	4096	4096	4096
Issued Share Capital	4096	4096	4096	4096
Profit and Loss account	(46888)	(45524)	(45535)	(24042)
SHAREHOLDERS FUNDS	(42792)	(41428)	(41439)	(19946)
CAPITAL EMPLOYED	(35677)	(31087)	(24341)	(10211)

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	GBP	GBP	GBP	GBP
Directors Remuneration	136	93	86	176
Auditors Remuneration	40	54	56	57
Liquid Assets	8169	5913	2894	4324
Net Working Capital	(37750)	(33959)	(28152)	(19483)
Long Term Debt(>12 Months)		173	442	701
Other Deferred Liabs	7115	10168	16656	9034
Tangible Net Worth(T.N.W)	(42792)	(41428)	(41439)	(19946)
Equity	(42792)	(41428)	(41439)	(19946)
Number of Years Trading	18	17	16	15
Number of Employees	161	180	207	334
Profit per Employee	1472	(12627.8)	(61140.1)	(10808.4)
Sales per Employee	184372.7	159766.7	110314	139961.1

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	0.3	0.3	0.2	0.4
Long Term Debt/T.N.W
Pre Tax Profit Margin%	0.8	(7.9)	(55.4)	(7.7)
Gross Profit%	(0.9)	3	(13.9)	3.1
Debtors Days (D.S.O)	46	42	39	28
Creditors Days (D.P.O)	34	44	32	29
Quick Ratio	0.2	0.2	0.1	0.2
W.I.P/Inventory Days	50.3	51.3	33.7	36.6
Return on Investment%	26.3	28.6	(156.3)	(19)
Return on Assets%	1.5	(15)	(126.6)	(18.2)
T.N.W/Total Assets%	(268.2)	(272.8)	(414.5)	(100.3)
Return on Capital%	(0.7)	7.3	52	35.4
Rtn on Shareholders Funds%	(0.6)
Working Capital/Sales%	(127.2)	(118.1)	(123.3)	(41.7)
Borrowing Ratio%	(111.1)	(99.3)	(76)	(125.8)
Equity Gearing%	(72.8)	(73.2)	(80.6)	(50.1)
Stock Turnover	7.2	7.3	9.5	10.3
Days Purchases Outstanding	33.3	45.4	27.8	30.4
Sales/Fixed Assets	14.3	10.6	6.5	5
Debt Gearing		(0.4)	(1.1)	(3.5)

Key Industry Sector Trends

Year	2012	2011	2010	2009
Sample Size	175	589	564	539
Pre-Tax Profit Margin	4.3	(4.8)	(4.9)	(3.9)
Current Ratio	1.5	1.4	1.5	1.5
Borrowing Ratio	184.8		6.2	29.4
Return on Capital	16.1	4	2	19.1
Creditors Days	57	74	54	69

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of other transport equipment not elsewhere classified

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2011.

Turnover

The subjects turnover has increased by 3 % in the year.

Operating Loss

Totalled GBP 1,173,000. In the year prior a Loss of GBP 1,327,000 was achieved.

Pre Tax Profit

The subject made a profit of GBP 237,000 in the period compared with a loss in the previous period of GBP 2,273,000.

Working Capital

The company's working capital deficiency increased in the period and now totals GBP 37,750,000.

Net Worth

The company's negative net worth increased during the year by GBP 1,364,000 and is now deficient by GBP 42,792,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 799,000 to GBP 2,073,000 and are now 12 % of total assets compared with 18 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 31 % and are now 17 % of net worth compared with 25 % in the previous period.

Long Term Liabilities

Long term liabilities are now 45 % of total liabilities compared with 68 % in the previous period.

Long Term Liabilities

Long term liabilities are 20 % of capital employed, an increase of 13 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.88.17
Euro	1	Rs.73.12

INFORMATION DETAILS

Report Prepared by :

SDA

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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