MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	HOWDEN UK LIMITED
Formerly Known As :	HOWDEN SIROCCO LIMITED
Registered Office :	New Sirocco Works Channel Commercial Park Queens Road BT3 9DT
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	20.04.1898
Com. Reg. No.:	NI00R173
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture non-domestic ventilation
No. of Employees :	273

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 :	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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	HOWDEN UK LIMITED	Company Number	NI00R173
Registered Address	NEW SIROCCO WORKS	Trading Address	Channel Commercial Park Queens Road Belfast County Antrim BT3 9DT
	CHANNEL COMMERCIAL PARK
	QUEENS ROAD
	BT3 9DT
Website Address	http://www.howden.com
Telephone Number	02890457251	Fax Number
TPS	No	FPS	No
Incorporation Date	20/04/1898	Company Status	Active - Accounts Filed
Previous Name	HOWDEN SIROCCO LIMITED	Type	Private limited with Share Capital
Date of Change	20/07/2000	Filing Date of Accounts	07/09/2012
		Share Capital	£951,723
SIC03	2923 View More	Currency	GBP
SIC03 Description	Manufacture non-domestic ventilation
SIC07	28250
SIC07 Description	MANUFACTURE OF NON-DOMESTIC COOLING AND VENTILATION EQUIPMENT
Principal Activity	Design, manufacture, supply and servicing of custom engineered fans, regenerative air heaters and associated equipment, primarily fo the power generation, steel, gas cleaning and heavy industrial markets.

DIRECTORS/MANAGEMENT

Total Current Directors	9
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	5

Current Directors

Name	William Thomson	Date of Birth	01/10/1961
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/11/2008
Address	6 Newlandcraigs Drive, Johnstone, Renfrewshire, PA5 9BL
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ian Halliday Brander	Date of Birth	01/12/1961
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	01/11/2008
Address	Maybank Jeffreystock Farm, Lochwinnoch, Renfrewshire, Scotland, PA12 4DP
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David McMinn	Date of Birth	12/07/1951
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	30/10/2000
Address	34 Belfast Road, Saintfield, Belfast, Co Down, BT24 7EP
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	William John Cameron Broadfoot	Date of Birth	17/01/1954
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	15/12/2011
Address	Old Govan Road, Renfrew, Scotland, PA4 8XJ
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Anne Lynne Puckett	Date of Birth	25/02/1962
Officers Title	Ms	Nationality	American
Present Appointments	43	Function	Director
Appointment Date	25/04/2012
Address	Colfax Corporation 8170 Maple Lawn Blvd Suite 180, Fulton, Maryland, 20759
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Charles Scott Brannan	Date of Birth	17/07/1958
Officers Title	Mr	Nationality	American
Present Appointments	42	Function	Director
Appointment Date	25/04/2012
Address	Colfax Corporation 8170 Maple Lawn Blvd Suite 180, Fulton, Maryland, 20759
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Daniel Alexis Pryor	Date of Birth	02/03/1968
Officers Title	Mr	Nationality	American
Present Appointments	43	Function	Director
Appointment Date	25/04/2012
Address	8170 Maple Lawn Blvd, Suite 180, Fulton, Maryland, 20759
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark Paul Lehman	Date of Birth	21/02/1967
Officers Title	Mr	Nationality	American
Present Appointments	45	Function	Director
Appointment Date	25/04/2012
Address	Colfax Corporation 8170 Maple Lawn Blvd Suite 180, Fulton, Maryland, 20759
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	William (Bill) Flexon	Date of Birth	04/04/1963
Officers Title	Mr	Nationality	American
Present Appointments	73	Function	Director
Appointment Date	25/04/2012
Address	8730 Stony Point Parkway, Ste 150, Richmond Vc, 23235

NEGATIVE INFORMATION

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

The credit limit on this company has fallen 2.2% in comparison to the previously suggested credit limit.

Sales in the latest trading period increased 8.3% on the previous trading period.

Net Worth increased by 10.8% during the latest trading period.

A 3% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 40.8% compared to the previous trading period.

The company saw an increase in their Cash Balance of 11.6% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 115 years ago.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	1	Total Value of Possible CCJs -	£4,413
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

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
29/08/2009	HAVERFORDWEST	£4,413	Satisfied	9OL02524	03/06/2010	T/AS DAVIDSON & COMPANY, 17 TEMPERAIRE HOUSE, NELSON QUAY, MILFORD HAVEN, SA73 3BN, SA73 3BN

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

21	11
Company DBT	UK Average DBT

Steady

Improving Worsening

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	1
Total Value of Documented Trade Debtors / Bad Debt -	£2,464

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	79 companies
Linkages	390 companies
Countries	In 53 countries

Summary

Holding Company	HOWDEN SIROCCO GROUP LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	COLFAX CORP

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	£53,734,000	£9,556,000	£82,797,000	273
31/12/2010	£49,607,000	£6,786,000	£74,864,000	264
31/12/2009	£73,547,000	£6,374,000	£69,030,000	336

Profit & Loss

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£53,734,000	8.3%	£49,607,000	-32.6%	£73,547,000	-33.3%	£110,314,000	18.5%	£93,102,000
Export	£31,279,000	-2.3%	£32,013,000	-	-	-	£82,845,000	22.5%	£67,645,000
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£13,014,000	10.1%	£11,816,000	-19.6%	£14,689,000	-6.9%	£15,784,000	-4.6%	£16,539,000
Directors Emoluments	£274,000	-4.5%	£287,000	23.7%	£232,000	-39.4%	£383,000	13.3%	£338,000
Operating Profit	£9,513,000	41%	£6,749,000	14.2%	£5,909,000	-41.8%	£10,148,000	-12.6%	£11,615,000
Depreciation	£473,000	4.6%	£452,000	4.4%	£433,000	320.4%	£103,000	-78.2%	£473,000
Audit Fees	£35,000	-7.9%	£38,000	-7.3%	£41,000	-12.8%	£47,000	27%	£37,000
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	£9,556,000	40.8%	£6,786,000	6.5%	£6,374,000	-46.9%	£11,994,000	-19.1%	£14,821,000
Taxation	-£1,620,000	-96.1%	-£826,000	-4.4%	-£791,000	70%	-£2,638,000	1.2%	-£2,671,000
Profit After Tax	£7,936,000	33.2%	£5,960,000	6.8%	£5,583,000	-40.3%	£9,356,000	-23%	£12,150,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£7,936,000	33.2%	£5,960,000	6.8%	£5,583,000	-40.3%	£9,356,000	-23%	£12,150,000

Balance Sheet

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Tangible Assets	£3,888,000	-7.9%	£4,222,000	0.9%	£4,185,000	1.8%	£4,110,000	7.3%	£3,832,000
Intangible Assets	£490,000	-19.9%	£612,000	-16.6%	£734,000	-14.3%	£856,000	-12.5%	£978,000
Total Fixed Assets	£4,378,000	-9.4%	£4,834,000	-1.7%	£4,919,000	-0.9%	£4,966,000	3.2%	£4,810,000
Stock	£6,308,000	72.7%	£3,653,000	-27.4%	£5,029,000	-34.4%	£7,671,000	-20.2%	£9,608,000
Trade Debtors	£11,672,000	20%	£9,726,000	-25.2%	£13,004,000	-12%	£14,778,000	10.2%	£13,408,000
Cash	£825,000	11.6%	£739,000	38.9%	£532,000	-82.9%	£3,120,000	-15.7%	£3,702,000
Other Debtors	£82,007,000	-1.4%	£83,178,000	15.8%	£71,840,000	-2.2%	£73,421,000	26%	£58,258,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£100,812,000	3.6%	£97,296,000	7.6%	£90,405,000	-8.7%	£98,990,000	16.5%	£84,976,000
Trade Creditors	£10,360,000	30.9%	£7,917,000	-26.5%	£10,770,000	-35.4%	£16,665,000	28.1%	£13,014,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£229,000	-74.6%	£900,000	-39.6%	£1,490,000	-75.8%	£6,163,000	122.4%	£2,771,000
Miscellaneous Current Liabilities	£11,394,000	-36.8%	£18,017,000	32.6%	£13,586,000	-21.1%	£17,224,000	-5.5%	£18,229,000
Total Current Liabilities	£21,983,000	-18.1%	£26,834,000	3.8%	£25,846,000	-35.5%	£40,052,000	17.8%	£34,014,000
Bank Loans & Overdrafts and LTL	£410,000	-5.1%	£432,000	-3.6%	£448,000	-26.9%	£613,000	-8.6%	£671,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£410,000	-5.1%	£432,000	-3.6%	£448,000	-26.9%	£613,000	-8.6%	£671,000

Capital & Reserves

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Called Up Share Capital	£952,000	-	£952,000	-	£952,000	-	£952,000	-	£952,000
P & L Account Reserve	£81,436,000	10.8%	£73,500,000	8.8%	£67,557,000	9.1%	£61,919,000	15.3%	£53,725,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£409,000	-0.7%	£412,000	-20.9%	£521,000	24%	£420,000	-0.9%	£424,000
Shareholder Funds	£82,797,000	10.6%	£74,864,000	8.5%	£69,030,000	9.1%	£63,291,000	14.9%	£55,101,000

Other Financial Items

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Net Worth	£82,307,000	10.8%	£74,252,000	8.7%	£68,296,000	9.4%	£62,435,000	15.4%	£54,123,000
Working Capital	£78,829,000	11.9%	£70,462,000	9.1%	£64,559,000	9.5%	£58,938,000	15.7%	£50,962,000
Total Assets	£105,190,000	3%	£102,130,000	7.1%	£95,324,000	-8.3%	£103,956,000	15.8%	£89,786,000
Total Liabilities	£22,393,000	-17.9%	£27,266,000	3.7%	£26,294,000	-35.3%	£40,665,000	17.2%	£34,685,000
Net Assets	£82,797,000	10.6%	£74,864,000	8.5%	£69,030,000	9.1%	£63,291,000	14.9%	£55,101,000

Miscellaneous

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Contingent Liability	NO	-	NO	-	YES	-	YES	-	YES
Capital Employed	£83,207,000	10.5%	£75,296,000	8.4%	£69,478,000	8.7%	£63,904,000	14.6%	£55,772,000
Number of Employees	273	3.4%	264	-21.4%	336	-11.3%	379	0.3%	378
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code	40-02-50

Ratios

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Pre-tax profit margin %	17.78	13.68	8.67	10.87	15.92
Current ratio	4.59	3.63	3.50	2.47	2.50
Sales/Net Working Capital	0.68	0.70	1.14	1.87	1.83
Gearing %	0.50	0.60	0.60	1	1.20
Equity in %	79.10	73.70	73	61.40	62
Creditor Days	70.17	58.09	53.30	54.98	50.88
Debtor Days	79.06	71.36	64.35	48.76	52.42
Liquidity/Acid Test	4.29	3.48	3.30	2.28	2.21
Return On Capital Employed %	11.48	9.01	9.17	18.76	26.57
Return On Total Assets Employed %	9.08	6.64	6.68	11.53	16.50
Current Debt Ratio	0.26	0.35	0.37	0.63	0.61
Total Debt Ratio	0.27	0.36	0.38	0.64	0.62
Stock Turnover Ratio %	11.73	7.36	6.83	6.95	10.31
Return on Net Assets Employed %	11.54	9.06	9.23	18.95

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	0
Satisfied	0

Current Company Secretary

Name	Nuala Maria McDonald	Date of Birth	-
Officers Title	Ms	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/11/2008
Address	New Sirocco Works Channel Commercial Park, Queens Road, Belfast, County Antrim, BT3 9DT
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Status History

No Status History found

Event History

Date	Description
17/09/2012	New Accounts Filed
17/09/2012	New Accounts Filed
01/05/2012	New Board Member Mr W. Flexon appointed
01/05/2012	New Board Member Mr M.P. Lehman appointed
01/05/2012	New Board Member Mr D.A. Pryor appointed
01/05/2012	New Board Member Mr C.S. Brannan appointed
01/05/2012	New Board Member Ms A.L. Puckett appointed
22/03/2012	Mr R.G. Mulholland has left the board
08/02/2012	New Board Member Mr W.J. Broadfoot appointed
01/02/2012	New Board Member Mr W.J. Broadfoot appointed
19/12/2011	Mr R.A. Brennan has left the board
07/12/2011	New Board Member Mr R.G. Mulholland appointed
07/12/2011	New Board Member Mr D. McMinn appointed
01/07/2011	New Accounts Filed
01/07/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
20/07/2000	HOWDEN SIROCCO LIMITED
26/05/1988	DAVIDSON & CO., LIMITED
01/01/1950	HOWDEN POWER LIMITED
01/01/1800	HOWDEN POWER LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.70
UK Pound	1	Rs.92.25
Euro	1	Rs.78.38

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.