Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Directors and Shareholders Report

Annual profit & loss

MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	CONEX UNIVERSAL LTD.

Registered Office :	Global House, 95 Vantage Point, Pensnett Trading Estate, Kingswinford, DY6 7FT

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	14.03.2011

Com. Reg. No.:	07563347

Legal Form :	Private Subsidiary Company

Line of Business :	Manufacturer and distributor of a range of products for the plumbing and heating industries

No. of Employees :	77

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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

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

Conex Universal Ltd.

Global House

95 Vantage Point

Pensnett Trading Estate

Kingswinford, DY6 7FT

United Kingdom

Employees: 77

Company Type: Private Subsidiary

Corporate Family: 5 Companies

Ultimate Parent: International Building Products Ltd.

Quoted Status: Non-quoted Company

Incorporation Date: 14-Mar-2011

Auditor: Bdo LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: British Pound Sterling

Annual Sales: 140.2 1

Net Income: (6.9)

Total Assets: 61.2

Manufacture and distribution of a range of products for the plumbing and heating industries.

Industry

Industry Construction and Hardware Materials Wholesale

ANZSIC 2006: 3339 - Other Hardware Goods Wholesaling

ISIC Rev 4: 4663 - Wholesale of construction materials, hardware, plumbing and heating equipment and

supplies

NACE Rev 2: 4674 - Wholesale of hardware, plumbing and heating equipment and supplies

NAICS 2012: 4237 - Hardware, and Plumbing and Heating Equipment and Supplies Merchant Wholesalers

UK SIC 2007: 4674 - Wholesale of hardware, plumbing and heating equipment and supplies

US SIC 1987: 507 - Hardware, and Plumbing and Heating Equipment

Name	Title
Manoucher Salehi Bakhtiari	Director
Richard Paul Darwin	Director
Andrew James Mason	Director
Chih-Fan Tang	Director
Kung-Liang Yung	Director

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609

Location

Global House

95 Vantage Point

Pensnett Trading Estate

Kingswinford, DY6 7FT

West Midlands County

United Kingdom

Sales GBP(mil): 88.5

Assets GBP(mil): 37.9

Employees: 77

Fiscal Year End: 31-Dec-2012

Industry: Miscellaneous Capital Goods

Registered Address:

Global House 95 Vantage Point

Pensnett Trading Estate

Kingswinford, DY6 7FT

United Kingdom

Incorporation Date: 14-Mar-2011

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(UK): 07563347

Director: Chih-Fan Tang

Industry Codes

ANZSIC 2006 Codes:

3339 - Other Hardware Goods Wholesaling

ISIC Rev 4 Codes:

4663 - Wholesale of construction materials, hardware, plumbing and heating equipment and supplies

NACE Rev 2 Codes:

4674 - Wholesale of hardware, plumbing and heating equipment and supplies

NAICS 2012 Codes:

4237 - Hardware, and Plumbing and Heating Equipment and Supplies Merchant Wholesalers

US SIC 1987:

507 - Hardware, and Plumbing and Heating Equipment

UK SIC 2007:

4674 - Wholesale of hardware, plumbing and heating equipment and supplies

Business Description

Manufacture and distribution of a range of products for the plumbing and heating industries.

Financial Data

Financials in:	GBP(mil)

Revenue:	88.5
Net Income:	-4.4
Assets:	37.9
Current Assets:	34.8
Fixed Assets:	3.1
Long Term Debt:	0.0
Total Liabilities:	34.0
Issued Capital:	16.3
Working Capital:	0.8
Net Worth:	3.5

Date of Financial Data:	31-Dec-2012

1 Year Growth

36.9%

Key Corporate Relationships

Auditor:	Bdo LLP

Auditor:	Bdo LLP

Auditor History
Bdo LLP	31-Dec-2012
Bdo LLP	31-Dec-2011

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	12-31-2012

Corporate Family	Corporate Structure News:
	Conex Universal Ltd.
Conex Universal Ltd. Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
International Building Products Ltd.	Parent
Ibp Global Trading Ltd.	Subsidiary	Kingswinford	United Kingdom	Holding Companies	157.4	805
Ibp Instalfittings Sp Z O O	Subsidiary	Poznan	Poland	Electrical Equipment and Appliances Manufacturing	52.3	415
Conex Universal Ltd.	Subsidiary	Kingswinford	United Kingdom	Construction and Hardware Materials Wholesale	140.2	77
Ibp Banninger Italia SRL	Subsidiary	Parma, Parma	Italy	Construction and Hardware Materials Wholesale	14.3	12

Board of Directors

Name

Title

Function

Manoucher Salehi Bakhtiari

Director

Director/Board Member

Age: 58

Richard Paul Darwin

Director

Director/Board Member

Age: 58

Andrew James Mason

Director

Director/Board Member

Age: 48

Chih-Fan Tang

Director

Director/Board Member

Age: 31

Kung-Liang Yung

Director

Director/Board Member

Age: 59

Main Office Address:
Global House
95 Vantage Point
Kingswinford
United Kingdom DY6 7FT

Annual Return Date: 14 Mar 2013
Total Issued Capital (GBP 000):16,300

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Chih-Fan Tang	Current	09 Sep 1982	Kpmg Llp 15 Canada Square, Poplar, London E14 5GL	14 Mar 2011	NA	Current:3 Previous:0 Disqualifications:0
Manoucher Salehi Bakhtiari	Current	01 Dec 1954	Global House 95 Vantage Point, Pensnett Trading Estate, Kingswinford, West Midlands DY6 7FT	04 Apr 2011	NA	Current:3 Previous:0 Disqualifications:0
Andrew James Mason	Current	08 Sep 1965	Global House 95 Vantage Point, Pensnett Trading Estate, Kingswinford, West Midlands DY6 7FT	04 Apr 2011	NA	Current:3 Previous:0 Disqualifications:0
Kung-Liang Yung	Current	16 Mar 1954	Kpmg Llp 15 Canada Square, Poplar, London E14 5GL	14 Mar 2011	NA	Current:3 Previous:0 Disqualifications:0
Richard Paul Darwin	Current	10 Aug 1955	The Croft House 3 The Croft, Warton, Tamworth, Staffordshire B79 0HY	04 Apr 2011	NA	Current:2 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

There are no individual secretaries for this company.

Corporate Secretaries

There are no corporate secretaries for this company.

Corporate Shareholders

Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
IBP Global Trading Ltd	07577071	16300100 Ordinary GBP 1.00	Ordinary	16,300,100	1.00	16,300,100.00	100.00

Individual Shareholders

There are no individual shareholders for this company.

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011
Period Length	52 Weeks	52 Weeks
Filed Currency	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776
Consolidated	No	No

Turnover (UK)	22.5	19.3
Turnover (Exports)	117.7	84.3
Total Turnover	140.2	103.6
Cost of Sales	132.2	99.0
Gross Profit	7.9	4.6
Depreciation	0.5	0.4
Other Expenses	14.7	17.6
Operating Profit	-6.8	-13.1
Other Income	0.2	0.5
Interest Paid	0.4	0.3
Exceptional Income	0.0	0.0
Discontinued Operations	0.0	0.0
Profit Before Taxes	-6.9	-12.9
Tax Payable / Credit	0.0	0.0
Extraordinary Items/Debits	0.0	0.0
Dividends	0.0	0.0
Profit After Taxes	-6.9	-12.9
Minority Interests (Profit & Loss)	0.0	0.0
Audit Fees	0.0	0.1
Non Audit Fees	0.0	0.1
Number of Employees	77	67
Wages	4.4	4.5
Social Security Costs	0.5	0.3
Pensions	0.0	0.0
Other Pension Costs	0.2	0.2
Employees Remuneration	5.1	4.9
Directors Emoluments	0.6	0.3
Other Costs	0.0	0.2
Directors Remuneration	0.7	0.5
Highest Paid Director	0.3	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011
Filed Currency	GBP	GBP
Exchange Rate	0.619061	0.643459
Consolidated	No	No

Land & Buildings	2.6	0.3
Fixtures & Fittings	0.8	1.0
Plant & Vehicles	0.9	0.2
Total Tangible Fixed Assets	4.3	1.5
Intangible Assets	0.6	0.8
Investments	0.0	0.0
Total Fixed Assets	5.0	2.2
Stocks	31.8	17.4
Work in Progress	4.5	4.3
Total Stocks Work In Progress	36.3	21.8
Trade Debtors	11.3	8.5
Inter-Company Debtors	3.7	11.4
Other Debtors	3.5	2.9
Total Debtors	18.4	22.8
Cash and Equivalents	1.5	1.2
Other Current Assets	0.0	0.0
Total Current Assets	56.3	45.8
Total Assets	61.2	48.0
Trade Creditors	16.0	10.6
Inter-Company Creditors	29.2	45.5
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0
Accruals/Deferred Income (Current Liability)	4.4	1.7
Social Security/VAT	0.2	0.3
Other Current Liabilities	5.1	2.4
Total Current Liabilities	54.9	60.5
Group Loans (Long Term Liability)	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	-
Leasing (Long Term Liability)	0.0	-
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0
Other Long Term Loans	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0
Other Long Term Liabilities	0.0	0.0
Total Long Term Liabilities	0.0	0.0
Deferred Taxation	0.0	0.0
Other Provisions	0.0	0.0
Total Provisions	0.0	0.0
Issued Capital	26.3	0.0
Share Premium Accounts	0.0	0.0
Revaluation Reserve	0.0	0.0
Retained Earnings	-20.0	-12.5
Other Reserves	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0
Total Shareholders Funds	6.3	-12.5
Net Worth	5.7	-13.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011
Period Length	52 Weeks	52 Weeks
Filed Currency	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776
Consolidated	No	No

Net Cash Flow From Operating Activities	-	15.2
Net Cash Flow from ROI and Servicing of Finance	-	0.2
Taxation	-	0.0
Capital Expenditures	-	0.5
Acquisitions and Disposals	-	-50.7
Paid Up Equity	-	0.0
Management of Liquid Resources	-	0.0
Net Cash Flow From Financing	-	36.1
Increase in Cash	-	1.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011
Period Length	52 Weeks	52 Weeks
Filed Currency	GBP	GBP
Exchange Rate	0.619061	0.643459
Consolidated	No	No

Current Ratio	1.02	0.76
Liquidity Ratio	0.36	0.40
Stock Turnover	3.93	4.61
Credit Period (Days)	28.79	30.78
Working Capital by Sales	0.92%	-14.64%
Trade Credit by Debtors	1.42	1.25
Return on Capital	-112.55%	-
Return on Assets	-11.55%	-25.99%
Profit Margin	-4.95%	-12.43%
Return on Shareholders Funds	-112.55%	-
Borrowing Ratio	517.27%	-343.07%
Equity Gearing	10.26%	-25.99%
Debt Gearing	-	-0.22%
Interest Coverage	-18.47	-42.28
Sales by Tangible Assets	32.95	68.59
Average Remuneration per Employee	0.1	0.1
Profit per Employee	-0.1	-0.2
Sales per Employee	1.9	1.5
Capital Employed per Employee	0.1	-0.2
Tangible Assets per Employee	0.1	0.0
Total Assets per Employee	0.8	0.7
Employee Remuneration by Sales	3.64%	4.76%
Creditor Days (Cost of Sales Based)	43.34	40.17
Creditor Days (Sales Based)	40.89	38.40

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.99.56
Euro	1	Rs.83.55

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.