MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	PETROCHEM CARLESS LIMITED
Formerly Known As :	CARLESS REFINING & MARKETING LTD
Registered Office :	Cedar Court, Guildford Road, Leatherhead, KT22 9RX
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	08.02.1947
Com. Reg. No.:	00429315
Legal Form :	Private limited with Share Capital
Line of Business :	Refining and distributing of hydrocarbon products, the distribution of solvents products and the manufacture and distribution of automotive products.
No. of Employees :	171

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company name and address

Company Name:	PETROCHEM CARLESS LIMITED
Company No:	00429315
Registered Address:
CEDAR COURT
GUILDFORD ROAD
LEATHERHEAD
KT22 9RX

Summary – Company Information

Company Name	PETROCHEM CARLESS LIMITED	Company Number	00429315
Registered Address	CEDAR COURT GUILDFORD ROAD LEATHERHEAD KT22 9RX	Trading Address	Harwich Refinery Foster Road Harwich Essex CO12 4SS
Website Address	http://www.petrochemcarless.com
Telephone Number	01372360000	Fax Number	01372380400
TPS	Yes	FPS	Yes
Incorporation Date	08/02/1947	Company Status	Active - Accounts Filed
Previous Name	CARLESS REFINING & MARKETING LTD	Type	Private limited with Share Capital
Date of Change	15/01/2001	Filing Date of Accounts	10/09/2013
		Share Capital	£2,000,000
SIC03	2320	Currency	GBP
SIC03 Description	Manufacture of refined petroleum products
SIC07	19201
SIC07 Description	MINERAL OIL REFINING
Principal Activity	Refining and distributing of hydrocarbon products, the distribution of solvents products and the manufacture and distribution of automotive products.

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period decreased 7.6% on the previous trading period.

Net Worth increased by 23.9% during the latest trading period.

A 3.5% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 23.2% compared to the previous trading period.

The company saw an increase in their Cash Balance of 164.8% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 67 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£355,904,000	£18,923,000	£86,062,000	171
31/12/2011	£385,276,000	£24,626,000	£69,448,000	161
31/12/2010	£318,176,000	£23,758,000	£50,280,000	158

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

19	15
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

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	2
Satisfied	15

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	39

Current Directors

Name	Nigel John Wright	Date of Birth	17/11/1958
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	15/04/2013
Address	Cedar Court Guildford Road, Leatherhead, Surrey, KT22 9RX

Name	Nicholas Brian Pye	Date of Birth	08/03/1974
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	15/04/2013
Address	Cedar Court Guildford Road, Leatherhead, Surrey, KT22 9RX

Name	Duncan Paul Stonehouse	Date of Birth	20/08/1970
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	15/04/2013
Address	Cedar Court Guildford Road, Leatherhead, Surrey, KT22 9RX

Current Company Secretary

Name	Nigel John Wright	Date of Birth	-
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	15/04/2013
Address	Cedar Court Guildford Road, Leatherhead, Surrey, KT22 9RX

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
OVAL (2005) LTD	GBP	2,000,000	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Weeks	52	52	52	52	52
Currency	GBP	GBP	GBP	GBP	GBP
Consolidated A/cs	N	N	N	N	N
Turnover	£355,904,000	£385,276,000	£318,176,000	£232,983,000	£288,693,000
Export	£198,407,000	£73,638,000	£67,889,000	£53,887,000	£161,946,000
Cost of Sales	£316,111,000	£336,753,000	£270,585,000	£191,188,000	£251,460,000
Gross Profit	£39,793,000	£48,523,000	£47,591,000	£41,795,000	£37,233,000
Wages & Salaries	£8,626,000	£8,607,000	£7,990,000	£7,684,000	£7,673,000
Directors Emoluments	£640,000	£807,000	£732,000	£806,000	£1,013,000
Operating Profit	£17,743,000	£24,137,000	£23,405,000	£18,723,000	£13,903,000
Depreciation	£2,148,000	£2,113,000	£2,070,000	£1,974,000	£2,003,000
Audit Fees	£69,000	£68,000	£66,000	£66,000	£66,000
Interest Payments	£1,503,000	£1,809,000	£1,430,000	£1,093,000	£2,764,000
Pre Tax Profit	£18,923,000	£24,626,000	£23,758,000	£18,431,000	£12,730,000
Taxation	-£3,491,000	-£5,458,000	-£5,674,000	-£5,094,000	-£2,294,000
Profit After Tax	£15,432,000	£19,168,000	£18,084,000	£13,337,000	£10,436,000
Dividends Payable	-	-	-	£12,000,000	£10,500,000
Retained Profit	£15,432,000	£19,168,000	£18,084,000	£1,337,000	-£64,000

Balance Sheet

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Tangible Assets	£28,597,000	£27,009,000	£26,997,000	£27,433,000	£26,207,000
Intangible Assets	0	0	0	0	0
Total Fixed Assets	£28,597,000	£27,009,000	£26,997,000	£27,433,000	£26,207,000
Stock	£45,706,000	£52,861,000	£37,065,000	£26,912,000	£25,674,000
Trade Debtors	£29,635,000	£32,867,000	£35,729,000	£25,338,000	£27,193,000
Cash	£1,814,000	£685,000	£2,428,000	£2,156,000	£1,665,000
Other Debtors	£47,346,000	£45,185,000	£42,567,000	£2,082,000	£5,162,000
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	£124,501,000	£131,598,000	£117,789,000	£56,488,000	£59,694,000
Trade Creditors	£46,719,000	£59,846,000	£51,567,000	£26,652,000	£27,966,000
Bank Loans & Overdrafts	£6,721,000	£6,223,000	£7,510,000	£7,926,000	£16,063,000
Other Short Term Finance	£8,343,000	£8,273,000	£7,950,000	£8,757,000	£6,892,000
Miscellaneous Current Liabilities	£4,830,000	£14,379,000	£11,918,000	£7,828,000	£5,635,000
Total Current Liabilities	£66,613,000	£88,721,000	£78,945,000	£51,163,000	£56,556,000
Bank Loans & Overdrafts and LTL	£7,144,000	£6,661,000	£23,071,000	£8,488,000	£16,405,000
Other Long Term Finance	0	0	£15,000,000	0	0
Total Long Term Liabilities	£423,000	£438,000	£15,561,000	£562,000	£342,000

Capital & Reserves

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Called Up Share Capital	£2,000,000	£2,000,000	£2,000,000	£2,000,000	£2,000,000
P & L Account Reserve	£65,166,000	£48,931,000	£28,960,000	£10,073,000	£7,943,000
Revaluation Reserve	£17,678,000	£17,299,000	£18,102,000	£18,905,000	£17,842,000
Sundry Reserves	£1,218,000	£1,218,000	£1,218,000	£1,218,000	£1,218,000
Shareholder Funds	£86,062,000	£69,448,000	£50,280,000	£32,196,000	£29,003,000

Other Financial Items

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Net Worth	£86,062,000	£69,448,000	£50,280,000	£32,196,000	£29,003,000
Working Capital	£57,888,000	£42,877,000	£38,844,000	£5,325,000	£3,138,000
Total Assets	£153,098,000	£158,607,000	£144,786,000	£83,921,000	£85,901,000
Total Liabilities	£67,036,000	£89,159,000	£94,506,000	£51,725,000	£56,898,000
Net Assets	£86,062,000	£69,448,000	£50,280,000	£32,196,000	£29,003,000

Miscellaneous

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Contingent Liability	YES	YES	YES	YES	YES
Capital Employed	£86,485,000	£69,886,000	£65,841,000	£32,758,000	£29,345,000
Number of Employees	171	161	158	157	159
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	LLOYDS TSB BANK PLC
Bank Branch Code	30-00-02

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	5.32	6.39	7.47	7.91	4.41
Current ratio	1.87	1.48	1.49	1.10	1.06
Sales/Net Working Capital	6.15	8.99	8.19	43.75	92
Gearing %	8.30	9.60	45.90	26.40	56.60
Equity in %	56.20	43.80	34.70	38.40	33.80
Creditor Days	47.78	56.54	58.99	41.63	35.26
Debtor Days	30.30	31.05	40.87	39.58	34.28
Liquidity/Acid Test	1.18	0.88	1.02	0.57	0.60
Return On Capital Employed %	21.88	35.23	36.08	56.26	43.38
Return On Total Assets Employed %	12.36	15.52	16.40	21.96	14.81
Current Debt Ratio	0.77	1.27	1.57	1.58	1.95
Total Debt Ratio	0.77	1.28	1.87	1.60	1.96
Stock Turnover Ratio %	12.84	13.72	11.64	11.55	8.89
Return on Net Assets Employed %	21.98	35.45	47.25	57.24	43.89

Status History

No Status History found

Event History

Date	Description
20/11/2013	Annual Returns
23/09/2013	Mr D. Barclay has left the board
19/09/2013	New Accounts Filed
19/09/2013	New Accounts Filed
13/05/2013	New Board Member Mr D.P. Stonehouse appointed
29/04/2013	New Company Secretary Mr N.J. Wright appointed
25/04/2013	Mr R.A. Butler has left the board
25/04/2013	Mr R.A. Butler has resigned as company secretary
25/04/2013	Mr N. James has left the board
25/04/2013	Mr P. Gemski has left the board
25/04/2013	New Board Member Mr N.B. Pye appointed
25/04/2013	New Board Member Mr N.J. Wright appointed
23/11/2012	Annual Returns
27/07/2012	Dr W.N. Watkins has left the board
23/05/2012	New Accounts Filed

Previous Company Names

Date	Previous Name
15/01/2001	CARLESS REFINING & MARKETING LTD
28/05/1987	CARLESS SOLVENTS LIMITED

Statistics

Group	8 companies
Linkages	34 companies
Countries	In 5 countries

Summary

Holding Company	OVAL (2005) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	HCS GMBH

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
HCS GMBH	N/A	-	-
PCL HOLDCO LIMITED	08272174	-	N
PCL BIDCO LIMITED	08272224	-	N
PETROCHEM CARLESS...	05259753	31.12.2012	Y	£355,904,000
PETROCHEM UK LIMITED	01601509	31.12.2012	N
OVAL (2005) LIM...	05278490	31.12.2012	N
PETROCHEM CAR...	00429315	31.12.2012	N	£355,904,000
OVAL (2006) LIMITED	05278489	30.11.2012	N

Statistics

Group	8 companies
Linkages	34 companies
Countries	In 5 countries

Other Linked companies

Name	Number	Latest Key Financials	Turnover
BP P.L.C.	00102498	31.12.2013	£228,905,000,000
FOSECO HOLDING INTERNATIONAL B.V.	27151367	31.12.2012
CASTROL (IRELAND) LIMITED	IE025922	31.12.2012	€11,172,000
NORDIC LUBRICANTS AB	5560300443	31.12.2012	773,135 KSEK
FINGAL AVIATION SERVICES LIMITED	IE151023	31.12.2012	€2,976,027
BP OIL CO		-	$632,000
ARCO		-	$2,784,000
BP AMOCO CHEMICAL CO		-	$244,000,000
BP HUSKY REFINERY		-	$300,000,000
BP CHEMICALS, INC		-	$670,000,000
BP CORP NORTH AMERICA INC		-	$2,308,000
BP PRODUCTS NORTH AMERICA		-	$597,000
BP GAS & POWER NORTH AMERICA		-	$900,000
B P AMERICA PRODUCTION CO		-	$4,000,000
LUBECON SYSTEMS, INC		-	$30,000,000
BP PIPELINES ALASKA INC		-	$3,000,000
B P EXPLORATION & OIL INC		-
BP CARSON REFINERY		-	$564,000
BP WEST COAST PRODUCTS LLC		-
BP AMERICA INC		-

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:
Date Charge Created:	17/04/13
Date Charge Registered:	26/04/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC AS SECURITY TRUSTEE;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:	DEPOSIT AGREEMENT TO SECURE OWN LIABILITIES
Date Charge Created:	29/09/05
Date Charge Registered:	24/03/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	LLOYDS TSB BANK PLC;
Amount Secured:
Details:	ALL SUCH RIGHTS TO THE REPAYMENT OF THEDEPOSIT MEANING THE DEBT(S) ON THE ACCOUNT(S) DESCRIBED IN THE SCHEDULE BEING THE ACCOUNT WITH THE BANK DENOMINATED IN EUROS DESIGNATED LLOYDS TSB BANK PL RE PETROCHEM CARLESS LTD AND ANY ACCOUNT(S) FOR THE TIME BEING REPLACING THE SAME AND ALL INTEREST OWING IN RESPECT THEREOF AND ALL DEPOSITS WITH THE BANKS TREASURYDIVISION IN THE NAME OF THE BANK RE THECOMPANY

Mortgage Type:	DEBENTURE
Date Charge Created:	23/12/04
Date Charge Registered:	07/01/05
Date Charge Satisfied:	28/11/07
Status:	SATISFIED
Person(s) Entitled:	FORTIS BANK S.A./N.V.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	23/12/04
Date Charge Registered:	24/03/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	LLOYDS TSB BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	23/12/04
Date Charge Registered:	06/01/05
Date Charge Satisfied:	19/04/12
Status:	SATISFIED
Person(s) Entitled:	PAUL GEMSKI ("THE MANAGEMENT TRUSTEE")
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	23/12/04
Date Charge Registered:	06/01/05
Date Charge Satisfied:	30/08/08
Status:	SATISFIED
Person(s) Entitled:	3I INVESTMENTS PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	ALL ASSETS DEBENTURE
Date Charge Created:	23/12/04
Date Charge Registered:	24/03/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS TSB COMMERCIAL FINANCE LIMITED;
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	SUPPLEMENTAL LEGAL MORTGAGE BETWEEN THECOMPANY (AS MORTGAGOR)(1) AND FORTIS BANK S.A./N.V. (UK BRANCH) (THE "SECURITY TRUSTEE")(2) ("THE LEGAL MORTGAGE") WHICH IS SUPPLEMENTAL TO THE DEBENTURE DATED14DECEMBER 2000 BETWEEN THE COMPANY (1) AND CARLESS REFINING & MARKETING LIMITED (2) AND THE SECURITYTRUSTEE (3) ("THE DEBENTURE")
Date Charge Created:	24/09/01
Date Charge Registered:	10/10/01
Date Charge Satisfied:	28/11/07
Status:	SATISFIED
Person(s) Entitled:	FORTIS BANK S.A./N.V. (UK BRANCH)
Amount Secured:	ALL MONEYS OBLIGATIONS AND LIABILITIES TO BE PAID TO THE SECURITY TRUSTEE NOW OR HEREAFTER DUE OWINGOR INCURRED BY THECOMPANY TO THE FINANCE PARTIES OR ANY OF THEM INCLUDING WITHOUT LIMITATION ALL MONEYS OBLIGATIONS AND LIABILITIES DUE OWING OR INCURRED UNDER OR PURSUANT TO THE SECURED DOCUMENTS ("THE SECURED OBLIGATIONS")
Details:	THE PROPERTY 3RD FLOOR OFFICES ST JAMESHOUSE EASTERN ROAD ROMFORD ESSEX TITLE NUMBER EGL141637 LANDAT RAMSEY ESSEX LAND ADJOINING FOSTER ROAD HARWICK ESSEX ENGINEERS TIP REFINERY ROAD PARKESTON QUAYHARWICK ESSEX TITLE NUMBER EX506413

Mortgage Type:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	14/12/00
Date Charge Registered:	22/12/00
Date Charge Satisfied:	28/11/07
Status:	SATISFIED
Person(s) Entitled:	FORTIS BANK S.A./N.V. (UK BRANCH) AS SECURITY TRUSTEE
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER OR PURSUANT TO THE SECURED DOCUMENTS (AS DEFINED) TOGETHER AND EACH AS IT MAY FROM TIME TO TIME BE AMENDED, VARIED, NOVATED, SUPPLEMENTED OR REPLACED
Details:	. FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEED OF DEBENTURE
Date Charge Created:	19/12/88
Date Charge Registered:	22/12/88
Date Charge Satisfied:	29/01/90
Status:	SATISFIED
Person(s) Entitled:	COBROAD INVESTMENTS OF DRAPERS GRADENS
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE (FOR ITSELF AND AS AGENT TO THE FACILITY AGREEMENT FORTHE BANKS) COBROAD INVESTMENTS AND NATWEST INVESTMENT BANK LIMITED UNDER THE TERMS OF THE SECURITY DOCUMENTS (AS DEFINED)
Details:	FLOATING CHARGES ALL OF ITS PROPERTY ASSETS, UNDERTAKING AND RIGHTS OF ANY KINDINCLUDING UNCALLED CAPITAL

Mortgage Type:	DEED OF DEBENTURE
Date Charge Created:	19/12/88
Date Charge Registered:	22/12/88
Date Charge Satisfied:	13/12/00
Status:	SATISFIED
Person(s) Entitled:	AD INVESTMENTS AND
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE FOR ITSELF ANDAS AGENT TO THE FACILITY AGREEMENT FOR THE BANKS) COBROAD INVESTMENTS AND NATWEST INVESTMENT BANK LIMITED UNDER THE TERMSOF THE SECURITY DOCUMENTS (AS DEFINED)
Details:	THE COMPANY AS BENEFICIAL OWNER HAS CHARGED BY WAY OF FIRST FLOATING CHARGE ALLOF ITSSEE FORM 395 REF: M101 FOR FULL DETAILSOF CHARGE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Mortgage Type:	DEED OF DEBENTURE
Date Charge Created:	19/12/88
Date Charge Registered:	22/12/88
Date Charge Satisfied:	13/12/00
Status:	SATISFIED
Person(s) Entitled:	NATWEST INVESTMENT BANK LIMITEDAND THE OTHER PERSONS COBRO
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE FOR ITSELF ANDAS AGENT TO THE FACILITY AGREEMENT FOR THE BANKS) COBROAD INVESTMENTS AND NATWEST INVESTMENT BANK LIMITED UNDER THE TERMSOF THE SECURITY DOCUMENTS (AS DEFINED)
Details:	THE COMPANY AS BENEFICIAL OWNER HAS CHARGED BY WAY OF FIRST FLOATING CHARGE ALLOF ITSSEE FORM 395 REF: M101 FOR FULL DETAILSOF CHARGE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Mortgage Type:	DEED OF DEBENTURE
Date Charge Created:	19/12/88
Date Charge Registered:	22/12/88
Date Charge Satisfied:	13/12/00
Status:	SATISFIED
Person(s) Entitled:	INTERNATIONAL WESTMINSTER BANK PLC ANDTHE OTHER PERSONS SPECIFIED IN THE DEBENTURE
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE FOR ITSELF ANDAS AGENT TO THE FACILITY AGREEMENT FOR THE BANKS) COBROAD INVESTMENTS BANK LIMITED UNDER THE TERMS OF THE SECURITY DOCUMENTS (AS DEFINED)
Details:	THE COMPANY AS BENEFICIAL OWNER HAS CHARGED BY WAY OF FIRST FLOATING CHARGE ALLOF ITS(SEE FORM 395 REF: M99 FOR FULL DETAILS OF CHARGE) UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Mortgage Type:	DEED OF COVENANT
Date Charge Created:	11/01/81
Date Charge Registered:	13/01/82
Date Charge Satisfied:	09/05/89
Status:	SATISFIED
Person(s) Entitled:	CONTINENTAL ILLINOIS NATIONAL BANK & TRUST COMPANY OF CHICAGO
Amount Secured:	FURTHER SECURING ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE NOT EXCEEDING £2,160,000 SECURED BY A MORTGAGE DATED 11/1/82 UNDER THE TERMS OF A LOAN AGREEMENT DATED 25/11/81
Details:	THE SHIP, THE INSURANCES AND ALL BENEFITS THEREOF THE EARNINGS & REQUISITION COMPENSATION

Mortgage Type:	STATUTORY MORTGAGE
Date Charge Created:	11/01/82
Date Charge Registered:	13/01/82
Date Charge Satisfied:	09/05/89
Status:	SATISFIED
Person(s) Entitled:	CONTINENTAL ILLINOIS NATIONAL BANK & TRUST COMPANY OF CHICAGO
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT CURRENT UNDER THE TERMS OF A LOAN AGREEMENT DATED 25/11/81 AND A DEED OF COVENANT DATED 11/1/82
Details:	MULTI-PURPOSE VESSEL OF 4968-99 GROSS REGISTERED TONS TO BE NAMED M V LANDGUARDPOINT

Mortgage Type:	AN ASSIGNMENT
Date Charge Created:	25/11/81
Date Charge Registered:	27/11/81
Date Charge Satisfied:	09/05/89
Status:	SATISFIED
Person(s) Entitled:	CONTINENTAL ILLINOIS NATIONAL BANK & TRUST COMPANY OF CHICAGO
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LOAN AGREEMENT
Details:	THE BENEFITS OF THE WARRANTIES CONTAINED IN A BUILDING CONTRACT DATED 26 APRIL 1980 AND MADE BETWEENTHE COMPANY AND MITSUBISHI CORPORATION

Mortgage Type:	MORTGAGE GENERAL CHARGE
Date Charge Created:	20/11/64
Date Charge Registered:	04/12/64
Date Charge Satisfied:	13/12/00
Status:	SATISFIED
Person(s) Entitled:	NATIONAL PRO BANK
Amount Secured:	CHARGE FOR FURTHER SECURING ALL MONIES NOW DUE ETC DUE FROM CARLESS CAPEL OF LEONARD LTD TO THE NATIONAL PRO BANK ON ANY ACCOUNT WHETHER OVER SECURED BY ANOTHER CHARGE DATED 20TH NOV 64
Details:	A FIRST FLOATING CHARGE ON THE UNDERTAKING AND GOODWILL ALL PROPERTY AND ASSETSAPRESENT AND FUTURE INCLUDING UNCALLED CAPITAL.

Mortgage Type:	DEED OF DEBENTURE
Date Charge Created:	19/12/88
Date Charge Registered:	22/12/88
Date Charge Satisfied:	29/01/90
Status:	SATISFIED
Person(s) Entitled:	INTERNATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE (FOR ITSELF AND AS AGENT TO THE FACILITY AGREEMENT FORTHE BANKS COBROAD INVESTMENTS AND NATWEST INVESTMENTS BANK LIMITED UNDER THE TERMS OF THE SECURITY DOCUMENTS (AS DEFINED)
Details:	THE COMPANY AS BENEFICIAL OWNER HAS CHARGED BY FLOATING CHARGE, ALL OF ITS PROPERTY ASSETS, UNDERTAKING AND RIGHTS OF ANY KIND INCLUDING UNCALLED CAPITAL IN EACH CASE BOTH PRESENT FIXTURE.

Creditor Details

	No Creditor Data
Total Value		-

Trade Debtors / Bad Debt Detail

	No Debtor Data
Total Value		-

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Mark Rae Martin	6	5
Mark Rae Martin	6	5
Veronica Claire Griffiths	0	25
David Warwick Andrew Lubbock	7	6
David Terence Little	2	2
Francisco Anderiz Cebrian	1	22
REPSOL OIL INTERNATIONAL LIMITED	0	24
Roy Scott Emerson	0	1
REPSOL EXPLORATION (UK) LIMITED	0	2
Fernando Calbacho	0	1
Demetrio Lopez	0	1
Fernando Blasco	0	1
Antonio Carlos Diaz	0	2
Jacobo Hernandez Espinosa	4	2
Arturo Albardiaz Gonzalez	0	1
Elizabeth Anne Sagar	16	8
Richard Winston Hastings Dasent	0	6
Graham John Green	3	28
Carmelo Mayoral De Lozoya	0	1
Paul Gemski	1	26
Kenneth John Wiseman	0	9
Neil James	3	44
Graham James Simmons	7	34
Graham James Simmons	7	34
Richard Odwyer	1	7
Richard Odwyer	1	7
Peter William Kerns	1	3
Denis Windle	0	5
Roger Alun Butler	2	8
Roger Alun Butler	2	8
Vincent Joseph Fannon	1	2
Stephen Albert Haith	3	4
Glenn McClelland	0	2
William Niall Watkins	1	3
Colin Edward Horton	3	4
William Anthony Cross	0	3
Francisco Anderiz	0	3
Enrique Helguera De La Villa	0	1
David Barclay	2	11

Average Invoice Value	£1547.51
Invoices available	251
Paid	223
Outstanding	28

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	17	176	13	6	11
Outstanding	7	10	4	6	1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NNA

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.