MIRA INFORM REPORT

Report Date :

21.04.2014

IDENTIFICATION DETAILS

Name :	SIBELCO UK LIMITED

Formerly Known as :	WBB MINERALS LIMITED

Registered Office :	Brookside Hall, Congleton Road, Sandbach, Cheshire, Cw11 4tf

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	18.02.1957

Com. Reg. No.:	00578631

Legal Form :	Private limited with Share Capital

Line of Business :	Engaged in extraction and processing of clay and minerals, including Ball Clays, China Clays, Silica Sand, Ball Clay, Kaolin & Dolomite. Subject product ranges includes : · Ceramics:- Plastic Clay, Ball Clay, Kaolin, Prepared Ceramic Bodies, Silica Sand · Glass · Foundry · Sports & Leisure

No. of Employees :	411 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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 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 & address

Company Name:	SIBELCO UK LIMITED
Company No:	00578631

Registered Address:

Brookside Hall, Congleton Road

Sandbach

Cheshire

Cw11 4tf

company summary

Company Name	SIBELCO UK LIMITED	Company Number	00578631
Registered Address	BROOKSIDE HALL, CONGLETON ROAD SANDBACH CHESHIRE CW11 4TF	Trading Address	Brookside Hall, Congleton Road Sandbach Cheshire CW11 4TF
Website Address	http://www.sibelco.co.uk
Telephone Number	01270752752
TPS	No
Incorporation Date	18/02/1957	Company Status	Active - Accounts Filed
Previous Name	WBB MINERALS LIMITED	Type	Private limited with Share Capital
Date of Change	30/09/2008	Filing Date of Accounts	10/09/2013
		Share Capital	£220,402
SIC03	1421	Currency	GBP
SIC03 Description	Operation of gravel and sand pits
SIC07	08120
SIC07 Description	OPERATION OF GRAVEL AND SAND PITS
Principal Activity	Engaged in extraction and processing of clay and minerals, including Ball Clays, China Clays, Silica Sand, Ball Clay, Kaolin & Dolomite. Subject product ranges includes : · Ceramics:- Plastic Clay, Ball Clay, Kaolin, Prepared Ceramic Bodies, Silica Sand · Glass · Foundry · Sports & Leisure

Commentary

No exact match CCJs are recorded against the company.
Sales in the latest trading period decreased 12% on the previous trading period.
Net Worth increased by 14.4% during the latest trading period.
A 4.1% decline in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 63.6% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 18% 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 56 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£108,247,398	£6,313,445	£37,786,262	411
31/12/2011	£122,948,627	£3,860,121	£33,288,368	436
31/12/2010	£114,893,488	£6,332,861	£30,525,941	445

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

4	16
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company

Within Terms 91+ Days

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	9
Total Value of Documented Trade Debtors / Bad Debt -	£21,051

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	0
Satisfied	2

Total Current Directors

Total Current Secretaries

Total Previous Directors / Company Secretaries

Current Directors

Name	Jean Louis Herremans	Date of Birth	02/07/1963
Officers Title		Nationality	Belgian
Present Appointments	2	Function	Director
Appointment Date	12/09/2012
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Name	Felix Moreno Diaz	Date of Birth	13/03/1962
Officers Title	Mr	Nationality	Spanish
Present Appointments	2	Function	Director
Appointment Date	12/09/2012
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Name	Jacques Emsens	Date of Birth	08/08/1963
Officers Title	Mr	Nationality	Belgian
Present Appointments	2	Function	Director
Appointment Date	12/03/2008
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Name	Mark Christopher James	Date of Birth	14/03/1959
Officers Title	Mr	Nationality	British
Present Appointments	18	Function	Director
Appointment Date	23/05/2006
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Name	Thomas Charles Cutbush	Date of Birth	15/02/1955
Officers Title	Mr	Nationality	Australian
Present Appointments	6	Function	Director
Appointment Date	01/01/2007
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Name	Jean-Luc Andre Victor Deleersynder	Date of Birth	09/05/1961
Officers Title		Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	12/03/2008
Address	Meerskant 27, Lebbeke, 9280

Name	Jean-Luc Andre Victor Deleersnyder	Date of Birth	09/05/1961
Officers Title		Nationality	Belgian
Present Appointments	2	Function	Director
Appointment Date	12/03/2008
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Name	John Pritchard	Date of Birth	27/12/1968
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	23/10/2008
Address	Brookside Hall, Congleton Road, Sandbach, Cheshire, CW11 4TF

Current Company Secretary

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SIBELCO MINERALS & CHEMICALS (HOLDINGS) LTD	GBP	220,402	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	£108,247,398	£122,948,627	£114,893,488	£100,736,033	£126,288,214
Export	-	-	-	-	-
Cost of Sales	£73,238,495	£76,215,996	£71,501,091	£62,967,995	£72,157,221
Gross Profit	£35,008,903	£46,732,631	£43,392,397	£37,768,038	£54,130,993
Wages & Salaries	£15,522,537	£15,980,802	£15,611,933	£16,033,531	£17,763,214
Directors Emoluments	£373,977	£385,211	£360,257	£328,412	£255,588
Operating Profit	£8,039,935	£5,669,325	£8,156,049	£4,066,014	£10,898,449
Depreciation	£6,300,192	£6,515,182	£7,341,639	£7,955,792	£8,613,940
Audit Fees	£71,535	£58,221	£58,643	£55,000	£60,500
Interest Payments	£9,207,563	£9,636,337	£9,075,647	£8,711,525	£10,118,249
Pre Tax Profit	£6,313,445	£3,860,121	£6,332,861	£1,361,082	£8,293,241
Taxation	-£1,815,551	-£1,097,694	-£2,401,632	-£530,835	-£3,618,013
Profit After Tax	£4,497,894	£2,762,427	£3,931,229	£830,247	£4,675,228
Dividends Payable	-	-	-	-	-
Retained Profit	£4,497,894	£2,762,427	£3,931,229	£830,247	£4,675,228

Balance Sheet

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Tangible Assets	£67,088,997	£63,840,124	£68,161,947	£73,185,798	£71,092,722
Intangible Assets	£1,351,671	£1,437,445	£1,492,360	£1,660,570	£1,657,118
Total Fixed Assets	£68,440,668	£65,277,569	£69,654,307	£74,846,368	£72,749,840
Stock	£11,522,042	£13,537,938	£10,165,273	£10,164,566	£11,314,235
Trade Debtors	£18,643,213	£22,398,892	£19,718,383	£18,796,438	£21,130,007
Cash	£7,493,322	£9,135,585	£12,186,215	£799,340	£885,125
Other Debtors	£4,106,809	£4,490,502	£3,598,166	£3,917,913	£4,521,385
Miscellaneous Current Assets	0	£30,239	0	0	0
Total Current Assets	£41,765,386	£49,593,156	£45,668,037	£33,678,257	£37,850,752
Trade Creditors	£8,387,881	£10,260,236	£10,978,764	£9,199,395	£9,627,529
Bank Loans & Overdrafts	0	0	0	0	0
Other Short Term Finance	£10,032,862	£9,765,771	£9,550,778	£8,717,709	£7,854,370
Miscellaneous Current Liabilities	£6,722,379	£7,217,712	£8,059,499	£5,252,915	£6,677,493
Total Current Liabilities	£25,143,122	£27,243,719	£28,589,041	£23,170,019	£24,159,392
Bank Loans & Overdrafts and LTL	£47,276,670	£54,338,638	£56,207,362	£58,759,904	£60,676,745
Other Long Term Finance	£32,081,178	£31,206,436	£31,030,643	£31,145,641	£31,253,944
Total Long Term Liabilities	£47,276,670	£54,338,638	£56,207,362	£58,759,904	£60,676,745

Capital & Reserves

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Called Up Share Capital	£220,402	£220,402	£220,402	£220,402	£220,402
P & L Account Reserve	£33,118,916	£28,621,022	£25,858,595	£21,927,356	£21,097,109
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	£4,446,944	£4,446,944	£4,446,944	£4,446,944	£4,446,944
Shareholder Funds	£37,786,262	£33,288,368	£30,525,941	£26,594,702	£25,764,455

Other Financial Items

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Net Worth	£36,434,591	£31,850,923	£29,033,581	£24,934,132	£24,107,337
Working Capital	£16,622,264	£22,349,437	£17,078,996	£10,508,238	£13,691,360
Total Assets	£110,206,054	£114,870,725	£115,322,344	£108,524,625	£110,600,592
Total Liabilities	£72,419,792	£81,582,357	£84,796,403	£81,929,923	£84,836,137
Net Assets	£37,786,262	£33,288,368	£30,525,941	£26,594,702	£25,764,455

Cash Flow

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Net Cashflow from Operations	£9,759,580	£3,935,759	£13,983,889	£11,517,977	£6,575,099
Net Cashflow before Financing	-£1,015,046	-£1,550,852	£11,280,317	£1,417,472	-£2,543,082
Net Cashflow from Financing	-£810,136	-£865,033	-£589,253	-£1,270,297	-£2,022,574
Increase in Cash	-£1,825,182	-£2,415,885	£10,691,064	£147,175	-£4,565,656

Miscellaneous

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Contingent Liability	NO	NO	NO	NO	NO
Capital Employed	£85,062,932	£87,627,006	£86,733,303	£85,354,606	£86,441,200
Number of Employees	411	436	445	472	512
Auditors	KPMG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	5.83	3.14	5.51	1.35	6.57
Current ratio	1.66	1.82	1.60	1.45	1.57
Sales/Net Working Capital	6.51	5.50	6.73	9.59	9.22
Gearing %	125.10	163.20	184.10	220.90	235.50
Equity in %	34.70	29.30	26.80	24.90	23.60
Creditor Days	28.20	30.37	34.78	33.24	27.74
Debtor Days	62.69	66.31	62.47	67.91	60.90
Liquidity/Acid Test	1.20	1.32	1.24	1.01	1.09
Return On Capital Employed %	7.42	4.40	7.30	1.59	9.59
Return On Total Assets Employed %	5.72	3.36	5.49	1.25	7.49
Current Debt Ratio	0.66	0.81	0.93	0.87	0.93
Total Debt Ratio	1.91	2.45	2.77	3.08	3.29
Stock Turnover Ratio %	10.64	11.01	8.84	10.09	8.95
Return on Net Assets Employed %	16.70	11.59	20.74	5.11	32.18

Status History

No Status History found

Event History

Date	Description
10/12/2013	Annual Returns
19/09/2013	New Accounts Filed
19/09/2013	New Accounts Filed
19/11/2012	Annual Returns
14/09/2012	New Board Member Mr F. Moreno Diaz appointed
14/09/2012	New Board Member J.L. Herremans appointed
21/08/2012	New Accounts Filed
16/11/2011	Annual Returns
10/05/2011	New Accounts Filed
10/05/2011	New Accounts Filed
16/11/2010	Annual Returns
09/10/2010	New Accounts Filed
09/10/2010	New Accounts Filed
03/08/2010	Mr A. Speeckaert has left the board
29/12/2009	Annual Returns

Previous Company Names

Date	Previous Name
30/09/2008	WBB MINERALS LIMITED
02/12/2003	SIBELCO MINERALS AND CHEMICALS LIMITED
27/07/2000	HEPWORTH MINERALS AND CHEMICALS LIMITED
01/10/1988	BRITISH INDUSTRIAL SAND LIMITED
15/01/1987	B.I.S. MINERALS LIMITED
24/03/1982	LAWTON MINERALS LIMITED

Statistics

Group	15 companies
Linkages	38 companies
Countries	In 11 countries

Summary

Holding Company	SIBELCO MINERALS AND CHEMICALS (HOLDINGS) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	SCR - SIBELCO NV

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
SCR - SIBELCO NV	404679941	31.12.2012	N	€107,060,482
BLUBBERHOUSES MOOR LIM...	02624570	31.12.2012	N	£172,501
FIFE RESOURCES LIMITED	03450569	30.11.2012	N
WATTS BLAKE BEARNE AND...	00133468	31.12.2012	N
NORTH DEVON CLAY COM...	00038897	31.12.2012	N
DEVON AND COURTENAY...	00075728	31.12.2012	N
SIBELCO MINERALS AND...	00495403	31.12.2012	N
SIBELCO UK LIMITED	00578631	31.12.2012	N	£108,247,398
ILAMIAN LIMITED	01009716	31.12.2012	N
ELLASTONE INVESTM...	04841831	31.12.2012	Y	£10,349,279
KEY CHINA LIMITED	04249156	31.12.2012	N
VIATON INDUSTRI...	00213795	31.12.2012	N	£10,349,279
FORDATH LIMITED	00166352	31.12.2012	N
WBB EASTERN EUROPE L...	02001548	31.12.2012	N
NEWTON ABBOT CLAYS,L...	00153429	31.12.2012	N

Statistics

Group	15 companies
Linkages	38 companies
Countries	In 11 countries

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	05/11/04
Date Charge Registered:	23/11/04
Date Charge Satisfied:	28/02/08
Status:	SATISFIED
Person(s) Entitled:	MAN FINANCIAL SERVICES PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL SUBCONTRACTS OF VEHICLES OR OTHER GOODS, ALL THE BENEFIT, GUARANTEES, INSURANCE POLICIES AND ALLSUPPLEMENTAL OR COLLATERAL AGREEMENTS. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SEVENTH SUPPLEMENTAL TRUST DEED
Date Charge Created:	29/12/80
Date Charge Registered:	13/01/81
Date Charge Satisfied:	06/04/90
Status:	SATISFIED
Person(s) Entitled:	SCHRODEL EXECUTOR AND TRUSTEE CO. LTD.
Amount Secured:	FOR FURTHER SECURING DEBENTURE STOCK OFHEPWORTH CERAMIC HOLDINGS LIMITED AMOUNTING TO £10,901,180SECURED BY A TRUST DEED 26.4.71 AND DEEDS SUPPLEMENTAL THERETO.
Details:	FLOATING CHARGESEE DOC M83 UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Creditor Details

No Creditor Data

Trade Debtors / Bad Debt Detail

Company Name	Amount	Statement Date
Parkway Synthetic Surfaces Limited	£10,157	19/04/2012
H & A Sports Surfaces Limited	£3,041	17/02/2010
Surecast Alloys Ltd	£2,498	27/06/2012
Cathedra Stone Limited	£2,238	20/01/2010
Contar Limited	£1,058	23/11/2012
B D E B Limited	£765	21/12/2010
Esmalglass UK Limited	£582	22/12/2010
Hancock Masonry Ltd	£432	02/03/2011
Formcast Limited	£280	07/02/2012
	Total Value	£21,051

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
John Douglas Carter	2	23
Ian George Kerr	0	20
David Frank Routs	0	35
David Frank Routs	0	35
Neville Sydney Jones	1	12
Frederick Louis Le Sene	0	3
Christopher Norman Kemp Tizard	0	4
Graham Bernard Lawson	2	12
Robin George Walton Williams	13	41
Howard James Matthewson	1	25
Eifion Thomas	1	4
Gary Stringer	0	1
Jean-Francois Chene	0	7
Chantal Benedicte Forrest	9	26
Chantal Benedicte Forrest	9	26
Frederick Alan Simon Lesser	0	3
Christopher Tawney	11	36
Francisco Fernando Fernandez Torres	1	21
Alain Speeckaert	0	3
Gerhard Hillebrand	6	17
Michael Ernest Beckett	7	40
Wilson Dyet Brown	8	24
Neil Anthony Harrison	0	14
Mark Peter Addiscott	0	1
Jean Louis Herremans	0	2
Laurence Boens	0	1

Average Invoice Value	£397.32
Invoices available	1580
Paid	1538
Outstanding	42

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	1276	166	69	19	8
Outstanding	1	10	8	12	11

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	DIV

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.