MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	B.F.R.S. (UK) LIMITED

Formerly Known As :	AF EXPO LIMITED

Registered Office :	2nd Floor Berkeley Square House Berkeley Square London W1J 6BD

Country :	United Kingdom

Financials (as on) :	30.06.2013

Date of Incorporation :	08.06.2006

Com. Reg. No.:	05841025

Legal Form :	Private Limited With Share Capital

Line of Business :	· Recovery of sorted materials · Export of ferrous and non ferrous materials overseas

No. of Employees :	Not Available

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 :	Slow but correct
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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

REGISTERED NAME & COMPANY SUMMARY

Company Name: B.F.R.S. (UK) LIMITED

Company No: 05841025

Company Status: Active - Accounts Filed

Registered Address: 2ND FLOOR BERKELEY SQUARE HOUSE BERKELEY SQUARE LONDON W1J 6BD

DIRECTORS/MANAGEMENT

Total Current Directors	1
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	7

Current Directors

Name	Khaja Osmanudinn Atif Mohammed	Date of Birth	30/01/1982
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	20/06/2006
Address	5 Field Close, Hayes, Middlesex, UB3 5ND
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
HIGHSTONE DIRECTORS LIMITED	6	2601
HIGHSTONE SECRETARIES LIMITED	118	2598
Mohammed Khaja Fakruddin	0	2
Fayyaz Mohammed Abdul	0	1
Saf Yan Aleem	0	2
Saf Yan Aleem	0	2
Salauddin Akram Mohammed	0	1

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 6

Outstanding 4

Satisfied 2

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

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:
Date Charge Created:	16/01/14
Date Charge Registered:	31/01/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:
Date Charge Created:	09/01/14
Date Charge Registered:	16/01/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
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:	PLEDGE
Date Charge Created:	13/02/13
Date Charge Registered:	16/02/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SANTANDER UK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	BY WAY OF PLEDGE AND HYPOTHECATION: ALLGOODS COMMODITIES AND PRODUCE SEE IMAGEFOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	06/02/13
Date Charge Registered:	07/02/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SANTANDER UK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE GROUP OR ANY GROUP MEMBER ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGEFOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	02/11/09
Date Charge Registered:	03/11/09
Date Charge Satisfied:	02/02/13
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	DEED OF CHARGE OVER CREDIT BALANCES
Date Charge Created:	27/02/09
Date Charge Registered:	10/03/09
Date Charge Satisfied:	04/09/10
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL ORANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) & THE DEBTS REPRESENTEDTHEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO TIME ACCRUING THEREON. IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR FOR THE PURPOSES OF & TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGORTO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) & INTEREST THEREON BARCLAYS BANK PLC RE; BFRS (UK) LIMITEDBUSINESS BASE RATETRACKER A/C NO 23798585

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MR KHAJA OSMANUDINN ATIF MOHAMMED	GBP	100	ORDINARY	1	100

PAYMENT INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade

Total Value of Documented Trade

£0

Trade Payment Information

Average Invoice Value	76.04
Invoices available	48
Paid	42
Outstanding	6

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

Average Invoice Value	£76.04
Invoices available	48
Paid	42
Outstanding	6

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	20	9	2	5	6
Outstanding	0	0	0	0	6

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	30/06/13	(%)	30/06/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	£18,755,024	14%	£16,450,147	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-100%	£18,321,147	14.2%	£16,041,085	-	-	-	-
Gross Profit	-	-	£433,877	6.1%	£409,062	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	£8,406	0.1%	£8,400	-	-	-	-
Operating Profit	-	-	£158,599	-6.4%	£169,483	-	-	-	-
Depreciation	£8,000	0%	£8,001	10.2%	£7,258	928%	£706	279.6%	£186
Audit Fees	-	-100%	£3,300	10%	£3,000	-	-	-	-
Interest Payments	-	-	£625	-68.9%	£2,009	-	-	-	-
Pre Tax Profit	-	-	£157,974	-5.9%	£167,954	-	-	-	-
Taxation	-	-	-£31,818	7.5%	-£34,414	-	-	-	-
Profit After Tax	-	-	£126,156	-5.5%	£133,540	-	-	-	-
Dividends Payable	-	-	£81,000	131.4%	£35,000	-	-	-	-
Retained Profit	-	-	£45,156	-54.2%	£98,540	-	-	-	-

Balance Sheet

Date Of Accounts	30/06/13	(%)	30/06/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09
Tangible Assets	£16,184	-32.2%	£23,854	-15.2%	£28,139	999.9%	£1,933	245.2%	£560
Intangible Assets	£17,274	-5.5%	£18,274	-5.3%	£19,289	-	0	-	0
Total Fixed Assets	£33,458	-20.6%	£42,128	-11.2%	£47,428	999.9%	£1,933	245.2%	£560
Stock	£576,895	-21.8%	£737,851	-8%	£801,816	72.7%	£464,223	197.6%	£155,983
Trade Debtors	£2,595,859	192.7%	£887,016	-52%	£1,846,762	316.9%	£443,017	6.8%	£414,709
Cash	£5,955	-96%	£148,030	25.7%	£117,802	495.5%	£19,781	-78.1%	£90,144
Other Debtors	0	-100%	£488,991	20.9%	£404,421	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£3,178,709	40.5%	£2,261,888	-28.7%	£3,170,801	242%	£927,021	40.3%	£660,836
Trade Creditors	£2,907,657	36.3%	£2,133,991	-23.7%	£2,796,828	210.1%	£901,991	53.7%	£586,933
Bank Loans & Overdrafts	0	-	0	-100%	£210,865	-	0	-	0
Other Short Term Finance	0	-	0	-100%	£44,083	-	0	-100%	£57,014
Miscellaneous Current Liabilities	0	-	0	-100%	£40,950	-	0	-	0
Total Current Liabilities	£2,907,657	36.3%	£2,133,991	-31%	£3,092,726	242.9%	£901,991	40.1%	£643,947
Bank Loans & Overdrafts and LTL	£1,100	-	0	-100%	£210,865	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£1,100	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	30/06/13	(%)	30/06/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09
Called Up Share Capital	£100	-	£100	-	£100	-	£100	-	£100
P & L Account Reserve	£303,310	78.5%	£169,925	35.5%	£125,403	366.8%	£26,863	54.8%	£17,349
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£303,410	78.5%	£170,025	35.5%	£125,503	365.5%	£26,963	54.5%	£17,449

Other Financial Items

Date Of Accounts	30/06/13	(%)	30/06/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09
Net Worth	£286,136	88.6%	£151,751	42.9%	£106,214	293.9%	£26,963	54.5%	£17,449
Working Capital	£271,052	111.9%	£127,897	63.8%	£78,075	211.9%	£25,030	48.2%	£16,889
Total Assets	£3,212,167	39.4%	£2,304,016	-28.4%	£3,218,229	246.4%	£928,954	40.5%	£661,396
Total Liabilities	£2,908,757	36.3%	£2,133,991	-31%	£3,092,726	242.9%	£901,991	40.1%	£643,947
Net Assets	£303,410	78.5%	£170,025	35.5%	£125,503	365.5%	£26,963	54.5%	£17,449

Miscellaneous

Date Of Accounts	30/06/13	(%)	30/06/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£304,510	79.1%	£170,025	35.5%	£125,503	365.5%	£26,963	54.5%	£17,449
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code	60-11-18

Ratios

Date Of Accounts	30/06/13	30/06/12	30/06/11	30/06/10	30/06/09
Pre-tax profit margin %	-	0.84	1.02	-	-
Current ratio	1.09	1.06	1.03	1.03	1.03
Sales/Net Working Capital	-	146.64	210.70	-	-
Gearing %	0.40	0	168	0	0
Equity in %	9.50	7.40	3.90	2.90	2.60
Creditor Days	-	41.41	61.88	-	-
Debtor Days	-	17.21	40.86	-	-
Liquidity/Acid Test	0.89	0.71	0.76	0.51	0.78
Return On Capital Employed %	-	92.91	133.82	-	-
Return On Total Assets Employed %	-	6.85	5.21	-	-
Current Debt Ratio	9.58	12.55	24.64	33.45	36.90
Total Debt Ratio	9.58	12.55	24.64	33.45	36.90
Stock Turnover Ratio %	-	3.93	4.87	-	-
Return on Net Assets Employed %	-	92.91	133.82	-	-

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.

The previous trading period saw no significant change in the percentage of sales.

Net Worth increased by 88.6% during the latest trading period.

A 39.4% growth in Total Assets occurred during the latest trading period.

There has been no discernible change in the company's pre-tax profit.

The company saw a decrease in their Cash Balance of 96% during the latest trading period.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company has changed its registered address recently.

The company was established over 8 years ago.

Enquiries Trend

There have been 56 enquiries in the last 12 months.

There are an average of 5 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	16	26	49

Status History

No Status History found

Event History

Date	Description
12/06/2014	Change in Reg.Office
12/06/2014	Change of Company Postcode
10/06/2014	Change in Reg.Office
10/06/2014	Change of Company Postcode
04/04/2014	New Accounts Filed
04/04/2014	New Accounts Filed
29/06/2013	Annual Returns
21/06/2013	New Accounts Filed
21/06/2013	New Accounts Filed
25/07/2012	Annual Returns
30/03/2012	New Accounts Filed
18/08/2011	Annual Returns
04/04/2011	New Accounts Filed
04/04/2011	New Accounts Filed
28/07/2010	Annual Returns

Previous Company Names

Date	Previous Name
12/09/2007	AF EXPO LIMITED

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Multiple Address Changes (1)
Description:	This company has changed their registered address with Companies House on more than one occasion in the last 12 months.
Details:	4 This company has had 2 registered office address changes within the last 12 months.

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.76
UK Pound	1	Rs.100.72
Euro	1	Rs.80.55

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIS

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.