MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	BAM CONSTRUCTION LIMITED

Registered Office :	Breakspear Park Breakspearway Hemelhempstead HP2 4FL

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	04.05.1989

Com. Reg. No.:	02379469

Legal Form :	Private limited with Share Capital

Line of Business :	· General construction & civil engineering · Design and construct contracting and traditional building and the provision of services

No. of Employees :	Not Available

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 increases

Source : CIA

Company name and address

BAM CONSTRUCTION LIMITED

Telephone +44 014 4223 8300

Address

BREAKSPEAR PARK

BREAKSPEARWAY

HEMELHEMPSTEAD

HP2 4FL

United Kingdom

Website www.bam.co.uk

Company Number: :02379469

Foundation 04/05/1989

Status: Active - Accounts Filed

VAT No: N/A

Comments

No exact match CCJs are recorded against the company. The audit report contains no adverse comments.

The credit limit on this company has fallen 6.7% in comparison to the previously suggested credit limit. Sales in the latest trading period decreased 6.5% on the previous trading period. Net Worth decreased by 7.7% during the latest trading period. A 4.2% decline in Total Assets occurred during the latest trading period. Pre-tax profits decreased by 36.3% compared to the previous trading period. The company saw a decrease in their Cash Balance of 17% during the latest trading period.

There has been no significant change in the company’s credit rating. The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 25 years ago.

Basic information

Legal form

Private limited with Share Capital

Foundation

04/05/1989

Company No.

02379469

Previous Names

Date of Change
06/10/2008	HBG CONSTRUCTION LIMITED
01/07/2004	HBG CONSTRUCTION SOUTHERN LIMITED
23/12/1998	HBG KYLE STEWART LIMITED

Shareholders

Name Currency Number of Share type Nominal value

Shares

BAM CONSTRUCT UK LTD GBP 24,000,002 ORDINARY 1

Total Share Capital GBP 24,000,002

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Mr Roderic Stiles	Breakspear Park Breakspear Way, Hemel Hempstead HP2 4FL	17/10/1963	British	28/02/2014
Mr Richard Bailey	Breakspear Park Breakspear Way, Hemel Hempstead HP2 4FL	19/08/1956	British	01/07/2004
Mr Graham Cash	Breakspear Park Breakspear Way, Hemel Hempstead HP2 4FL	28/03/1953	British	20/10/1997
Mr Raymond Ellis	Breakspear Park Breakspear Way, Hemel Hempstead HP2 4FL	14/12/1956	British	28/09/2001
Mr Stephen George Patrick Byrne	Breakspear Park Breakspear Way, Hemel Hempstead HP2 4FL	20/12/1963	British	01/07/2004

Mr James William Robert Wimpenny	Breakspear Park Breakspear Way, Hemel Hempstead HP2 4FL	04/02/1964	British	01/12/2006
Mr Stuart James Robinson	Centrium Griffiths Way, St. Albans, Hertfordshire AL1 2RD	11/04/1952	British	01/04/2013
Mr Douglas Walker Keillor	Kelvin House Buchanan Gate Business Park, Stepps, Glasgow G33 6FB	21/03/1969	British	01/01/2013
Mr Nicholas Goff	Breakspear Park Breakspear Way,	02/11/1956	British	01/05/2014

Company Secretary

Name Address: Appointment date

Mr Paul Thomas McNicholas Breakspear Park Breakspear Way, Hemel

Hempstead HP2 4FL

Other Known Addresses

Aldermaston, Reading, Berkshire RG7 4PR

Boston House, 2 Fifth Avenue, Team Valley Trading Estate, Gateshead, Tyne and Wear NE11 0HF

Breakspear Park, Breakspear Way, Hemel Hempstead, Hertfordshire HP2 4FL

Building 4, Centrium, Griffiths Way, St. Albans, Hertfordshire AL1 2RD

Gelderd Road Industrial Estate, Birstall, Batley, West Yorkshire WF17 9NA

Holly Grange, Holly Lane, Balsall Common, Coventry, West Midlands CV7 7EB

Kelvin House, Buchanan Gate, Stepps, Glasgow, Lanarkshire G33 6FB

Merit House, Edgware Road, Colindale, London NW9 5AF

Millennium Gate, Gifford Court, Fox Den Road, Stoke Gifford, Bristol, Avon BS34 8TT

Regent Place, Regent Road, Salford, Lancashire M5 4BT

Unit 35 Derwent Business Centre, Clarke Street, Derby, Derbyshire DE1 2BU

Company relationships

Company No. Ultimate parent	Name	Status	Country
-	ROYAL BAM GROUP NV	Other	Luxembourg
Affiliated companies
302059750000	BAM PPP Investments UK B.V.	Other	Luxembourg
SC225398	CHESHIRE SPV (HOLDINGS) LIMITED	Active	United Kingdom
SC193622	CUMNOCK SPV HOLDINGS LIMITED	Active	United Kingdom
SC187479	CUMNOCK SPV LIMITED	Active	United Kingdom
SC188395	DERBY SPV HOLDINGS LIMITED	Active	United Kingdom
SC188392	DERBY SPV LIMITED	Active	United Kingdom
03843128	PEACEHAVEN HOLDINGS LIMITED	Active	United Kingdom
03843123	PEACEHAVEN SCHOOLS LIMITED	Active	United Kingdom
SC194187	WEST LOTHIAN SPV HOLDINGS LIMITED	Active	United Kingdom
SC193621	WEST LOTHIAN SPV LIMITED	Active	United Kingdom
SC227793	WHARFEDALE SPV (HOLDINGS) LIMITED	Active	United Kingdom
SC228040	WHARFEDALE SPV LIMITED	Active	United Kingdom
302051980000	BAM PPP B.V.	Other	Luxembourg
IE460266	BAM PPP FINANCING LIMITED	Active	Ireland
IE460475	BAM PPP IRISH ROADS FINANCIAL HOLDINGS LIMITED	Active	Ireland
IE440712	BAM PPP PORTLAOISE LIMITED	Active	Ireland
IE415993	BAM PPP WATERFORD LIMITED	Active	Ireland
302005300000	BAM PPP Concessies B.V.	Other	Luxembourg
05269742	BAM PPP FINANCE LIMITED	Active	United Kingdom
04225537	BAM PPP UK LIMITED	Active	United Kingdom
IE403894	BAM PPP IRELAND LIMITED	Active	Ireland
302059750000	BAM PPP Investments UK B.V.	Other	Luxembourg
07296361	BAM PPP CAMDEN BSF LIMITED	Active	United Kingdom
07345550	CAMDEN BSF SPV HOLDINGS LIMITED	Active	United Kingdom
07296400	CAMDEN BSF SPV LIMITED	Active	United Kingdom
07296403	CAMDEN SCHOOL PROJECTS LIMITED	Active	United Kingdom
SC225136	CHESHIRE SPV LIMITED	Active	United Kingdom
270005500000	Hollandsche Beton Groep N.V.	Other	Luxembourg
01391035	BAM GROUP (UK) LIMITED	Active	United Kingdom
03283033	BAM PROPERTIES LIMITED	Active	United Kingdom
04540205	HBG PARKLANDS SPV LIMITED	Active	United Kingdom
06226368	BAM CHISWICK LIMITED	Active	United Kingdom
06390108	BAM SOLIHULL LIMITED	Active	United Kingdom
SC290315	BAM BUCHANAN LIMITED	Active	United Kingdom
SC304427	BAM CADOGAN LIMITED	Active	United Kingdom
05859323	BAM GLORY MILL LIMITED	Active	United Kingdom
05576729	BAM MONK BRIDGE LIMITED	Active	United Kingdom
SC304429	BAM PRINCES STREET LIMITED	Active	United Kingdom
SC389935	BAM QUEEN STREET LIMITED	Active	United Kingdom
04847154	BAM SWINDON LIMITED	Active	United Kingdom
SC290319	HBG HAYMARKET 3 LIMITED	Active	United Kingdom
05333848	BAM CIVIL ENGINEERING LIMITED	Non Trading	United Kingdom
SC190053	BAM FM LIMITED	Active	United Kingdom
05472167	SUTTON GROUP LIMITED	Active	United Kingdom
02367656	SUTTON MAINTENANCE LIMITED	Active	United Kingdom
05333567	BAM INFRASTRUCTURE LIMITED	Non Trading	United Kingdom
00626173	BAM PLANT LIMITED	Non Trading	United Kingdom
05333575	BAM SERVICES ENGINEERING LIMITED	Non Trading	United Kingdom
00305189	BAM NUTTALL LIMITED	Active	United Kingdom
03216836	BAM NUTTALL DEMOLITION LIMITED	Non Trading	United Kingdom

03390044	ALLBROOK CONTRACT HIRE LIMITED	Active	United Kingdom
02179596	BAM M & E RAIL SERVICES LIMITED	Active	United Kingdom
03683242	BROADLAND ENVIRONMENTAL SERVICES LIMITED	Active	United Kingdom
00910875	JOHN MARTIN CONSTRUCTION LIMITED	Active	United Kingdom
00324160	HBW CIVIL ENGINEERING LIMITED	Active	United Kingdom
00785092	HIGGS & HILL OVERSEAS LIMITED	Active	United Kingdom
IE199002	BAM CONTRACTORS LIMITED	Active	Ireland
IE094457	BAM PROPERTY LIMITED	Other	Ireland
IE431767	ALBERT QUAY DEVELOPMENTS LIMITED	Other	Ireland
IE431765	ASDUNE DEVELOPMENTS LIMITED	Other	Ireland
IE459966	BAM FM IRELAND LIMITED	Other	Ireland
IE431763	BLACKPITS DEVELOPMENTS LIMITED	Other	Ireland
IE426365	JPDC LIMITED	Other	Ireland
IE459964	BAM GROUP IRELAND LIMITED	Other	Ireland
IE431768	LYNDUBH DEVELOPMENTS LIMITED	Other	Ireland
IE458479	SUSIESFIELD DEVELOPMENTS LIMITED	Other	Ireland
IE376796	TERRYSLAND PROPERTY DEVELOPMENTS LIMITED	Other	Ireland
IE017543	BAM CIVIL LIMITED	Other	Ireland
IE459963	BAM RAIL LIMITED	Active	Ireland
IE031679	LOGAN EARTHMOVING LIMITED	Other	Ireland
NI603296	BAM CONTRACTORS (N.I.) LTD	Active	United Kingdom
IE199001	BAM BUILDING LIMITED	Other	Ireland

01625896	BAM DESIGN LIMITED	Active	United Kingdom
01795382	HBG UK PENSION TRUSTEE LIMITED	Non Trading	United Kingdom
01797083	KYLE STEWART EXECUTIVE PENSION TRUSTEE LIMITED	Non Trading	United Kingdom
Immediate parent
03311781	BAM CONSTRUCT UK LIMITED	Active	United Kingdom

Activity

Principal Activity Design and construct contracting and traditional building and the provision of services in

the united kingdom.

SIC03 General construction & civil engineering

SIC07 Construction of commercial buildings

Economic data

Date of Accounts	Turnover	Employees
31/12/2011	GBP 900,900,000	Not Stated
31/12/2012	GBP 837,900,000	Not Stated
31/12/2013	GBP 783,100,000	Not Stated

Bank

Bank Name Bank Branch Sort Code

NATIONALWESTMINSTER BANK PLC

Auditor

Auditor name

ERNST & YOUNG LLP

Company history

Date
12/05/2010	New Accounts Filed
03/06/2010	Mr R.A. Gregory has left the board
05/06/2010	Annual Returns
20/10/2010	Mr K.H. McAlpine has left the board
30/03/2011	New Board Member Mr K. Irving appointed
26/04/2011	New Accounts Filed
26/04/2011	New Accounts Filed
04/06/2011	Annual Returns
08/05/2012	New Accounts Filed
04/06/2012	Annual Returns
23/01/2013	Mr K. Irving has left the board
08/02/2013	New Board Member Mr D.W. Keillor appointed
04/04/2013	Mr N.J. Comben has left the board
04/04/2013	New Board Member Mr S.J. Robinson appointed
15/05/2013	New Accounts Filed
15/05/2013	New Accounts Filed
29/05/2013	Annual Returns
07/03/2014	Mr J.R. Dakin has left the board
21/03/2014	New Board Member Mr R. Stiles appointed
12/05/2014	New Board Member Mr N. Goff appointed
13/05/2014	Annual Returns
17/05/2014	New Accounts Filed
17/05/2014	New Accounts Filed
09/07/2014	Mr S.J. Tapson has left the board

Mortgages

Charge created	05/02/1993
Charge registered	08/02/1993
Status	SATISFIED
Entitled person	BARCLAYS BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE STEWART-USBORNE DEVELOPMENTS LIMITED AND/OR ANY OTHER PARTIES NAMED THEREINTO THE CHARGEE UNDER OR IN CONNECTION WITH ANY OF THE SECURITY DOCUMENTS (INCLUDINGTHE RESTATING AGREEMENT) AND THISSUBORDINATION DEED
Mortgage detail	ALL SUMS IN RESPECT OF THE SUBORDINATEDDEBT

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

Profit & Loss

	Group: No	Group: No	Group: No	Group: No
Turnover	783,100,000	837,900,000	900,900,000	1,011,700,000
Export	0	0	0	0
Cost of Sales	743,300,000	794,100,000	853,200,000	956,800,000
Gross Profit	39,800,000	43,800,000	47,700,000	54,900,000
Wages And Salaries	0	0	0	0
Directors Emoluments	0	0	0	0
Operating Profit	6,600,000	10,000,000	8,200,000	23,100,000
Depreciation	1,100,000	1,100,000	2,000,000	0
Audit Fees	129,000,000	121,000,000	121,000,000	145,900,000

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Interests Payments	0	0	0	0
Pre Tax Profit	7,200,000	11,300,000	9,800,000	24,200,000
Taxation	-1,800,000	-2,900,000	-2,800,000	-6,000,000
Profit After Tax	5,400,000	8,400,000	7,000,000	18,200,000
Dividends Payable	9,000,000	10,000,000	0	15,000,000
Retained Profit	-3,600,000	-1,600,000	7,000,000	3,200,000

Balance Sheet

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Tangible Assets	11,200,000	12,500,000	18,300,000	16,500,000
Intangible Assets	0	0	0	0
Total Fixed Assets	11,200,000	12,500,000	18,300,000	16,500,000
Stock	100,000	100,000	200,000	0
Trade Debtors	88,700,000	86,300,000	128,100,000	98,000,000
Cash	85,700,000	103,200,000	122,600,000	152,800,000
Other Debtors	117,700,000	114,600,000	113,900,000	148,300,000
Miscellaneous Current Assets	0	0	0	0
Total Current Assets	292,200,000	304,200,000	364,800,000	399,100,000
Trade Creditors	60,100,000	55,700,000	63,000,000	38,800,000
Bank Loans and Overdraft	0	0	0	0
Other Short Term Finance	500,000	400,000	0	16,900,000
Miscellaneous Current Liabilities	193,100,000	206,700,000	261,600,000	308,400,000
Total Current Liabilities	253,700,000	262,800,000	324,600,000	364,100,000
Bank Loans and Overdrafts LTL	6,500,000	7,100,000	10,100,000	10,200,000
Other Long Term Finance	0	0	0	0
Total Long Term Liabilities	6,500,000	7,100,000	10,100,000	10,200,000

Capital & Reserves

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Revaluation Reserve	400,000	400,000	400,000	300,000
Sundry Reserves	0	0	0	0
Shareholders Funds	43,200,000	46,800,000	48,400,000	41,300,000

Other Financial Items

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Net Worth	43,200,000	46,800,000	48,400,000	41,300,000
Working Capital	38,500,000	41,400,000	40,200,000	35,000,000
Total Assets	303,400,000	316,700,000	383,100,000	415,600,000
Total Liabilities	260,200,000	269,900,000	334,700,000	374,300,000
Net Assets	43,200,000	46,800,000	48,400,000	41,300,000

Cash Flow

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Net Cash Flow from Operations	0	0	0	0
Net Cash Flow before Financing	0	0	0	0
Net Cash Flow from Financing	0	0	0	0
Increase in Cash	-17,500,000	-19,400,000	-30,200,000	1,400,000

Miscellaneous

Pre Tax Profit Margin	0.92 %	1.35 %	1.09 %	2.39 %
Current Ration	1.15	1.16	1.12	1.10
Sales or Net Working Capital	20.34	20.24	22.41	28.91
Gearing	15.05 %	15.17 %	20.87 %	24.70 %
Equity	14.24 %	14.78 %	12.63 %	9.94 %
Creditor Days	27.93	24.19	25.45	13.95
Debtor Days	41.22	37.49	51.75	35.25
Liquidity or Acid test	1.15	1.15	1.12	1.09
Return on Capital Employed	14.48 %	20.96 %	16.75 %	46.99 %
Return on Total Assets Employed	2.37 %	3.56 %	2.55 %	5.82 %
Current Debt Ratio	5.87 %	5.61 %	6.70 %	8.81 %
Total Debt Ratio	6.02 %	5.76 %	6.91 %	9.06 %
Stock Turnover Ratio	0.01 %	0.01 %	0.02 %	0.0%
Return on Net Assets Employed	16.66 %	24.14 %	20.24 %	58.59 %

Remarks

Achieving high levels of turnover and profitability. The general financial position seems to be in order and despite huge dividends being paid good reserves have been maintained. Remains to be seen how it further performed in 2014.

Activity: Build, refurbish and extend buildings

Trading Address: Breakspear Park, Breakspear Way Hemel Hempstead Hertfordshire HP2 4UL Branches: Group operates across UK Employees: over 2,000 in the BAM Construction UK group Bank: National Westminster Bank PLC

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

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.