Company name and address

Business Description

Industry

Key Executives

News

Financial Summary

Corporate Overview

Corporate Structure News

Executives Repo

Directors and Shareholders Report

News

Annual Profit & Loss

MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	PETER SAVAGE LTD.

Registered Office :	Liberty House Liberty Way Attleborough Fields Ind Est Nuneaton, CV11 6RZ

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	02.08.1976

Com. Reg. No.:	01271357

Legal Form :	Private Subsidiary

Line of Business :	Design, manufacture, sourcing, stocking and distribution of a range of access covers and gratings for the construction industry, supplemented by the procurement and distribution of a range of associated bought-in drainage related products

No. of Employees :	84

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

PETER SAVAGE LTD.

Liberty House
Liberty Way
Attleborough Fields Ind Est
Nuneaton, CV11 6RZ
United Kingdom
(Trading Address) $Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\arrow.gif$ Registered Address
$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\arrow.gif$ Map

Tel:	024 7664 1777
Fax:	024 7637 5250

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\arrow.gif$ www.peter-savage.co.uk

Employees:	84
Company Type:	Private Subsidiary
Corporate Family:	5 Companies
Ultimate Parent:	European Drainage Systems Holdings Ltd.

Quoted Status:	Non-quoted Company
Incorporation Date:	02-Aug-1976
Auditor:	Crowe Clark Whitehill LLP


Fiscal Year End:	31-Dec-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	23.8 ¹
Net Income:	(0.2)
Total Assets:	16.9

Design, manufacture, sourcing, stocking and distribution of a range of access covers and gratings for the construction industry, supplemented by the procurement and distribution of a range of associated bought-in drainage related products.

Industry	Metal Products Manufacturing
ANZSIC 2006:	2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere Classified
ISIC Rev 4:	2599 - Manufacture of other fabricated metal products n.e.c.
NACE Rev 2:	2599 - Manufacture of other fabricated metal products n.e.c.
NAICS 2012:	332999 - All Other Miscellaneous Fabricated Metal Product Manufacturing
UK SIC 2007:	2599 - Manufacture of other fabricated metal products n.e.c.
US SIC 1987:	3499 - Fabricated Metal Products, Not Elsewhere Classified

Name	Title
Susan Jane Hodgson	Director, Secretary
Alan Roger Hampton	Director
Paul John Smith	Director

Title	Date
Will the UK budget work for businesses? Business Review Europe (643 Words)	20-Mar-2014
Conflict in Fianna Fail over candidate selection Dundalk Democrat (246 Words)	14-Mar-2014
Disaster Recovery with Peter Savage TV-BAY (949 Words)	7-Mar-2014
Children warm to winter games and get glimpse of gold Nottingham Evening Post (UK) (648 Words)	1-Mar-2014
Last chance to book for British Safety Councils Manchester health and safety conference, 26 February 2014 PressWIRE (908 Words)	5-Feb-2014
Dawning of a New Age Mirror (UK) (251 Words)	31-Jan-2014

FYE: 31-Dec-2012

USD (mil)

Key Figures
Current Assets	15.87
Fixed Assets	0.99
Total Liabilities	7.79
Net Worth	9.06

Key Ratios
Current Ratio	2.04
Acid Test	1.44

Registered No.(UK): 01271357

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

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

Location
Liberty House
Liberty Way
Attleborough Fields Ind Est
Nuneaton, CV11 6RZ
Warwickshire County
United Kingdom

Tel:	024 7664 1777
Fax:	024 7637 5250

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\externalright.gif$ www.peter-savage.co.uk

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

Sales GBP(mil):	15.0
Assets GBP(mil):	10.4
Employees:	84
Fiscal Year End:	31-Dec-2012

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$
KeyID^SM:	42280875
Industry:	Miscellaneous Fabricated Products

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

Registered Address:
Liberty House
Liberty Business Park
Attleborough Nuneaton
Nuneaton, CV11 6RZ
United Kingdom

Incorporation Date:	02-Aug-1976
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Peter Savage Iron & Steel Co. Ltd.
Registered No.(UK):	01271357

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$
Director:	Alan Roger Hampton

Industry Codes

ANZSIC 2006 Codes:
2299	-	Other Fabricated Metal Product Manufacturing Not Elsewhere Classified
3739	-	Other Goods Wholesaling Not Elsewhere Classified

ISIC Rev 4 Codes:
2599	-	Manufacture of other fabricated metal products n.e.c.
4690	-	Non-specialized wholesale trade

NACE Rev 2 Codes:
2599	-	Manufacture of other fabricated metal products n.e.c.
4690	-	Non-specialised wholesale trade

NAICS 2012 Codes:
332999	-	All Other Miscellaneous Fabricated Metal Product Manufacturing
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
3499	-	Fabricated Metal Products, Not Elsewhere Classified
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2007:
2599	-	Manufacture of other fabricated metal products n.e.c.
4690	-	Non-specialised wholesale trade

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\externalright.gif$ Top

Business Description

More Business Descriptions

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

Construction materials

Builders Merchants

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

Peter Savage Limited Established in 1976 the company has evolved not only into a leading manufacturer & supplier, but also into a true specialist in the field of access covers, gully gratings, channel drainage and geotextile product solutions. The company primarily supplies the UK building, civil engineering & utility markets but also exports their products around the globe. The company possesses the UKs largest range of access covers and drainage products and this offers them the scope to deliver to an enormous assortment of project types from town regenerations to some of the most prestigious civil engineering projects. In addition to the scale of their product portfolio, Peter Savage Limited hold some of the largest stocks of access & drainage products which when coupled with their flexible transport infrastructure enables them to deliver a fast, effective and first class support to their national and international customers. Peter Savage Limited has always striven to lead the market with their forward-thinking and provide as many new and exciting products as possible. This is typified with three recently added product ranges, which include:

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

Financial Data

Financials in:	GBP(mil)
$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$
Revenue:	15.0
Net Income:	-0.1
Assets:	10.4
Current Assets:	9.8
Fixed Assets:	0.6
Long Term Debt:	0.0
Total Liabilities:	4.8
Issued Capital:	NaN
Working Capital:	5.0
Net Worth:	5.6
$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$
Date of Financial Data:	31-Dec-2012

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

1 Year Growth

-3.9%

Key Corporate Relationships

Auditor:	Crowe Clark Whitehill LLP
Bank:	National Westminster Bank PLC
$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$
Auditor:	Crowe Clark Whitehill LLP, Crowe Clark Whitehill LLP
$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$
Auditor History
Crowe Clark Whitehill LLP	31-Dec-2012
Crowe Clark Whitehill LLP	31-Dec-2011
Crowe Clark Whitehill LLP	31-Dec-2010
Horwath Clark Whitehill LLP	31-Dec-2009
Horwath Clark Whitehill LLP	31-Dec-2008
$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

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

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
European Drainage Systems Holdings Ltd.	Parent	Bristol	United Kingdom	Miscellaneous Professional Services	25.1	87
Peter Savage Ltd.	Subsidiary	Nuneaton	United Kingdom	Metal Products Manufacturing	23.8	84
Peter Savage Ltd.	UK Branch/Trading address	Wakefield	United Kingdom	Rubber and Plastic Product Manufacturing	23.8	8
Integrated Ducting Systems Ltd.	Subsidiary	Nuneaton	United Kingdom	Miscellaneous Manufacturing
Integrated Ducting Systems	UK Branch/Trading address	Nuneaton	United Kingdom	Machinery and Equipment Manufacturing		3

$Description: \\vivek\Foreign Report Raw\Peter Savage Ltd._files\spacer.gif$

Board of Directors

Name

Title

Function

Alan Roger Hampton

Director

Director/Board Member

Age: 66

Susan Jane Hodgson

Director, Secretary

Director/Board Member

Paul John Smith

Director

Director/Board Member

Age: 46

Executives

Name

Title

Function

Susan Jane Hodgson

Director, Secretary

Company Secretary

Age: 50

Paul John Smith

Director

Other

Age: 46

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Alan Roger Hampton	Current	07 Apr 1947	71 Bath Road, Bridgeyate, Bristol, Avon BS30 5NJ	31 Aug 2002	NA	Current:17 Previous:30 Disqualifications:0
Susan Jane Hodgson	Current	27 Sep 1963	235 College Street, Nuneaton, Warwickshire CV10 7BL	18 Aug 2004	NA	Current:7 Previous:0 Disqualifications:0
Paul John Smith	Current	16 Jul 1967	14 Buchan Close, Galley Common, Nuneaton, Warwickshire CV10 9RR	01 Sep 2000	NA	Current:2 Previous:0 Disqualifications:0
Stephen Alfred Marsh	Previous	14 Feb 1951	Liberty House, Liberty Business Park, Attleborough Nuneaton, Warwickshire CV11 6RZ	12 May 2010	30 Nov 2010	Current:0 Previous:1 Disqualifications:0
David Wardropper	Previous	30 Mar 1955	Border Cottage Blackwell Road, Huthwaite Sutton In Ashfield, Mansfield, Nottinghamshire NG17 2RF	NA	14 Apr 1993	Current:0 Previous:1 Disqualifications:0
Brian Worthington	Previous	17 Jun 1942	2 Copston Lodge Bungalow, Smockington Lane Wolvey, Hinckley, Leicestershire LE10 3HX	12 Dec 1991	30 Apr 2009	Current:0 Previous:3 Disqualifications:0
Peter Derrick Savage	Previous	25 Aug 1952	Woodloes Barn, Woodloes Lane, Guys Cliffe, Warwickshire CV35 7RE	12 Dec 1991	02 Apr 2004	Current:2 Previous:1 Disqualifications:0
Paul Whelan	Previous	08 Jun 1954	5 Longheadland, Ombersley, Droitwich, Worcestershire WR9 OJB	13 Mar 2002	01 Nov 2002	Current:1 Previous:30 Disqualifications:0
Jeremy Paul Burden	Previous	18 Jan 1961	Dumbleton Stores, Main Road Dumbleton, Evesham, Worcestershire WR11 6TH	31 Oct 2002	17 Aug 2004	Current:44 Previous:30 Disqualifications:0
John Henry Allen	Previous	02 Sep 1941	Beech Cottage, Coalpit Lane Brereton, Rugeley, Staffordshire WS15 1EW	12 Dec 1991	23 Feb 1995	Current:0 Previous:2 Disqualifications:0
Jane Savage	Previous	09 Aug 1953	Woodloes Barn Woodloes Lane, Guys Cliffe, Warwick, Warwickshire CV35 7RE	12 Dec 1991	02 Apr 2004	Current:0 Previous:2 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Susan Jane Hodgson	Current	27 Sep 1963	235 College Street, Nuneaton, Warwickshire CV10 7BL	18 Aug 2004	NA	Current:7 Previous:0 Disqualifications:0
Jane Savage	Previous	09 Aug 1953	Woodloes Barn Woodloes Lane, Guys Cliffe, Warwick, Warwickshire CV35 7RE	12 Dec 1991	13 Mar 2002	Current:0 Previous:2 Disqualifications:0
John Arthur Lewis	Previous	14 May 1956	8 Brimhill Rise, Westby, Wiltshire BA14 4AX	01 Nov 2002	18 Aug 2004	Current:71 Previous:28 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Philsec Limited	Previous	No 1 Colmore Square, Birmingham, West Midlands B4 6AA	13 Mar 2002	15 Apr 2003

Corporate Shareholders

Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
European Drainage Systems Holdings Limited	03676958	100 Ordinary GBP 1.00	Ordinary	100	1.00	100.00	100.00

	Will the UK budget work for businesses? Business Review Europe (643 Words)	20-Mar-2014
	Conflict in Fianna Fail over candidate selection Dundalk Democrat (246 Words)	14-Mar-2014
	Disaster Recovery with Peter Savage TV-BAY (949 Words)	07-Mar-2014
	Children warm to winter games and get glimpse of gold Nottingham Evening Post (UK) (648 Words)	01-Mar-2014
	Last chance to book for British Safety Councils Manchester health and safety conference, 26 February 2014 PressWIRE (908 Words)	05-Feb-2014
	Dawning of a New Age Mirror (UK) (251 Words)	31-Jan-2014
	A Honiton man, who was left fighting for his life following a collision with a car, is finally able to move on with his life after the end of a legal battle spa Midweek Herald0x20(Honiton, England) (430 Words)	22-Jan-2014
	'Reasoning, not emotions, must help you decide' Hull Daily Mail (UK) (1092 Words)	17-Jan-2014
	WOMAN ON TRIAL OVER CRASH THAT KILLED HER SISTER Hull Daily Mail (UK) (693 Words)	14-Jan-2014
	Changes to UK health and safety law in focus at British Safety Councils Manchester conference, 26 February 2014 PressWIRE (1108 Words)	13-Jan-2014
	Peter Savage writes his Christmas wishlist TV-BAY (1477 Words)	30-Dec-2013

Individual Shareholders

There are no individual shareholders for this company.

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Turnover (UK)	23.2	24.6	22.5	-	-
Turnover (Exports)	0.6	0.4	0.8	-	-
Total Turnover	23.8	25.1	23.3	22.9	-
Cost of Sales	-	-	-	18.3	-
Total Expenses	22.7	24.4	23.2	-	-
Gross Profit	-	-	-	4.6	6.2
Depreciation	0.4	0.4	0.3	0.2	0.3
Other Expenses	-	-	-	3.4	4.1
Operating Profit	1.1	0.7	-	1.2	2.1
Other Income	0.0	0.0	1.3	0.0	0.0
Interest Paid	0.1	0.1	0.1	0.1	0.2
Exceptional Income	-1.1	0.0	0.0	0.0	1.3
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	-0.1	0.6	1.3	1.1	3.1
Tax Payable / Credit	0.0	0.1	0.3	0.3	0.6
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.1	0.0	0.3	0.3	0.0
Profit After Taxes	-0.2	0.4	0.6	0.5	2.6
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Non Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	84	83	84	83	91
Wages	3.4	3.2	2.9	2.9	3.4
Social Security Costs	0.3	0.3	0.3	0.3	0.3
Pensions	0.0	0.0	0.0	0.0	0.0
Other Pension Costs	0.0	0.0	0.0	0.1	0.1
Employees Remuneration	3.8	3.6	3.2	3.2	3.8
Directors Emoluments	0.3	0.3	0.4	0.4	0.5
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.3	0.3	0.4	0.5	0.5
Highest Paid Director	-	0.3	0.1	0.1	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	1.0	1.0	1.1	0.7	0.5
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	1.0	1.0	1.1	0.7	0.5
Stocks	4.6	4.7	5.9	4.8	5.7
Work in Progress	0.1	0.1	0.1	0.1	0.0
Total Stocks Work In Progress	4.6	4.8	6.0	4.8	5.8
Trade Debtors	5.0	6.0	3.3	4.0	3.1
Inter-Company Debtors	5.6	4.7	4.5	4.7	4.2
Director Loans	0.0	0.0	0.0	0.0	-
Other Debtors	0.2	0.2	0.2	0.2	0.1
Total Debtors	10.7	10.9	8.0	8.9	7.4
Cash and Equivalents	0.5	0.0	0.0	0.1	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	15.9	15.7	14.0	13.8	13.2
Total Assets	16.9	16.6	15.1	14.5	13.7
Trade Creditors	3.4	3.0	2.3	1.9	2.4
Bank Overdraft	0.0	0.1	0.0	0.0	0.6
Inter-Company Creditors	-	0.0	0.0	-	0.0
Director Loans (Current Liability)	-	0.0	0.0	-	0.0
Hire Purchase (Current Liability)	-	0.0	0.0	-	0.0
Finance Lease (Current Liability)	-	0.0	0.0	-	0.0
Total Finance Lease/Hire Purchase (Current Liability)	-	0.0	0.0	-	0.0
Total Short Term Loans	4.0	4.0	3.0	3.3	2.6
Accruals/Deferred Income (Current Liability)	0.1	0.1	0.1	0.1	0.2
Social Security/VAT	0.4	0.4	0.3	0.5	0.2
Corporation Tax	0.0	0.1	0.3	0.3	0.5
Dividends (Current Liability)	-	0.0	0.3	0.3	0.3
Other Current Liabilities	0.0	0.0	0.0	0.0	0.0
Total Current Liabilities	7.8	7.7	6.5	6.3	6.9
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	9.1	8.9	8.6	8.2	6.8
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	9.1	8.9	8.6	8.2	6.8
Net Worth	9.1	8.9	8.6	8.2	6.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	-	0.0	1.4	1.7	-0.1
Net Cash Flow from ROI and Servicing of Finance	-	-0.1	-0.1	-0.1	-0.2
Taxation	-	-0.3	-0.3	-0.5	-0.8
Capital Expenditures	-	-0.3	-0.7	-0.4	2.0
Acquisitions and Disposals	-	0.0	0.0	0.0	0.0
Paid Up Equity	-	-0.3	-0.3	-0.4	-0.6
Management of Liquid Resources	-	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-	1.0	-0.2	0.4	-1.1
Increase in Cash	-	-0.1	-0.1	0.8	-0.8

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No

Current Ratio	2.04	2.04	2.17	2.19	1.91
Liquidity Ratio	1.44	1.42	1.24	1.42	1.08
Stock Turnover	5.23	5.11	3.94	4.90	-
Credit Period (Days)	74.76	89.69	51.38	61.88	-
Working Capital by Sales	33.31%	32.93%	31.94%	31.60%	-
Trade Credit by Debtors	0.67	0.50	0.70	0.46	0.78
Return on Capital	-0.95%	6.13%	15.22%	13.83%	36.39%
Return on Assets	-0.51%	3.30%	8.69%	7.82%	18.04%
Profit Margin	-0.36%	2.26%	5.54%	4.78%	-
Return on Shareholders Funds	-0.95%	6.15%	15.30%	13.88%	36.42%
Borrowing Ratio	43.92%	45.60%	35.53%	40.95%	47.78%
Equity Gearing	53.76%	53.63%	56.77%	56.34%	49.55%
Interest Coverage	-0.66	5.76	15.69	14.08	13.39
Sales by Tangible Assets	2,453.00	2,542.00	2,225.00	3,393.00	-
Average Remuneration per Employee	0.0	0.0	0.0	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.3	0.3	0.3	0.3	-
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.1
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.2	0.2	0.2	0.2	0.2
Employee Remuneration by Sales	15.86%	14.31%	13.71%	13.97%	-
Creditor Days (Cost of Sales Based)	50.43	45.25	36.09	35.74	-
Creditor Days (Sales Based)	50.43	45.25	36.09	28.55	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

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%)

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