MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	PORVAIR FILTRATION GROUP LIMITED

Formerly Known As :	PORVAIR TECHNOLOGY LIMITED

Registered Office :	7 Regis Place Bergen Way King’s Lynn PE30 2JN

Country :	United Kingdom

Financials (as on) :	30.11.2012

Date of Incorporation :	28.09.1966

Com. Reg. No.:	00888596

Legal Form :	Private limited with Share Capital

Line of Business :	Subject is engaged in design, manufacture and sale of metal and plastic filters.

No. of Employees	313

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 Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

Company name

Company Name:	PORVAIR FILTRATION GROUP LIMITED
Company Number:	00888596

Company summary

Registered Address	7 REGIS PLACE BERGEN WAY	Trading Address	7 Regis Place
	KING’S LYNN		North Lynn Industrial Estate
	PE30 2JN		King’s Lynn
			Norforlk
			PE30 2JN
Office Address	1 Concorde Close, Segensworth, Fareham, Hampshire PO15 5RT, United Kingdom
Website Address	http://www.porvairfiltration.com	Telephone Number	--
FPS	No	TPS	No
Incorporate Date	28/09/1966	Previous Name	PORVAIR TECHNOLOGY LIMITED
Type	Private limited with Share Capital
Filing Date of Accounts	29/08/2013	Date of Change	27/11/2002
Share Capital	£18,207,720	Currency	GBP
Charity Number	-	SIC07	22290
SIC07 Description	MANUFACTURE OF OTHER PLASTIC PRODUCTS	Principal Activity	The design, manufacture and sale of metal and plastic filters.

DIRECTORS/MANAGEMENT

Current Directors

Name	David Amey	Date of Birth	08/08/1953
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	01/05/2001
Address	7 Regis Place Bergen Way, King's Lynn, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Benjamin Denys William Stocks	Date of Birth	09/11/1962
Officers Title	Mr	Nationality	British
Present Appointments	14	Function	Director
Appointment Date	09/09/1998
Address	7 Regis Place, North Lynn Industrial Estate, King's Lynn, Norfolk, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ian Stirling	Date of Birth	06/06/1953
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	27/09/2001
Address	7 Regis Place, North Lynn Industrial Estate, King's Lynn, Norfolk, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christopher Patric Tyler	Date of Birth	06/05/1962
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Director
Appointment Date	06/09/2004
Address	7 Regis Place, North Lynn Industrial Estate, King's Lynn, Norfolk, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Thomas Mark Liddell	Date of Birth	05/02/1975
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	07/04/2008
Address	7 Regis Place Bergen Way, King's Lynn, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Malcolm Mellor	Date of Birth	14/08/1979
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	31/01/2011
Address	7 Regis Place Bergen Way, King's Lynn, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ian Stuart Boxall	Date of Birth	27/09/1963
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	25/09/2012
Address	7 Regis Place Bergen Way, King's Lynn, PE30 2JN
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Stuart Wells	Date of Birth	01/07/1950
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	26/03/2013
Address	7 Regis Place Bergen Way, King's Lynn, PE30 2JN
Other Actions	View Director Report	View Consumer Report

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Sally Lane Spry	0	133
John Stirling Sexton	2	8
James Cormack Inglis	0	2
James Cormack Inglis	0	2
John James Gray	0	1
Phillip George Stringer	2	1
Mark Moran	3	68
Nigel John Bright	0	2
John Mansel Morgan	4	16
Andrew Duncan Parks	0	2
Philip Robert Sutherland Howie	118	256
Lewis Gordon Bingham	21	4
James William Buchanan Jenkinson	4	3
Stephen John Ellis	4	13
Christiaan Nicklaas Beech	0	6
Alan Paul Busson	100	325
James Frederick Robinson	3	18
James Frederick Robinson	3	18
Kenneth John Symonds	2	20
Kenneth John Symonds	2	20
Warwick Reginald Roberts	0	1
Stephen Michael Davis	3	12
Stephen Michael Davis	3	12

NEGATIVE INFORMATION

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
PORVAIR FILTRATION LTD	GBP	14,384,100	ORDINARY	1	79
PORVAIR PLC	GBP	3,823,620	ORDINARY A	1	21

PAYMENT INFORMATION

Mortgage Summary

Total Mortgage	3
Outstanding	2
Satisfied	1

Trade Debtors / Bad Debts Summary

Total Number of Documented Trade	0
Total Value of Documented Trade	£

Trade Payment Information

Average Invoice Value	£976.73
Invoices available	61
Paid	55
Outstanding	6

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

Enquiries Trend

There have been 168 enquiries in the last 12 months.

There are an average of 14 reports taken each month.

Mortgage Details

Mortgage Type:	ACCESSION DEED
Date Charge Created:	28/06/10
Date Charge Registered:	09/07/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ANY GROUP COMPANY TO THE CHARGEE 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:	14/01/03
Date Charge Registered:	24/01/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
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:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	26/03/01
Date Charge Registered:	07/04/01
Date Charge Satisfied:	09/05/01
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL INDEBTEDNESS LIABILITIES AND OBLIGATIONS DUE OR TO BECOME DUE FROM ANY GROUP COMPANY (AS DEFINED) TO THE CHARGEE ONANY ACCOUNT WHATSOEVER WHETHER PURSUANTTO THE GUARANTEE (AS DEFINED) OR OTHERWISE
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

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	43	65	106

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	27	21	6	1	0
Outstanding	0	1	1	1	3

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	15 companies
Linkages	1 companies
Countries	In 1 countries

Summary

Holding Company	PORVAIR FILTRATION LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	PORVAIR PLC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
PORVAIR PLC	01661935	30.11.2013	Y	£84,267,000
KING'S LYNN LIMITED	01507254	30.11.2012	N
PORVAIR FABRICS LIMITED	02301674	30.11.2012	N
PORVAIR SPORTS GOODS L...	02663827	30.11.2012	N
PORVAIR FILTRATION LIM...	03115555	30.11.2012	N
KING'S LYNN CERAMICS...	02476327	30.11.2012	N
PORVAIR FILTRATION G...	00888596	30.11.2012	N	£33,783,000
MICROFILTREX LIMITED	01179763	30.11.2012	N
TOOLTURN ENGINEERI...	02733501	30.11.2012	N
2FI HOLDINGS LIMITED	02802102	30.11.2012	N
FILTERS FOR INDUS...	02385992	30.11.2012	N
M F & T LIMITED	02801412	30.11.2012	N
PORVAIR SCIENCES LIM...	02047818	30.11.2012	N	£2,106,000
AQUATEX FUNCTIONAL FAB...	03152308	30.11.2012	N
SEAL ANALYTICAL LIMITED	04008521	30.11.2012	N	£1,346,000

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employee
30/11/2012	£33,783,000	£4,246,000	£29,197,000	313
30/11/2011	£30,022,000	£3,120,000	£29,004,000	298
30/11/2010	£28,373,000	£3,467,000	£29,861,000	289

Profit & Loss

Date Of Accounts	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09	(%)	30/11/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£33,783,000	12.5%	£30,022,000	5.8%	£28,373,000	14.6%	£24,761,000	-7.9%	£26,894,000
Export	£19,563,000	30.5%	£14,989,000	2.3%	£14,650,000	22.3%	£11,976,000	-0.4%	£12,026,000
Cost of Sales	£24,208,000	13%	£21,422,000	6.2%	£20,166,000	18.4%	£17,025,000	-7.3%	£18,361,000
Gross Profit	£9,575,000	11.3%	£8,600,000	4.8%	£8,207,000	6.1%	£7,736,000	-9.3%	£8,533,000
Wages & Salaries	£10,458,000	6.7%	£9,800,000	12.2%	£8,736,000	13.9%	£7,673,000	-3.5%	£7,954,000
Directors Emoluments	£541,000	10.2%	£491,000	8.1%	£454,000	5.1%	£432,000	15.2%	£375,000
Operating Profit	£4,258,000	35.9%	£3,134,000	-6.7%	£3,358,000	4.1%	£3,227,000	-27.5%	£4,448,000
Depreciation	£766,000	-8.8%	£840,000	12.1%	£749,000	11%	£675,000	1.8%	£663,000
Audit Fees	£39,000	2.6%	£38,000	8.6%	£35,000	-	£35,000	16.7%	£30,000
Interest Payments	£12,000	-14.3%	£14,000	7.7%	£13,000	-7.1%	£14,000	-17.6%	£17,000
Pre Tax Profit	£4,246,000	36.1%	£3,120,000	-10%	£3,467,000	-1.3%	£3,511,000	-26.2%	£4,760,000
Taxation	-£1,092,000	-9.3%	-£999,000	4%	-£1,041,000	7%	-£1,119,000	27.6%	-£1,545,000
Profit After Tax	£3,154,000	48.7%	£2,121,000	-12.6%	£2,426,000	1.4%	£2,392,000	-25.6%	£3,215,000
Dividends Payable	£3,000,000	-	£3,000,000	20%	£2,500,000	-	£2,500,000	-	£2,500,000
Retained Profit	£154,000	117.5%	-£879,000	-999.9%	-£74,000	31.5%	-£108,000	-115.1%	£715,000

Balance Sheet

Date Of Accounts	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09	(%)	30/11/08
Tangible Assets	£8,170,000	3.8%	£7,872,000	-0.8%	£7,936,000	-3%	£8,183,000	-11%	£9,192,000
Intangible Assets	£7,356,000	-8.9%	£8,072,000	-8.2%	£8,789,000	-7.5%	£9,505,000	-0.2%	£9,520,000
Total Fixed Assets	£15,526,000	-2.6%	£15,944,000	-4.7%	£16,725,000	-5.4%	£17,688,000	-5.5%	£18,712,000
Stock	£5,458,000	20.8%	£4,519,000	21.1%	£3,731,000	-18%	£4,549,000	-7.3%	£4,905,000
Trade Debtors	£5,632,000	22.2%	£4,609,000	8.6%	£4,245,000	19.9%	£3,541,000	-17.3%	£4,280,000
Cash	£13,065,000	-2.2%	£13,358,000	23%	£10,863,000	68.4%	£6,452,000	53.1%	£4,215,000
Other Debtors	£839,000	7.4%	£781,000	-74.2%	£3,029,000	-44.4%	£5,449,000	-14.9%	£6,405,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£24,994,000	7.4%	£23,267,000	6.4%	£21,868,000	9.4%	£19,991,000	0.9%	£19,805,000
Trade Creditors	£3,400,000	32.9%	£2,558,000	-10.3%	£2,851,000	47.7%	£1,930,000	-18.4%	£2,365,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£4,617,000	12.5%	£4,105,000	-2.8%	£4,223,000	-	£4,223,000	0.6%	£4,199,000
Miscellaneous Current Liabilities	£3,306,000	-4.3%	£3,454,000	137.9%	£1,452,000	12.7%	£1,288,000	-20.6%	£1,622,000
Total Current Liabilities	£11,323,000	11.9%	£10,117,000	18.7%	£8,526,000	14.6%	£7,441,000	-9.1%	£8,186,000
Bank Loans & Overdrafts and LTL	0	-100%	£90,000	-56.3%	£206,000	-39.2%	£339,000	-11.7%	£384,000
Other Long Term Finance	0	-	0	-100%	£6,000	-95.4%	£130,000	-35%	£200,000
Total Long Term Liabilities	0	-100%	£90,000	-56.3%	£206,000	-39.2%	£339,000	-11.7%	£384,000

Capital & Reserves

Date Of Accounts	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09	(%)	30/11/08
Called Up Share Capital	£18,208,000	-	£18,208,000	-	£18,208,000	-	£18,208,000	-	£18,208,000
P & L Account Reserve	£9,974,000	2%	£9,781,000	-8.1%	£10,638,000	-0.4%	£10,676,000	-0.4%	£10,724,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£1,015,000	-	£1,015,000	-	£1,015,000	-	£1,015,000	-	£1,015,000
Shareholder Funds	£29,197,000	0.7%	£29,004,000	-2.9%	£29,861,000	-0.1%	£29,899,000	-0.2%	£29,947,000

Other Financial Items

Date Of Accounts	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09	(%)	30/11/08
Net Worth	£21,841,000	4.3%	£20,932,000	-0.7%	£21,072,000	3.3%	£20,394,000	-0.2%	£20,427,000
Working Capital	£13,671,000	4%	£13,150,000	-1.4%	£13,342,000	6.3%	£12,550,000	8%	£11,619,000
Total Assets	£40,520,000	3.3%	£39,211,000	1.6%	£38,593,000	2.4%	£37,679,000	-2.2%	£38,517,000
Total Liabilities	£11,323,000	10.9%	£10,207,000	16.9%	£8,732,000	12.2%	£7,780,000	-9.2%	£8,570,000
Net Assets	£29,197,000	0.7%	£29,004,000	-2.9%	£29,861,000	-0.1%	£29,899,000	-0.2%	£29,947,000

Miscellaneous

Date Of Accounts	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09	(%)	30/11/08
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£29,197,000	0.4%	£29,094,000	-3.2%	£30,067,000	-0.6%	£30,238,000	-0.3%	£30,331,000

Ratios

Date Of Accounts	30/11/12	30/11/11	30/11/10	30/11/09	30/11/08
Pre-tax profit margin %	12.57	10.39	12.22	14.18	17.70
Current ratio	2.21	2.30	2.56	2.69	2.42
Sales/Net Working Capital	2.47	2.28	2.13	1.97	2.31
Gearing %	0	0.30	0.70	1.10	1.30
Equity in %	88	93.10	100.20	106.10	103.30
Creditor Days	36.63	31.01	36.57	28.37	32
Debtor Days	60.68	55.88	54.45	52.05	57.92
Liquidity/Acid Test	1.72	1.85	2.12	2.07	1.82
Return On Capital Employed %	14.54	10.72	11.53	11.61	15.69
Return On Total Assets Employed %	10.47	7.95	8.98	9.31	12.35
Current Debt Ratio	0.38	0.34	0.28	0.24	0.27
Total Debt Ratio	0.38	0.35	0.29	0.26	0.28
Stock Turnover Ratio %	16.15	15.05	13.14	18.37	18.23
Return on Net Assets Employed %	14.54	10.75	11.61	11.74	15.89

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	Simon Jon Rodgers	Date of Birth	-
Officers Title	Dr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	06/08/2013
Address	7 Regis Place Bergen Way, King's Lynn, PE30 2JN

Number of Employees	313	5%	298	3.1%	289	13.8%	254	-6.6%	272
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-53-30

Status History

No Status History found

Event History

Date	Description
07/04/2014	Annual Returns
04/04/2014	Change in Reg.Office
09/09/2013	New Accounts Filed
09/09/2013	New Accounts Filed
06/09/2013	Change in Reg.Office
06/09/2013	Change of Company Postcode
06/09/2013	Mr C.N. Beech has resigned as company secretary
06/09/2013	New Company Secretary Dr S.J. Rodgers appointed
09/05/2013	Annual Returns
07/05/2013	New Board Member Mr S. Wells appointed
22/11/2012	New Board Member Mr I.S. Boxall appointed
13/07/2012	New Accounts Filed
22/05/2012	Annual Returns
07/05/2011	Annual Returns
15/04/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
27/11/2002	PORVAIR TECHNOLOGY LIMITED
26/02/1993	ACCUMATIC FILTRATION LIMITED
19/04/1989	PLUSGAS BENNETT MARKETING LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
Sales in the latest trading period increased 12.5% on the previous trading period.
Net Worth increased by 4.3% during the latest trading period.

A 3.3% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 36.1% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 2.2% 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 has changed its registered address recently.
The company was established over 47 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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.

Name		Number	Latest Key Financials	Turnover
SEAL ANALYTICAL GMBH		HRB 8665 KI	30.11.2012