MIRA INFORM REPORT

Report Date :

26.05.2014

IDENTIFICATION DETAILS

Name :	AZTEC (EUROPE) LIMITED
Formerly Known As :	SALTIRE CONSULTANTS LIMITED
Registered Office :	Q9 Flemington Road, Queensway Industrial Estate, Glenrothes, KY7 5QF
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	30.10.1998
Com. Reg. No.:	SC190703
Legal Form :	Private Limited With Share Capital
Line of Business :	Manufacture of Other Electrical Equipment
No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A1	A1

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

Company Name

AZTEC (EUROPE) LIMITED

Company Number

SC190703

Registered Address

Q9 FLEMINGTON ROAD
QUEENSWAY INDUSTRIAL ESTATE
GLENROTHES
KY7 5QF

Trading Address

Q9 Flemington Road
Queensway Industrial Estate
Glenrothes
Fife
KY7 5QF

Website Address

http://www.aztec-europe.co.uk

Telephone Number

-

Fax Number

TPS

-

FPS

No

Incorporation Date

30/10/1998

Previous Name

SALTIRE CONSULTANTS LIMITED

Type

Private limited with Share Capital

FTSE Index

-

Date of Change

01/02/2005

Filing Date of Accounts

07/05/2014

Currency

GBP

Share Capital

£1,000

SIC07

27900

Description

MANUFACTURE OF OTHER ELECTRICAL EQUIPMENT

Principal Activity

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

There has been no significant change in the company's credit limit.

There is insufficient data to indicate a change in this company's percentage of sales.

Net Worth increased by 336.6% during the latest trading period.

A 32.2% growth in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company saw an increase in their Cash Balance of 72.1% 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 movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company was established over 15 years ago.

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 -	-

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4

current Directors

Name	Cyril Svozil	Date of Birth	20/07/1954
Officers Title	Mr	Nationality	Czech
Present Appointments	2	Function	Director
Appointment Date	26/11/1998
Address	Kalvadova 474, Jesenik, 79001

Name	George James Graham	Date of Birth	01/09/1966
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/01/2011
Address	Q9 Flemington Road, Queensway Industrial Estate, Glenrothes, Fife, KY7 5QF

Current Company Secretary

Name	Alexander Thomas Neilson	Date of Birth	06/06/1956
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Company Secretary
Appointment Date	28/01/2005
Address	4 Dronachy Road, Kirkcaldy, Fife, KY2 5QL

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
FENIX HOLDING AS	GBP	550	ORDINARY	1	55
FLEXEL INTERNATIONAL LTD	GBP	450	ORDINARY	1	45

Profit & Loss

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	31
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	-	-	-	-	-	-	-	-	-
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	-	-	-	-	-	-	-	-	-
	Depreciation	£2,981	8.3%	£2,752	2.6%	£2,683	5.5%	£2,544	80.8%	£1,407
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	-	-	-	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	-	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Tangible Assets	£36,451	7%	£34,067	-5.9%	£36,214	-6.9%	£38,897	2.1%	£38,091
	Intangible Assets	£233,324	-10.1%	£259,393	999.9%	£623	-57%	£1,448	-33.1%	£2,163
	Total Fixed Assets	£269,775	-8.1%	£293,460	696.6%	£36,837	-8.7%	£40,345	0.2%	£40,254
	Stock	£95,575	50.2%	£63,613	-34.1%	£96,499	28.9%	£74,865	-28.9%	£105,318
	Trade Debtors	£177,390	99.9%	£88,750	-5.9%	£94,361	-15.4%	£111,558	23.8%	£90,088
	Cash	£201,543	72.1%	£117,131	626.6%	£16,120	16.2%	£13,872	999.9%	£311
	Other Debtors	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£474,508	76.1%	£269,494	30.2%	£206,980	3.3%	£200,295	2.3%	£195,717
	Trade Creditors	£130,801	-39.9%	£217,730	352.7%	£48,101	-25%	£64,118	-33.5%	£96,445
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
	Total Current Liabilities	£130,801	-39.9%	£217,730	352.7%	£48,101	-25%	£64,118	-33.5%	£96,445
	Bank Loans & Overdrafts and LTL	£5,413	-	0	-	0	-	0	-	0
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£5,413	-	0	-	0	-	0	-	0

.

Capital & Reserves

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Called Up Share Capital	£1,000	80.2%	£555	400%	£111	-	£111	-	£111
	P & L Account Reserve	£337,969	68.9%	£200,124	14%	£175,616	12.3%	£156,422	31%	£119,426
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£269,100	86.2%	£144,545	623.1%	£19,989	-	£19,989	-	£19,989
	Shareholder Funds	£608,069	76.1%	£345,224	76.4%	£195,716	10.9%	£176,522	26.5%	£139,526

Other Financial Items

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Net Worth	£374,745	336.6%	£85,831	-56%	£195,093	11.4%	£175,074	27.5%	£137,363
	Working Capital	£343,707	564%	£51,764	-67.4%	£158,879	16.7%	£136,177	37.2%	£99,272
	Total Assets	£744,283	32.2%	£562,954	130.9%	£243,817	1.3%	£240,640	2%	£235,971
	Total Liabilities	£136,214	-37.4%	£217,730	352.7%	£48,101	-25%	£64,118	-33.5%	£96,445
	Net Assets	£608,069	76.1%	£345,224	76.4%	£195,716	10.9%	£176,522	26.5%	£139,526

Cash Flow

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£613,482	77.7%	£345,224	76.4%	£195,716	10.9%	£176,522	26.5%	£139,526
	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors	MAZARS LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
	Pre-tax profit margin %	-	-	-	-	-
	Current ratio	3.63	1.24	4.30	3.12	2.03
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	0.90	0	0	0	0
	Equity in %	119	113.70	80.50	73.80	59.70
	Creditor Days	-	-	-	-	-
	Debtor Days	-	-	-	-	-
	Liquidity/Acid Test	2.89	0.94	2.29	1.95	0.93
	Return On Capital Employed %	-	-	-	-	-
	Return On Total Assets Employed %	-	-	-	-	-
	Current Debt Ratio	0.21	0.63	0.24	0.36	0.69
	Total Debt Ratio	0.22	0.63	0.24	0.36	0.69
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	-	-	-	-	-

Status History

No Status History found

*Event History

Date	Description
14/05/2014	New Accounts Filed	View Document
06/01/2014	Mr T.G. Graham has left the board	View Document
02/11/2013	Annual Returns	View Document
30/04/2013	New Accounts Filed	View Document
03/11/2012	Annual Returns	View Document
04/05/2012	New Accounts Filed	View Document
07/11/2011	Annual Returns	View Document
05/05/2011	New Accounts Filed	View Document
07/02/2011	New Board Member Mr G.J. Graham appointed	View Document
30/10/2010	Annual Returns	View Document
21/05/2010	New Accounts Filed	View Document
21/12/2009	Annual Returns	View Document
09/11/2009	Annual Returns	View Document
06/11/2009	Change in Reg.Office	View Document
06/11/2009	Change of Company Postcode	View Document

Previous Company Names

Date	Previous Name	Companies House Documents
01/02/2005	SALTIRE CONSULTANTS LIMITED	View Document
04/12/1998	SALTIRE NUMBER EIGHTY FOUR LIMITED	View Document

Statistics

Group	6 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	FENIX HOLDING AS

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
FENIX HOLDING AS	N/A	-	-
AZTEC (EUROPE) LIMITED	SC190703	31.12.2013	N
ULTRATHERM LIMITED	SC152569	31.12.2012	N
FENIX GROUP AS	N/A	-	-
FLEXEL INTERNATIONAL...	SC145068	31.12.2013	N
FENIX TRADING SRO	N/A	-	-

Statistics

Group	6 companies
Linkages	0 companies
Countries	In 0 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:	STANDARD SECURITY
Date Charge Created:	29/07/05
Date Charge Registered:	15/08/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	TENANTS INTEREST IN A LEASE UNDER TITLENUMBER FFE27119
Mortgage Type:	FLOATING CHARGE
Date Charge Created:	19/01/05
Date Charge Registered:	22/01/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	1	£1,038
Company Name		Amount	Statement Date
V Y S A L Limited		£1,038	23/02/2012

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Thomas Gilmour Graham	8	1
LYCIDAS SECRETARIES LIMITED	225	173
Thomas Duncan Young	3	46
T D YOUNG & CO	4	30

Average Invoice Value	£198.58
Invoices available	2
Paid	2
Outstanding	0

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	1	0	1	0	0
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.80

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PDT

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.