MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	METELEC LIMITED
Formerly Known As :	BUSYMETRO LIMITED
Registered Office :	Units 2-3, Vulcan Industrial Estate, Leamore Lane WS2 7BZ
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	15.04.2002
Com. Reg. No.:	04416364
Legal Form :	Private Limited with Share Capital
Line of Business :	· Wholesale of Metal and Metal Ores. · Specialist Suppliers of Copper to the Electrical Industries
No. of Employees :	31

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

Maximum Credit Limits :	£585,000
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
United Kingdom	A1	A1

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

METELEC LIMITED

CREDIT recommendation

Current Credit Limit: £585,000

DIRECTORS/MANAGEMENT

Current Directors

Name	Paul Russell Bird	Date of Birth	15/03/1957
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	24/04/2002
Address	Units 2-3, Vulcan Industrial Estate, Leamore Lane, Walsall, WS2 7BZ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Francois Luneau	Date of Birth	26/09/1968
Officers Title	Mr	Nationality	French
Present Appointments	2	Function	Director
Appointment Date	01/03/2008
Address	69 Avenue De La Colombiere, St Symphorien D'ozon, 69360
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Stephen Perkins	Date of Birth	14/10/1964
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	30/01/2013
Address	Units 2-3, Vulcan Industrial Estate, Leamore Lane, Walsall, WS2 7BZ

Current Company Secretary

Name	Dawn Bird	Date of Birth	23/02/1957
Officers Title	Mrs	Nationality	British
Present Appointments	4	Function	Company Secretary
Appointment Date	25/06/2002
Address	Units 2-3, Vulcan Industrial Estate, Leamore Lane, Walsall, WS2 7BZ

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Denis Gindre	0	2
Denis Gindre	0	2
INSTANT COMPANIES LIMITED	2431	120340
SWIFT INCORPORATIONS LIMITED	2579	263489

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 2

Outstanding 2

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 3

Total Value of Documented Trade £6,991

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -	D:\MiraInform\CreditReports\UNProcessed\My Documents\Documents and SettingsCS03DesktopCreditsafe Templatesfor entryCCJDetails.aspx?CompanyNumber=04416364
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -	D:\MiraInform\CreditReports\UNProcessed\My Documents\Documents and SettingsCS03DesktopCreditsafe Templatesfor entryCCJDetails.aspx?CompanyNumber=04416364
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -	D:\MiraInform\CreditReports\UNProcessed\My Documents\Documents and SettingsCS03DesktopCreditsafe Templatesfor entryCCJDetails.aspx?CompanyNumber=04416364
Total Number of Writs -	-

Mortgage Details

Mortgage Type:	DEPOSIT AGREEMENT TO SECURE OWN LIABILITIES
Date Charge Created:	23/10/03
Date Charge Registered:	04/11/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS TSB BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL SUCH RIGHTS TO THE REPAYMENT OF THEDEPOSIT MEANING THE DEBT(S) ON THE ACCOUNT(S) DESCRIBED IN THE SCHEDULE BEING THE ACCOUNT WITH THE BANK DENOMINATED IN EUROS DESIGNATED LLOYDS TSB PLC RE METELECLTD AND NUMBERED 86205341 AND ANY ACCOUNT(S) FOR THE TIME BEING REPLACING THESAME AND ALL INTERESTOWING IN RESPECT THEREOF AND ALL DEPOSITS WITH THE BANKS TREASURY DIVISION ON THE NAME OF THE BANK RE THE COMPANY

Mortgage Type:	ALL ASSETS DEBENTURE DEED
Date Charge Created:	30/07/02
Date Charge Registered:	31/07/02
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS TSB COMMERCIAL FINANCE LIMITED
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

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	3	£6,991

Company Name	Amount	Statement Date
Hampton Metal Distribution Limited	£6,193	04/08/2010
E M C Solutions Ltd	£401	09/11/2012
Ercon Plant Systems Limited	£397	01/12/2010

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GINDRE DUCHAVANAY	GBP	700,000	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£349.28
Invoices available	102
Paid	96
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	62	21	9	2	2
Outstanding	0	0	1	0	5

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	3 companies
Linkages	168 companies
Countries	In 31 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	UMCOR AG

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
UMCOR AG	N/A	-	-
GINDRE DUCHAVANAY SA	N/A	-	-
METELEC LIMITED	04416364	31.12.2013	N	£23,306,035

Other Linked companies

Name	Number	Latest Key Financials	Turnover
DOOSAN BABCOCK LIMITED	00839354	31.12.2013	£421,148,000
ATB AUSTRIA ANTRIEBSTECHNIK	FN80022F	31.12.2013	€340,094,000
DOOSAN TRADING LIMITED	IE443039	31.12.2013	€8,757,000
DÖRRIES SCHARMANN TECHNOLOGIE GMBH	HRB 5635	31.12.2012	€317,640,880
LINDETEVES-JACOBERG		31.12.2013	€30,976,815
DOOSAN INTERNATIONAL UK LIMITED	06374674	31.12.2013	£79,527,992
ATB WELZHEIM GMBH	HRB 282126	31.12.2012	€72,389,357
ETABLISSEMENTS GINDRE DUCHAVANY	955508817	31.12.2011	€310,633,050
ATB SCHORCH GMBH	HRB 4988	31.12.2012	€69,567,000
BROOK CROMPTON UK LIMITED	04305426	31.12.2013	£17,340,921
DOOSAN ENPURE LIMITED	08224485	31.12.2013	£2,276,000
ATB SPECIAL PRODUCTS LIMITED	00476716	31.12.2013	£2,794,768
DOOSAN POWER SYSTEMS OVERSEAS INVESTMENTS LIMITED	03188306	31.12.2013
EMCO ITALIA S.R.L.	MI1570058	31.03.2013	€16,350,395
GEITH INTERNATIONAL LIMITED	IE035326	31.12.2012	€15,866,717
EMCO MAGDEBURG GMBH	HRB 16968	31.12.2012	€16,076,460
ATB MOTORS B.V.	08077833	31.12.2013
DOOSAN HOLDINGS INTERNATIONAL LIMITED	IE446621	31.12.2012
GINDRE COMPOSANTS	315064188	31.12.2011	€14,745,916
ATB MORLEY LIMITED	04036931	31.12.2013	£21,296,966

FINANCIAL INFORMATION

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	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£23,306,035	-13.5%	£26,952,499	-16.1%	£32,126,967	24.7%	£25,773,388	38.5%	£18,615,163
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£20,322,919	-14.7%	£23,814,512	-15.9%	£28,305,199	25.6%	£22,538,495	42.9%	£15,775,680
Gross Profit	£2,983,116	-4.9%	£3,137,987	-17.9%	£3,821,768	18.1%	£3,234,893	13.9%	£2,839,483
Wages & Salaries	£1,031,227	1.5%	£1,016,333	-14.4%	£1,186,760	20.5%	£984,912	7.1%	£919,842
Directors Emoluments	£293,706	56.8%	£187,330	-14.1%	£218,073	11.7%	£195,244	9.3%	£178,652
Operating Profit	£1,639,877	-11.9%	£1,860,703	-22.2%	£2,391,702	20.8%	£1,979,551	22.5%	£1,616,433
Depreciation	£150,559	18.3%	£127,300	4.4%	£121,890	23.5%	£98,675	1.8%	£96,955
Audit Fees	£10,000	-	£10,000	28.2%	£7,800	-	£7,800	-	£7,800
Interest Payments	£17,649	-73.9%	£67,525	26.4%	£53,431	61.2%	£33,139	259.8%	£9,210
Pre Tax Profit	£1,704,299	-5%	£1,793,178	-23.3%	£2,338,067	20.8%	£1,935,632	18.5%	£1,634,102
Taxation	-£144,778	66.7%	-£434,256	32.3%	-£641,829	-17.4%	-£546,862	-9.1%	-£501,331
Profit After Tax	£1,559,521	14.8%	£1,358,922	-19.9%	£1,696,238	22.1%	£1,388,770	22.6%	£1,132,771
Dividends Payable	-	-	-	-	-	-100%	£1,000,000	-	£1,000,000
Retained Profit	-£440,479	-132.4%	£1,358,922	-19.9%	£1,696,238	336.3%	£388,770	192.8%	£132,771

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£301,777	-26.9%	£412,986	11.4%	£370,645	58.9%	£233,253	19.2%	£195,658
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£301,777	-26.9%	£412,986	11.4%	£370,645	58.9%	£233,253	19.2%	£195,658
Stock	£4,264,996	-3.8%	£4,434,458	3.4%	£4,288,407	-18.9%	£5,290,827	79.8%	£2,943,224
Trade Debtors	£4,005,006	-20.5%	£5,036,663	-23.2%	£6,557,006	19%	£5,508,729	57.3%	£3,501,234
Cash	£532,235	20.4%	£441,876	23.4%	£358,067	29.4%	£276,819	-57.1%	£644,827
Other Debtors	£52,197	-96.6%	£1,523,053	999.9%	£79,681	-70.1%	£266,511	120.1%	£121,075
Miscellaneous Current Assets	£103,626	-	0	-	0	-	0	-	0
Total Current Assets	£8,958,060	-21.7%	£11,436,050	1.4%	£11,283,161	-0.5%	£11,342,886	57.3%	£7,210,360
Trade Creditors	£772,837	-27%	£1,058,688	-3.9%	£1,102,052	33.5%	£825,669	-19.2%	£1,021,888
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£1,320,035	-52.5%	£2,778,282	-15.4%	£3,283,190	-41.1%	£5,577,747	170.7%	£2,060,705
Miscellaneous Current Liabilities	£694,815	-36.6%	£1,095,437	-36%	£1,711,857	28.3%	£1,334,254	53.2%	£870,726
Total Current Liabilities	£2,787,687	-43.5%	£4,932,407	-19.1%	£6,097,099	-21.2%	£7,737,670	95.7%	£3,953,319
Bank Loans & Overdrafts and LTL	£24,000	-14.3%	£28,000	3.7%	£27,000	440%	£5,000	-37.5%	£8,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£24,000	-14.3%	£28,000	3.7%	£27,000	440%	£5,000	-37.5%	£8,000

.

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£700,000	-	£700,000	-	£700,000	-	£700,000	-	£700,000
P & L Account Reserve	£5,748,150	-7.1%	£6,188,629	28.1%	£4,829,707	54.1%	£3,133,469	14.2%	£2,744,699
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£6,448,150	-6.4%	£6,888,629	24.6%	£5,529,707	44.2%	£3,833,469	11.3%	£3,444,699

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£6,448,150	-6.4%	£6,888,629	24.6%	£5,529,707	44.2%	£3,833,469	11.3%	£3,444,699
Working Capital	£6,170,373	-5.1%	£6,503,643	25.4%	£5,186,062	43.8%	£3,605,216	10.7%	£3,257,041
Total Assets	£9,259,837	-21.9%	£11,849,036	1.7%	£11,653,806	0.7%	£11,576,139	56.3%	£7,406,018
Total Liabilities	£2,811,687	-43.3%	£4,960,407	-19%	£6,124,099	-20.9%	£7,742,670	95.5%	£3,961,319
Net Assets	£6,448,150	-6.4%	£6,888,629	24.6%	£5,529,707	44.2%	£3,833,469	11.3%	£3,444,699

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	£4,336,145	600.6%	-£866,250	-144.6%	£1,942,150	186.6%	-£2,242,927	-286.6%	£1,202,011
Net Cashflow before Financing	£4,305,388	522.3%	-£1,019,624	-160.6%	£1,682,868	170.8%	-£2,378,070	-302.1%	£1,176,946
Net Cashflow from Financing	-£2,000,000	-	-	-	-	100%	-£1,000,000	0.1%	-£1,000,594
Increase in Cash	£2,305,388	326.1%	-£1,019,624	-160.6%	£1,682,868	149.8%	-£3,378,070	-999.9%	£176,352

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	£6,472,150	-6.4%	£6,916,629	24.5%	£5,556,707	44.8%	£3,838,469	11.2%	£3,452,699
Number of Employees	31	-	31	-	31	6.9%	29	-	29
Auditors	J W HINKS 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 %	7.31	6.65	7.28	7.51	8.78
Current ratio	3.21	2.32	1.85	1.47	1.82
Sales/Net Working Capital	3.78	4.14	6.19	7.15	5.72
Gearing %	0.40	0.40	0.50	0.10	0.20
Equity in %	69.60	58.10	47.40	33.10	46.50
Creditor Days	12.07	14.29	12.48	11.66	19.98
Debtor Days	62.55	68.02	74.29	77.80	68.46
Liquidity/Acid Test	1.68	1.41	1.14	0.78	1.07
Return On Capital Employed %	26.33	25.92	42.07	50.42	47.32
Return On Total Assets Employed %	18.40	15.13	20.06	16.72	22.06
Current Debt Ratio	0.43	0.71	1.10	2.01	1.14
Total Debt Ratio	0.43	0.72	1.10	2.01	1.14
Stock Turnover Ratio %	18.29	16.45	13.34	20.52	15.81
Return on Net Assets Employed %	26.43	26.03	42.28	50.49	47.43

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
19/08/2014	New Accounts Filed
19/08/2014	New Accounts Filed
06/05/2014	Annual Returns
24/08/2013	New Accounts Filed
04/05/2013	Annual Returns
13/02/2013	New Board Member Mr A.S. Perkins appointed
24/08/2012	New Accounts Filed
24/08/2012	New Accounts Filed
01/05/2012	Annual Returns
20/08/2011	New Accounts Filed
20/08/2011	New Accounts Filed
03/05/2011	Annual Returns
19/08/2010	New Accounts Filed
19/08/2010	New Accounts Filed
07/05/2010	Annual Returns

Previous Company Names

Date	Previous Name
30/05/2002	BUSYMETRO LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Net Worth increased by 24.6% during the latest trading period.

A 1.7% growth in Total Assets occurred during the latest trading period.

The company saw an increase in their Cash Balance of 23.4% during the latest trading period.

The audit report contains no adverse comments.

Sales in the latest trading period decreased 16.1% on the previous trading period.

Pre-tax profits decreased by 23.3% compared to the previous trading period.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 12 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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