MIRA INFORM REPORT

Report Date :

07.11.2014

IDENTIFICATION DETAILS

Name :	BUHLER SORTEX LIMITED

Formerly Known As :	SORTEX LIMITED

Registered Office :	20 Atlantis Avenue London E16 2BF

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	01.05.1947

Com. Reg. No.:	00434274

Legal Form :	Private limited with Share Capital

Line of Business :	Manufacture and distribution of electronic colour sorters and vision systems, and manufacture and installation of cleaning and sorting machinery, mainly for the food and agriculture industries.

No. of Employees :	219

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 increase

Source : CIA

Company name and address

Company Name: BUHLER SORTEX LIMITED

Company No: 00434274

Company Status: Active - Accounts Filed

Registered Address: 20 ATLANTIS AVENUELONDONE16 2BF

Company Summary

Registered Address

20 ATLANTIS AVENUE
LONDON
E16 2BF

Trading Address

Sortex Ltd
20 Atlantis Avenue
London
E16 2BF

Website Address

http://www.buhlergroup.com

Telephone Number 02070557777

TPS No

FPS No

Incorporation Date 01/05/1947

Previous Name SORTEX LIMITED

Type Private limited with Share Capital

Date of Change 09/07/2007

Filing Date of Accounts 10/09/2014

Currency GBP

Share Capital £1,250,000

SIC07 28990

SIC07 Description MANUFACTURE OF OTHER SPECIAL-PURPOSE MACHINERY N.E.C.

Principal Activity The manufacture and distribution of electronic colour sorters and vision systems, and manufacture and installation of cleaning and sorting machinery, mainly for the food and agriculture industries.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2013 £70,948,649 £17,038,940 £27,134,990 219

31/12/2012 £71,619,562 £17,445,848 £26,229,522 220

31/12/2011 £74,318,042 £19,736,004 £27,655,923 221

Mortgage Summary

Total Mortgage 7

Outstanding 0

Satisfied 7

Trade Debtors / Bad Debt Summary

Total Number of Documented Trad e0

Total Value of Documented Trade £0

Commentary

No exact match CCJs are recorded against the company.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.

The company's credit rating has dropped from 95 to 87 but the company still indicates very good creditworthiness.
Sales in the latest trading period decreased 3.6% on the previous trading period.
Net Worth decreased by 5.2% during the latest trading period.
A 6.7% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 11.6% compared to the previous trading period.
The company is part of a group.
The company was established over 67 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 -	-

Number of Experiences

Trade Payment Information

Average Invoice Value	1392.59
Invoices available	81
Paid	72
Outstanding	9

Enquiries Trend

There have been 109 enquiries in the last 12 months.

There are an average of 9 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	32	55	83

Total Current Directors	7
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	26

Current Directors

Name	Nigel Howard Wilson	Date of Birth	20/01/1961
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	06/11/1998
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Charith Abeysinghe Gunawardena	Date of Birth	05/12/1961
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	25/09/2000
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Hamid Reza Kefayati	Date of Birth	06/10/1956
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	18/07/2003
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nicholas John Wilkins	Date of Birth	15/09/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/08/2005
Address	The Old Rectory, Church Road, Ardley, Oxfordshire, OX27 7NP
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Matthew Ian Kelly	Date of Birth	13/05/1975
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	18/04/2011
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michal Picalek	Date of Birth	10/07/1964
Officers Title	Mr	Nationality	Swiss
Present Appointments	1	Function	Director
Appointment Date	14/01/2013
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nigel Anthony Whittingham	Date of Birth	06/08/1959
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2014
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Nigel Howard Wilson	Date of Birth	20/01/1961
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Company Secretary
Appointment Date	31/03/1998
Address	20 Atlantis Avenue, London, E16 2BF
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BUHLER UK HOLDINGS LTD	GBP	1,250,000	ORDINARY	1	100

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	£70,948,649	-0.9%	£71,619,562	-3.6%	£74,318,042	-12.2%	£84,610,842	33.4%	£63,405,604
Export	£70,080,649	-1.1%	£70,839,114	-3%	£73,042,505	-12.9%	£83,903,401	33.8%	£62,685,328
Cost of Sales	£46,435,924	-2.3%	£47,517,164	0.9%	£47,115,484	-9.3%	£51,942,686	27%	£40,914,191
Gross Profit	£24,512,725	1.7%	£24,102,398	-11.4%	£27,202,558	-16.7%	£32,668,156	45.2%	£22,491,413
Wages & Salaries	£9,141,453	4.7%	£8,729,386	-2%	£8,908,871	6.3%	£8,382,461	11.9%	£7,489,064
Directors Emoluments	£1,174,531	11.2%	£1,056,144	-7.8%	£1,145,667	-8.6%	£1,252,876	17.8%	£1,063,450
Operating Profit	£16,663,892	-4.5%	£17,442,402	-11.7%	£19,752,187	-22%	£25,320,841	60%	£15,821,879
Depreciation	£228,154	-42.7%	£398,145	-46.4%	£742,715	1.2%	£734,027	10.4%	£664,900
Audit Fees	£45,000	-5.3%	£47,500	-	£47,500	-2.1%	£48,500	17.4%	£41,300
Interest Payments	£68,955	-51.5%	£142,096	121.5%	£64,165	999.9%	£4,712	-95.5%	£105,880
Pre Tax Profit	£17,038,940	-2.3%	£17,445,848	-11.6%	£19,736,004	-22%	£25,318,002	60.4%	£15,788,727
Taxation	-£3,079,752	24.4%	-£4,075,749	19%	-£5,032,904	29.2%	-£7,110,284	-56.6%	-£4,540,782
Profit After Tax	£13,959,188	4.4%	£13,370,099	-9.1%	£14,703,100	-19.2%	£18,207,718	61.9%	£11,247,945
Dividends Payable	£13,000,000	-13.3%	£15,000,000	-6.3%	£16,000,000	45.5%	£11,000,000	57.1%	£7,000,000
Retained Profit	£959,188	158.8%	-£1,629,901	-25.7%	-£1,296,900	-118%	£7,207,718	69.7%	£4,247,945

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£603,943	-9.2%	£664,933	-8.8%	£729,209	-94.3%	£12,683,578	-2.6%	£13,018,943
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£603,943	-9.2%	£664,933	-8.8%	£729,209	-94.3%	£12,683,578	-2.6%	£13,018,943
Stock	£5,889,493	0.9%	£5,838,711	-1%	£5,896,572	-12.4%	£6,733,692	22.2%	£5,509,358
Trade Debtors	£14,736,475	-7.3%	£15,888,564	-14.6%	£18,603,160	13.1%	£16,445,084	18.8%	£13,836,843
Cash	£2,262,477	-73.4%	£8,512,418	22.1%	£6,968,862	-52.7%	£14,741,438	47.7%	£9,982,022
Other Debtors	£17,409,593	63.8%	£10,631,252	-13.6%	£12,309,785	114.6%	£5,736,582	-11.7%	£6,493,497
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£40,298,038	-1.4%	£40,870,945	-6.6%	£43,778,379	0.3%	£43,656,796	21.9%	£35,821,720
Trade Creditors	£2,405,207	8.6%	£2,213,734	85.5%	£1,193,468	-67.3%	£3,655,085	18.9%	£3,074,965
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£1,763,000	-1.3%	£1,785,935	124.6%	£795,204	50.1%	£529,735	-50.6%	£1,072,275
Miscellaneous Current Liabilities	£8,136,491	-10.9%	£9,133,490	-23.7%	£11,969,436	-17.2%	£14,458,670	6.5%	£13,577,943
Total Current Liabilities	£12,304,698	-6.3%	£13,133,159	-5.9%	£13,958,108	-25.1%	£18,643,490	5.2%	£17,725,183
Bank Loans & Overdrafts and LTL	£1,462,293	-32.7%	£2,173,197	-24.9%	£2,893,557	-65.5%	£8,385,161	-8.2%	£9,136,750
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£1,462,293	-32.7%	£2,173,197	-24.9%	£2,893,557	-65.5%	£8,385,161	-8.2%	£9,136,750

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£1,250,000	-	£1,250,000	-	£1,250,000	-	£1,250,000	-	£1,250,000
P & L Account Reserve	£25,884,990	3.6%	£24,979,522	-5.4%	£26,405,923	-5.9%	£28,061,723	35.4%	£20,728,730
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£27,134,990	3.5%	£26,229,522	-5.2%	£27,655,923	-5.6%	£29,311,723	33.4%	£21,978,730

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£27,134,990	3.5%	£26,229,522	-5.2%	£27,655,923	-5.6%	£29,311,723	33.4%	£21,978,730
Working Capital	£27,993,340	0.9%	£27,737,786	-7%	£29,820,271	19.2%	£25,013,306	38.2%	£18,096,537
Total Assets	£40,901,981	-1.5%	£41,535,878	-6.7%	£44,507,588	-21%	£56,340,374	15.4%	£48,840,663
Total Liabilities	£13,766,991	-10.1%	£15,306,356	-9.2%	£16,851,665	-37.7%	£27,028,651	0.6%	£26,861,933
Net Assets	£27,134,990	3.5%	£26,229,522	-5.2%	£27,655,923	-5.6%	£29,311,723	33.4%	£21,978,730

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	£28,597,283	0.7%	£28,402,719	-7%	£30,549,480	-19%	£37,696,884	21.2%	£31,115,480
Number of Employees	219	-0.5%	220	-0.5%	221	-1.3%	224	16.1%	193
Auditors	BOURNER BULLOCK
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 %	24.02	24.36	26.56	29.92	24.90
Current ratio	3.28	3.11	3.14	2.34	2.02
Sales/Net Working Capital	2.53	2.58	2.49	3.38	3.50
Gearing %	5.40	8.30	10.50	28.60	41.60
Equity in %	66.30	63.10	62.10	52	45
Creditor Days	12.33	11.25	5.84	15.72	17.65
Debtor Days	75.60	80.75	91.11	70.74	79.43
Liquidity/Acid Test	2.79	2.66	2.71	1.98	1.71
Return On Capital Employed %	59.58	61.42	64.60	67.16	50.74
Return On Total Assets Employed %	41.65	42	44.34	44.93	32.32
Current Debt Ratio	0.45	0.50	0.50	0.63	0.80
Total Debt Ratio	0.50	0.58	0.60	0.92	1.22
Stock Turnover Ratio %	8.30	8.15	7.93	7.95	8.68
Return on Net Assets Employed %	62.79	66.51	71.36	86.37	71.83

Status History

No Status History found

Previous Company Names

Date	Previous Name
09/07/2007	SORTEX LIMITED
31/10/1985	GUNSON'S SORTEX LIMITED

Statistics

Group	8 companies
Linkages	72 companies
Countries	In 23 countries

Summary

Holding Company	BUHLER UK HOLDINGS LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	BUHLER HOLDING AG

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BUHLER HOLDING AG	N/A	-	-
BUHLER UK HOLDINGS LIM...	00683185	31.12.2013	Y	£93,818,761
SORTEX LIMITED	06251424	31.12.2013	N
BUHLER LIMITED	02925744	31.12.2013	N	£14,573,952
BUHLER SORTEX LIMITED	00434274	31.12.2013	N	£70,948,649
CONTROL DESIGN AND D...	01579088	31.12.2013	N	£9,036,134
LEYBOLD OPTICS GMBH	HRB 8425	31.12.2012	N	€128,356,139
LEYBOLD OPTICS UK LI...	04023277	31.12.2013	N	£3,787,528

Statistics

Group	8 companies
Linkages	72 companies
Countries	In 23 countries

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	27/01/99
Date Charge Registered:	28/01/99
Date Charge Satisfied:	22/12/04
Status:	SATISFIED
Person(s) Entitled:	GENERALE BANK NV - GENERALE DE BANQUE SA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	PROPERTY K/A PUDDING MILL LANE T/NO: EGL164713 AND ALL BUILDINGS AND FIXTURES (INCLUDING TRADE FIXTURES) FROM TIME TO TIME THEREON TOGETHER WITH ALL PLANT MACHINERY FITTINGS COMPUTERS AND OFFICE AND OTHER EQUIPMENT FROM TIME T OTIME ON THEPROPERTY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	BROWN SHIPLEY & CO. LTD.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CPAITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	HENRY ANSBACHEN AND COMPANY LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	HAMBROS BANK LTD.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/12/80
Date Charge Registered:	19/12/80
Date Charge Satisfied:	19/12/80
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK LTD.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL DEBTS UNCALLED CAPITAL. TOGETHER WITH ALL BUILDINGS FIXTURES FIXED PLANT & MACHINERY

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Alan Thomas	2	9
Alan Thomas	2	9
Colin Leonard Lee	0	10
Joseph Antony Haynes	0	35
Brian John Booth	0	2
Brian John Booth	0	2
Martin Connolly Kelly	0	1
John Menzies Low	15	5
Alan Hillary	6	9
Brian Graham Cox	0	2
Bruno Giacomo Mario Kilshaw	0	3
David John Turner	1	35
Beat Haeni	0	2
Steven Simon Henning	0	1
Ronen Day	1	2
Philipp Adrian Muller	0	3
Hans-Jakob Schoch	0	1
Arthur Wettstein	0	4
David Michael Dymond	0	2
Colin David Chaffers	0	1
Mark Jason Honeywood	0	1
Bruno Mendler	0	3
Craig Edward Briggs	0	2
Christopher David Gorner	0	2
Christopher David Gorner	0	2
Gary Yates	0	2

Average Invoice Value	£1392.59
Invoices available	81
Paid	72
Outstanding	9

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	27	30	11	2	2
Outstanding	0	2	3	2	2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.39
UK Pound	1	Rs.98.00
Euro	1	Rs.76.99

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
BÜHLER GMBH	HRB 4602	31.12.2012	€154,205,884
BÜHLER GMBH	HRB 797	31.12.2012	€153,275,000
BUHLER S.P.A.	MI282993	31.12.2013	€29,527,494
BUHLER SARL	572010296	31.12.2013	€29,329,569
BÜHLER BARTH GMBH	HRB 739837	31.12.2012	€24,977,617
BÜHLER AKTIEBOLAG	5560732181	31.12.2010	593 KSEK
RICHARD FRISSE GMBH	HRB 1394	31.12.2009	€12,935,000
BÜHLER DRUCKGIESSYSTEME GMBH	HRB 88608	31.12.2010	€19,005,000
LEYBOLD OPTICS VERWALTUNGS GMBH	HRB 8457	31.12.2013
BÜHLER GMBH	HRB 39596	31.12.2012	€28,862,000
BÜHLER PARTEC GMBH	HRB 15104	31.12.2012
LEYBOLD OPTICS DRESDEN GMBH	HRB 19689	31.12.2012	€38,812,090
BÜHLER B.V.	06068355	31.12.2013
BÜHLER DEUTSCHLAND GMBH	HRB 6353	31.12.2012
BÜHLER AG	162812	-
BUHLER	272833	31.12.2013	€49,793,972
BÜHLER + SCHERLER AG	2801	-
ASE-BÜHLER AG IN LIQUIDATION	2802	-
BÜHLER HOLDING AG	541487	-
BÜHLER MANAGEMENT AG	5630947	-