MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	MEADOWBANK VAC ALLOYS LIMITED

Registered Office :	Meadowbank Industrial Estate, Harrison Street, Rotherham South Yorkshire, S61 1ee

Country :	United Kingdom

Financials (as on) :	31.10.2013

Date of Incorporation :	28.09.2007

Com. Reg. No.:	06384423

Legal Form :	Private Limited With Share Capital

Line of Business :	Acting as agent of La Cote consulting limited. Other non-ferrous metal production Other non-ferrous metal production

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 & address

MEADOWBANK VAC ALLOYS LIMITED

Meadowbank Industrial Estate

Harrison Street

Rotherham South Yorkshire

S61 1ee United Kingdom

Telephone +44 017 0938 0000

Fax -

Website www.meadowbankalloys.co.uk

Company Number: 06384423

Status: Active - Accounts Filed

Foundation: 28/09/2007

Net Worth increased by 80.9\\% during the latest trading period.A 27.6\\% growth in Total Assets occurred

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

of 999.9\\% during the latest trading period.The movement in accumulated earnings

would indicate that the company made a profit after tax and other appropriations,

including dividends.

The previous trading period saw no significant change in the percentage of

sales. There has been no discernible change in the company's pre-tax profit. The

company is exempt from audit. No recent changes in directorship are recorded. The

company is not part of a group. The company was established over 7 years ago.

Legal form Private limited with Share Capital

Foundation 28/09/2007

Company No. 06384423

Shareholders

Name Currency Number of Share type Nominal value

LUKE HOBSON GBP 1 ORDINARY 1

Total capital GBP 1

Directors

Name Address: Date of birth Nationality Appointment date

Mr Luke Oliver Meadowbank Industrial 10/08/1991 British 07/06/2011

Hobson Estate, Harrison Street,

Rotherham, South

Yorkshire S61 1EE

Secretary No Secretary appointed

Other Known Addresses

Meadow Bank Industrial Estate, Harrison Street, Rotherham, South Yorkshire S61 1EE

Business activities

Principal Acting as agent of La Cote consulting

Activity limited.

SIC03 Other non-ferrous metal production

SIC07 Other non-ferrous metal production

Turnover and Employees

Date of Accounts Turnover Turnover

31/10/2011 GBP 10,217,067 2

31/10/2012 GBP 12,758,872 Not Stated

31/10/2013 Not Stated Not Stated

Events

Company history

Date Action

31/12/2009 Annual Returns

02/08/2010 New Accounts Filed

21/12/2010 Annual Returns

10/06/2011 Mr A.J. Hobson has left the board

10/06/2011 New Board Member Mr A.M. Wormstone appointed

26/07/2011 New Accounts Filed

17/08/2011 New Board Member Mr L.O. Hobson appointed

12/12/2011 Annual Returns

11/05/2012 Mr A.M. Wormstone has left the board

19/11/2012 Annual Returns

09/02/2013 New Accounts Filed

10/08/2013 New Accounts Filed

18/11/2013 Annual Returns

05/08/2014 New Accounts Filed

14/11/2014 Annual Returns

Mortgages

Mortgage type DEED OF CHARGE OVER CREDIT BALANCES

Charge created 23/02/2012

Charge registered 09/03/2012

Status OUTSTANDING

Entitled person BARCLAYS BANK PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail THE CHARGE CREATES A FIXED CHARGE OVER ALL THE

DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM

MG01 (INCLUDING ALL OR ANY PART OF THE MONEY PAYABLE

PURSUANTTO SUCH DEPOSIT(S) AND THE DEBTS REPRESENTED

THEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO TIME

ACCRUING THEREON. IT ALSO CREATES AN ASSIGNMENT BY THE

CHARGORFOR THE PURPOSES OF AND TO GIVE EFFECT TOTHE

SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE

REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON

BARCLAYS BANK PLCRE MEADOWBANK VAC ALLOYS LIMITED US

DOLLAR TRACKER ACCOUNT ACCOUNT NUMBER 44890422

There are no County Court Judgments listed against this company

Profit \& Loss

- 31/10/2013 31/10/2012 31/10/2011 30/09/2010

52 52 61 52

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Turnover 0 12,758,872 10,217,067 0

Export - - - 0

Cost of Sales - - - 0

Gross Profit - - - 0

Wages And Salaries 0 194,504 125,092 0

Directors Emoluments - 8,874 5,655 0

Operating Profit - -270,448 243,312 -333

Depreciation 35,149 22,239 29,763 0

Audit Fees 0 0 0 -

Interests Payments - 1,251 4 0

Pre Tax Profit 0 -271,699 243,308 -333

Taxation - 53,452 -57,054 0

Profit After Tax - -218,247 186,254 -333

Dividends Payable - 0 39,500 0

Retained Profit - -218,247 146,754 -333

Balance Sheet

- 31/10/2013 31/10/2012 31/10/2011 30/09/2010

52 52 61 52

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Tangible Assets 185,340 114,077 131,709 0

Intangible Assets 0 0 0 0

Total Fixed Assets 185,340 114,077 131,709 0

Stock 0 0 0 0

Trade Debtors 949,900 580,569 1,678,434 0

Cash 142,488 11,034 32,274 0

Other Debtors 0 295,708 365,078 11,667

Miscellaneous Current Assets 0 0 0 0

Total Current Assets 1,092,388 887,311 2,075,786 11,667

Trade Creditors 1,291,794 859,407 1,275,074 499

Bank Loans and Overdraft 0 118,461 0 13,019

Other Short Term Finance 0 0 0 0

Miscellaneous Current 0 97,214 783,879 350

Liabilities

Total Current Liabilities 1,291,794 1,075,082 2,058,953 13,868

Bank Loans and Overdrafts LTL 0 118,461 3,989 13,019

Other Long Term Finance 0 0 0 0

Total Long Term Liabilities 0 0 3,989 0

Capital \& Reserves

- 31/10/2013 31/10/2012 31/10/2011 30/09/2010

52 52 61 52

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Called Up Share Capital 1 1 1 1

P and L Account Reserve -14,067 -73,695 144,552 -2,202

Revaluation Reserve 0 0 0 0

Sundry Reserves 0 0 0 0

Shareholders Funds -14,066 -73,694 144,553 -2,201

Other Financial Items

- 31/10/2013 31/10/2012 31/10/2011 30/09/2010

52 52 61 52

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Net Worth -14,066 -73,694 144,553 -2,201

Working Capital -199,406 -187,771 16,833 -2,201

Total Assets 1,277,728 1,001,388 2,207,495 11,667

Total Liabilities 1,291,794 1,075,082 2,062,942 13,868

Net Assets -14,066 -73,694 144,553 -2,201

Cash Flow

- 31/10/2013 31/10/2012 31/10/2011 30/09/2010

52 52 61 52

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Net Cash Flow from Operations 0 -140,285 246,269 -604

Net Cash Flow before Financing 0 -139,700 45,293 -604

Net Cash Flow from Financing 0 0 -12,415 0

Increase in Cash 131,454 -21,240 32,274 0

Miscellaneous

- 31/10/2013 31/10/2012 31/10/2011 30/09/2010

52 52 61 52

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Capital Employed -14,066 -73,694 148,542 -2,201

Financial Ratios

Name 31/10/2013 31/10/2012 31/10/2011 30/09/2010

Pre Tax Profit Margin 0.0% -2.13 % 2.38 % 0.0%

Current Ration 0.85 0.83 1.01 0.84

Sales or Net Working Capital 0.00 -67.95 606.97 0.00

Gearing 0.00 % -160.75 % 2.76 % -591.50 %

Equity -1.10 % -7.36 % 6.55 % -18.87 %

Creditor Days 0.00 24.51 49.79 0.00

Debtor Days 0.00 16.56 65.54 0.00

Liquidity or Acid test 0.84 0.82 1.00 0.84

Return on Capital Employed 0.0% 368.68 % 163.79 % 15.12 %

Return on Total Assets Employed 0.0% -27.13 % 11.02 % -2.85 %

Current Debt Ratio -91.83 % -14.58 % 14.24 % -6.30 %

Total Debt Ratio -91.83 % -14.58 % 14.27 % -6.30 %

Stock Turnover Ratio 0.0% 0.0% 0.0% 0.0%

Return on Net Assets Employed 0.0% 368.68 % 168.31 % 15.12 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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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