MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	EUROKEY RECYCLING LIMITED
Registered Office :	Unit 2 Logix Road R D Park Hinckley Leicestershire LE10 3BQ
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	10.08.1995
Com. Reg. No.:	03089592
Legal Form :	Private limited with Share Capital
Line of Business :	· Recycling of waste materials · Recycling non-metal waste & scrap · Recovery of sorted materials
No. of Employees :	44

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 – 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

Company name and address

EUROKEY RECYCLING LIMITED	Telephone	+44 014 5561 5166
UNIT 2 LOGIX ROAD R D PARK HINCKLEY LEICESTERSHIRE LE10 3BQ United Kingdom	Fax	-
	Website	www.eurokeyrecycling.com

Company Number:	03089592	Status:	Active - Accounts Filed
Foundation:	10/08/1995

Comments

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 39.7% on the previous trading period. Net Worth increased by 25.7% during the latest trading period. Pre-tax profits increased by 84.1% compared to the previous trading period. The audit report contains no adverse comments.

The credit limit on this company has fallen 41.8% in comparison to the previously suggested credit limit. A 7.7% decline in Total Assets occurred during the latest trading period. The company saw a decrease in their Cash Balance of 43.4% during the latest trading period.

There has been no significant change in the company's credit rating. No recent changes in directorship are recorded. The company is part of a group. The company has changed its registered address recently. The company was established over 19 years ago.

Basic information

Legal form

Private limited with Share Capital

Foundation

10/08/1995

Company No.

03089592

Shareholders

Name	Currency	Number of shares	Share type	Nominal value
BELINDER KAUR DHILLON	GBP	25,000	ORDINARY	1
HARINDER SINGH DHILLON	GBP	25,000	ORDINARY	1
Total Share Capital				GBP 50,000

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Mr Harinder Singh Dhillon	6 Sycamore Close, Stretton Hall Oadby, Leicester, Leicestershire LE2 4QU	14/06/1970	British	25/09/2000
Belinder Kaur Dhillon	6 Sycamore Close, Stretton Hall Oadby, Leicester, Leicestershire LE2 4QU	08/06/1968	British	20/03/1998

Company Secretary
Name	Address:	Appointment date
Mr Harinder Singh Dhillon	6 Sycamore Close, Stretton Hall Oadby, Leicester, Leicestershire LE2 4QU	10/08/1995

Other Known Addresses

Unit 2, Logix Road, R D Park, Hinckley, Leicestershire LE10 3BQ Unit 2, Logix Road, R D Park, Hinckley, Leicestershire LE10 3BQ

Business activities

Main activity
Principal Activity	Recycling of waste materials.
SIC03	Recycling non-metal waste & scrap
SIC07	Recovery of sorted materials

Economic data

Turnover and Employees

Date of Accounts	Turnover	Employees
31/12/2011	GBP 21,593,056	47
31/12/2012	GBP 21,948,078	49
31/12/2013	GBP 30,661,115	44

Supplementary data

Bank Name	Bank Branch Sort Code
NATIONAL WESTMINSTER BANK PLC

Auditor

Auditor name

BAKER TILLY UK AUDIT LLP

BAKER TILLY AUDIT LIMITED

Company history
Date	Action
27/09/2010	New Accounts Filed
27/09/2010	New Accounts Filed
30/10/2010	Annual Returns
24/08/2011	Annual Returns
10/10/2011	Change in Reg.Office
10/10/2011	Change of Company Postcode
13/10/2011	New Accounts Filed
13/10/2011	New Accounts Filed
23/12/2011	Change in Reg.Office
28/08/2012	Annual Returns
09/11/2012	New Accounts Filed
09/11/2012	New Accounts Filed
07/12/2012	Change in Reg.Office
07/12/2012	Change of Company Postcode
12/09/2013	Annual Returns
11/11/2013	New Accounts Filed
11/11/2013	New Accounts Filed
24/08/2014	Annual Returns
14/10/2014	New Accounts Filed
14/10/2014	New Accounts Filed

Mortgages

Mortgages
Charge created	28/02/2007
Charge registered	06/03/2007
Status	OUTSTANDING
Entitled person	NATIONAL WESTMINSTER BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Charge created	04/07/2013
Charge registered	11/07/2013
Status	OUTSTANDING
Entitled person	LOMBARD NORTH CENTRAL PLC;
Mortgage detail	CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

Profit & Loss

	31/12/2013 52 GBP Group: Yes	31/12/2012 52 GBP Group: Yes	31/12/2011 52 GBP Group: Yes	31/12/2010 74 GBP Group: No
Turnover	30,661,115	21,948,078	21,593,056	30,187,751
Export	-	-	17,467,115	25,659,588
Cost of Sales	24,257,043	17,856,949	17,918,803	25,940,417
Gross Profit	6,404,072	4,091,129	3,674,253	4,247,334
Wages And Salaries	898,638	973,345	979,358	1,583,118
Directors Emoluments	113,943	129,827	129,630	135,814
Operating Profit	1,234,053	684,666	391,256	347,317
Depreciation	382,023	371,531	275,766	323,119
Audit Fees	14,465	14,465	15,000	15,000
Interests Payments	124,036	120,761	116,583	317,131
Pre Tax Profit	1,190,006	646,397	362,945	145,481
Taxation	-440,258	-181,112	-119,105	-119,136
Profit After Tax	749,748	465,285	243,840	26,345

	31/12/2013 52 GBP Group: Yes	31/12/2012 52 GBP Group: Yes	31/12/2011 52 GBP Group: Yes	31/12/2010 74 GBP Group: No
Dividends Payable	326,732	540,535	144,000	400,000
Retained Profit	423,016	-94,143	99,840	-373,655

Balance Sheet

	31/12/2013 52 GBP Group: Yes	31/12/2012 52 GBP Group: Yes	31/12/2011 52 GBP Group: Yes	31/12/2010 74 GBP Group: No
Tangible Assets	2,348,843	2,066,897	2,086,726	1,053,193
Intangible Assets	376,394	394,068	365,674	0
Total Fixed Assets	2,725,237	2,460,965	2,452,400	1,053,193
Stock	892,275	765,980	283,315	482,712
Trade Debtors	2,237,837	1,093,075	1,830,166	1,628,721
Cash	1,987,786	3,513,164	1,519,902	3,057,402
Other Debtors	3,212,154	4,147,301	4,166,102	4,076,543
Miscellaneous Current Assets	0	0	0	0
Total Current Assets	8,330,052	9,519,520	7,799,485	9,245,378
Trade Creditors	3,327,494	3,204,682	3,468,872	2,477,814
Bank Loans and Overdraft	3,340,256	5,035,345	3,039,582	4,636,162
Other Short Term Finance	381,525	451,762	521,747	242,817
Miscellaneous Current Liabilities	721,831	563,044	167,018	410,806
Total Current Liabilities	7,771,106	9,254,833	7,197,219	7,767,599
Bank Loans and Overdrafts LTL	4,095,420	5,654,994	3,931,888	5,104,614
Other Long Term Finance	608,058	460,294	768,306	402,604
Total Long Term Liabilities	755,164	619,649	892,306	468,452

Capital & Reserves

	31/12/2013 52 GBP Group: Yes	31/12/2012 52 GBP Group: Yes	31/12/2011 52 GBP Group: Yes	31/12/2010 74 GBP Group: No
Called Up Share Capital	50,000	50,000	50,000	50,000
P and L Account Reserve	2,479,019	2,056,003	2,112,360	2,012,520
Revaluation Reserve	0	0	0	0
Sundry Reserves	0	0	0	0
Shareholders Funds	2,529,019	2,106,003	2,162,360	2,062,520

Other Financial Items

	31/12/2013 52 GBP Group: Yes	31/12/2012 52 GBP Group: Yes	31/12/2011 52 GBP Group: Yes	31/12/2010 74 GBP Group: No
Net Worth	2,152,625	1,711,935	1,796,686	2,062,520
Working Capital	558,946	264,687	602,266	1,477,779
Total Assets	11,055,289	11,980,485	10,251,885	10,298,571
Total Liabilities	8,526,270	9,874,482	8,089,525	8,236,051
Net Assets	2,529,019	2,106,003	2,162,360	2,062,520

Cash Flow

	31/12/2013 52 GBP Group: Yes	31/12/2012 52 GBP Group: Yes	31/12/2011 52 GBP Group: Yes	31/12/2010 74 GBP Group: No
Net Cash Flow from Operations	1,263,902	1,109,364	1,304,212	1,082,372
Net Cash Flow before Financing	757,883	539,079	395,873	-220,893
Net Cash Flow from Financing	-599,832	-484,925	-336,793	-342,598
Increase in Cash	-1,525,378	1,993,262	-1,537,500	56,021

Miscellaneous

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	74
	GBP	GBP	GBP	GBP
	Group: Yes	Group: Yes	Group: Yes	Group: No
Capital Employed	3,284,183	2,725,652	3,054,666	2,530,972

Financial Ratios

Name	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Pre Tax Profit Margin	3.88 %	2.95 %	1.68 %	0.48 %
Current Ration	1.07	1.03	1.08	1.19
Sales or Net Working Capital	54.86	82.92	35.85	20.43
Gearing	161.94%	268.52 %	181.83 %	247.49 %
Equity	23.68 %	18.18%	21.87 %	20.03 %

Name	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Creditor Days	39.50	53.14	58.47	40.21
Debtor Days	26.56	18.12	30.85	26.43
Liquidity or Acid test	0.95	0.94	1.04	1.12
Return on Capital Employed	36.23 %	23.71 %	11.88 %	5.74 %
Return on Total Assets Employed	10.76 %	5.39 %	3.54 %	1.41 %
Current Debt Ratio	3.07 %	4.39 %	3.32 %	3.76 %
Total Debt Ratio	3.37 %	4.68 %	3.74 %	3.99 %
Stock Turnover Ratio	2.91 %	3.48 %	1.31 %	1.59%
Return on Net Assets Employed	47.05 %	30.69 %	16.78%	7.05 %

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 :	RAS
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.