MIRA INFORM REPORT

Report Date :

22.10.2014

IDENTIFICATION DETAILS

Name :	CATEXEL LIMITED

Formerly Known As :	RAHUCAT SOLUTIONS LIMITED

Registered Office :	5th Floor 6 Standrew, Street, London EC4A3AE

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	10.10.2011

Legal Form :	Private limited with Share Capital

Line of Business :	Technical testing and analysis Developing chemical catalyst systems, primarily for customers in industrial applications in the fields of accelerated bleaching, advanced oxidation and chemical synthesis.

No of Employees :	6

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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

REGISTERED NAME & COMPANY SUMMARY

CATEXEL LIMITED

Company Summary

Registered Address	5TH FLOOR 6 STANDREW STREET LONDON EC4A3AE	Trading Address	Station Road Castle Donington Derby Derbyshire DE74 2NJ
Website Address	http://www.catexeI.com	Telephone Number	--
Fax Number		TPS	--
FPS	No	Incorporate Date	10/10/2011
Previous Name	RAHUCAT SOLUTIONS LIMITED	Type	Private limited with Share Capital
FTSE Index	--	Date of Change	29/07/2014
Filing Date of Accounts		Currency	GBP
Share Capital	£2,012,560	SIC07	71200
Charity Number	--	SIC07 Description	TECHNICAL TESTING AND ANALYSIS
Principal Activity	Developing chemical catalyst systems, primarily for customers in industrial applications in the fields of accelerated bleaching, advanced oxidation and chemical synthesis.

DIRECTORS/MANAGEMENT

Current Directors

Name	John David Francis Coombs	Date of Birth	21/10/1959
Officers Title	Mr	Nationality	British
Present Appointments	15	Function	Director
Appointment Date	09/12/2011
Address	5th Floor 6 St Andrew Street, London, EC4A 3AE

Name	Glenn Anthony Burton Fletcher	Date of Birth	16/10/1963
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	10/10/2011
Address	5th Floor 6 St Andrew Street, London, EC4A 3AE

Name	Lisa Noelle Smith	Date of Birth	17/05/1972
Officers Title	Dr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	09/12/2011
Address	5th Floor 6 St Andrew Street, London, EC4A 3AE

Name	Paul Leonard Smith	Date of Birth	15/03/1954
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	10/10/2011
Address	5th Floor 6 St Andrew Street, London, EC4A 3AE

Current Company Secretary

Name	TMF CORPORATE ADMINISTRATION SERVICES LIMITED	Date of Birth	-
Officers Title		Nationality	British
Present Appointments	918	Function	Company Secretary
Appointment Date	20/01/2012
Address	5th Floor 6 St Andrew Street, London, EC4A 3AE

Previous Director/Company Secretaries

No Previous Director Details

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 0

Outstanding 0

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

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 -	-

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
UNILEVER UK HOLDINGS LTD	GBP	194,521,369	PREFERENCE	0.01
UNILEVER VENTURES CO-INVESTMENT LP	GBP	2,006,702	PREFERENCE	0.01
PAUL LEONARD SMITH	GBP	1,666,667	PREFERENCE	0.01
GLENN ANTHONY BURTON FLETCHER	GBP	1,666,667	PREFERENCE	0.01
RONALD HAGE	GBP	833,333	PREFERENCE	0.01
DAVID CHARLES GREENSMITH	GBP	373,333	PREFERENCE	0.01
RICHARD KEMP	GBP	30,286	PREFERENCE	0.01
SARAH MCTWEED	GBP	33,133	PREFERENCE	0.01
KARIEN MAAIJEN	GBP	20,600	PREFERENCE	0.01
TRISTAN SOH	GBP	25,143	PREFERENCE	0.01
JOHANNES W. DE BOER	GBP	26,267	PREFERENCE	0.01
FABIEN GAULARD	GBP	24,600	PREFERENCE	0.01
UNILEVER UK HOLDINGS LTD	GBP	19,462	ORDINARY A	0.01
GLENN ANTHONY BURTON FLETCHER	GBP	600	ORDINARY G	0.01
DAVID CHARLES GREENSMITH	GBP	495	ORDINARY B	0.01
PAUL LEONARD SMITH	GBP	1,724	ORDINARY B	0.01
GLENN ANTHONY BURTON FLETCHER	GBP	1,232	ORDINARY B	0.01
DAVID CHARLES GREENSMITH	GBP	950	ORDINARY G	0.01
UNILEVER UK HOLDINGS LTD	GBP	1,500	ORDINARY G	0.01
RONALD HAGE	GBP	907	ORDINARY B	0.01

PAYMENT INFORMATION

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

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
Outstanding

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	89 companies
Linkages	66 companies
Countries	In 13 countries

Summary

Holding Company	UNILEVER U.K. HOLDINGS LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	UNILEVER PLC

Group structure

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/10/12	(%)	-	(%)	-	(%)	-
Weeks	61	(%)	55	(%)	-	(%)	-	(%)	-
Currency	GBP	(%)	GBP	(%)	-	(%)	-	(%)	-
Consolidated A/cs	N	(%)	N	(%)	-	(%)	-	(%)	-
Turnover	£5,333,000	317.9%	£1,276,000	-	-	-	-	-	-
Export	£5,315,000	366.6%	£1,139,000	-	-	-	-	-	-
Cost of Sales	£3,767,000	286%	£976,000	-	-	-	-	-	-
Gross Profit	£1,566,000	422%	£300,000	-	-	-	-	-	-
Wages & Salaries	£617,000	34.4%	£459,000	-	-	-	-	-	-
Directors Emoluments	£345,000	25.5%	£275,000	-	-	-	-	-	-
Operating Profit	-£544,000	28.2%	-£758,000	-	-	-	-	-	-
Depreciation	£3,000	200%	£1,000	-	-	-	-	-	-
Audit Fees	£14,000	16.7%	£12,000	-	-	-	-	-	-
Interest Payments	£1,000	-66.7%	£3,000	-	-	-	-	-	-
Pre Tax Profit	-£810,000	-6.4%	-£761,000	-	-	-	-	-	-
Taxation	£98,000	-47.6%	£187,000	-	-	-	-	-	-
Profit After Tax	-£712,000	-24%	-£574,000	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-£712,000	-24%	-£574,000	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/10/12	(%)	-	(%)	-	(%)	-
Tangible Assets	0	-100%	£20,000	-	-	-	-	-	-
Intangible Assets	£363,000	-64.9%	£1,035,000	-	-	-	-	-	-
Total Fixed Assets	£363,000	-65.6%	£1,055,000	-	-	-	-	-	-
Stock	£178,000	48.3%	£120,000	-	-	-	-	-	-
Trade Debtors	£217,000	-55.4%	£487,000	-	-	-	-	-	-
Cash	£421,000	64.5%	£256,000	-	-	-	-	-	-
Other Debtors	£326,000	47.5%	£221,000	-	-	-	-	-	-
Miscellaneous Current Assets	0	-	0	-	-	-	-	-	-
Total Current Assets	£1,142,000	5.4%	£1,084,000	-	-	-	-	-	-
Trade Creditors	£527,000	16.3%	£453,000	-	-	-	-	-	-
Bank Loans & Overdrafts	0	-	0	-	-	-	-	-	-
Other Short Term Finance	£149,000	-16.8%	£179,000	-	-	-	-	-	-
Miscellaneous Current Liabilities	£102,000	50%	£68,000	-	-	-	-	-	-
Total Current Liabilities	£778,000	11.1%	£700,000	-	-	-	-	-	-
Bank Loans & Overdrafts and LTL	0	-	0	-	-	-	-	-	-
Other Long Term Finance	0	-	0	-	0	-	-	-	-
Total Long Term Liabilities	0	-	0	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/10/12	(%)	-	(%)	-	(%)	-
Called Up Share Capital	£2,013,000	-	£2,013,000	-	-	-	-	-	-
P & L Account Reserve	-£1,286,000	-124%	-£574,000	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£727,000	-49.5%	£1,439,000	-	-	-	-	-	-

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/10/12	(%)	-	(%)	-	(%)	-
Net Worth	£364,000	-9.9%	£404,000	-	-	-	-	-	-
Working Capital	£364,000	-5.2%	£384,000	-	-	-	-	-	-
Total Assets	£1,505,000	-29.6%	£2,139,000	-	-	-	-	-	-
Total Liabilities	£778,000	11.1%	£700,000	-	-	-	-	-	-
Net Assets	£727,000	-49.5%	£1,439,000	-	-	-	-	-	-

Cash Flow

Date Of Accounts	31/12/13	(%)	31/10/12	(%)	-	(%)	-	(%)	-
Net Cashflow from Operations	£315,000	128%	-£1,125,000	-	-	-	-	-	-
Net Cashflow before Financing	£165,000	109.4%	-£1,757,000	-	-	-	-	-	-
Net Cashflow from Financing	-	-100%	£2,013,000	-	-	-	-	-	-
Increase in Cash	£165,000	-35.5%	£256,000	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/10/12	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	NO	-	-	-	-	-	-
Capital Employed	£727,000	-49.5%	£1,439,000	-	-	-	-	-	-
Number of Employees	6	-	6	-	-	-	-	-	-
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/12/13	31/10/12	-	-	-
Pre-tax profit margin %	-15.19	-59.64	-	-	-
Current ratio	1.47	1.55	-	-	-
Sales/Net Working Capital	14.65	3.32	-	-	-
Gearing %	0	0	-	-	-
Equity in %	63.70	130.30	-	-	-
Creditor Days	42.19	136.68	-	-	-
Debtor Days	17.37	146.93	-	-	-
Liquidity/Acid Test	1.23	1.37	-	-	-
Return On Capital Employed %	-111.41	-52.88	-	-	-
Return On Total Assets Employed %	-53.82	-35.57	-	-	-
Current Debt Ratio	1.07	0.48	-	-	-
Total Debt Ratio	1.07	0.48	-	-	-
Stock Turnover Ratio %	3.33	9.40	-	-	-
Return on Net Assets Employed %	-111.41	-52.88	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
12/08/2014	New Accounts Filed
17/03/2014	New Company Secretary TMF CORPORATE ADMINISTRATION SERVIC appointed
19/10/2013	Annual Returns
05/08/2013	New Accounts Filed
22/11/2012	Annual Returns
27/01/2012	Change in Reg.Office
27/01/2012	Change of Company Postcode
27/01/2012	New Company Secretary TMF CORPORATE ADMINISTRATION SERVIC appointed
13/12/2011	New Board Member Dr L.N. Smith appointed
13/12/2011	New Board Member Mr J.D. Coombs appointed
08/12/2011	Change of Name
20/10/2011	New Board Member Mr P.L. Smith appointed
12/10/2011	New Board Member Mr P.L. Smith appointed
12/10/2011	New Board Member Mr G.A. Burton Fletcher appointed

Previous Company Names

Date	Previous Name
06/12/2011	RAHUCAT SOLUTIONS LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

The company saw an increase in their Cash Balance of 64.5% during the latest trading period.

The audit report contains no adverse comments.

Net Worth decreased by 9.9% during the latest trading period.

A 29.6% decline in Total Assets occurred during the latest trading period.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company has changed its registered name recently.

The company was established over 2 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.30
UK Pound	1	Rs.99.16
Euro	1	Rs.78.59

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SMN

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
S	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	Rating	Limit	Turnover
PALMCI		31.12.2012	48	€1,050,000	€246,417,608
HINDUSTAN UNILEVER		31.03.2014	50	€13,850,000	€4,398,875,426
UNILEVER BETEILIGUNGS GMBH	HRB 8641	31.12.2007	N/R	-	€22,459,000
UNILEVER N.V.	24051830	30.06.2014	54	€75,000,000
UBG VERMIETUNGS GMBH	HRB 7239	31.12.2012	72	€130,000	€21,722,000
UNILEVER FRANCE	552119216	31.12.2013	99	€5,000,000	€2,682,515,284
OGEE LIMITED	00917297	30.09.2013	N/R	-
AMORA MAILLE SOCIETE INDUSTRIELLE	311641229	31.12.2013	100	€440,000	€52,338,871
COGESAL-MIKO	602033441	31.12.2013	88	€290,000	€39,415,103
FRALIB SOURCING UNIT	326280120	31.12.2013	85	€1,500,000	€9,479,946
ALBERTO-CULVER HOLLAND B.V.	27016609	30.09.2011	N/R	-
CEDERROTH AS	919661356	31.12.2013	81	860 KNOK	126,461 KNOK
SAPHIR	562090738	31.12.2013	75	€150,000	€2,800,000
BESTFOODS FRANCE INDUSTRIES - BFI	383162955	31.12.2013	94	€435,000	€54,873,719
RELAIS D'OR MIKO - ROM	542065248	31.12.2013	100	€150,000
UNILEVER SVERIGE AB	5560116146	31.12.2013	91	250,000 KSEK	3,863,492 KSEK
UNILEVER FRANCE HPC INDUSTRIES	501569594	31.12.2013	97	€675,000	€82,692,787
UNILEVER INTERNATIONAL-PARIS	592028658	31.12.2013	86	€150,000	€3,200,000
CEDERROTH OY	01009947	31.12.2011	82	€10,000	€29,405,000
ALSA FRANCE	501551451	31.12.2013	91	€160,000	€20,753,270