MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	SOLVENTIS LTD.
Formerly Known As :	PETROCHEM AVIATION SERVICES LTD.
Registered Office :	Bank Terrace, Gomshall Lane Shere, Guildford, GU5 9HB
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	17.10.1952
Legal Form :	Private limited with Share Capital
Line of Business :	Wholesale of chemical products.
No of Employees :	14

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 01, 2014

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

SOLVENTIS LTD.

Registered Address	BANK TERRACE GOMSHALL LANE SHERE GUILDFORD GU5 9HB	Trading Address	Bank Terrace Gomshall Lane Shere Guildford GU5 9HB
Website Address	http://www.solventis.net	Telephone Number	01483203224
Fax Number	No	TPS	Yes
FPS	No	Incorporate Date	17.10.1952
Previous Name	PETROCHEM AVIATION SERVICES LTD.	Type	Private limited with Share Capital
FTSE Index	--	Date of Change	19/08/2002
Filing Date of Accounts	20/03/2014	Currency	GBP
Share Capital	£100	SIC07	46750
Charity Number	--	SIC07 Description	WHOLESALE OF CHEMICAL PRODUCTS
Principal Activity	Purchase and resale of chemicals.

DIRECTORS/MANAGEMENT

Current Directors

Name	David Warwick Andrew Lubbock	Date of Birth	09/04/1959
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	18/07/1997
Address	Solventis Ltd Bank Terrace, Gomshall Lane , Shere, Guildford, Surrey, GU5 9HB

Name	Lisa Lubbock	Date of Birth	16/11/1958
Officers Title	Mrs	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	18/07/1997
Address	Bank Terrace, Gomshall Lane Shere, Guildford, Surrey, GU5 9HB
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nicholas Peter Johnson	Date of Birth	17/10/1959
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	03/09/2002
Address	Bank Terrace, Gomshall Lane Shere, Guildford, Surrey, GU5 9HB
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Adrian John Hancock	Date of Birth	02/04/1964
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	12/05/2009
Address	Bank Terrace, Gomshall Lane Shere, Guildford, Surrey, GU5 9HB
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John David Hyatt	Date of Birth	26/01/1947
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/01/2011
Address	Bank Terrace, Gomshall Lane Shere, Guildford, Surrey, GU5 9HB
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Lisa Lubbock	Date of Birth	16/11/1958
Officers Title	Mrs	Nationality	British
Present Appointments	3	Function	Company Secretary
Appointment Date	18/07/1997
Address	Bank Terrace, Gomshall Lane Shere, Guildford, Surrey, GU5 9HB

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Adrian John Hancock	1	8
COMPANY DIRECTORS LIMITED	9352	196298
TEMPLE SECRETARIES LIMITED	11630	198011

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 4

Outstanding 3

Satisfied 1

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 -	-

Exact CCJ Details

No CCJs found.

Possible CCJs Details

There are no possible CCJ details.

Writ Details

No writs found.

Mortgage Details

Mortgage Type:	LEGAL ASSIGNMENT
Date Charge Created:	16/07/10
Date Charge Registered:	21/07/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ANY CREDIT BALANCE DUE TO THE COMPANY UNDER CONDITION 13 OF THE AGREEMENT FOR THE PURCHASE OF DEBTSAND ANY DISCOUNTINGALLOWANCE DUE UNDER THE CONTRACT THE BENEFIT OF ALL THE OTHER PROVISIONS OF THECONTRACT AND ALL SECURITIES IN RESPECT OF THAT CREDIT BALANCE

Mortgage Type:	DEBENTURE
Date Charge Created:	27/04/03
Date Charge Registered:	29/04/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC
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

Mortgage Type:	FIXED CHARGE ON PURCHASED DEBTS WHICH FAIL TO VEST
Date Charge Created:	23/01/03
Date Charge Registered:	24/01/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LTD
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	BY WAY OF FIXED EQUITABLE CHARGE ALL DEBTS PURCHASED OR PURPORTED TO BE PURCHASED BY THE CHARGEE PURSUANT TO AN AGREEMENT FOR THE PURCHASE OF DEBTS BETWEEN THECHARGEE AND THE COMPANY (INCLUDING THE ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELYIN THE CHARGEE FOR ANYREASON

Mortgage Type:	AIRCRAFT MORTGAGE
Date Charge Created:	28/08/97
Date Charge Registered:	08/09/97
Date Charge Satisfied:	28/05/12
Status:	SATISFIED
Person(s) Entitled:	LOMBARD NORTH CENTRAL PLC
Amount Secured:
Details:	BELL JETRANGER HELICOPTER REG MARK G-SELY SERIAL NO 8740

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MR DAVID WARWICK ANDREW LUBBOCK	GBP	100	ORDINARY	1	100

GROUP STRUCTURE & AFFILIATED COMPANIES

No group structure.

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	£112,756,060	29.2%	£87,242,087	8.6%	£80,300,138	22.4%	£65,619,218	44.3%	£45,483,986
Export	£89,086,189	26.5%	£70,422,200	10.6%	£63,669,173	27.1%	£50,094,274	43.5%	£34,912,535
Cost of Sales	£99,974,266	30.5%	£76,587,142	10.7%	£69,160,132	23.8%	£55,861,901	43.7%	£38,878,852
Gross Profit	£12,781,794	20%	£10,654,945	-4.4%	£11,140,006	14.2%	£9,757,317	47.7%	£6,605,134
Wages & Salaries	£1,221,194	14.7%	£1,065,027	13.8%	£936,139	18.2%	£791,886	22.2%	£648,252
Directors Emoluments	£515,152	-7.6%	£557,235	9.3%	£509,882	14.8%	£444,058	47.1%	£301,815
Operating Profit	£2,288,457	26.5%	£1,809,322	-31.9%	£2,656,197	7.4%	£2,473,344	96.9%	£1,255,976
Depreciation	£63,389	-45%	£115,356	49%	£77,442	7.5%	£72,054	-12.9%	£82,704
Audit Fees	£19,000	-	£19,000	2.7%	£18,500	15.6%	£16,000	-	£16,000
Interest Payments	£226,698	-8.3%	£247,136	-22.1%	£317,297	27.2%	£249,383	5.6%	£236,259
Pre Tax Profit	£2,452,520	57%	£1,562,252	-43.6%	£2,767,860	16.1%	£2,383,056	108.7%	£1,141,624
Taxation	-£502,118	-24.4%	-£403,490	38.4%	-£655,043	-3.2%	-£634,516	-109.6%	-£302,762
Profit After Tax	£1,950,402	68.3%	£1,158,762	-45.2%	£2,112,817	20.8%	£1,748,540	108.4%	£838,862
Dividends Payable	£554,896	999.9%	£3,673	-99.4%	£578,960	3.7%	£558,193	73.4%	£321,907
Retained Profit	£1,395,506	20.8%	£1,155,089	-24.7%	£1,533,857	28.9%	£1,190,347	130.3%	£516,955

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£551,287	46.8%	£375,588	-14.8%	£440,876	20.1%	£367,031	-12.3%	£418,564
Intangible Assets	£122,461	25.5%	£97,566	-7%	£104,878	825.4%	£11,333	-57.1%	£26,443
Total Fixed Assets	£673,748	42.4%	£473,154	-13.3%	£545,754	44.2%	£378,364	-15%	£445,007
Stock	£10,091,445	37.6%	£7,333,668	14.6%	£6,397,879	13.2%	£5,652,820	30.4%	£4,336,617
Trade Debtors	£18,691,819	53.9%	£12,143,241	25.7%	£9,657,745	-2.3%	£9,886,397	57.6%	£6,273,647
Cash	£2,742,662	140.3%	£1,141,500	-39.9%	£1,900,173	51.2%	£1,256,773	20.8%	£1,040,609
Other Debtors	£845,350	43.8%	£587,792	-54.4%	£1,288,412	-11.5%	£1,455,536	-10.2%	£1,621,111
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£32,371,276	52.7%	£21,206,201	10.2%	£19,244,209	5.4%	£18,251,526	37.5%	£13,271,984
Trade Creditors	£12,656,309	146.4%	£5,136,014	-4.7%	£5,387,581	30%	£4,142,940	43.5%	£2,886,181
Bank Loans & Overdrafts	£5,251,207	70.5%	£3,080,181	-19.2%	£3,812,376	3.3%	£3,689,011	10.1%	£3,350,962
Other Short Term Finance	0	-	0	-	0	-	0	-100%	£121,907
Miscellaneous Current Liabilities	£7,752,732	3.2%	£7,513,458	29.8%	£5,787,457	-23.3%	£7,545,134	42.5%	£5,294,082
Total Current Liabilities	£25,660,248	63.1%	£15,729,653	5%	£14,987,414	-2.5%	£15,377,085	32%	£11,653,132
Bank Loans & Overdrafts and LTL	£5,478,588	67.6%	£3,267,994	-18.5%	£4,008,125	3.6%	£3,868,873	9.5%	£3,532,225
Other Long Term Finance	£172,660	-	£172,660	-	£172,660	-	£172,660	-	£172,660
Total Long Term Liabilities	£227,381	21.1%	£187,813	-4.1%	£195,749	8.8%	£179,862	-0.8%	£181,263

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£100	-	£100	-	£100	-	£100	-	£100
P & L Account Reserve	£7,157,295	24.2%	£5,761,789	25.1%	£4,606,700	49.9%	£3,072,843	63.2%	£1,882,496
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£7,157,395	24.2%	£5,761,889	25.1%	£4,606,800	49.9%	£3,072,943	63.2%	£1,882,596

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£7,034,934	24.2%	£5,664,323	25.8%	£4,501,922	47%	£3,061,610	64.9%	£1,856,153
Working Capital	£6,711,028	22.5%	£5,476,548	28.7%	£4,256,795	48.1%	£2,874,441	77.6%	£1,618,852
Total Assets	£33,045,024	52.4%	£21,679,355	9.5%	£19,789,963	6.2%	£18,629,890	35.8%	£13,716,991
Total Liabilities	£25,887,629	62.6%	£15,917,466	4.8%	£15,183,163	-2.4%	£15,556,947	31.5%	£11,834,395
Net Assets	£7,157,395	24.2%	£5,761,889	25.1%	£4,606,800	49.9%	£3,072,943	63.2%	£1,882,596

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	£833,191	5.8%	£787,162	-67.8%	£2,447,640	101.8%	£1,212,970	138.6%	£508,403
Net Cashflow before Financing	-£569,864	-999.9%	-£26,478	-105.1%	£520,035	526.7%	-£121,885	25.6%	-£163,738
Net Cashflow from Financing	-	-	-	-	-	-	-	100%	-£18,615
Increase in Cash	-£569,864	-999.9%	-£26,478	-105.1%	£520,035	526.7%	-£121,885	33.2%	-£182,353

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	£7,384,776	24.1%	£5,949,702	23.9%	£4,802,549	47.6%	£3,252,805	57.6%	£2,063,859
Number of Employees	14	-	14	16.7%	12	20%	10	25%	8
Auditors	SAFFERY CHAMPNESS
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 %	2.18	1.79	3.45	3.63	2.51
Current ratio	1.26	1.35	1.28	1.19	1.14
Sales/Net Working Capital	16.80	15.93	18.86	22.83	28.10
Gearing %	76.50	56.70	87	125.90	187.60
Equity in %	21.70	26.70	23.40	16.50	13.80
Creditor Days	40.85	21.42	24.42	22.98	23.09
Debtor Days	60.34	50.66	43.77	54.84	50.20
Liquidity/Acid Test	0.86	0.88	0.85	0.81	0.76
Return On Capital Employed %	33.21	26.25	57.63	73.26	55.31
Return On Total Assets Employed %	7.42	7.20	13.98	12.79	8.32
Current Debt Ratio	3.58	2.72	3.25	5	6.18
Total Debt Ratio	3.61	2.76	3.29	5.06	6.28
Stock Turnover Ratio %	8.94	8.40	7.96	8.61	9.53
Return on Net Assets Employed %	34.26	27.11	60.08	77.54	60.64

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
20/06/2014	Annual Returns
28/03/2014	New Accounts Filed
28/03/2014	New Accounts Filed
14/05/2013	Annual Returns
19/04/2013	New Accounts Filed
11/05/2012	Annual Returns
16/03/2012	New Accounts Filed
16/03/2012	New Accounts Filed
12/05/2011	Annual Returns
11/05/2011	Mr A.J. Hancock has resigned as company secretary
14/04/2011	New Board Member Mr J.D. Hyatt appointed
07/04/2011	New Board Member Mr J.D. Hyatt appointed
10/03/2011	New Accounts Filed
10/03/2011	New Accounts Filed
17/09/2010	New Accounts Filed

Show more

Previous Company Names

Date	Previous Name
19/08/2002	PETROCHEM AVIATION SERVICES LTD.
30/07/1997	POSIGROOVE LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 29.2% on the previous trading period.

Net Worth increased by 24.2% during the latest trading period.

A 52.4% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 57% compared to the previous trading period.

The company saw an increase in their Cash Balance of 140.3% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is not part of a group.

The company was established over 17 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	RAS
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
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.