MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	WARTSILA UK LIMITED

Formerly Known As :	DEEP SEA SEALS LIMITED

Registered Office :	4 Marples Way Havant Havants PO9 1NX

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	16.03.1971

Com. Reg. No.:	01004816

Legal Form :	Private limited with Share Capital

Line of Business :	Manufacture, sale and support of stern shaft seals, the sales and service of engines and associated propulsion systems for the marine industry, the sale and service of both diesel and gas engines for land-based power plants.

No. of Employees	353

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 :	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

Company name

Company Name:	WARTSILA UK LIMITED
Company Number:	01004816

Company summary

Registered Address	4 MARPLES WAY	Trading Address	4 Marples Way
	HAVANT		Havant
	HAVANTS		Hampshire
	PO9 1NX		PO9 1NX
Website Address	http://www.wartsila.com	Telephone Number	02392400121
FPS	No
Type	Private limited with Share Capital	Incorporate Date	16/03/1971
Previous Name	DEEP SEA SEALS LIMITED
Filing Date of Accounts	25/03/2014	Charity Number	-
Share Capital	£3	Date of Change	02/01/2008
SIC07	33150	Currency	GBP
SIC07 Description	REPAIR AND MAINTENANCE OF SHIPS AND BOATS
The manufacture, sale and support of stern shaft seals, the sales and service of engines and associated propulsion systems for the marine industry, the sale and service of both diesel and gas engines for land-based power plants.

DIRECTORS/MANAGEMENT

Current Directors

Name	Robert Burford	Date of Birth	11/05/1964
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	09/09/2003
Address	54 Christopher Way, Emsworth, Hampshire, PO10 7QZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew David Dickinson	Date of Birth	11/12/1967
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	18/01/2008
Address	26 Haflinger Drive, Fareham, Hampshire, PO15 7DX
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Godefridus Gulielmus Pterus Maria Van Beers	Date of Birth	19/04/1962
Officers Title	Mr	Nationality
Present Appointments	1	Function	Director
Appointment Date	01/04/2010
Address	Wartsila Nethertlands Bv Lipsstraat 52, 5151 Rp, Drunen, The Netherlands
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Timo Ensio Koponen	Date of Birth	30/03/1969
Officers Title	Mr	Nationality	Finnish
Present Appointments	2	Function	Director
Appointment Date	01/04/2014
Address	4 Marples Way, Havant, Hants, PO9 1NX
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christopher David Rowlands	Date of Birth	25/02/1972
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/04/2014
Address	4 Marples Way, Havant, Hants, PO9 1NX

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Terence Joseph Eaves	6	38
Godepridus Gulielmus Petrus Maria Van Beers	0	1
Carl Christoph Eric Vitzthum Von Ekstadt	0	1
Colin Frederick Howe	0	2
Colin Frederick Howe	0	2
John Frederick Cousins	0	2
Rodney Randolph	0	1
Brian Rowland	0	1
Tage Krister Blomberg	0	2
Colin Geoffrey Langridge	0	1
Colin Arthur Wichall	0	1
Penelope Elisabeth Louise Salter	1	4
Penelope Elisabeth Louise Salter	1	4
Kenneth William Harris	1	1
Timothy Russell Cobbold	3	4
Ronald David Stevens	0	1
Gavin Joseph Marsh	0	2
Gavin Joseph Marsh	0	2
Christopher Vitzthum	0	1
Ernst Casimir Blomjous	0	1
Robert Burford	4	3
Colin Lewis Hyde	0	1
John Henshaw	6	9
John Henshaw	6	9
Mark Griffiths	0	1

NEGATIVE INFORMATION

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
WARTSILA TECHNOLOGY OY AB	GBP	3	ORDINARY	1	100

PAYMENT INFORMATION

Mortgage Summary

Total Mortgage	0
Summary	0
Satisfied	0

Trade debtors / Bad debts Summary

Total Number of Documented Trade	0
Total Value of Documented Trade	£0

Trade Payment Information

Average Invoice Value	887.57
Invoices available	431
Paid	422
Outstanding	9

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

Enquiries Trend

There have been 158 enquiries in the last 12 months.

There are an average of 13 reports taken each month

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	41	76	119

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	285	85	30	22	0
Outstanding	1	0	1	2	5

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	18 companies
Linkages	228 companies
Countries	In 81 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	WARTSILA CORP

Group structure

Statistics

Group	18 companies
Linkages	228 companies
Countries	In 81 countries

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employee
31/12/2013	£105,757,717	£9,336,834	£7,158,727	353
31/12/2012	£102,975,370	£7,850,856	£8,370,553	370
31/12/2011	£93,807,542	£6,666,858	£8,193,130	375

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	£105,757,717	2.7%	£102,975,370	9.8%	£93,807,542	2.7%	£91,368,768	-10.5%	£102,144,306
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£19,492,776	4.5%	£18,648,866	4.2%	£17,898,707	-5.8%	£18,993,287	-2.5%	£19,471,699
Directors Emoluments	£350,953	-1.6%	£356,739	2.6%	£347,688	13.3%	£306,843	-23.3%	£400,304
Operating Profit	£9,636,063	15.4%	£8,352,175	14.1%	£7,322,818	-19.5%	£9,099,007	-0.5%	£9,148,788
Depreciation	£768,088	-14%	£893,127	-8.5%	£976,112	0%	£975,813	7.7%	£906,146
Audit Fees	£76,641	19.8%	£64,000	-8.6%	£70,000	3.5%	£67,631	5.7%	£64,000
Interest Payments	£326,467	-32.3%	£482,511	-11.9%	£547,560	4.4%	£524,487	-60.2%	£1,317,184
Pre Tax Profit	£9,336,834	18.9%	£7,850,856	17.8%	£6,666,858	-20.8%	£8,415,796	8.1%	£7,784,716
Taxation	-£2,498,660	-7%	-£2,335,103	-10.5%	-£2,113,962	22.8%	-£2,739,400	-3.6%	-£2,643,438
Profit After Tax	£6,838,174	24%	£5,515,753	21.1%	£4,552,896	-19.8%	£5,676,396	10.4%	£5,141,278
Dividends Payable	£6,100,000	29.8%	£4,700,000	-17.5%	£5,700,000	14%	£5,000,000	-12.3%	£5,700,000
Retained Profit	£738,174	-9.5%	£815,753	171.1%	-£1,147,104	-269.6%	£676,396	221.1%	-£558,722

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£2,745,182	37.5%	£1,996,759	-16.7%	£2,397,011	-26.7%	£3,271,530	-49.8%	£6,520,858
Intangible Assets	£16,367,990	-7.5%	£17,693,385	-7%	£19,018,554	-6.5%	£20,343,724	1.4%	£20,061,470
Total Fixed Assets	£19,113,172	-2.9%	£19,690,144	-8.1%	£21,415,565	-9.3%	£23,615,254	-11.2%	£26,582,328
Stock	£6,364,328	-4.9%	£6,692,479	-32.6%	£9,930,962	11.9%	£8,874,916	-7.3%	£9,574,852
Trade Debtors	£10,855,503	59.6%	£6,800,483	-16.5%	£8,147,628	-29.1%	£11,488,305	21.7%	£9,436,860
Cash	£869,900	-29.8%	£1,239,490	-1.1%	£1,253,064	-1.6%	£1,273,891	10.7%	£1,150,422
Other Debtors	£7,361,225	-7.1%	£7,923,402	-28.7%	£11,107,032	30.1%	£8,535,500	-26.9%	£11,677,140
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£25,450,956	12.3%	£22,655,854	-25.6%	£30,438,686	0.9%	£30,172,612	-5.2%	£31,839,274
Trade Creditors	£1,550,765	6.3%	£1,458,289	8.3%	£1,346,072	-25.3%	£1,801,140	56.2%	£1,153,234
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£21,122,575	-9%	£23,213,663	-26.3%	£31,491,583	-4%	£32,794,094	-15%	£38,589,012
Miscellaneous Current Liabilities	£8,925,029	77.9%	£5,015,621	-26.3%	£6,808,942	36.2%	£4,997,568	-1.2%	£5,059,520
Total Current Liabilities	£31,598,369	6.4%	£29,687,573	-25.1%	£39,646,597	0.1%	£39,592,802	-11.6%	£44,801,766
Bank Loans & Overdrafts and LTL	£5,807,032	35.4%	£4,287,872	6.8%	£4,014,524	-7.1%	£4,323,510	-4.6%	£4,533,448
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£5,807,032	35.4%	£4,287,872	6.8%	£4,014,524	-7.1%	£4,323,510	-4.6%	£4,533,448

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£3	-	£3	-	£3	-	£3	-	£3
P & L Account Reserve	£7,158,724	-14.5%	£8,370,550	2.2%	£8,193,127	-17%	£9,871,551	8.6%	£9,086,385
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£7,158,727	-14.5%	£8,370,553	2.2%	£8,193,130	-17%	£9,871,554	8.6%	£9,086,388

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	-£9,209,263	1.2%	-£9,322,832	13.9%	-£10,825,424	-3.4%	-£10,472,170	4.6%	-£10,975,082
Working Capital	-£6,147,413	12.6%	-£7,031,719	23.6%	-£9,207,911	2.3%	-£9,420,190	27.3%	-£12,962,492
Total Assets	£44,564,128	5.2%	£42,345,998	-18.3%	£51,854,251	-3.6%	£53,787,866	-7.9%	£58,421,602
Total Liabilities	£37,405,401	10.1%	£33,975,445	-22.2%	£43,661,121	-0.6%	£43,916,312	-11%	£49,335,214
Net Assets	£7,158,727	-14.5%	£8,370,553	2.2%	£8,193,130	-17%	£9,871,554	8.6%	£9,086,388

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	£12,965,759	2.4%	£12,658,425	3.7%	£12,207,654	-14%	£14,195,064	4.2%	£13,619,836

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	8.83	7.62	7.11	9.21	7.62
Current ratio	0.81	0.76	0.77	0.76	0.71
Sales/Net Working Capital	-17.20	-14.64	-10.19	-9.70	-7.88
Gearing %	81.10	51.20	49	43.80	49.90
Equity in %	25.40	34	25	29.50	23.70
Creditor Days	5.33	5.15	5.22	7.17	4.10
Debtor Days	37.36	24.03	31.61	45.76	33.62
Liquidity/Acid Test	0.60	0.53	0.51	0.53	0.49
Return On Capital Employed %	72.01	62.02	54.61	59.28	57.15
Return On Total Assets Employed %	20.95	18.53	12.85	15.64	13.32
Current Debt Ratio	4.41	3.54	4.83	4.01	4.93
Total Debt Ratio	5.22	4.05	5.32	4.44	5.42
Stock Turnover Ratio %	6.01	6.49	10.58	9.71	9.37
Return on Net Assets Employed %	130.42	93.79	81.37	85.25	85.67

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	John Richard Henshaw	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	25/07/2014
Address	4 Marples Way, Havant, Hants, PO9 1NX
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Number of Employees	353	-4.6%	370	-1.3%	375	-4.8%	394	-5.5%	417
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Status History

No Status History found

Event History

Date	Description
29/07/2014	Mr M. Griffiths has resigned as company secretary
29/07/2014	New Company Secretary Mr J.R. Henshaw appointed
29/07/2014	New Board Member Mr C.D. Rowlands appointed
29/07/2014	New Board Member Mr T.E. Koponen appointed
01/04/2014	New Accounts Filed
01/04/2014	New Accounts Filed
29/01/2014	Annual Returns
08/03/2013	New Accounts Filed
08/03/2013	New Accounts Filed
12/01/2013	Annual Returns
16/11/2012	Mr T.J. Eaves has resigned as company secretary
05/11/2012	New Company Secretary Mr M. Griffiths appointed
25/05/2012	New Accounts Filed
10/01/2012	Annual Returns
01/04/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
02/01/2008	DEEP SEA SEALS LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
Sales in the latest trading period increased 2.7% on the previous trading period.
Net Worth increased by 1.2% during the latest trading period.

A 5.2% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 18.9% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 29.8% during the latest trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 43 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.48
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	SUB

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
WÄRTSILÄ OYJ ABP	01286311	31.12.2012
WÄRTSILÄ TECHNOLOGY OY AB	07742066	31.12.2012
WÄRTSILÄ FINLAND OY	07737443	31.12.2012	€2,398,376,429
WARTSILA ITALIA S.P.A.	TS110364	31.12.2013	€314,321,138
CKT INDUSTRIES S.A.	411499759	31.12.2012
WARTSILA FRANCE SAS	946650686	31.12.2011	€150,773,000
WÄRTSILÄ AUTOMATION NEDERLAND B.V.	24179210	31.12.2006
WÄRTSILÄ DEUTSCHLAND GMBH	HRB 29312	31.12.2012	€81,279,469
PANDA SHINCO HOLDING B.V.	05082862	31.12.2012
WÄRTSILÄ SWEDEN AB	5560469552	31.12.2012	442,473 KSEK
MW BIOPOWER OY	18630625	31.12.2010	€51,473,000
MW POWER OY	19772297	31.12.2012	€92,516,149
WÄRTSILÄ HAMWORTHY B.V.	24146611	31.03.2013
WÄRTSILÄ DEVELOPMENT & FINANCIAL SERVICES OY	11037773	31.12.2012
MAVERIC		30.06.2011
WÄRTSILÄ SERCK COMO GMBH	HRB 630 GE	31.12.2012	€13,052,961
WÄRTSILÄ SHIP DESIGN GERMANY GMBH	HRB 102098	30.11.2012
NEPTUN MARITIME AS	990332975	31.12.2013	9,291 KNOK
HAMWORTHY GREENSHIP B.V.	02073687	31.12.2011
DTS-ZWOLLE B.V.	28073755	31.12.2010	€3,415,712