MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	TATA STEEL INTERNATIONAL (UK) LIMITED

Formerly Known as:	CORUS INTERNATIONAL TRADING LIMITED

Registered Office :	30 Millbank, London, Sw1p 4wy

Country :	United Kingdom

Financials (as on) :	31.03.2014

Date of Incorporation :	14.10.1992

Com. Reg. No.:	02755939

Legal Form :	Private Limited with Share Capital

Line of Business :	Wholesale of Metals and Metal Ores

No. of Employees	13

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

Company name : TATA STEEL INTERNATIONAL (UK) LIMITED

Company No.: 02755939

DIRECTORS/MANAGEMENT

Current Directors

Name	John Edward Morton Caouki	Date of Birth	30/09/1970
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/03/2010
Address	30 Millbank, London, SW1P 4WY
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ajay Murlidhar Ponkshe	Date of Birth	27/02/1960
Officers Title	Mr	Nationality	Indian
Present Appointments	2	Function	Director
Appointment Date	19/11/2012
Address	30 Millbank, London, SW1P 4WY
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ramesh Mani	Date of Birth	26/01/1960
Officers Title	Mr	Nationality	Indian
Present Appointments	2	Function	Director
Appointment Date	19/11/2012
Address	30 Millbank, London, SW1P 4WY

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
TATA INTERNATIONAL SINGAPORE PTE LTD	GBP	1,657,666	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£71.95
Invoices available	26
Paid	26
Outstanding	0

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	26	0	0	0	0
Outstanding	0	0	0	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	102 companies
Linkages	663 companies
Countries	In 52 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	TATA STEEL

Group structure

Statistics

Group	102 companies
Linkages	663 companies
Countries	In 52 countries

Other Linked companies

Name	Number	Latest Key Financials	Turnover
TATA CONSULTANCY SERVICES	11-84781	31.03.2014	€12,609,742,301
TATA GLOBAL BEVERAGES	21-31425	31.03.2014	€1,174,819,761
TATA CHEMICALS	011-2893	31.03.2014	€2,425,368,269
TATA COFFEE		31.03.2014	€248,264,139
TATA COMMUNICATIONS	11-39266	31.03.2014	€3,024,072,912
TATA SPONGE IRON	15-01091	31.03.2014	€117,562,699
TULIP NETHERLANDS (NO.2) B.V.	34270610	31.03.2011
TULIP NETHERLANDS (NO.1) B.V.	34270614	31.03.2011
TRF	03-00700	31.03.2014	€181,037,595
TAYO ROLLS	00030818	31.03.2014	€23,409,250
TATA STEEL FRANCE HOLDINGS SAS	305546244	31.03.2013	€369,664
TATA STEEL IJMUIDEN B.V.	34040331	31.03.2014	€3,954,000,000
TATA STEEL GERMANY GMBH	HRB 55722	31.03.2012	€833,659,639
NORSK STÅL AS	959493715	31.12.2013	1,495,447 KNOK
COGENT POWER ELECTRICAL STEELS LIMITED	03849650	31.03.2012	£46,000
TATA STEEL FRANCE RAIL SAS	391575354	31.03.2011	€255,013,644
STAALVERWERKING EN HANDEL B.V.	34072703	31.03.2014
BRITISH STEEL BENELUX B.V.	14636012	31.03.2009
ALUMINIUM DELFZIJL B.V.	02316644	31.12.2012	€179,159,000
VOERDE ALUMINIUM GMBH	HRB 9639	31.12.2010	€224,422,420

FINANCIAL INFORMATION

Financials

Profit & Loss

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	02/04/11	(%)	03/04/10
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	53
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£200,511,000	11.1%	£180,407,000	-20.2%	£226,075,000	16.6%	£193,831,000	19.7%	£161,961,000
Export	£192,426,000	16.3%	£165,482,000	-25.9%	£223,419,000	17.1%	£190,735,000	19.4%	£159,756,000
Cost of Sales	£195,568,000	10.7%	£176,619,000	-21%	£223,490,000	-	-	-	-
Gross Profit	£4,943,000	30.5%	£3,788,000	46.5%	£2,585,000	-	-	-	-
Wages & Salaries	£1,106,000	3.8%	£1,065,000	-27.9%	£1,477,000	41.6%	£1,043,000	16.5%	£895,000
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	£4,943,000	30.5%	£3,788,000	101.7%	-£223,490,000	-999.9%	-£334,000	-158.2%	£574,000
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	£29,000	3.6%	£28,000	-	£28,000	3.7%	£27,000	-3.6%	£28,000
Interest Payments	£143,000	-	-	-	-	-	-	-	-
Pre Tax Profit	-£139,000	-116.6%	£838,000	201.9%	-£822,000	-146.1%	-£334,000	-154.6%	£612,000
Taxation	£28,000	135.9%	-£78,000	-	-	-100%	£94,000	155%	-£171,000
Profit After Tax	-£111,000	-114.6%	£760,000	192.5%	-£822,000	-242.5%	-£240,000	-154.4%	£441,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-£111,000	-114.6%	£760,000	192.5%	-£822,000	-242.5%	-£240,000	-154.4%	£441,000

Balance Sheet

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	02/04/11	(%)	03/04/10
Tangible Assets	£5,000	-	0	-	0	-	0	-	0
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£5,000	-	0	-	0	-	0	-	0
Stock	£5,578,000	-9.6%	£6,167,000	82.2%	£3,384,000	-15.2%	£3,989,000	27.2%	£3,136,000
Trade Debtors	£27,940,000	305.8%	£6,885,000	-48.4%	£13,345,000	172.3%	£4,901,000	-78.7%	£22,982,000
Cash	£1,424,000	-88.7%	£12,573,000	-	0	-	0	-	0
Other Debtors	£14,284,000	-21.2%	£18,133,000	48.5%	£12,209,000	-45%	£22,206,000	5.7%	£21,018,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£49,226,000	12.5%	£43,758,000	51.2%	£28,938,000	-6.9%	£31,096,000	-34%	£47,136,000
Trade Creditors	£9,909,000	-65.4%	£28,673,000	366.7%	£6,144,000	20.8%	£5,087,000	-77.3%	£22,436,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£25,028,000	999.9%	£28,000	-99.6%	£7,177,000	-11.7%	£8,130,000	1.5%	£8,009,000
Miscellaneous Current Liabilities	£709,000	-47.1%	£1,341,000	-52.6%	£2,831,000	-29.5%	£4,015,000	51.3%	£2,653,000
Total Current Liabilities	£35,646,000	18.7%	£30,042,000	86%	£16,152,000	-6.3%	£17,232,000	-47.9%	£33,098,000
Bank Loans & Overdrafts and LTL	£150,000	-11.8%	£170,000	-	0	-100%	£256,000	34.7%	£190,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£150,000	-11.8%	£170,000	-	0	-100%	£256,000	34.7%	£190,000

Capital & Reserves

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	02/04/11	(%)	03/04/10
Called Up Share Capital	£1,657,000	-	£1,657,000	-	£1,657,000	-	£1,657,000	-	£1,657,000
P & L Account Reserve	£11,778,000	-0.9%	£11,889,000	6.8%	£11,129,000	-6.9%	£11,951,000	-2%	£12,191,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£13,435,000	-0.8%	£13,546,000	5.9%	£12,786,000	-6%	£13,608,000	-1.7%	£13,848,000

Other Financial Items

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	02/04/11	(%)	03/04/10
Net Worth	£13,435,000	-0.8%	£13,546,000	5.9%	£12,786,000	-6%	£13,608,000	-1.7%	£13,848,000
Working Capital	£13,580,000	-1%	£13,716,000	7.3%	£12,786,000	-7.8%	£13,864,000	-1.2%	£14,038,000
Total Assets	£49,231,000	12.5%	£43,758,000	51.2%	£28,938,000	-6.9%	£31,096,000	-34%	£47,136,000
Total Liabilities	£35,796,000	18.5%	£30,212,000	87%	£16,152,000	-7.6%	£17,488,000	-47.5%	£33,288,000
Net Assets	£13,435,000	-0.8%	£13,546,000	5.9%	£12,786,000	-6%	£13,608,000	-1.7%	£13,848,000

Cash Flow

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	02/04/11	(%)	03/04/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	02/04/11	(%)	03/04/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£13,585,000	-1%	£13,716,000	7.3%	£12,786,000	-7.8%	£13,864,000	-1.2%	£14,038,000
Number of Employees	13	18.2%	11	-8.3%	12	-	12	-7.7%	13
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/03/14	31/03/13	31/03/12	02/04/11	03/04/10
Pre-tax profit margin %	-0.07	0.46	-0.36	-0.17	0.38
Current ratio	1.38	1.46	1.79	1.80	1.42
Sales/Net Working Capital	14.77	13.15	17.68	13.98	11.54
Gearing %	1.10	1.30	0	1.90	1.40
Equity in %	27.30	31	44.20	43.80	29.40
Creditor Days	17.98	57.85	9.89	9.55	51.39
Debtor Days	50.72	13.89	21.48	9.20	52.64
Liquidity/Acid Test	1.22	1.25	1.58	1.57	1.32
Return On Capital Employed %	-1.02	6.10	-6.42	-2.40	4.35
Return On Total Assets Employed %	-0.28	1.91	-2.84	-1.07	1.29
Current Debt Ratio	2.65	2.21	1.26	1.26	2.39
Total Debt Ratio	2.66	2.23	1.26	1.28	2.40
Stock Turnover Ratio %	2.78	3.41	1.49	2.05	1.93
Return on Net Assets Employed %	-1.03	6.18	-6.42	-2.45	4.41

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Enquiries Trend

There have been 77 enquiries in the last 12 months.

There are an average of 6 reports taken each month.

Current Company Secretary

Name	Laura Callanan	Date of Birth	-
Officers Title	Miss	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	19/11/2012
Address	30 Millbank, London, SW1P 4WY

Status History

No Status History found

Event History

Date	Description
10/05/2014	Annual Returns
30/04/2014	New Accounts Filed
30/04/2014	New Accounts Filed
03/07/2013	New Accounts Filed
03/07/2013	New Accounts Filed
04/05/2013	Annual Returns
15/01/2013	Mr R.W. Maxwell has left the board
15/01/2013	Mrs A.L. Scandrett has resigned as company secretary
15/01/2013	New Board Member Mr R. Mani appointed
15/01/2013	New Board Member Mr A.M. Ponkshe appointed
15/01/2013	New Company Secretary Miss L. Callanan appointed
03/11/2012	Annual Returns
20/08/2012	New Accounts Filed
28/05/2012	Mr A.H. Vollebergh has left the board
14/05/2012	Mr J. Vazquez has left the board

A new rating system was introduced on 24/08/2014.

03/07/2013	£1,200,000
02/05/2013	£1,050,000
09/04/2013	£1,000,000
15/01/2013	£900,000

20/08/2012	£950,000
16/08/2012	£800,000
28/05/2012	£700,000
14/05/2012	£800,000
13/03/2012	£1,000,000

Previous Company Names

Date	Previous Name
08/04/2010	CORUS INTERNATIONAL TRADING LIMITED
06/04/2004	CORUS TRADING LIMITED
24/02/2000	INDUSTRIAL STEELS (UK) LIMITED
24/11/1992	PANELVITAL LIMITED

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Richard William Maxwell	0	2
Kieron Wilkinson	5	2
Jozef Marie Willem Frederik Uijterwaal	0	2
Joseph Vazquez	0	1
Derek Norman Bright	141	68
Allison Leigh Scandrett	327	180
Alexander Scott MacDonald	34	54
Richard William Triffitt	1	2
Scott William Lindsay	0	2
Colin David Gardner	2	11
Adriaan Herman Joseph Vollebergh	0	2
INSTANT COMPANIES LIMITED	2431	120340
SWIFT INCORPORATIONS LIMITED	2579	263489
Shaun Doherty	2	9

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
The credit limit on this company has risen 14.3% in comparison to the previously suggested credit limit.
Sales in the latest trading period increased 11.1% on the previous trading period.
Net Worth decreased by 0.8% during the latest trading period.
A 12.5% growth in Total Assets occurred during the latest trading period.

There has been no significant change in the company's credit rating.
Pre-tax profits decreased by 116.6% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 88.7% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company was established over 21 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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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